12 KEY REASONS TO START EARNING EXTRA INCOME IN 2020

Going by the current global economic recession whirl-winding in different parts of the world, we can very well imagine what the future holds for us if the trend continues unabated. One income undoubtedly will not be sufficient to sustain our variety of needs. It’s best to get ready for the worst and expect the best instead of vice versa. It’s paramount then to have many incomes flowing into your finances than to have an apprehensive future.

Extra Income has not harmed anyone up till now, and it should not be hurting you either. If you are enthusiastic to do that extra bit of work or travel, going extra mile for your employer, I am ultimately sure you will be more than prepared to do so for yourself, especially if you feel that it would improve the quality of life of you and your households.

Extra Income involves hard work and does not come for free but the kind of work you would want to do will determine your energy level to be invested. A little bit of passion and inspiration could get you off the mark therefore, the work becomes hobby when you are doing what you always wanted to do. Let’s look at the reason in support of earning extra income;

1.     RECESSION: The current economic reality is a ginger tonic to look in the other directions for extra income opportunities. Many companies have laid down workers due to inability to meet up with their financial obligations in terms of payment of salaries, bonuses, pensions and other allowances. Job insecurity has been more prevalent now than ever before and the trend doesn’t look any better with the introduction of technological gadgets taking the job position of humans in the

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BEFORE I SACKED MY BOSS HERE IS WHAT I DID AS A SELF-EMPLOYED AND WORK-AT-HOME ENTREPRENEUR

“I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game's winning shot and missed. I’ve failed over and over and over again in my life and that's why I succeed.” - Michael Jordan

I have never come across any successful business person who said it was easy being an entrepreneur. Bill Gates of Microsoft, Mark Zuckerberg of Facebook, Aliko Dangote of Dangote group, Ryan Graves Of Uber, Femi Otedola Of Zenon, Linda Ikeji, Jan Koum of whatsapp, Razak Okoya of Eleganza, etc, all have some tales to tell about the pros and cons of entrepreneurship. Are you ready for product launch or you're in the early stages of your startup, just been availed funding for your startup, there will always be a time when you ask yourself if this whole entrepreneur thing is worth it at all.

Related...http://hollalaycan.blogspot.com.ng/2015/11/how-to-start-your-own-business-even.html

With the current economic recession biting hard on the fortunes of Nigerian economy in terms of dwindling earnings from oil proceeds, federal monthly allocations has shrunk considerably resulting in many states of the federation unable to fulfill their financial obligations. Salaries are being owed, pensions are not paid to retirees, leave allowances and bonuses are owed in billions, infrastructural developments and social welfare is in a state of comatose and ultimately there is continuous rise in the prices of commodities especially staple foods and amidst all of these is daily job loss and pay cut by companies.

Consequently, the recession hit the private sector more as they rely heavily on the patronages of the public sector for survival and profiteering. However, the recession has led to the collapse and closure of many once thriving businesses with large numbers of employees and staff. Many laid-off employees have resorted to self-empowerment or work at home entrepreneurs due to the misfortune brought about by the mismanagement of the economy by our leaders and private sector stakeholders.

Before you jump out of the ship of 9-5job, I would rather advised that you start something by the side while still on you current employment, set some funds aside to sustain the period of learning a new trade, or better still keep your salary job until the coast is clear to sail away to the entrepreneurial world.  I started testing the waters of entrepreneurship while still receiving salary from Guaranty Trust Bank Plc, I was doing part-time consultancy in the area of business proposals, company registrations, Tax filings and so on. I saved some amount of money and borrowed some funds from friends and family members to eventually kick-start the brand name I am known for today, PROSPECTIVE IDEAS NIG ENT. This little company has turnover millions of naira in sales and commissions, the ultimate thing to do right from the outset is to know what you really want to achieve with your new found sojourn. ‘FAILURE TO PLAN IS PLANNING TO FAIL’

related article...http://hollalaycan.blogspot.com.ng/2016/03/how-to-survive-when-laid-off-from-your.html

For anyone who desires to venture into self-employment or work-from-home businesses at this critical and challenging time, it would make more sense to incorporate ONLINE/INTERNET business in your plan as this will saves you time, money and cost of starting a new business from ground zero. But building a profitable online business usually takes time and getting real profit is not going to be a miracle, you gotta work for it!

