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Simple Steps To Develop A Second Source Of Income In Nigeria - Business - Nairaland

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Simple Steps To Develop A Second Source Of Income In Nigeria by andreweb(m): 5:14pm On Jun 11, 2018
Well, you have heard very correctly. One should not be dependent on a single source of income, in fact not just 2, one should have 3 to 4 source of incomes.

Now, this might sound crazy to have 3 to 4 sources of income but take my word for it.

So, you’re interested in the second source of income- a “side hustle” to use the parlance of our times. Be careful, because your time is limited, and you don’t want to waste time and effort on a venture that won’t work.

Acquire Multiple Streams of Passive Income that will exceed your monthly debt obligations while allowing a substantial portion to be reinvested for continued wealth build up.

This is my definition of True Financial Freedom, as well as what most of my wealthy clients believe in, It is no longer about setting a goal based upon a number like 1 million Naira in net worth. This isn't a bad goal, but it may not provide what the real needs are. Most people want to achieve a lifestyle, not a figure in a bank account, and this means having both the money to do what they want as well as the time to do it when they please. Too often this goal is out of reach because those with the time never earned enough passive income, and those with a high income need their jobs to support their lifestyle and thereby lack the time.

Here’s my answer for developing a second source of income.

Offer a service or sell something.

Let’s say your investment portfolio is fully diversified, but you’re still aching for more streams of income. You can pick up a part-time job for sure, but there might be a better way to earn cash on the side. By offering a service or selling something, you can create a small side business that you get to control. This is the business that made me so much money early this year, so you can check it out.

When it comes to side businesses, experts say your best strategy is finding something to sell.

If you sell something – specifically through a third-party company - to diversify your income, you may be able the to build a passive income that builds slowly over the years. Unfortunately, you usually have to recruit people to sell under you to do this, and that is a deal-breaker for many.

And, let’s face it; not everyone wants to sling body wraps or nutrition shakes to their family and friends. That’s why offering a service is often one of the best, and least uncomfortable, ways to earn side income doing something you love. Maybe you want to clean houses or rake leaves or help people file their taxes. It’s totally up to you, and that’s the beauty of this option.

Invest in Liquid Investments

Interest Income


This is pretty straightforward. You park your money in a savings account and the bank pays you an interest rate that is not even helping you keep up with the inflation rate. You should only choose this option when you cannot get better returns on your money from anywhere else.


Dividends Income

Good dividend stocks can pay you up to 4%. Of course, there are high dividend stocks that offer a yield that is much higher than 4%. But, the yield is high for a reason. It’s not as safe.

You should know that it’s never late to start investing in dividend stocks. Because this is one of the best ways to grow your wealth passively.

Business Income

Personally, I love passive income.



I mean, who doesn’t?



But, I love business income more.



Why?



It has much much more upside.



You can build it, grow it and scale it up.



There is also the satisfaction and thrill that you get from building a profitable business.



Nothing quite beats that.


If you are working at a full-time job, can you still build a business on the side?


The answer is a definite yes.


Even if you can only put in half an hour a day, you can get a lot done within a couple of months:


Find a profitable idea

Test and validate your idea

Get your first paying clients

Generally speaking, the service business is the fastest to get started with almost zero startup cost.


If you have a sell-able skill, you can turn it into a service that people need and are willing to pay for.

For example, if you are good at designing, you can offer graphic design services. A lot of businesses need designers to help create their marketing materials.

If you have a lot of knowledge and experience in SEO, you can offer SEO consulting services on the side. Companies would be happy to pay you good money to get them on the first page of Google for their desired keywords.



Even if you don’t have any sell-able skills, you can try Affiliate Marketing Business.



These are the EXACT steps I took to get my Affiliate Marketing business started:

Step 1: Find a profitable product to sell

Step 2: Identify your target audience

Step 3: Craft an irresistible offer

Step 4: Generate Leads

Step 5: Close the sale and make thousands via commission.

