The problem with all of us is that we do not define success by what we want to accomplish but rather by what others in our circles are doing and how we can keep up with them. We are basically keeping up with the joneses. The problem with this is that we are all very different individually and we are uniquely gifted in our capabilities.
Have you ever stopped to consider what success means to you? The definition of success varies from one person to another. It is also dependent on what stage of life you are in.
It is important to first understand what success means to you individually in order to have a marking scheme for self-evaluation. Glenn Meakem became an overnight billionaire when his company went public. He however is known to have said that even though he was wealthy, he would consider himself a failure if he was a bad father and terrible husband. However, today’s prevailing culture defines success largely as financial accomplishment and everything else is secondary to the pursuit of it.
Some of the most famous entrepreneurs define success, in a personal way. They put their families, charities, employees, spirituality above money, status and rank.
I know several people that have achieved financial success but have lost their spouses and relationships with their children along the way. I was once told a story of a very wealthy Kenyan man who spent his life as a miser even to his kids. He did not spare time to enjoy the fruits of his labor with his family and was known to withhold even small amounts of money from them. When he passed away, his children were shocked to discover that their father owned a lot of property and other assets across Kenya. Their father had been a very wealthy man. None of his children wanted to come and manage their father’s vast portfolio and they even gave his money away. They felt cheated and they had their own lives to lead. To this day there are tenants living in his rental houses who don’t pay rent because no one is there to collect.
The point is, as your pursue what you consider your success milestones don’t lose your life and relationships. It will all have been in vain if you were to die and everything you worked for died with you and had no impact on your community or family.
In the words of Stephen Cover, leave a legacy. Even the bible commands us to leave a legacy into our third generation. Consider carefully what you would like your legacy to be and use this as your true measure of success.
Monday, January 11, 2010
Friday, January 8, 2010
Top tips to building Business Relationships
If no one has told you yet, a business is built by creating relationships. Relationships with you suppliers, customers, bank, co-workers etc. One of the most quoted authors Dale Carnegie wrote a book that has been used for decades the world over to help people learn how to build relationships.
Some people are just born that way; they are a “people person”. But if you are anything like me then it is a skill that you consciously must work on to develop. Thankfully anyone can.
One of the very fist places I worked in I encountered a strange culture. This culture glorified cold-hearted corporate vixens that I can only liken to Meryl Streep’s character in Devil Wears Prada. This is the face of the powerful no nonsense corporate woman who has a handle on everything and everyone by instilling respect through fear. However, if you intend to run your own business this high school mentality will not get you results and you will have to close shop eventually.
I want to share a few tips to building and enhancing your business relationships.
1. Develop a genuine interest in people.
When you meet someone, ask them about their background, family, professional life. Learn as much as you possibly can about them. This information will help you know how best to connect with them for instance when making a sales pitch. In my experience in advertising this is where most agencies fail to make the connection. Beyond a brand strategy try to understand what drives the decision makers behind it and make that connection when selling your ideas.
2. Remember a person’s name.
A lot of people do not put effort into remembering names. Since we don’t all have people to remind us like Merry Streep’s character, we have to develop the art of remembering names. Nothing annoys a potential employer, supplier, or customer than receiving a letter or event invitation card with a misspelt name. Most will switch off from hearing you out once you make that mistake. Develop this skill, it will get harder as you meet more people and grow your business
3. Everyone you meet has a sign saying make me feel important on their forehead.
One of my colleagues says this to me all the time. I always complement her because she is always able to make instant connections with people she meets. She told me that her secret is this tip number 3; make the other person feel important. Focus on them and not yourself. Don’t bore them with details of your life. Listen to them and place value on their ideas and opinions.
4. Avoid arguments.
If you think about it, what is the point of an argument? Once you have stated your point and won, all you have achieved is making another person look and feel bad. This will not generate sales leads or build your relationships. Learn to restrain yourself and avoid arguments even when you are sure the other person is wrong. The customer is not always right. However, they hold the key to building or ruining your business. In some PR circles it is said that when you do something a customer appreciates they tell their friends, when you do something negative, they tell the whole world. As the internet and social networks make the world smaller nothing is more threatening than the power of word of mouth.
