on Multiple Streams of Income

I still recall some talented kids in secondary school (not going to mention names)— some could sing to rival the legendary Celine Dion, some would rap to any beat, others played the piano, were super-smart and on the honours-list each year. Everyone imagined they would be super-stars today.

When you reconnect with them on Facebook 20+ years later and ask them what they were doing with all that talent, the answer can be quite shocking.

Many have moved on, given up and abandoned the excitement of chasing an unpredictable success for the predictable comfort  of a 9-5 with steady pay cheque.

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Talent alone is not enough. One must also have grit and commitment — this is what separates the winners from the rest. The ability to stick with a talent long enough and do the hard work without relent.

However most people hear of the term, “multiple streams of income” and get all excited as they believe that their place of work, the weekend freelance gig, selling some products using Multilevel Marketing or registering on the ponzi scheme MMM is the best way to approach the game of business. Sooner or later, their blood pressure is up and stress levels hit the stratosphere and they soon quit their entrepreneurial gig as quickly as they got started in the first place.

Businesses and self-employed professionals suffer in a competitive market when they put themselves in a box and insist on still earning money the conventional way or like everybody else.

The law of Requisite Variety states that given a goal ot set objective,  the individual with the most number of options or paths to achieving the stated objective usually wins. So  I coach folks that there are over 10 new ways you can derive revenue from your current business, but that’s if only you know how.

For example, an up-coming music artiste can make money in any number of ways by:

1. Giving music lessons in schools

2. Performing at church services.

3. Playing background music for Nollywood films.

4. Releasing albums under multiple monikers

5. Selling songs to other artists

6. Managing other musicians like Banky W.

7. Earning online streaming royalties.

8. Building digital products and subscription programs,

9.  Writing commissioned pieces,

10. Selling band merchandise e.g t-shirts

11. Selling songs to music libraries,

12. Creating ringtones

13. Earning collaboration royalties

14. Licensing songs for T.V commercials

15. Writing catchy radio jingles.

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You should do the same with your own business. Because every activity can be reframed as a new product/service.

Need help to stay afloat even in tough times? Ask me for a private coaching session. Two hours of clarity can save you five years of regret.

An artist can go beyond just having commissioned portraits and extend the following services:

1. Giving art lessons in schools.

2. Designing wedding card invites with painted portraits of the couple.

3. Collaborating with an author and having your portraits as inserts in the chapter breaks to serve as free publicity

4. Selling reprints of popular figures to replace their photographs in the lobbies of hotels, government offices and other public spaces.

5. Managing younger artists

6. Painting simple images with motivational messages and selling reprints on request.

7. Collaborating with a newspaper or magazine to exhibit one artwork a day. Reprints will be made for interested readers.

8. Selling your art on tee-shirts.

9. Co-authoring a book with art and words taking equal pages e.g my next book:)

10. *Put your idea here*

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So if you are a self-employed professional, freelancer or entrepreneur and youre wondering how to survive the recession, then write to me on ebuka@jeanpaulconsult.com or simply call my assistant, Nonye, on +2348030999099 for insight on how you too can develop multiple streams of income from your talent ans skill-set but only if you are serious about your business success and committed to doing the work. It’s not easy but I promise you it would be simple to grasp the logic behind the strategy. I remain invested in your greatness.

Please note: I reserve the right to delete comments that are snarky, offensive, or off-topic.

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