START AND GROW YOUR MULTIPLE STREAMS OF INCOME TODAY (BASIC TRUTH FOR ALL NIGERIAN)
Start and Grow Your Multiple Streams of Income Today (Basic Truth for all Nigerian)
Hi friend, thanks for coming to spend some time with us today. Today, we are going to share some insights on the much heralded theme “Multiple streams of income” but this time, we will be localizing it to our dear country Nigeria. If you are someone like me who has attended several conferences and training, you will have heard some things about multiple streams of income but today, we just don’t want to inform you, we want you to be transformed. Please seat tight and engage with us on this.
First of all, what is Income?
An income is money that an individual or business organization receives in exchange for providing good(s) or services. In simple terms, an income is money received, especially on a regular basis, for either products sold or services rendered which could be manual labor, intellectual service, investment dividend, etc. Hence, every individual can engage in one or more sources of income which would be received at the end of the month or weekly.
Truth be told every wealthy individual both Nigerian or non-Nigerian when studied closely usually have more than one source of income. Check out the statistics in the picture below.
With the economic situation of the country coupled with the colossal loss of jobs in this nation Nigeria, it is sound financially intelligent to not put all your eggs in one basket as far as income is concerned. You will be at a very high risk if you have a single source of income.
You might say, “Nothing will be wrong, after all, some people don’t even have any source of an income.” But let me shock you, you should know that things are not secured with only one single source of income. It could be a federal or state government job which is adjudged the most secured job within the country presently but none will take you far in the journey of financial prosperity as multiple stream of income will do.
My dear friend, I strongly urge you to task that brain of yours until it birth ideas that can bring you multiple single source of income before it is too late. This will definitely increase your take home pay. You might even be a step ahead by having an already prepared business plan. Then, task yourself and implement such business plan. It might require some resources from you right now but I can guarantee you that if properly monitored and the right thing done at the right time, you will be widening your horizon in the field of financial prosperity.
Having known the importance of multiple stream of income, it is expected of you to have a foreknowledge of how to set up or create a perennial multiple stream of income. It not as difficult as you might think. Now there are basically two types of incomes; active income and passive income. An active income is one for which you actively exchange your time, energy and immediate attention to pursue while passive income as we fondly call it, is money you get while sleeping. It actually describes earning you receive from exerting little or no work in the now because of what you have done before. In this article today, more focus will be on active source of income, we will discuss passive source of income in another article soon.
Having understood the above, you are half way through to having an additional source of income.
I will start by giving you some ideas you could leverage on that will help you to create more streams or sources of income. It is very possible for you to have other sources of income other than the one you have right now and the amazing thing about having multiple stream of income sometimes it will require little or none of your time for such source of income to function to come to fruition.
Below are some additional streams of income ideas you can grab a hold on;
- Online Marketing: In Nigeria today, so many online businesses have made names for themselves, I mean real legit online business. This you can research on and leverage on so as to widen your horizon as income is concerned. All this requires is for you to have at least a smartphone, a good source of internet connection and sometimes a computer system. Then, you are ready to lunch. The internet has made the world a global village once you know how to take advantage of it.
- Buying/Selling of High Dividend Stock: You may think that stock is a business of the past or is too risky. You are wrong! No business comes without risk. All you need is the right amount of knowledge and guts. Once you can conquer your fear and then take productive steps then, the sky will definitely become your starting point. If you can secure stocks with good high dividend and all things being equal, you will really stand a chance of multiplying your income over time.
- Selling of Intellectual Property Online: You can create a platform whereby you can market and sell ideas which could be business ideas or otherwise and you will really make a fortune out from it.
- Investing in REAL ESTATE: The current president of the United State is a tycoon in the field of real estate investment. Land irrespective of where it is located appreciate in value as time goes on. If you can get some pieces of land to buy or erect a structure you can put on lease this can serve as a good source of passive source of income.
- Earn through Referral or Broker Deals: you can always act as a middleman in many businesses. By linking one person to another you are already functioning as a middle man. If you know how to bargain, a good amount of income can be yours from every successful referral. You can become a consultant to these firms, individuals etc. too once you establish a track record of helping them get and retain new clients or customers. This you can do at your own free time and you will get a good pay if you persist.
- Become a Nonworking Business Partner: it’s not all necessary that you must be an active member of a business group before you can take part in the profit made from such business. You can be a silent investor in any business you can put your trust and money into.
- Build an App: Are you computer literate and also are good in the field of computer programming? Then, this idea is meant for you. You can take advantage of your soft skills and make something out of it. These days, technology has evolved to the stage that the world has become digitized. You can develop apps and sell to whosoever is in need of such an app. Sometimes all you need is just to feed an idea on how to improve the performance of app(s) to those who already own one.
- Create an Online Course: You can organize a class via WhatsApp, telegram, Yahoo mail, Google mail, Facebook, etc. Do your publications and give out the link for registration? One you can gather a good number of people you can implement the course at your free time and charge good money for it.
- Produce and Sell an Online Guide E-book: You can create a guide on may “How to Buy Cheap Tokunbo Cars Without Custom Hassles” or “How to Prepare Ewedu Soup” at your free period and then sell it. Once the title is well structured and addresses the need of your target audience, you will sure make a good amount of income out of it.
Having known all these ideas above. I will like to highlight some of the benefits of having multiple stream of income
The first benefit I will like to highlight is that having multiple stream of income will drastically reduce the risk of being left without any income at the end of the day. If one source of income drops you have a hope that others will definitely yield you income at the end of the month, week or day.
Secondly, if you are the type of individual that dislikes boredom engaging yourself in multiple stream of income will be a great advantage for your kind of personality. It will definitely help you to avoid the boredom, grow your intellectual capacity and of course fetch you money too.
Thirdly, I would want you to know that it is better to have several small sources of income than having only one source of income which could be a large source of income or otherwise as you could be sure of alternative when any of the ‘reliable big’ sources is delayed or terminated.
How then do you create multiple income streams?
You must know that multiple income streams have disadvantages as well but even with all the demerits the benefits still outweigh the potential problems. Below are some tips that would be really helpful on how to go about creating multiple income stream;
- Planning: You can’t skip this state. It is during the planning process that your objectives will be clearly defined or refined. During this process you will be able to have a foresight of how you want the business to run, manage, and reinvest your income (this is a topic for another day).
- Implementation: I am sure you know that action speaks louder in anything an individual does. To really make a headway in creating multiple stream of income you have to do more than wishful thinking or even planning. You’ve got to take action! A plan that is not implemented won’t in any way fetch money into your pocket. You must put your feet in the muddy water and test your depths. If you are really interested in casting your eggs in multiple baskets as far as income is concerned you must always be ready to take the step of implementing the ideas, you dream of. Don’t be scared of failures. Even when it comes you learn what you need to learn and move on. You will become more experienced than any other who only planned but never implemented.
- Promotion: You will need a good promotion for your business to thrive. It doesn’t have to cost you much. You can simply use cheap posters and fliers, words of mouth through friends, the internet (Forums, Social media, Facebook groups) to promote your business. You may also go straight to people who you know might need the service you offer and present a proposal to them.
- Monitoring: To avoid theft and siphoning of your resources by those who you have handed over the running of the business to, you must monitor revenue generation, cost expenditures, staff productivity, etc. All these are best done by having a proper and efficient book keeping and recording system. When you monitor, you would avoid bankruptcy, operation efficiency and sustenance of the company.
- Focus. Focus on maintaining the passive sources of income you have created and try as much as possible your best to be on top of your game. You have to be humble, patient, jovial and courteous to the people who work for and with you. That way, you make your clients fall helplessly in love with your services and always come back for more while bringing along new clients. Finally, and most importantly, don’t loose focus on your other streams of income that are within your reach.
Having known the importance of multiple stream of income you can testify now that it helps to secure one’s financial freedom wherever you find yourself in this planet earth. Living in a country such as Nigeria where economy is greatly lopsided toward oil earnings and government spending, creating multiple stream of income is one of the fastest ways to climb up higher in the ladder of financial prosperity. You just have to keep widening your tentacles as much as you have the time to do so. Even the richest man in African hasn’t relented in doing so! Invest in any genuine business opportunity you are convinced about. Acquire new skills and update old ones today. Definitely, you will be setting up yourself on a path to sound financial prosperity.
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