More useful tips here....http://hollalaycan.blogspot.com.ng/2015/11/should-you-stick-to-your-present-job-or.html

There are 3 main reasons why the self-employment or entrepreneurial journey is the

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HOW A PEASANT FARMER BUILT THE HYUNDAI BRAND

The Hyundai line of vehicles just like Benz, Toyota, Nissan, Volkswagen, and Honda are now very common in Nigeria, hardly would you count 10 vehicles on the road and not notice a Hyundai brand among them. Before now there is the phobia for vehicles whose maker or name is sparsely unknown, the common brand of Automobiles seen on Nigerian roads remains the Toyota, Honda, Benz, VW, Nissan and the moribund Peugeot cars. Back in 1986, the first Hyundai was introduced to the market and the company’s line-up has changed spectacularly since that time. Hyundai produces much more than cars; in fact, by the end of the last century Hyundai became one of the largest companies in the world. Let’s take a look at this Korean based multinational corporation and the company behind Hyundai vehicles.

It was back in 1946, just one year removed from Imperial Japan’s occupation of the Korean peninsula, that a new company was birthed in what is now known as South Korea. Hyundai Motor Industrial Company was founded by Chung Ju-yung, a child of northern Korean peasant farmers, and in 1947 Ju-yung launched a second company, Hyundai Civil Industries. Self educated, Ju-yung transformed the entire Korean economy with the tight control he exerted over his Hyundai companies.

The first Hyundai business was tasked with building automobiles while the second Hyundai Company concentrated on construction. Indeed, much of modern South Korea’s infrastructure was built by Hyundai in the period after the cessation of the Korean War in 1953 and on through the 1970s. Dams, an expressway, a shipbuilding yard, and a nuclear power plant were all built by Hyundai Civil Industries, while Hyundai Motors produced cars made primarily from Japanese components. Hyundai’s influence stretched far beyond the Korean peninsula as the company won

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TOP 11 REASONS WHY PEOPLE START A SMALL BUSINESS

According to Forbes, The SBA defines a small business as an enterprise having fewer than 500 employees and also, that there are almost 28 million small businesses in the US and over 22 million are self employed with no additional payroll or employees (these are called non-employers). As a matter of fact, it shows that the driving force in any developing economy remains the small business enterprises which constitute the real sectors. In the light of the foregoing, find the top 9 reasons why people start a small business.

1.     DESIRE TO BE YOUR OWN BOSS: The ultimate dream of taking control of events around you without resorting to taking orders from anyone has necessitated the urge for starting a small business. SMEs in advanced countries are major contributors to private sector employment. Empirical studies revealed that small businesses contribute to over 55% of GDP and over 65% of total employment in high income countries, they account for more than 60% of GDP and over 70% of total employment in low income countries while they contribute about 70% of GDP and 95% of total employment in middle income countries (OECD, 2004)

2.     BUSINESS IDEA REALIZATION: The desire to pursue a business idea pushes many would be entrepreneur to set up a small business. This business ideas are sometimes more practicable when tried with the set up of a small business ventures.

3.     FINANCIAL CONSIDERATION: In order to fulfill certain financial consideration in life, people start a small business as full-time endeavors or as a part-time income earning business ventures. The moment financial obligations increases and the salary seems inadequate to fulfill those responsibilities, the frustration that comes with it ignite the spark to start a small business ventures to augment the salary

4.     FRUSTRATION WITH PRESENT EMPLOYER: The inherent frustrations associated with working 9-5 job are a growing factor for starting a small business.  The moment an employee start complaining about his job not being attractive anymore, it could lead or force such a person to start a business of his/her own. . According to a report released by Gallup, the Washington, D.C. based polling organization, there are twice as many “actively disengaged” workers in the world as there are “engaged” workers who love their jobs.  

5.     OPPORTUNISTIC CIRCUMSTANCES: If an opportunity in the economy triggers the desire to start a small business and the requisite skill, tools, funds and wherewithal is available at the very moment, a small business set-up could surface taking advantage of such opportunity. E.g, the Ebola crisis in 2014 which made many to start the business of Hand sanitizers

6.     LACK OF GROWTH IN THE PREVIOUS EMPLOYMENT: Once it is perceived that an employee is not growing in a particular work environment, it usually present the opportunity to start a small business where growth and development is not dependent

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