5. Learn the art of conversation.
According to Dale Carnegie, the secret to being a great conversationalist does not lie in knowing and preparing great stories and anecdotes. It is in being a good listener. Most people when involved in a conversation are always thinking of the next thing to say instead of listening to the other party. Get engrossed in the other person and ask probing questions into the conversation they are carrying on. Get them to talk more about themselves and listen to them.
6. Remember the 6 degrees of separation.
The person or colleague you are rude to today will have power to make decisions tomorrow. Once an MD of a company I worked for wanted an opinion on someone he wanted to hire. He walked around asking the opinion of everyone that had interacted with the potential employee. One of the middle level managers recounted a story to him of how in the past, this Lady had mistreated and frustrated her on her first Job. The Lady was never hired.
These are just the tip of the Ice Berg. Follow the link below to How to win friends an Influence people by Dale Carnegie to get more tips.
Some people are just born that way; they are a “people person”. But if you are anything like me then it is a skill that you consciously must work on to develop. Thankfully anyone can.
One of the very fist places I worked in I encountered a strange culture. This culture glorified cold-hearted corporate vixens that I can only liken to Meryl Streep’s character in Devil Wears Prada. This is the face of the powerful no nonsense corporate woman who has a handle on everything and everyone by instilling respect through fear. However, if you intend to run your own business this high school mentality will not get you results and you will have to close shop eventually.
I want to share a few tips to building and enhancing your business relationships.
1. Develop a genuine interest in people.
When you meet someone, ask them about their background, family, professional life. Learn as much as you possibly can about them. This information will help you know how best to connect with them for instance when making a sales pitch. In my experience in advertising this is where most agencies fail to make the connection. Beyond a brand strategy try to understand what drives the decision makers behind it and make that connection when selling your ideas.
2. Remember a person’s name.
A lot of people do not put effort into remembering names. Since we don’t all have people to remind us like Merry Streep’s character, we have to develop the art of remembering names. Nothing annoys a potential employer, supplier, or customer than receiving a letter or event invitation card with a misspelt name. Most will switch off from hearing you out once you make that mistake. Develop this skill, it will get harder as you meet more people and grow your business
3. Everyone you meet has a sign saying make me feel important on their forehead.
One of my colleagues says this to me all the time. I always complement her because she is always able to make instant connections with people she meets. She told me that her secret is this tip number 3; make the other person feel important. Focus on them and not yourself. Don’t bore them with details of your life. Listen to them and place value on their ideas and opinions.
4. Avoid arguments.
If you think about it, what is the point of an argument? Once you have stated your point and won, all you have achieved is making another person look and feel bad. This will not generate sales leads or build your relationships. Learn to restrain yourself and avoid arguments even when you are sure the other person is wrong. The customer is not always right. However, they hold the key to building or ruining your business. In some PR circles it is said that when you do something a customer appreciates they tell their friends, when you do something negative, they tell the whole world. As the internet and social networks make the world smaller nothing is more threatening than the power of word of mouth.
5. Learn the art of conversation.
According to Dale Carnegie, the secret to being a great conversationalist does not lie in knowing and preparing great stories and anecdotes. It is in being a good listener. Most people when involved in a conversation are always thinking of the next thing to say instead of listening to the other party. Get engrossed in the other person and ask probing questions into the conversation they are carrying on. Get them to talk more about themselves and listen to them.
6. Remember the 6 degrees of separation.
The person or colleague you are rude to today will have power to make decisions tomorrow. Once an MD of a company I worked for wanted an opinion on someone he wanted to hire. He walked around asking the opinion of everyone that had interacted with the potential employee. One of the middle level managers recounted a story to him of how in the past, this Lady had mistreated and frustrated her on her first Job. The Lady was never hired.
These are just the tip of the Ice Berg. Follow the link below to How to win friends an Influence people by Dale Carnegie to get more tips.
Thursday, January 7, 2010
Tips on developing your annual company plan
It is important to develop a culture of putting down exactly where your company or business should be headed at the beginning of every year. After analyzing the previous years performance indicators in terms of actual sales, percentage of sales conversions vis a vis sales pitches made, cost of sales, company expenses, and actual profits. This process will help you see whether your business is actually growing and making money.
