SEMINAR RECAP ON THE TREASURED ENTREPRENEURS ASSOCIATION “TEA” HALL OF WEALTH ACTIVE MEMBERSHIP GROUP PAGE
👉🏼THEME:
❤ DIVERSIFICATION AND EXPANDING THE FRONTIERS OF DIFFERENT BUSINESS INTEREST TO EARNING MULTIPLE STREAMS OF INCOME
🎤SPEAKER/FACILITATOR/DISCUSSANT
🗣COACH OLUWASEYIFUNMI BAMGBOYE…..
C.E.O/MD PURPOSE LIVING VESSEL NIGERIA LIMITED…
A LIFE AND A BUSINESS COACH….
I’m happy to lead this discussion not teaching
The topic as stated above is
Diversification is a risk management
technique that mixes a wide variety of
investments within a portfolio.
I’m to speak on DIVERSIFICATION AND EXPANDING THE FRONTIERS OF DIFFERENT BUSINESS INTEREST TO EARNING MULTIPLE STREAMS OF INCOME
Diversification is a risk management
technique that mixes a wide variety of
investments within a portfolio.
Expanding means become or make larger or more extensive. I will be emphasising on you going into other businesses and expanding the one you are doing presently.
By that you moving towards having streams of income. Every serious minded business person will always be thinking of business opportunity
For example our own Dangote
He didn’t start with what he has today
He was expanding gradually and taking advantage of business opportunity I.e diversifying his business
The truth of the matter is that our environment in this country is suitable for business
What even is definition of a business? From a layman point of view a service you render which people pay for, what do you think people will pay for in your environment? Think
What are steps you can take, the following are some of the steps you can take
Though, not limited to them
- Take out a piece of paper and write your
main business product or services. - Create four spokes titled “Products,”
“Services,” “Advertising/Affiliate,” and
“Other” off of your main product or
service. These are categories of types of
income you can potentially generate off
of your existing business. - Create spokes off of each of these
categories with ideas on how you can make
money at them. Earning sources include
books, courses, merchandise, coaching,
freelancing, speaking, training, selling
advertising, and affiliate marketing. For
example, a virtual assistant can create
tangible or digital products, such as
books, courses, and videos that teach
others how to be a virtual assistant in the
“products” spoke. For services, she can
offer additional services, coaching or
speaking (i.e. How a Virtual Assistant Can
Save Businesses Time and Money).
Under other, she can expand her
business by bringing on contract virtual
assistants and become a manager of a VA
company. Not all businesses will be able
to come up with ideas for each spoke,
but every business should be able to
develop extra income streams from their
home business idea. - Focus first on passive income
streams that you create once but they
continue to generate income. For example,
writing a book is a passive income
stream. You write it once and sell it over
and over. The word passive is a little
deceptive because you need to market
the book. Nevertheless, compared to
non-passive sources of income, which
you need to do over and over to make
money, such as providing a service,
passive income streams require less time
once they’re created. Other forms of
passive income include other written
works (i.e. courses), audio or video
creations, affiliate marketing, licensing
your idea, franchising, or continuity
programs (i.e. memberships). - Next, focus on income streams that can
expand your business. For example, public
speaking or teaching can create
additional income, as well as generate
new clients. - Choose and set-up one income stream at a
time. The planning and launch of a new
stream is the most time consuming and
requires focus. Avoid the temptation to
jump into several ideas at one time, as
putting your focus into many areas at
once will dilute your efforts and slow you
down. - Wait until one income stream is up and
running before starting the next. If you
have several additional income ideas,
wait until you’ve got one up and
running, before starting the next one.
Work to have systems, schedules and
tools in place to help you manage
existing income streams, so you don’t
become overwhelmed. - Drop an income stream if it isn’t working.
You want to give your additional income
streams the time and effort needed to get
them running, but if they don’t start
generating income or if you hate it, drop
it.
Although adding income streams takes
time, creating them within your current
business is faster and easier than starting
completely new income streams from
scratch. This method of generating extra
sources of income works well for any size
business in any industry. For example,
Amazon.com started by selling books.
Today it sells thousands of other
products including its own product, the
Kindle, and is a print and digital
publisher, and now produced television
shows. Many service-based business
owners add coaching and books to their
income streams. Bloggers who start with
affiliate marketing, often add books and
coursed they create to their income
stream. You create additional sources of
income for your business, as well.
Also there is two forms of buz you could do 1. The one you are physically involved and 2. the one you are not physically involved.
Physically involved one may include event planning, beads making, farming (animal and plant), training, coaching, driving the list is endless you look at the opportunity around you and tap into it. For example, a guy did his nysc in the north when he finished he bought some ram and sell them during ileya festival the money he realised is between 30 to 40% profit, every year he used to buy it from the north
Those one you are not physically involved may include partner with people which you will be getting divided or commission at a stipulated time, it may also involve on line business but I’m not in total support of it, but there is still some faithful ones
I believed majority of us on this platform are young people who has one main business or job which you are paid salary at month end
Think of what you can do to get more income
If time will still permit let me use myself as example. I’m a teacher with state government, I was posted to a rural area in a secondary school, they produce charcoal in the community, I joined them
I took two boys whom I will pay at the end if the year and minimum work each do per day on my farm is 300 heaps maybe weeding, making heaps or harvesting
In the place where I built my personal building, is a developing area, I started a nursery and primary school there,
I go for my speaking engagement over the weekend
I will mark SSCE Waec and Neco, do Jamb proctor
It is endless and I’m still looking for other opportunities. Let me stop here for today ,I know we will all be Dangote one day if we have right mindset.
Many thanks
TREASURED ENTREPRENEUR ASSOCIATION 