We will be discussing how you can generate different streams of income using passive income opportunities. You should learn not to put all your eggs in one basket instead you should put it in different baskets and this should also apply to your finance.
Financial success is an important aspect in life and if you want to be successful financially, you might need to invest your funds in different business so as to generate multiple streams of income for you.
You shouldn’t just invest your funds in any business without doing a research because if you do that you might be making loss instead of profit.
I will be showing some passive income opportunities that you can invest you funds into
Establish your first source of income
The first step to generating multiple streams of income is to establish one source of income first. That means you should have a source of income that is sure.
The best source for this is getting a good job that pays you salary, you can save part of your salary monthly and when the amount is substantial you can use it to do another business.
I know one issue some people have is that their job takes a lot of their time but my advice is try to create time for yourself which you can use for another business.
You can use your weekends to do your business or you can do your business after work hours.
Do only one business at a time
One of the things that can help you achieve much in business is being able to focus. When you are not focused you will have a diverted mind and you won’t be able to achieve any tangible result in business.
It’s not good to focused on too many businesses at the same time especially if they are all new startup businesses because you will not be able to put your best in all the businesses at the same time.
Focusing only on one business will also save your energy that means you won’t be running several businesses at the same time and not achieve much.
Some people actually have the ability of running several startup businesses at the same time but most people don’t have that ability.
Employ people to work for you
The most important thing in business is what you have to offer, if you have something good to offer people will patronize you but if you don’t have anything good to offer nobody is going to patronize you.
You don’t always have to do everything thing in your business as you can always get someone else to help you with things you might not be able to do. For instance let’s say you want to get into the cooking business and you are not so good at cooking, you can employ someone who will help you with the cooking and that way you will get your work done.
Get advice about the business you want to do
Failing in a new business is actually easier than succeeding in a new business because all you need to do to fail is either you do nothing or you take the wrong decisions.
Getting the required knowledge before starting any business is really important because when you have the right knowledge you will find it easier to succeed in the business rather than struggling in the business.
One thing a lot of people shy from is getting the required knowledge and skill for running a business they want to go into. Most people don’t want to spend money hence they wouldn’t get proper training before going into a business.
If the business is not profitable, try something else
When you are starting a business there should be set goals you are working to achieve and it should be time bound. Which means you should have achieved some goals at a particular point in time. Meeting those set goals is a signal that you should continue but if you are not close to meeting your set goals then it’s a signal for you to pull out of the business, re-strategize or try another line of business.
Some people will tell you that they have passion for what they are doing even if they are not succeeding at it, but if you continue like this you may never be able to generate multiple streams of income.
Invest in passive income opportunities
Passive income is a type income you make by investing your money into a business and get returns without making working hard for it. Imagine you are on holiday and you keep getting credit alert on your phone without leaving where you are.
When you start earning passive income your stress reduces because you don’t have to work all day long to make money, all you just need is to have a system that generates income for you without doing much. That means you are going to have time to do other things, like spending time with your family, reading more books and traveling around the world with your family.
When you start generating passive income it also gives you time to focus on generating other streams of income because you can invest the profit you make and the time you have in other businesses.
The orientation most people have is that before you can generate passive income, you will need to spend a lot of money but that idea is not always correct because there are some passive income opportunities that do not require you to spend much.
I will be sharing with you some passive income opportunities you can invest you money into.
Investing with banks
One of the common bank investment people are used to is the fixed deposit. It is actually a type of investment where you have an agreement with the banks to keep funds with them without withdrawing it for a certain period of time and they also in return will pay interest on the money. The interest you get actually depends on the amount you are investing and the tenure you are investing for. The rate is usually within 5% to 10% per annum.
Investing in Treasury bills
The Treasury bill is also similar to the fixed deposit in the sense that you still go through the same bank process even though it’s a federal government investment. The rate also depends on the amount you are investing and the tenure you are investing it for. The interest rate of Treasury bill is usually higher than that of fixed deposit which is usually within 11% to 15% per annum and one difference is that you also get paid upfront interest for Treasury bills investment.
Dividend stocks has to do with you buy ownership stock of a company and you get paid from portion of profit the company distributes to shareholders which is a very good source of passive income. You also need to do a research on the company you want to invest in its stock so as to determine the quality of the stock then you can purchase the stock through a broker.
We all have an idea about real estate investment as it is one of the most interesting investments you can make because the rate at which lands and houses appreciate can sometime be fast depending on the area. For instance those that bought land in Lekki some 15 years back got it at a cheap price but the price value has really increased now.
Always look for areas with potential for development before you invest your money in real estate because if you invest your money by buying land in a village, the value of the land might depreciate instead of appreciating, so look for areas that have potential of developing.
This is one area a lot of people are missing extra income they can make. Rental business is as simple as you allowing people use your space or your equipment and you get paid for it. For example you if you have a large compound that can accommodate cars parking in it, you can allow people to park in your compound and you get paid for it.
You might even have an extra flat or extra room in your house that you are not using which you can rent out. By doing so you will be making passive income as you’re making the resources you have to work for you.
E commerce has been made easy these days with the availability of ready-made software that you can use to build an eCommerce site. With platforms like shopify and wix you can easily build a website that you can use to manage your online store and the only thing you need to worry about is advertisement.
Investing in local companies
Another way you can generate passive income is by investing your funds with local businesses around you. You need to be careful when doing this because if the business doesn’t make profit you don’t get any interest too but if the business makes profit, you also get paid interest on your investment. That’s why you need to invest in a business that is lucrative so that you can make profit.
There are some reseller businesses you can register for online that can generate passive income for you. All you need to do is get resellers right and advertise while the other aspect of the business is handled by real company selling the product. Web hosting reseller sites or software reseller sites are good examples of a reseller business.
Write an eBook
Writing an eBook is another source of generating passive income because all you need to do is create a good eBook and you can automate the selling process. The payment and the delivery can be automated thereby you don’t have to do much than write, publish the eBook, sit down and expect credit alert in your account.