A very good friend of mine who is also a financial consultant once described a typical company situation to me that I thought was impossible. You can be running a business with a consistent cash flow and debt repayment and yet still be making substantial loses. One of the reasons this could happen can be explained by the product/service pricing strategy. You must always be aware of direct and indirect cost of sales when pricing in order to ensure each sale converts into profit.
So how do you go about developing a company plan?
1.Begin by an economic analysis of the market you are in, global trends, and economic forecasts. If you are In Kenya this information is available on the central bank website in great detail.
2.Analyze the particular industry you operate in, the trends and forecasts for the year and where your business is positioned against your competition. This can be done through a SWOT analysis of your business.
3.Analyze each of the departments or business units in terms of performance and a SWOT analysis.
4.Develop specific SMART goals for each of the business units that you want to achieve in the coming year. Limit these to 5 for each business segment to avoid being unrealistic. The number could vary depending on the size of the business.
5.Determine what assets and manpower are necessary to achieve the objectives for the next year.
6.To develop financial objectives create an excel sheet illustrating sales leads, current client portfolio, and the predicted monthly income. Indicate what percentage of sales you want to raise from new business.
7.The most crucial step. Make sure that you include your key employees in this process in order to get buy-in into the vision from them because they are the ones to help the business achieve the overall financial objectives.
For more information or extra help with this process. Please contact Edwin on 0722 763 360 or visit www.bizresource.co.ke
A very good friend of mine who is also a financial consultant once described a typical company situation to me that I thought was impossible. You can be running a business with a consistent cash flow and debt repayment and yet still be making substantial loses. One of the reasons this could happen can be explained by the product/service pricing strategy. You must always be aware of direct and indirect cost of sales when pricing in order to ensure each sale converts into profit.
So how do you go about developing a company plan?
1.Begin by an economic analysis of the market you are in, global trends, and economic forecasts. If you are In Kenya this information is available on the central bank website in great detail.
2.Analyze the particular industry you operate in, the trends and forecasts for the year and where your business is positioned against your competition. This can be done through a SWOT analysis of your business.
3.Analyze each of the departments or business units in terms of performance and a SWOT analysis.
4.Develop specific SMART goals for each of the business units that you want to achieve in the coming year. Limit these to 5 for each business segment to avoid being unrealistic. The number could vary depending on the size of the business.
5.Determine what assets and manpower are necessary to achieve the objectives for the next year.
6.To develop financial objectives create an excel sheet illustrating sales leads, current client portfolio, and the predicted monthly income. Indicate what percentage of sales you want to raise from new business.
7.The most crucial step. Make sure that you include your key employees in this process in order to get buy-in into the vision from them because they are the ones to help the business achieve the overall financial objectives.
For more information or extra help with this process. Please contact Edwin on 0722 763 360 or visit www.bizresource.co.ke
Wednesday, January 6, 2010
E-commerce now a reality for Kenyan entreprenuers
Did you know that Africa has a population of 950 million and with the current growth rate our population size will be comparable to that of India and China? Did you know that Africa has the 10th largest economy in the world? The internet users in Africa are estimated at 67 million currently with a historical growth rate of 1,392% since 2000. Africa has 264 million mobile users with a 50% growth rate since 2006. Now that is potential.
According to a white paper by Juniper Research, Africa is among the leading regions for national mobile money transfer services in 2014. Africa is among the top three regions that will represent over 60% of the global mobile money transfer gross transaction value by 2013. This translates the African mobile transfer industry to a market value exceeding 5 billion USD.
Various Kenyan entrepreneurs have read the writing on the wall and created online stores for their business to reach their consumer leveraging on the advent of an E-commerce boom. Intrepid data systems, a Kenyan owned company, have launched a new product to bridge mobile-online transactions. The product has made it easy for your customers who have access to mobile money transfer services, to make online payments.
iPay is a mobile money transaction processing system that incorporates the popular M-Pesa and Zap modes of money transfer. The service enables entrepreneurs to receive payments from purchases made on their websites. Then all you have to do is deliver the product to the customer.
This product will enable the growth of E-commerce transactions as it overcomes the barriers of support from banks, low penetration of credit cards and low access to financial services. There is no time like the present to incorporate E-commerce into your website and connect with consumers across the continent.
