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Tips - March 14, 2022

3 Strategies to Develop New Income Streams

In the face of global economic challenges, there’s no better time than now to start developing new income streams.

Due to the global economic meltdown resulting from the COVID-19 pandemic, a lot of people are looking at strategies to develop new income streams. 

One unique trait you’ll like to emulate from billionaires is their ability to manage and develop new lucrative income streams.

The relevance of having multiple income streams was made more apparent during the pandemic a lot of  people lost their jobs

Unfortunately,  understanding the value of diversification still does not lay out effective strategies to develop new income streams 

This is where we step in with 3 strategies to start kick start the journey towards financial freedom. 

1. Identify audience in your niche:

Start by identifying customers in your niche and find their pain points. The quickest way to generate money is to create a solution to a problem since the problem is already in the niche you find yourself proposing or coming up with a solution would not be tedious. Nigerian digital-only bank Kuda launched in 2017 with the Millennial and the GenZ population in mind. True to its niche, Kuda is giving traditional banks in the country a run for their money. 

2. Monetize your Passion 

Find something you are passionate about and monetise it. This is another great way to develop a new income stream. Some of the great brands you know today, started from a place of passion. Take the story of the Ruff ‘n’ Tumble founder, Adenike Ogunlesi, who launched her business in 1996 after designing some pyjamas for her kids. 

Adenike Ogunlesi launched her business, Ruff ‘n’ Tumble, in 1996 after designing some pyjamas for her kids. 

3. Look for opportunities in your field 

Be on the lookout for opportunities in your field.  You might need to learn a new skill or pivot to a whole new industry. You must be ready to do the work. Most of the time, you’ll find you’re in a race to make the most of time. But ensure to prioritise and continue to push towards your goals.  Looking at the story of Bethlehem Tilahun Alemu, the founder of SoleRebels, who leveraged the input of the craftsmen and cobblers in her community to build one of Africa’s leading footwear companies. Alemu did not stop there. She continued to scout opportunities in her field and in  2014, launched the Republic of Leather, which exports leather-made artefacts like bags, belts, and jackets.

READ ALSO: 5 Interesting Ways to Start Earning Passive Income

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