A businessman traveller relaxes in airport lounge. There no greater
feeling than that of living in abundance. Where the work of our hands
has turned in such great result that we are not afraid of even an
economic slowdown. PHOTO | FILE
We all have different appetites for success. Different people define success differently.
Having
your workforce running into hundreds or even thousands? Fat bank
balances that make everyone in your banking hall say hello and give you
special service?
Taking holidays whenever and to
wherever you like? Living in a top rated suburb? Taking your children to
the most expensive schools?
Waking up at noon because you know your assets are working for you and money is being made whether you are asleep or awake?
To be honest, different people perceive success differently and that is okay.
Whatever
your vision of a rich life is, we need to bring it to the basics of how
the business or businesses you are in make money.
WELL CALCULATED EFFORT
There
no greater feeling than that of living in abundance. Where the work of
our hands has turned in such great result that we are not afraid of even
an economic slowdown.
But what kind of business would you be in to have this opportunity?
There
is no doubt that passive income is what we are looking at here. Income
that flows in, not because of your day-to-day direct effort, but a
permanent inflow effect from the work you have been doing.
Think
for example of those real estate moguls, who don’t have to report to
work everyday while their tenants, whether residential or commercial,
have to break their backs everyday so that they can pay rent. Isn’t that
a good thing to have?
I know some
of them may have loans but there is a huge chunk of established
landlords that are enjoying the good fruits of their labour.
I
know of a restaurant in town that is famed to be the tea joint for
Nairobi landlords. They meet there, enjoy tea, a good laugh and review
newspapers.
I think it is good to always do business and in the process, generate a system that can keep bringing you income.
Getting
passive income requires a great effort in terms of time and money. Good
incomes are not made from get-rich-quick schemes but a well calculated
effort.
For example, I have seen that many people, who run hardwares always begin a side project for rentals.
This
is a smart move. These businesspeople know where to source materials
and use that as a cost advantage while putting up construction
themselves.
Depending on your area of business, try
and think of what products or ways you can offer customers without the
need to work every hour. Try and think through income streams that will
make your business less dependent on one income line.
Here
is how to do this. Think of ways to add value to what you are
providing. This will help you create different kinds of products and
services. If you run an auto yard, for example, there are many ways you
can make complementary lines of income.
TRUE SUCCESS
If
I buy a vehicle from you, offer me the option to buy what you have
right there or import services to get a car that I can identify online.
Every car requires an insurance, act as my insurance agent.
I
may also need to add a few accessories, be on standby with those that
are must have such as car identity and an entertainment system.
When
you have multiple streams of income, be keen to identity those that can
keep the income flowing without your direct participation.
Look out for those income strategies, which can make your recurrent revenue stream growing.
From affiliate programmes that are related to your line of business, you are into value addition for your line of products.
Along the way, the hope is that you return the volumes of income that will bring you the true meaning of success.
Business success is not all about money. Many people view success from a monetary perspective.
In
my opinion the true meaning of success is the positive impact of your
business to you, those you love, those you service and the society at
large.
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