Online transactions will increase your market exposure drastically. It provides a reliable reference of actual sales and greatly reduces business overheads. You are also able to engage your target market don a one on one basis and get their feedback and opinions on your products. Thus enabling product innovation and market gap analysis. Overall you will be able to respond quicker to customer needs.
To the team at intrepid, Kudos for creating a wealth opportunity for Kenyan entrepreneurs that will impact the continent.
For an in depth look at the African continent and market opportunities see the book below by Vijay Mahajan, author of Africa Rising: How 900 Million Consumers Offer More Than You Think. Though often overlooked in global corporate growth strategies, he argues, Africa as a whole has enough consumer power to give China and India a run for their money.
According to a white paper by Juniper Research, Africa is among the leading regions for national mobile money transfer services in 2014. Africa is among the top three regions that will represent over 60% of the global mobile money transfer gross transaction value by 2013. This translates the African mobile transfer industry to a market value exceeding 5 billion USD.
Various Kenyan entrepreneurs have read the writing on the wall and created online stores for their business to reach their consumer leveraging on the advent of an E-commerce boom. Intrepid data systems, a Kenyan owned company, have launched a new product to bridge mobile-online transactions. The product has made it easy for your customers who have access to mobile money transfer services, to make online payments.
iPay is a mobile money transaction processing system that incorporates the popular M-Pesa and Zap modes of money transfer. The service enables entrepreneurs to receive payments from purchases made on their websites. Then all you have to do is deliver the product to the customer.
This product will enable the growth of E-commerce transactions as it overcomes the barriers of support from banks, low penetration of credit cards and low access to financial services. There is no time like the present to incorporate E-commerce into your website and connect with consumers across the continent.
Online transactions will increase your market exposure drastically. It provides a reliable reference of actual sales and greatly reduces business overheads. You are also able to engage your target market don a one on one basis and get their feedback and opinions on your products. Thus enabling product innovation and market gap analysis. Overall you will be able to respond quicker to customer needs.
To the team at intrepid, Kudos for creating a wealth opportunity for Kenyan entrepreneurs that will impact the continent.
For an in depth look at the African continent and market opportunities see the book below by Vijay Mahajan, author of Africa Rising: How 900 Million Consumers Offer More Than You Think. Though often overlooked in global corporate growth strategies, he argues, Africa as a whole has enough consumer power to give China and India a run for their money.
Tuesday, January 5, 2010
Tired of New years Resolutions that don't work? Try this
Enough already! It’s a new year and with it another chance to set new year resolutions that I must accomplish this time. I want to share a funny story with you from one of my leadership mentors. He had made a new years resolution to lose weight like most of us do every year. He signed up to the gym got his gear and everything necessary to accomplish that goal and was ready to begin in January. The only problem was that every time he went to the gym, it was so crowded and he had to queue to use the training machines. The gym instructor noticing his plight gave him a bit of advice. The instructor told him to come back in March because half of the people would have given up by then and there would be plenty of space.
If you are one of those people who at the end of every year you wonder what happened or you completely gave up setting resolutions, I want to introduce you to a new concept. A new way to do things and every successful entrepreneur has done this to ensure that whatever business they set up aligns to their goals and interests. It is called life planning.
I must admit that a very good friend of mine introduced me to this and I did it. Since then, I have had so much clarity about my life and everything I do or come into contact with reveals opportunities that I am now able assess how they connect to my life plan and vision.
Life planning is pretty simple. It is what our government would call vision 2030. What is your vision 2030? How do you see your life 30, 40, years down the line? What do you see yourself doing, where will you be living? Start your life plan here and write everything down.
Look at every area of your life, finances, personal growth, relationships, education, spiritual growth, business etc. List the different areas down. If you have started from 2030 go back all the way to 2010. List down under each area of your life specific things you need to do each year to get to whatever your vision 2030 is. For example if you want to be a multi-millionaire in 2030 how much money do you need to make every year, every decade? What investment vehicles or businesses do you need to set up each year to generate that kind of positive cash flow? What do you need to do in 2010, 2011 etc that will ensure that you achieve that goal? Do you need to get out of debt, repay a loan, complete project x? Be very specific with this part.
Now move a step further. Look at how you are spending each day of the week. Are there activities that you need to include or exclude in order to align with your year one goals? Perhaps you need to get to work one hour earlier to avoid traffic and have time to study before class? Do you need to set aside two hours per day to focus on a project that has been delayed for years in order to get it done?
