Given the current situation of things in the country, everyone is looking for extra ways to make more money for themselves. The Nigerian stereotype, however, means that the first point of call for most people is starting up a new business from the scratch, the entrepreneur style.
Unfortunately, as attested to by Mr. Akin Akinfemiwa Group CEO of Forte Oil Plc. in an exclusive chat with Nairametrics, not everyone has the required qualities and resources to be a successful entrepreneur.
If this is the case, what next for those who, after honest self-appraisal, discover that they cannot be entrepreneurs? We look at 3 other ideas such people can explore to make more cash for themselves.
A job…and an extra job
This option goes without saying. Getting a job is the next most rational thing to do if starting a new business is not your thing. But in most cases, the question is how to get extra income. To solve this, you can look at getting another part-time job to complement your current full-time job.
For example, people working shift hours can consider getting another part-time shift job to engage in during their off-days. Also, teachers can look into organizing after-school tutorials as an extra source of income. However, with the current situation of employment, getting a job is difficult enough, talk less of getting two. This could be a deterrent for any who want to try this option.
Investing in financial markets and securities
Another very feasible way of making more cash without starting up your own business is investing in financial markets. With a basic understanding of how the market works and enlisting the services of a smart broker (or your bank), you could make cool extra money without leaving your present job.
A further appeal of this option is the wide range of options available under it. For those with very low risk appetite, investing in government securities such as the treasury bills and bonds are most ideal. For others with a higher risk appetite, investing in shares and stocks in the Nigerian Stock Exchange may prove to be a suitable option.
A possible downside of this though, is that you need quite a high amount if you are interested in making good money from government securities. In addition, the topsy-turvy nature of the Stock Exchange could hurt you as much as it could enrich you.
Buying a Franchise
Interested in starting up a business without a start-up? Buy a franchise. Call it sitting on the fence, trying to eat your cake and have or whatever else, but you cannot deny the allure buying a franchise brings to those who although have the management skills, lack the entrepreneurial spirit and ideas needed for a fresh startup.
From saving you the trouble of building a new brand you have to market to people to eliminating excessive marketing costs and years of trials & errors, franchise opportunities could be a game changer. What’s more, franchises exist in several sectors of the economy-from restaurants, transportation and textiles to petrol stations and cinema houses- allowing you to make your pick based on where you believe your strengths lie.
The downside is obvious. You need mega money to start most of these franchise business as they have their requirements you must adhere to. For many as well, you may have to pay certain levies in support of marketing and other joint costs. Similarly, the doing-without-doing nature of franchises means that business skills still have to be at a reasonable level if a success is to be made from the venture.