Make Extra Income Guide Lagos Nigeria - Free Tips To Earn Extra Income
The search for opportunities to make extra income is a common denominator whether an individual lives in Lagos Nigeria, Abuja Nigeria, or anywhere else in Nigeria.
Therefore, the more money you have, the more you're able to accomplish financially.
The purpose of this make extra income guide is to help you earn extra income wherever you live in Nigeria or the world.
Let's go into the meat of the discussion.
Opportunities To Earn Extra Income
Opportunities to make extra income present themselves wherever you look.
This business is convenient and easy to start. And in many cases, can eventually generate as much income, twice the income, or thrice the income you earn from your day job.
How to start, build and earn extra income from a home based internet business is explained in the home based internet business section of this site.
Please read and apply the suggestions on this page.
Partnership With Existing Offline Businesses
If you have a well paying day job, you will find that you have access to a lot of cash. In fact, some people have access to more cash than the average small business person has.
In addition to having access to plenty of cash due to the fat salary you earn, you may also have access to loans from your bank due to the fact that you work with a reputable organization.
This places in a unique position.
What do you do with this cash in order to make extra income for yourself?
You can invest it in a small business that has good prospects.
For example, an established small business may be looking for ways to expand its operations.
In simple words . . . the owners of the business have identified areas they can expand their business to grow the profit of the business. Now they need cash to expand to this new area.
They are happy to welcome you as a sleeping partner if you can provide the much needed cash.
As a sleeping partner, you will not be involved with actively running the business. But you have have a certain percentage share of the profit because of the invested capital.
This is a good opportunity to earn extra income because it does not disrupt your employment status and you get to earn based on the invested capital.
One thing to note though.
Before you get involved with this kind of partnership, be sure to do the following:
1. Verify that the business owners are good business people. Ask for evidence of current business profitability.
2. Verify that the business owners are trustworthy people
3. Document the business agreement including the amount you are investing and your expected returns and
4. The agreement terms for discontinuity or exiting the business if You decide not quit any time in the future
Existing profitable businesses that are well run and on the verge of expansion provides an opportunity to make extra income long-term by investing in a business that have the potential to become an industry leader.
If you find this kind of opportunity, don't let it slip by.
Referrer Business Opportunities
A referrer business opportunity is one where you get a percentage of the sale price when you refer a client to a company selling a product or service.
For example, if you have a friend who is a salesman with Toyota, you can help you friend meet his target by sending clients (friends or family) who want to buy the Toyota brand to him. You can do this free but you can also do this for a share of the commission.
How do you set this up?
Simply do the following:
1. Draw up a list of people you know who offer a product or service that have good margins
2. Have a friendly discussion with them about what they will offer you if you refer a client to them
3. Refer clients to them and collect the agreed commission
NOTE: You can approach any merchant that sell products or services you will like to promote for an opportunity to earn extra income. The merchant does not necessarily have to be your friend.
Learn A New Skill Or Vocation
Referrer income opportunities are a great way to make extra income.
However, there's nothing like a product you control. Therefore my next recommendation is that you learn a new skill or vocation.
What new skills can you learn to earn extra income?
You can learn . . .
1. Bead making
2. Fish farming
3. Ice cream production
4. Fashion design
5. Home design using home design software
6. Computer assembly and repair
. . . and a host of other vocational courses.
These vocational courses train you to be self-employed.
Some of these skills can be used to earn extra income even while you're still in paid employment.
If you're currently without a job, these skills will help yo to make enough money to cater for yourself and your family.
Secure Your Income By Investing In Real Estate
As you begin to generate more income, don't get trapped in the fallacy that money will always be there for you to spend. If you do, you become extravagant and beginning to spend your income lavishly on mundane things.
Whatever income level you have achieved, I encourage to secure your financial position by investing in real estate.
Real estate investing helps you accomplish three things:
1. It helps you save money.
2. It helps you earn extra income in the form of rent paid by your tenants, if you invested in rental property.
3. It helps you grow your capital because property values appreciate over time
Channel a large chunk of the extra income you earn plus some from your paid employment into real estate investing.
You will be glad you did.