Nothing simplifies your life better than life planning. It sounds like a lot of work but the time you spend on it is nothing compared to the lifetime of clarity it will create for you. If you are an entrepreneur or aspiring to be one and do not know where to begin, this will help you focus on an area that is in alignment with your interests and lifestyle.
Check out http://www.startupnation.com/steps/55/3751/1/create-life-plan.htm for a step by step guide and a template you can use to get started.
Carry your weekly time table and life plan around with you so you can internalize it and in time know it by heart. Check yourself constantly to see if you are in alignment with your vision 2030. When an opportunity crops up that sounds great, first check whether it is in alignment with your life plan.
Try this and let me know how it works out for you. Let me know whether you need more help or information. Wishing you all a life of health, wealth, success and purpose.
If you are one of those people who at the end of every year you wonder what happened or you completely gave up setting resolutions, I want to introduce you to a new concept. A new way to do things and every successful entrepreneur has done this to ensure that whatever business they set up aligns to their goals and interests. It is called life planning.
I must admit that a very good friend of mine introduced me to this and I did it. Since then, I have had so much clarity about my life and everything I do or come into contact with reveals opportunities that I am now able assess how they connect to my life plan and vision.
Life planning is pretty simple. It is what our government would call vision 2030. What is your vision 2030? How do you see your life 30, 40, years down the line? What do you see yourself doing, where will you be living? Start your life plan here and write everything down.
Look at every area of your life, finances, personal growth, relationships, education, spiritual growth, business etc. List the different areas down. If you have started from 2030 go back all the way to 2010. List down under each area of your life specific things you need to do each year to get to whatever your vision 2030 is. For example if you want to be a multi-millionaire in 2030 how much money do you need to make every year, every decade? What investment vehicles or businesses do you need to set up each year to generate that kind of positive cash flow? What do you need to do in 2010, 2011 etc that will ensure that you achieve that goal? Do you need to get out of debt, repay a loan, complete project x? Be very specific with this part.
Now move a step further. Look at how you are spending each day of the week. Are there activities that you need to include or exclude in order to align with your year one goals? Perhaps you need to get to work one hour earlier to avoid traffic and have time to study before class? Do you need to set aside two hours per day to focus on a project that has been delayed for years in order to get it done?
Nothing simplifies your life better than life planning. It sounds like a lot of work but the time you spend on it is nothing compared to the lifetime of clarity it will create for you. If you are an entrepreneur or aspiring to be one and do not know where to begin, this will help you focus on an area that is in alignment with your interests and lifestyle.
Check out http://www.startupnation.com/steps/55/3751/1/create-life-plan.htm for a step by step guide and a template you can use to get started.
Carry your weekly time table and life plan around with you so you can internalize it and in time know it by heart. Check yourself constantly to see if you are in alignment with your vision 2030. When an opportunity crops up that sounds great, first check whether it is in alignment with your life plan.
Try this and let me know how it works out for you. Let me know whether you need more help or information. Wishing you all a life of health, wealth, success and purpose.
10 websites that will make you money in 2010
1. www.geniusrocket.com
If you are a creative designer sign up for free on this website. They will provide a list of projects you can work on and best of all you are able to view the submissions of other designers.
2.www.knowledgegenie.com
This site helps you package information and sell it online at 100% profits to you. If you are a consultant in any field check it out and get started today.
3.www.freeconferencecall.com
Free conference calls! Now there is a word I know Kenyans love. Free! All you need to sign up for the service is your name and e-mail address in order to create an account. They then provide you with a dial-in number and access code for immediate phone conferencing. This service comes in handy for virtual meetings with clients across the globe. Try it, I have.
4. www.weebly.com
Register and set up your own website in a flash! This site offers amazing templates that you can choose from and for about KShs. 4,000 per year you are able to design and host your own website. You can also set up a company or personal blog free of charge.
5.www.amazon.com
Get started importing merchandise from the comfort of your mobile phone or laptop. As long as you have a credit card you can get started reselling merchandise here in Kenya. All you need is a shipping address in the states which you can set up through www.dhl.co.ke, check under easy shop. This one I personally recommend.