It is as simple as that if you have the right knowledge. You can see how to get started by clicking the link below;

See source for more

9 Likes 3 Shares

Re: Simple Steps To Develop A Second Source Of Income In Nigeria by Nobody: 6:56pm On Jun 11, 2018
Or, go to Bet9ja shops everyday

Write down the results of virtual league matches

If you're lucky and matches are repeated, you don hammer be that grin

14 Likes 1 Share

Re: Simple Steps To Develop A Second Source Of Income In Nigeria by zeedof(m): 6:56pm On Jun 11, 2018
This has always be a big problem for me... I am staff of microfinance bank and I wish I could sent up biz for second source or even to make it the main source as times goes on.... I need help

2 Likes

Re: Simple Steps To Develop A Second Source Of Income In Nigeria by emeijeh(m): 6:56pm On Jun 11, 2018
Someone please summarise

1 Like 2 Shares

Re: Simple Steps To Develop A Second Source Of Income In Nigeria by webincomeplus(m): 6:57pm On Jun 11, 2018
Hmmm.
Re: Simple Steps To Develop A Second Source Of Income In Nigeria by Seconsol92(m): 6:57pm On Jun 11, 2018
ok

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Re: Simple Steps To Develop A Second Source Of Income In Nigeria by ItzBIM(m): 6:58pm On Jun 11, 2018
Agriculture like rice farming.
Re: Simple Steps To Develop A Second Source Of Income In Nigeria by perragy(m): 6:58pm On Jun 11, 2018
I so love this topic.. worth sharing. Thanks OP.
Re: Simple Steps To Develop A Second Source Of Income In Nigeria by BabaIbo: 6:59pm On Jun 11, 2018
Good post
Re: Simple Steps To Develop A Second Source Of Income In Nigeria by qanda: 7:00pm On Jun 11, 2018
Are you business minded and you are reading this post. Find an excerpt of an interview between Tony Robbins and Jay Abraham

TR: One of the things you've said in the past is that the major reason businesses fail
is that most businesses have one primary way to bring customers in. If something
disrupts that -- something external, something in the government, something in the
economy, something in the way of a new kind of competitor -- suddenly that
business is in trouble -- or it literally goes out of business.


JA: That's true.

TR: Please describe for us that dynamic and what the solution is. How do we make
sure that we have long-term, predictable profit in any business enterprise we're a
part of?


JA: I want to use two graphic analogies. I believe you build your success foundation on
pillars. I'm going to call it the diving board versus the Parthenon analogy. Most
businesses I look at (and I shudder to say most of the businesses or the business owners or
the professionals listening to this tape) would be built as a diving board. Imagine a diving
board with only one post supporting the board -- the board is your foundation, the post is
the method or the mechanism you've either consciously or unconsciously depended on to
generate all your sales and sustained growth. What is a diving board by nature, what does
it do? It goes down. If the one post that you've built your business on either gets
saturated or stops being effective, you're in trouble.

So, basically my goal for a client or someone attending my seminar is to systematically
build their business on multiple pillars that support it. One pillar can be whatever they do
now: the next pillar will be another alternative form of selling or of generating business
or of lead generating. It can be that one facet of your business is direct selling, another
facet telephone marketing, another facet joint ventures or strategic alliances, and still
another can be contingency or shared revenue, tri-tip selling with advertising mediums,
like radio stations -- and the list goes on and on.

TR: So, in other words, if one of those pillars goes out now...

JA: It's a nagging inconvenience that may eliminate 10 percent of your business, but it
will not debilitate or terminate your ability to exist. I approach every pillar as what I'll
call an innovative profit center. You should never do anything that doesn't produce a
profitable outcome for you or that doesn't basically dovetail together and reinforce
everything else you do.

TR: A lot of people reading this right now are thinking "this is fascinating." But
you know the truth of the matter is that you can pick all this stuff apart and what's
most fascinating is the intensity and passion in which you hit all of them. In other words,
you're figuring every single tool and how to maximize. It's back to
optimization -- could you describe it again?


JA: Optimization in my mind is the process of getting the maximum yield for the
maximum duration of time with the minimal investment from everything you do today, in
the future -- and this is really interesting -- and from everything you've ever done in the
past. From everybody and everything you ever come in contact with. Not just your
business -- your current and past employees, your vendors, your current customers, people
you don't sell, suppliers, distributive lines, the location you're at -- everything. So, start
with that premise.

