Many people will shy away from and may not agree with me, but the truth is, it is practically IMPOSSIBLE to do much these days without money in ones pocket.
Ask those who have the money, it gives them the feeling of happiness and fulfillment. When you have enough money to do whatever you want, for most people, this is the key to happiness for them. I disagree that money is everything but can make life easier with cash you know!.
Here are the things you can do right away to keep cash flowing in
1. Start Your Own Business If You Have Not
It is easier than before to set up a digital-based service or retail business with little or no money to start. Do it part-time while working your regular job if you’re still doubting. Once you are making more money from your own business, you can quit your job and grow your business further. Save 30% plus and invest it in cash flow producing assets. These include your business expansion via advertising, inventory, equipment, etc.
Investing in your business may not generate immediate results, but your responsibility is persistence and growth, which will significantly increase your income.
There are a lot of businesses you can tap into
- Start eCommerce business
- Become a blogger
- Food Processing
- Network Marketer
- Write books about what you do
- And many more…
2. Use Social Networking Websites to Promote Your Business
When you master the act of using Social Media Webs, a great tool for your business, it can help you generate wider audience, brand awareness and income. A brand in Nigeria (Sterling Bank PLC) recently used the power of Social Media to pull the internet.
Sterling Bank PLC is not so popular in Nigeria compare to some major banks like GTBank, First Bank, Access Bank, Union Bank and UBA. The material they posted had the Caption “In shooting for the moon, men become stars” with images of the icons of other banks looking at the sterling man on a rocket and sterling logo aiming for the sky.
This generated a big controversy among the banks to the extent that the hashtag #Bankwars trended for over 24 hours. Sterling bank has been able to get a huge engagement and reach from this campaign without paying a dime.
Social media can help your business if you know how to make the most of it.
3. Have A Passive Income and System Setup
Michele Schism said “With systems and a great team you can sleep and know things are being taken care of.” This was also given more meaning when Bryan Clayton says, “I attribute much of my success to spending time on high-leverage activities and less on the day-to-day grind of whatever it is that I’m working on”
What high-leverage activities we mean activities that involve strategic planning, networking with mentors and people, speaking. Everyone by now should be aware that a single stream of income is not enough to live good life these days. Setting up a system that brings in regular income, while your active income takes care of your day-to-day affairs is very important.
Passive income is great for students and graduates looking to pay off their student loans or starting off. Passive income allows them to earn money on the side while they attend classes or waiting for their dream jobs.
A lot of businessmen have invested their earnings in various other companies to build their size-able net worth over time.
If successful people are doing it, there is no reason for normal folk not to when searching for an additional source of revenue needed for regular vacation. Being successful means having the right systems in place to make the most out of your time, regardless of what time of day the clock says.
4. Lending Club (Contribution)
This lending club operates on a peer-to-peer lending platform. I have group of people we come together in agreement to contribute a certain amount of money weekly, monthly and quarterly. This is an amount set aside to do a project in the near future. The beauty of this is that it keeps money flowing among trusted people.
While I was still working with an NGO before setting up my own system, I formed a lending club with 5 of my collegues. We contributed N50,000 each for 5 months. So, each of us get to receive N250,000 monthly. This was what I used as part of the pay for the fees during my master’s program.
One of the issue one may have with lending club is if trusted and sincere people are not involved. Therefore, it’s necessary to combine with people who you can vouch for.
5. Affiliate Marketing
I can bet everyone wants to earn while they sleep. A lot of people can start with affiliate marketing by promoting products that are already on the market. For instance, AIM Global Inc does not take it as compulsion to get their products sold but they are ready to pay you a share of their profits for sending customers their way or purchasing.
Consider playing the role of a distributor using various marketplace (jumia, jiji, konga, farmsquare) to push out products from the comfort of your home. This can easily be done by writing an article about products that can make the living of people better and provide your valuable input to your readers on what makes the product an exceptional purchase.
The income you earn from affiliate marketing is endless, it all depends on how good your coaxing skills are and how loyal your readers are. Neil Patel wrote a long article on Affiliate Marketing.
If you have been making regular income from people around you, let’s know the strategies you have been using in the comment section below.