6.www.zazzle.com
If you are an artist or designer, zazzle helps you create mugs, posters, aparrarel etc that can e purchased across the globe.
7.www.lulu.com
Are you writer, artist, songwriter or poet? Do you have material you have worked on for year on your PC wondering if you will ever share it with the world. Get started self publishing with lulu. Upload your manuscript, get started with the helpful tools to help you design the cover page and inside pages, set the selling price and get started selling your publication across the globe and keep 80% profits on each title.
8.www.oneminutecoupon.com
Involved in retail/e-commerce? Want to create coupons to promote a product? One minute coupon enables you to create printable coupons and make them available on your website. Fantastic product and its Free!
9.www.filtrbox.com
Want to monitor what Is being said about your product, website or company on social networks, blogs, and online news outlets. Get alerted in real time and respond quickly to your consumers.
10www.kiva.org
Do you have projects that will that need funding? Kiva connects entrepreneurs and lenders to help improve the lives of people across the globe.
Kiva also provides the opportunity to put your money at work as a lender. Visit their site to learn more.
.
If you are a creative designer sign up for free on this website. They will provide a list of projects you can work on and best of all you are able to view the submissions of other designers.
2.www.knowledgegenie.com
This site helps you package information and sell it online at 100% profits to you. If you are a consultant in any field check it out and get started today.
3.www.freeconferencecall.com
Free conference calls! Now there is a word I know Kenyans love. Free! All you need to sign up for the service is your name and e-mail address in order to create an account. They then provide you with a dial-in number and access code for immediate phone conferencing. This service comes in handy for virtual meetings with clients across the globe. Try it, I have.
4. www.weebly.com
Register and set up your own website in a flash! This site offers amazing templates that you can choose from and for about KShs. 4,000 per year you are able to design and host your own website. You can also set up a company or personal blog free of charge.
5.www.amazon.com
Get started importing merchandise from the comfort of your mobile phone or laptop. As long as you have a credit card you can get started reselling merchandise here in Kenya. All you need is a shipping address in the states which you can set up through www.dhl.co.ke, check under easy shop. This one I personally recommend.
6.www.zazzle.com
If you are an artist or designer, zazzle helps you create mugs, posters, aparrarel etc that can e purchased across the globe.
7.www.lulu.com
Are you writer, artist, songwriter or poet? Do you have material you have worked on for year on your PC wondering if you will ever share it with the world. Get started self publishing with lulu. Upload your manuscript, get started with the helpful tools to help you design the cover page and inside pages, set the selling price and get started selling your publication across the globe and keep 80% profits on each title.
8.www.oneminutecoupon.com
Involved in retail/e-commerce? Want to create coupons to promote a product? One minute coupon enables you to create printable coupons and make them available on your website. Fantastic product and its Free!
9.www.filtrbox.com
Want to monitor what Is being said about your product, website or company on social networks, blogs, and online news outlets. Get alerted in real time and respond quickly to your consumers.
10www.kiva.org
Do you have projects that will that need funding? Kiva connects entrepreneurs and lenders to help improve the lives of people across the globe.
Kiva also provides the opportunity to put your money at work as a lender. Visit their site to learn more.
.
Monday, January 4, 2010
The Financial intelligence series: Article one
This year I want to begin what I’m calling a financial intelligence series. Many people say that they want to be rich. However not many of them possess the financial intelligence required to do so and sadly not many people will achieve financial freedom and security. It is this reason why 80% of the wealth in the world and even in Kenya is controlled by 20% of the population. This series will explore various aspects of building your financial portfolio and highlight ways to make extra cash as well as use money to make money. Albert Einstein was once quoted as saying that the power of compound interest was the most powerful force in the universe. It would be wise to learn from him and grow.
As I have continued to study and learn about wealth I have come across several principles I would like to share on this series such as the importance and how to build multiple streams of income, using other people’s money, the mystery of giving among other topics that we will explore through out the year.
I begin by exploring some ways to create extra income on the side. If you have had the chance to play the financial intelligence game cash flow quadrant, then you know that the key to getting out of the rat race is getting income or an investment that puts money back into your pocket which you then use to invest, thus getting money to work hard for you and not you working hard for money. The process in real life will take a bit of time and patience is required but this is indeed the first step.
