Simplified by Cowrywise: How to Create Multiple Streams of Income

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‘Simplified by Cowrywise – How to Create Multiple Streams of Income’ was a virtual event held to share a roadmap on creating multiple streams of income. Simplified events are periodically held to help break down how money works for everyday people. At the Simplified event held in June, Alma Osinobi, Content Strategist at Cowrywise and Fisayo Fosudo, Tech YouTuber and Visual Storyteller shared how they’ve been able to create multiple income streams. This is a summary of their session. It’s perfect for you if you already have a stable means of income but now want to create other income streams.

Fisayo Fosudo’s Thoughts on Finding a Balance

Assuming that you already have a stable stream of income and want to create another source, Fisayo starts by sharing a simple strategy which is to find a balance.

If you’re employed or manage your business, that means you have a set time that’s for your employer or business; and for most people, this is between 9 am and 5 pm (can be more or less). To begin earning from more than one place, there’s a price to pay.

You will need to dedicate some time that doesn’t fall under your “employer’s time” to create another stream of income. This can be from something you love (or find very easy to do) or can be from the lessons learned from growing in your work experience or expertise. For example, a YouTuber who earns from YouTube can begin to teach others how to start successful YouTube channels. Or a 9to5er can write a book or create a course on how to get a job you love. Just ensure that your other stream of income does not create a conflict of interest.

Always remember to find the balance between your time and your “employer’s time”.

Note – your business is your employer if you’re an entrepreneur.

You can also earn some dollars “ear and dear”

Fisayo started as a Graphics Designer, he used his evenings to create designs for international clients on sites like 99 designs, Fiverr and Upwork. This helped him earn some dollars “ear and dear” ๐Ÿ˜‰.

He then saved his 6 months’ earnings from these side gigs. He then used it to buy gear + camera + tripod + accessories to start his YouTube channel, which has now “blown” by the way (he might try to be humble but it’s the truth).

It’s really about value!

Start by picking a particular craft, then dedicate time to master that craft such that people are willing to pay you for the value you’re able to give them. You’re not going to get paid if you’re not giving value because money is the means of exchange for value. If you constantly hone your skills to the point where what you have to offer is valuable, then you’ll never really lack funds. ๐Ÿค‘

For example, you pay for food because you want to get the value of a filled stomach. You pay for a haircut or for a new hairdo to get the value of looking fresh. ๐Ÿ˜Ž

Value can change over time

Thankfully, you’re allowed to evolve!

For Fisayo, his way of giving value has changed over time. It started as graphic design, it became video production, video editing, reviewing smartphones + accessories and recently, it has become giving financial tips and talking about the Nigerian economy.

Basically, don’t overthink the process of creating multiple streams of income for yourself. Start with what’s readily available and then build from there.

Alma Asinobi – The advantage of creating multiple streams of income

Earning from different sources gives you room to make choices. At the core of it, people want money because they want the freedom to live the life they want on their own terms.

Explore your skills

Alma recommends that you explore your skills and then repurpose your skills. For example, a photographer does not have to stick to one way of taking pictures, they can also partner with certain websites to create stock photos. Such that even if it’s still the photography skill, money is being made in more ways than one.

Your best bet is to know the value you can give people with the skills you already have and then explore earning multiple ways from that one skill.

Find the people that you want to serve and provide value to them.

You should have a platform

These days, a lot of brands reach out to people that have concentrated communities. To curate a community, you need a platform which can be your Instagram, Facebook, Telegram or YouTube account (like Fisayo ๐Ÿ˜‰). You can earn from the value you’ve given a community over time – in form of influencer marketing or partnerships with brands.

There’s a lot that you can do that people need and the earlier you start exploring that, the better!

Don’t belittle your expertise.

We now live in a world where you can monetize almost any skill and if you feel the need to do that, go ahead! ๐Ÿš€

Of course, you can leave certain things as leisure, where you decide to only “enjoy” those things without getting paid to do them.

However, people often want hands-on training on diverse skills, so if you can teach or coach people something you know how to do well, that’s an extra stream of income for you. ๐Ÿ˜‰

The Bottomline

When it comes to creating multiple streams of income, there’s no one size fits all. For some, starting a knowledge business where they teach others suits their lifestyle, while for others, selling physical products works better.

However, this whole process of earning from more than one place has become easier than you think. Many don’t see it this way, but investing is also a sure way of creating multiple streams of income.

Let’s say you start investing from June 2021, put a specific amount; say N100,000 or N500,000 in a Conservative (Low Risk) Mutual Fund on Cowrywise and do this every month till May 2022.

This means you’ll start earning from your per annum interest and this continues for subsequent months you invest.

Many people believe that they have to be actively working to earn from more than one place, but it’s not true! If you keep investing monthly, it means you’ll soon get to the point where you earn interest every month on your assets. That’s the real sweet spot!

With these few points of ours, we hope we’ve been able to “convince you and not confuse you” that it’s very possible to create multiple income streams for yourself.

What tips will you incorporate going forward?

Share with us in the comments! ๐Ÿ˜Š


Simplified by Cowrywise: Personal Finance for Entrepreneurs

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