Thread by @RealNaijaGuy

How To Make More Money By Creating Multiple Sources of Income

You hear it being said everyday, that you should create multiple sources of income.

Here are two powerful ways to do it. (Thread)

Late last year, I worked with a client who had worked in the Nigerian embassy.

He introduced me to a woman whose business wasn't doing so well.

Let's call her Mrs. A.

He wanted me to help Mrs. A.

He connected us both and we fixed a date to meet.

We met at Radisson Blu.

Apparently, Mrs A had run this business for years. But somehow, sales were low and she was also going through emotional challenges.

She was a fashion designer.

She was doing somewhere around 1 million monthly, but her monthly expenses were so high

she barely had 100k left every month.

After looking at her business operations, I set up a simple system that helped her do 3m the next month and 5m the month after.

I'll explain what I did for her but first, let's talk a bit about extra source of income.

It is important to have money coming from different sources.

You have probably heard that the most dangerous number in business is ONE.

Someone earning 5m from 3 sources is in a much safer position than someone earning 5m from just one source.

So how then can you create multiple income sources?

There are two ways...

1. Run several businesses.

This is sensible but it is demanding.

Running one business is hard and requires a lot of attention and effort to make it profitable.

Not to of running several.

Running several businesses means having capable hands who can help you oversea them and ensure that your money is safe and work is done effectively.

This sounds good on the long run, but there is a better way to increase your income sources.

2. Create multiple channels of income within the same business.

If you do this, you can increase your income by 100%!

Allow me to share a scripture with you.

"Now a river went out of Eden to water the garden, and from there it parted and became four riverheads." (Gen 2:10)

From the scripture we see a river enter the garden and leaving the garden, it divided into four different rivers flowing into different directions.

This is what it means to create different income channels withing your business.

Back to Mrs. A.

Here's what I did for her business:

First, we had to look at all the clothes she made and divide them into categories with different price points.

But that wasn't even the game changer.

She had complained people always stole her designs because she always came up with creative ones.

I helped her set up a training institute where she trained fellow fashion designers on creative designs.

Second channel: teaching.

Next, I observed people always called her for fashion advice.

I turned it into a consultancy. Set up a booking service for her.

Anyone who wanted a piece of her time had to pay.

After the first month, she did 3m.

Same business, but different channels.

You can do the same for your business.

Think, what extra value can you create to male extra money within your business?

Let's you are coach.

You can make money from:

Group coaching, one-on-one coaching, selling books and courses, getting speaking engagements etc.

It doesn't have to be a complex, out-of-this-world idea.

What extra value can you add to your business to make more money?

Think about it and implement it.