10 Ways to earn extra income (Part 1)
It is premised on the principle of multiple income streams. Many people are hooked to the traditional concept of a single source of income. It is not uncommon to find people consistently pressurising their employers for more money because their monthly income is unable to match up to their growing expenditures.
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Wealth creation is a mentality rather than just a state. One can learn to create wealth by making important choices that will increase one’s income or diversify one’s financial sources or streams.
It is important to categorically stress that we do not believe in ‘graduate unemployment.’ The two words are definitely incompatible.
A person who graduates after three or four years of training in any institution of higher learning must be prepared to remove barriers or obstacles and create their own opportunities even if the job market seems to have no place for them.
If you are not yet employed, this article could be your wake-up call to start earning some income while you work towards finding that elusive job. Who knows? It is possible that by the time the regular job finally comes up, the part-time, income-earning activity would have grown so much that it could probably be considered as a full-time job. This has been the case with many people we have interacted with over the years.
The young graduate or job seeker must determine to master the art of creating wealth on all sides. The opportunities for generating extra income are numerous and the choice will have to be based on the skills and interests of the individual.
Here is a list of some 10 income-generating options to guide your wealth creation efforts. The focus is mainly on activities one can initiate or undertake on a part-time basis:
1. Savings and Investment: Take an interest in stocks, fixed deposits, mutual funds and treasury bills. This is a must for everyone, whether you are working or not. You do not have to be a financial expert to do this. Credible investment advisors abound who would be willing to assist you to invest your money appropriately based on your individual profile.
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Analysts suggest that consistently investing 10 per cent of your income over a long period with a reasonable interest rate can set you up for long-term financial independence. All needed to open an investment account is an initial amount of as low as GH¢10.00.
However, the most important thing is to grow the investment at your own pace, whether monthly, quarterly or annually. No amount is too small to save and invest.
See our books “My first lessons Investment” and “Go and Owe No More” for details about investment options and benefits. Start from somewhere and make it a point to regularly put something away. Consistently and time are the best assets in the life of any investor.
2. Publishing a book, music or artistic work: Undertaking any of these would involve the commercialisation of one’s talent, skills or hobbies. If you have a talent in composing music, writing books or creating works of art, you could earn extra by compiling, publishing or recording them and making them available to people, groups or shops for sale.
You may not be a professional but once you do it well, there will be lots of people who would want to buy from you. One important lesson here is to understand your market well.
Once you know whom you are trying to reach, you can package your products appropriately and make them suitable for them. You may refer to our book on “Becoming a Bestselling Author” for ideas on how to develop, package, price and promote your creative gift.
3. Retail and delivery services:
People will always need one thing or another and convenience has become one of the major determinants of where or how people choose to buy or shop. You could ,therefore, provide products or services such as processed food, pastries, warm food packs, games, handmade artefacts etc. This model can be very successful and profitable in areas where there are clusters of people such as flats or hostels, campus or office blocks. That way, the transport and distribution cost between customers is significantly reduced.
4. Teaching & educational Services: Any form of education has almost unlimited demand in our part of the world, depending on how it is packaged. Providing home tuition for children or adults in core subjects such as Mathematics or English or in specialised areas such as language, music, art or computer skills is a service with considerable demand today. Naturally, the more lucrative targeted is middle to upper classes that have the ability-to-pay. There are a considerable number of well-to-do parents who do not have the time to supervise their children’s homework or personal study times but are willing to invest in adult supervision.
5. Event management: Event management is a multi-million dollar industry with a diverse range of top professionals deployed in it. People with the flair for this service can, however, grow their abilities by learning how to organise small events. These days, university campuses have become a beehive of activities with all manner of sporting, entertainment, educational and religious events in high demand. Literally, every weekend there are a number of competing events with the large campus populations ensuring that the major programmes are patronised to the full. If event management and organisation is a skill you possess, you could design and execute a programme of activities or events either on campus or outside that is targeted at a particular segment of people. — GB