Below are some ideas you can use to build your income.
Consult In Your Field
There are many businesses that are outsourcing expertise due to lay offs that happened during the economic crunch. The internet is also full of opportunities you can use to make some extra cash such as www.elance.com, www.guru.com and many more so start surfing. If you are a designer you can help business develop sites, create leaflets etc. Search through various online vacancy sites there is always someone on the look out for a consultant.
Teach
Whatever your expertise is look for teaching opportunities at colleges and universities. You can also look at creating training modules and partner with professional organizations to provide training opportunities to corporate institutions. You can also create and package your material online and sell it. One of the websites that offers this opportunity is www.myknowledgegenie.com. There are other websites as well that provide the same opportunity.
Rent Space
Do you have an SQ or an extra bedroom or even wing in your house? Do you have a large office you can rent out to other businesses and share a boardroom and a receptionist? I know various business owners who have used extra space in their office to generate a sustainable income this way.
Make money from talent
Are you always being asked to Mcee at friends’ events. Start charging for that service. Are you an artist, singer, or great at designing clothes, sowing or creating jewellery? Find whatever it is you are good at and make money at it. I have a friend who paints in his past time and sometime this year I was able to hook him up with an art gallery that sells paintings for artists on commission. Were you an actor in school? There are many opportunities in arts and theatre to make some extra cash.
Buy a business
Do you know someone with a killer business idea that requires funding? If you have the money one of the greatest investment decisions you will ever make involves starting a business or investing in one. For tips on how to buy into a business visit www.businessbuyeradvocate.com.
Start a business
I know this is cliché but seriously, start a business. Does you estate need a dvd supplier, a grocery shop, a reliable garbage collector, a bakery, a kiosk, a chips shop, a butchery, a supplier for eggs? Do some market research right in your backyard and find out what you can do to meet the needs of the people living around you at a profit.
As I have continued to study and learn about wealth I have come across several principles I would like to share on this series such as the importance and how to build multiple streams of income, using other people’s money, the mystery of giving among other topics that we will explore through out the year.
I begin by exploring some ways to create extra income on the side. If you have had the chance to play the financial intelligence game cash flow quadrant, then you know that the key to getting out of the rat race is getting income or an investment that puts money back into your pocket which you then use to invest, thus getting money to work hard for you and not you working hard for money. The process in real life will take a bit of time and patience is required but this is indeed the first step.
Below are some ideas you can use to build your income.
Consult In Your Field
There are many businesses that are outsourcing expertise due to lay offs that happened during the economic crunch. The internet is also full of opportunities you can use to make some extra cash such as www.elance.com, www.guru.com and many more so start surfing. If you are a designer you can help business develop sites, create leaflets etc. Search through various online vacancy sites there is always someone on the look out for a consultant.
Teach
Whatever your expertise is look for teaching opportunities at colleges and universities. You can also look at creating training modules and partner with professional organizations to provide training opportunities to corporate institutions. You can also create and package your material online and sell it. One of the websites that offers this opportunity is www.myknowledgegenie.com. There are other websites as well that provide the same opportunity.
Rent Space
Do you have an SQ or an extra bedroom or even wing in your house? Do you have a large office you can rent out to other businesses and share a boardroom and a receptionist? I know various business owners who have used extra space in their office to generate a sustainable income this way.
Make money from talent
Are you always being asked to Mcee at friends’ events. Start charging for that service. Are you an artist, singer, or great at designing clothes, sowing or creating jewellery? Find whatever it is you are good at and make money at it. I have a friend who paints in his past time and sometime this year I was able to hook him up with an art gallery that sells paintings for artists on commission. Were you an actor in school? There are many opportunities in arts and theatre to make some extra cash.
Buy a business
Do you know someone with a killer business idea that requires funding? If you have the money one of the greatest investment decisions you will ever make involves starting a business or investing in one. For tips on how to buy into a business visit www.businessbuyeradvocate.com.
Start a business
I know this is cliché but seriously, start a business. Does you estate need a dvd supplier, a grocery shop, a reliable garbage collector, a bakery, a kiosk, a chips shop, a butchery, a supplier for eggs? Do some market research right in your backyard and find out what you can do to meet the needs of the people living around you at a profit.
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