October 20, 2021

BUSINESS: Ways to Generate Income This Year

how to generate income this year

how to generate income this year

how to generate income this year

FOCUS

1. Be business-minded 

2. Learn a skill

3. Identify problems and proffer solutions

4. Multiply your sources of income

5. Be Inventive

 

INTRODUCTION:

The increase In the cost of living in the country and the world at large is a clear pointer that there is a need for you to step up in your hustle to generate income that will sustain not just you, but your family as a whole. While the rich continue to get richer and the poor get poorer, the difference can be seen in their approach to the world of business and life. You can choose exactly where to fix yourself between the two groups of people.

There is a lot you can do to generate income to foot your bills and help others dependent on you too, rather than depend on others for assistance, here are five ways you can generate income for yourself this year.

 

1. BE BUSINESS MINDED:

There is no need for you to consider starting a business if you are not willing to stay through to the end, the business world requires people with guts and who are willing to take risks of any kind to pull through in their line of business.  It requires people who will not only look out for their pockets but the growth and sustenance of the business. If you don’t prepare your mind to run losses in the quest of making profits then you might have to reconsider going into business. Business requires more than just making profits, it is, therefore, important that you are fully prepared, mentally, financially, and otherwise before starting a business. When you are business conscious, you will find ways to grow and sustain your business and thus generate income not just for you but for other workers in your care.

 

2. LEARN A SKILL:

Getting a skill is one of the most effective and recommended ways to generate income and become financially independent. When you are good at a given skill, that will certainly be a way of driving good income your way. There are of course many skills out there to learn, you might want to consider going into fashion designing, photography, catering, hair styling, and many others. The idea here is for you to choose what fits you best and excel in it, then watch how you begin to generate income for yourself. Doing this is one way of taking off the burden of being dependent on others for financial assistance.

 

3. IDENTIFY PROBLEMS AND PROFFER SOLUTIONS:

Can income be generated by solving problems? The answer is a yes, Problem solving is also a way of generating income, and a good one depending on the value of the problem solved. It could be from providing needed services to making available products needed in a given environment and so on. The idea here is to look for a pressing problem within your environment, country, and the world at large, and proffer solutions to them, when you do that then you can be sure of earning a good income through the solutions you provide. Within your area of residence, there could be a pressing need for a given product not available in that area, the means to getting that particular product may require residents to go on long distance to get it, now if you can make that product available in your area, you will not just solve that problem of less access to the product due to distance but will also generate a good income for yourself.

 

4. DIVERSIFY YOUR SOURCES OF INCOME:

This is simply a way of having multiple streams of income as a backup to your main income source, in other words, adding a side hustle to your main hustle. Imagine having just one source of income and suddenly the inflow of money from that source is badly affected, what then will serve as a backup for losing that particular source? See why it’s important you diversify your sources of income? Diversifying helps you prioritize, it helps you decide which source of income will be allocated to a particular need. Here are some ways to diversify your sources of income: Invest(real estate or agriculture), offer services (tutoring), sell a product, and many others. When you diversify your source of income, it saves you the stress and unnecessary worry about where and how to get money to sustain yourself and help those dependent on you.

 

5. BE INVENTIVE:

The business world is filled with competition hence people always have a way of inventing certain things in addition to their business to make them stand out from the rest. While others just follow the trend, copying whatever they see in the business world, there is a need for you to have a unique signature to your line of business, as this is what will make you stand out and possibly drive a high rate of patronage. Now that stresses down to being innovative and inventive, try coming up with new and unique ideas to grow your business as It will bring added profits to you.

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