Today we would conclude discussions on this very important topic which we started two weeks ago.
At this juncture, it may be clear to job seekers and employees alike on the need to diversify one’s sources of income so as to have some level of financial freedom. We continue with different types of businesses.
Farming: This involves the cultivation of soil to grow and harvest commodities. It involves an investment of funds for the purpose of earning great returns. One does not need to own a farm before becoming a farmer. A farmland can be leased or a establish relationship with farmers in villages, such that one can buy whatever the farmer is harvesting at any point in time, and come to sell same in the cities for profits.
Poultry Farming: Another business one may consider while under full employment is poultry farming. Birds as the chickens are called in the industry may be nurtured for either egg-laying or fattening. The demand for eggs, as well as chicken meat, is ever increasing due to the growing population and increased knowledge of healthy eating.
Professional Services: Graduates of Accountancy, Law, Engineering, Architecture, Pharmacy, Medical doctors as well as other professions can organise their schedules and use their free time to handle jobs on behalf of say owners of small and medium scale enterprises or other individuals for a few hours per day. Accountants can handle exercises such as bank reconciliation, final accounts preparation, auditing, internal control structuring, taxation etc. Lawyers can handle legal advice, drafting of agreement and or contract, dispute resolution, company secretarial services, company registration etc. Doctors and Pharmacies can handle cases in other hospitals during their spare time. Engineers, Architects and other Professionals all can use their spare time to generate and earn income by way of side hustle.
Supplies/Handling of Local Purchase Orders: One common side business among most employees is scouting for and obtaining contracts to supply consumables and other requirements such as furniture, cars, generators etc. by organisations. Indeed, a number of workers also engage in funding such contract to share profits and earn legitimate income. One must avoid seeking for contract in the organisation where one works. Such acts could result in a conflict of interest and may not be permitted by the organisation.
Animal Husbandry: There are opportunities for cattle rearing, cows, sheep’s and goats fattening. Although this is capital intensive, the return from the business can be high. One may wish to caution that there are inherent risks associated with this business, particularly in the era of cattle rustling. The menace of cattle rustling would not and never last forever.
Home Kitchen Business: For the women folk, a lady may consider several micro-businesses such as making of zobo drink, kunun zaki, ginger drink, shredded beef (AKA danbun nama),roasted peanut, roasted sesame seed, sugar cane drinks, fresh juices, yoghourt, peanut cake (AKA kuli kuli), fura, kunu, sewing, knitting, weaving and embroidery, cap making, bed sheet and other cloths making etc. There are several micro small and medium scale businesses working-class women may consider. Food and drink, cosmetics, body and other aspects of basic requirements of mankind. There is no business that should be looked down upon. Profitability may be small from a business, however, when an income comes in daily, sooner rather than later huge sums may be saved over a short period. The savings can be invested with a view to creating wealth. Multiple income and investment are a means to financial freedom.
In conclusion, being gainfully employed or not, one is encouraged to have one/ or several side hustle(s). The proceeds of these businesses could become what one would use to create wealth that will be passed on from generation to generation if used and invested wisely.
Indeed, for those that have salary, income from employment could be said to be the major source of livelihood, while income from side hustle could be secondary, supplementary or plan B source of income. If well nurtured, over time plan B source could overtake plan A or the main source of income and at that point, one may consider leaving paid employment.
In general, certain training or education provides one with easy a venue to do side business. Engineers, Accountants, Lawyers, Medical Doctors, Pharmacist, Architect etc all have potentials to handle side business while on a paid employment contract. As stated above quite a number of businesses do not require any formal training. Indeed, the list of businesses can be said to be near endless so we would not be able to cover all in this column. General contracting, Local purchase order handling including Financing, Transport (taxi, truck, tricycle etc), Network marketing, waste collection and recycling, convenience (toilet and bath) operation, water processing, beekeeping, carpentry, sports (wear, equipment, gym etc), rearing of birds, fishing, tourism, etc area few other businesses to add to the list. Readers may reach out if when and where there is a need for additional information on any business one may be considering. However, one should begin or commence planning for retirement early enough and such plans can be through the commencement of side hustle.
Indeed, from experience, while in employment one’s ability to be resolute, honest and sincere is a function of the level of financial freedom one is able to achieve. The desire to be corrupt, collect or receive bribe, compromise position, etc. usually comes with desperation particularly financial constraint. Side hustles could help keep one on the straight and narrow path. Employees should, however, avoid being contractors to the organization where they work as that leads to moral and or ethical conflict. It can lead to the tarnishing of one’s name and reputation which need to be guarded jealously.
“Time is more valuable than money. You can always work to get more money, but never to get more time.” Dr Yasir Qadhi
