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Tips on getting additional sources of income

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Tips on getting additional sources of income

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We all need a second income.

We may not all aspire to be entrepreneurs, but most will agree that they need a second (or even a third) source of income. Finding an additional income-source whilst working a day job is however not the easiest of tasks. In this article l will share some of the insight l’ve learnt and applied in Business Development to find and maximize on winning opportunities.

Are there any buyers?

You need a way to measure if there is a market for what you are selling. Ask yourself: ‘are people willing to buy what I plan on selling?’. This is a make or break question. If your answer is “no” then pursuing this idea will most likely be a hobby, rather than a sustainable business.

A ‘scientific’ method you can use is to scope out your competitors (or similar ideas / businesses). Identify what people like about existing products. For example, if your goal is to be a freelancer online, get yourself online and see what other freelancers in your field are doing. Check how people are responding to it. This will give you a rough indication of the demand for your services.

How much will it cost you?

The best opportunities are those that have close to minimal costs to you. “Knowing your numbers” is key to determine whether your idea is profitable or not. The aim of earning a second income is to be profitable.

A good opportunity is one that can leverage off your current skill set. For example, if you are a good at a particular subject, training others for a fee would be ideal since you would not have to spend extra money to first learn the subject. If you can scale this,(ie uploading training videos online, or training others to train on your behalf) then even better.

What is your Value Proposition?

What makes you unique/ different from everyone else? How do you add value to them? One may view the Value Proposition as the need that you meet better than anyone else.

Apply the concept of MVP

MVP stands for “Minimum Viable Product”. This involves developing a product/service that has just enough core features to be sold. After developing this ‘skeleton’, test it out in the market. This concept helps you to learn as much as you can about what people like about it. You should then continue improving the product based on your learnings.

Before you jump all in with your idea, it is wise to test whether people will buy into the core features. If they do not, you would not have spent a significant amount of time on a failed concept.

There is no time like the present

“The graveyard is the richest place on earth, because it is here that you will find all the hopes and dreams that were never fulfilled, the books that were never written, the songs that were never sung, the inventions that were never shared, the cures that were never discovered, all because someone was too afraid to take that first step, keep with the problem, or determined to carry out their dream.”― Les Brown

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Tinaye is a self taught forex trader. He holds an honours degree in mathematics and is currently pursuing a Financial Risk Management (FRM) qualification.

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