The funny thing about humans is that we are always looking for more, especially when it comes to money. What many of us have not learnt is that in order to earn a big income and truly be financially free, we need to have multiple income streams. This means that it is very difficult to become financially free on one income source, such as a full-time job, alone. It has been said that many millionaires have at least 8 streams of income, many of which are investments and businesses. Now, this does not mean that in order to become a millionaire you need to have a big business – there are many wealthy people who run multiple small businesses and their income adds up. We shall have a look at five business you could start today that could provide the foundation to you becoming financially free.
1) Real estate
A common misconception is that you need a lot of money to get your foot onto the property ladder. Although this helps, there are multiple ways you could own property without ever having the cash. Consider buying a property using a mortgage and then renting out the property for more than the mortgage repayment. Sounds easy? Well that’s because it can actually be that easy. All it takes is a lot of research, and the courage to actually go for it. If you start doing this with multiple properties, you could build a nice little business property portfolio to put you on your way to financial freedom.
2) Start a social media marketing agency
With more and more people starting their own business, this provides an opportunity for others to service these businesses. Especially with online businesses, many owners are too preoccupied with other areas to be able to focus on their social media marketing, which nowadays, has become an extremely important channel through which customers are acquired. The beauty of starting such a business is that you can work remotely and alone, with absolutely minimal start-up cost.
3) Resell products online
Remember those in-demand shoes that the whole streetwear scene was clamouring to get their hands on? Well, these products come out literally a few times a month, and if you can get your hands on them and find the right buyer, you could make yourself a handsome profit. One thing is for sure in this industry is that you’d have to be very unfortunate to lose money reselling such products. Ebay is a great place to start your own business, as it is a very popular and easy-to-use platform.
4) Affiliate marketing
Act as the middleman by driving the customers to the retailer’s page, and make a healthy commission for products sold, be it speakers, a room scheduler or airline tickets. There is almost any item you can think of that has an affiliate deal going on for it. For example, this article itself could be promoting such products by embedding url links that lead to product pages, and this is one way you could start affiliate marketing.
5) Cook/bake at home and sell online
If you have a passion for cooking or baking, why not share it with the world and bring in a bit of extra income too? Think meal-prep style deliveries of home-cooked food or slices of cake that may not be easy to find in regular stores. Obviously, you will need to ensure hygiene and food and safety standards are up to scratch as you are dealing with food, but this could be a great opportunity to start a business you would enjoy.