Here's a quick summary of my theory. Until and unless you can form a clear, distinct and
accurate picture of your vision for the business, you can't possibly build or fulfill or
achieve your dream for that business. And the trick or the secret to building your vision
is to master this art of optimization. As I said, optimization is learning how to maximize,
not minimize, every asset. Most people I have observed minimize their activities instead
of optimizing them. I show them how to change that.

Download Useful Business and Entrepreneurship resources from Q and A App. Q and A App is available for download on Playstore
Re: Simple Steps To Develop A Second Source Of Income In Nigeria by Premiumwriter: 7:01pm On Jun 11, 2018
Op and ebook.

1 Like

Re: Simple Steps To Develop A Second Source Of Income In Nigeria by JARUSHUB: 7:03pm On Jun 11, 2018
Re: Simple Steps To Develop A Second Source Of Income In Nigeria by MChaze25(m): 7:12pm On Jun 11, 2018
Just think creatively everyday. Dont look down on anything at all as long as it brings in small income. Give it time and practice. Meet people and discourse more about your area of living, look out for problems you can solve around you. No environment is perfect. Just get your hustle on..

4 Likes

Re: Simple Steps To Develop A Second Source Of Income In Nigeria by Maket: 7:16pm On Jun 11, 2018
You won't see traffic in a useful topic like this since no saraki on BBN MENTIONED.

2 Likes 2 Shares

Re: Simple Steps To Develop A Second Source Of Income In Nigeria by ugwusunday(m): 7:17pm On Jun 11, 2018
Very interesting

1 Like

Re: Simple Steps To Develop A Second Source Of Income In Nigeria by Nobody: 7:18pm On Jun 11, 2018
THE ONLY SIMPLE STEP NA TO DO YAHOO+
Re: Simple Steps To Develop A Second Source Of Income In Nigeria by Kobicove(m): 7:20pm On Jun 11, 2018
undecided
Re: Simple Steps To Develop A Second Source Of Income In Nigeria by efembaba(m): 7:26pm On Jun 11, 2018
Pls do u know good sites to write content for?

1 Like

Re: Simple Steps To Develop A Second Source Of Income In Nigeria by Jasperro(m): 7:26pm On Jun 11, 2018
just identify a problem n solve it

2 Likes 1 Share

Re: Simple Steps To Develop A Second Source Of Income In Nigeria by LazyNairalander(m): 7:44pm On Jun 11, 2018
look for a problem in the society and bring in a long solution for it and you are made for life forget all this blah blah blaaaa

See my signature too

2 Likes

Re: Simple Steps To Develop A Second Source Of Income In Nigeria by kingsley18(m): 8:09pm On Jun 11, 2018
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Re: Simple Steps To Develop A Second Source Of Income In Nigeria by superrow: 8:11pm On Jun 11, 2018
As a military man, what other second source of income apart from the usual monthly salary?They are always engaged 24/7.

2 Likes

Re: Simple Steps To Develop A Second Source Of Income In Nigeria by segebase(m): 9:01pm On Jun 11, 2018
g
Re: Simple Steps To Develop A Second Source Of Income In Nigeria by Salex007(m): 9:02pm On Jun 11, 2018
superrow:
As a military man, what other second source of income apart from the usual monthly salary?They are always engaged 24/7.
. you can buy rams like 5 months to Muslim festival rear them and bring them out for sale or give it to someone to sells for u at the market... note thr price use to go up during the festival...
Re: Simple Steps To Develop A Second Source Of Income In Nigeria by yhungbrowhne(m): 9:18pm On Jun 11, 2018
zeedof:
This has always be a big problem for me... I am staff of microfinance bank and I wish I could sent up biz for second source or even to make it the main source as times goes on.... I need help


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Re: Simple Steps To Develop A Second Source Of Income In Nigeria by yhungbrowhne(m): 9:20pm On Jun 11, 2018
am into blogging for now qnd also wanna venture into mini importarion am sure with time am gonna hit it Big


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Re: Simple Steps To Develop A Second Source Of Income In Nigeria by ekongrobert(m): 10:28pm On Jun 11, 2018
Y can't we be serious for once and post somthing reasonable that will help every one

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