Having Multiple Streams Of Income

It just always seems like there’s never enough income for all the things that need to be done. The children’s school fees, home upkeep, repairing the car, buying new clothes for the kids, making payment for exams, paying the rent, sending money home to parents: its unending. Money is slow to enter but quick to go and then one begins to wonder what to do, how to earn more.

What then should be done? The answer would be multiple streams of income as several means to several ends.

Having multiple streams of income by Ifeanyi Iloba

How will that be done you may ask? The answer is in you!

What’s that thing or idea you’ve always wanted to do? Dressmaking, hair making, wig making, writing, baking etc. All of these can be done alongside your everyday job. These things can be done at the weekends when you don’t have to be at work or in the evenings at the close of work each day.

How do you know what streams to channel your energy on? Look no further as the answer is in you. Here re some of the things you need to look out for:

1. Knowledge: Your knowledge of a particular subject can earn you extra cash if you put it to good use. If you’re a teacher and are proficient in mathematics, coaching 1-5 children after school would earn you a little extra cash for the things needed.

2. Experience: Your experiences have shaped who you are and who you will become in the future. Why not let the experiences be part of your success story? I’ve had a vast experience, having worked as a hostess and a model at events and paid my way through the University of Lagos, it was rather easy setting up my own company to provide models and hostesses for events. This I do alongside my salaried job. I don’t have to be with my models or hostesses for every casting or job they go for but I sure do get my commission when they are paid.

3. Interests: My interests are rather vast, if I start to mention them, you would assume me a jack of all trade. One of my interests is writing a book which I have started but I’m only in chapter two and to an extent have experienced writers block. I was once told by a wise friend that the more I write, the more I would know how and what to write about and to help my creative juices flowing, I write for magazines such as this.

4. Solving everyday problems: One of the everyday problems that needs solving is food. Irrespective of how low on cash you are, you would have to eat food. Providing food and soups in liters is the rave of the moment. With a little bit of cash, you can begin from home, do this at the end of everyday job or at the weekends till there’s more cash to scale up.

5. Fill a need within your community: What are the things needed in your community? It could be a pharmacy, a dry cleaning service, a car wash place, a salon, a mechanic workshop, a barber shop, departmental/grocery store, a bakery, a fruit shop, flower shop, a training school, a food stuff corner shop etc.

The benefits

1. It is easier to earn 500, 000 from 10 sources of income than to earn the same amount at once from one source.

2. It reduces the risk of financial dependence and insecurity.

3. It helps avoid boredom.

4. The streams of income are created based on your interests and not outside it.

For most of us, we don’t do any of these things because of fear of failure, because we don’t want people to look down on us or judge us (people will judge you either ways so why not do what you have to do?), because we want to get a shop and start BIG. The idea is to think big and start small and you’ll see how money, man and materials will chase after you for being diligent.

Act on it and thank me later.

Article by Ifeanyi Iloba

Leave a Reply

%d bloggers like this: