After writing 4 consequences of depending on a single source of income for a lifetime, I received an email from The Mango People saying, “It would be nice if you could give them advice on how to overcome the consequences of depending on a single source of income”. I thought about it for a while and I replied, “I’ll write about how to overcome these consequences”. I want to give a big shout-out to The Mango People for inspiring me to deliver to you, five activities you can generate a source of income from.
Ecommerce is one of the fastest-growing industries in the world as we speak. I guess you’ve heard of brands like Amazon, eBay, Jumia, Kikuu, and so many more. All of them are eCommerce brands. Ecommerce refers to the buying and selling of goods or services through the internet.
When was the last time you bought a product through the websites of the brands listed above? Give me your reply in the comment box. You can also build an eCommerce brand just like the top brands you know. This might be desensitizing for you in the beginning, but you’ll fall in love with it if you locate the type of eCommerce model that suits you.
Discover more insights on Ecommerce from Shopify’s encyclopedia.
2. REAL ESTATE
Real estate is very broad and has made countless families and individuals very rich. Examples of some individuals who have made a fortune from this industry are Grant Cardone, Robert Kiyosaki, Ryan Serhant, and Kris Krohn.
Real estate comprises of lands, buildings, as well as natural resources on the land (minerals, cultivation, water bodies and animals inclusive). You can choose to become a real estate agent (someone who buys and sells properties for a real estate company or owner), or a real estate investor (someone who owns the entire property or part of it).
Here are the types of real estate you can invest your money and time; residential real estate (involves buying flipping and renting out of properties like family homes, condominiums, vacation homes, and high-value homes), commercial real estate (includes shopping centers, malls, medical facilities, educational buildings hotels offices, and apartment buildings), and industrial real estate (includes manufacturing buildings, warehouses, business parks, mines, and farms).
Visit Investopedia for in-depth info on real estate.
3. NETWORK MARKETING
Network marketing is a very good way to make some good income, speaking from an individual’s point. Multilevel marketing has been around for some decades now and has made many individuals millionaires. Billion-dollar businesses have been built based on this method of marketing. Here in Africa, network marketing companies like PURE (People United Reaching Everyone), Max International, Herbalife, Aim global, Longrich, and SuperLife have given financial freedom to many people. Every network marketing company has its entry price point; the majority of them have a very low entry price point.
If you have intentions of engaging yourself in this industry, then I’ll advise you to find the company with an understandable compensation plan and deals with a valuable product.
4. STARTING A YOUTUBE CHANNEL
YouTube is a big avenue to gain popularity and also make some good money by making videos geared towards teaching, entertaining, and reviewing. People like Jake Paul and Logan Paul have become self-made celebrities via YouTube. You can also be like them. All you need to do is to have a Gmail account, locate a niche you’ll like to make videos on, put together the materials to make the video, and keep posting on a regular basis. To make some cash from your YouTube channel, read this article.
5. BUSINESS STARTUP
Starting a business will help you create variable sources of income. You can design the life you desire to live by starting your very own business. There a few things you need to start a business; I’ll mention some of them, the rest you can search for on the internet or from books written by successful business men and women. The first thing you need is a clear idea, the next is a plan of execution, followed by capital, and then a team (optional if you want to operate solo).
I’ll end today’s conversation here, see you on the next one.