In today’s economy, most people can barely survive on a single source of income.
Not only is it unsustainable, it is also quite a risky way to live.
If that single source of income gets hit, there’s a big chance of going from financially okay to struggling to survive.
Hence, it is right thinking for anyone to want to create multiple sources of income, especially in an unstable economy like that of Nigeria.
So, how do you go about multiplying your source of income?
Is it best to go out of your comfort zone or to replicate current income sources?
In this post, we’ll look at a few ways anyone can quickly go from a single income source to earning multiple sources of income.
It just requires a little amount of effort and discipline to sustain whatever financial path you choose to take.
Let’s take a look at some alternative income sources.
Invest in High-dividend Stocks
If you could easily double your income source, investing in High-dividend stocks is one singule way to achieving that.
Dividend stocks are a good source of recurring passive income, and you don’t have to sweat to earn it.
This financial path is best for busy people looking to earn passive income by investing their money to work for them.
There are many ways to invest in High-dividend stocks, especially with the advent of Fintech app that puts investing at your fingertips.
One app that can help you do so in Nigeria is Chaka, where you can invest in both local and foreign stocks.
With Chaka, all dividends are paid automatically to users global wallets.
Create a Passive Income Venture
Still on the passive income train.
One of the best ways to create another source of income is to start a passive income venture.
This kinds of business ventures are good for busy people who do not want to spend too much time managing a business.
They just want to have a venture that is managed for them and one that is financially accountable.
You could achieve this either by becoming a dormant partner in a business partnership or appointing a manager for your business venture.
The first is quite simple.
Simply find someone who is already involved in a venture and looking for a financial partner to expand.
This person would already have the expertise and industry experience of the business, while you provide the finances.
You’ll then be legally added as a partner of the business, with agreements on aspects of the business such as operations and profit sharing.
The other venture of appointing a manager for your business is quite similar.
You simply start a business venture, and then employ an experience manager to run it for you.
You could either agree on a monthly salary for the manager or a specific amount to be delivered monthly.
The latter is most preffered if you will be mostly handsoff from the business.
Some business ideas in this area include:
- Salon Business
- Transportation & Haulages
- Real Estate
- Beverage Distribution Business
- Article Importation
Start an Income-generating Hobby
Do you have something you enjoying doing at your leisure time?
Could you monetize that activity or add a skill to it?
Who knows, that activity could start generating some money for you and serve as a second source of income.
For example, I’ve been very good at writing right from a young age.
However, I didn’t know that writing could be a monetized skill. So, I did it for fun and sometime help people write for free.
And I enjoyed it so so much.
But since I discovered that writing could be an income-generating hobby, I’ve always looked forward to making money with it.
And it has since become one of my sources of income.
You can do the same by finding a hobby that you can monetize.
The good thing about this is that you can keep your day time job while still making money doing what you love.
How good is that?
Do you love pets? Start pet grooming and breeding.
Do you love talking in front of the camera? Start a YouTube channel.
Do you love writing great content? Start a blog or publish a book.
Do you love playing music or dancing? Start something in that line and try to make money with it.
Start a Side Hustle
Now, not everyone is born skilled at something.
And not everyone is able to find that one thing that they enjoy doing at their leisure time.
Many people just want to hustle and make money.
If you’re caught in that web, and just looking to find another income source to supplement your current income, then you’re definitely not alone.
The only obstacle to starting a side hustle is that you have to create the time for it.
Side hustles could even eat up into your daily schedules, so you have to be prepared before committing time and effort into it.
A side hustle could be in the form of a part-time job or a part-time business.
You could even find one online, which make the whole process easier to supplement with your current job or business.
Here are few side hustles you could try:
- Freelance on Fiverr and Upwork
- Start an eCommerce Business
- Start a Home Kitchen
- Become a personal shopper
- Become a handyman
- Launch an Uber or Bolt Business
- Start a bike delivery service
Start a Quick Loan Service
If you want to create an income source that puts your money to work while giving you control of the process, then a quick loan service is ideal.
In Nigeria, quick loans are very profitable if you can find a way to keep the default rate as minimal as possible.
The best way to achieve this is to deal with small business owners who have shops and looking for loans to stock their shops.
All you have to do is register a cooperative and get these business owners to join as members to be eligible for small business loans.
The loans would carry a short tenure of less than 3 months and must be serviced within that period.
You then charge them a small fee as interest, which serves as your profit from the venture.
If you really keep your books well, a quick loan service can serve as a profitable source of income and could even evolve into a full-scale financial services company.