creating streams of income in the business quadrant
I hope we have taken time to reflect on our relationship with money and discovered where we loose money that we could have uses as seed capital. In today’s world, there is no better friend than money. None. Money is a faithful servant. If you learn how to deploy it to work for you, you will live happily there after.
Money will never shortchange you like people do (read relatives and workers). Money has no feelings or emotions. Money will never complain being overworked or decide to go on a go slow. Once deployed to work for the master, it keeps doing it at constant effort to eternity. It does not even require motivation or bonus payments. With your money at work, you only monitor the market dynamics and make the necessary adjustments.
This is the formula for wealth creation. Wealth is what works for you when you are not working. When you are asleep, on holiday or playing golf. This happen if you set up a business system that generates money for you in your absence. Or invest in an existing business.
Examples abound. In this life, we have smart people who set up systems to generate income for them effortlessly. Everyday on waking up, we reach out for the switch to light up the house. That light is someone’s stream of income. He set up a business system that bring energy to our homes. Someone developed a system that generates energy and transports it to consumers to use at their own convenience. He has installed meters to record what each consumer draw from his network. This is a stroke of genius. The owner makes money when asleep or on holiday, at night and during the day. Including on public holidays.
The same goes for products like piped water. You open the tap and money starts flowing to their account. The more times we shower the more money flows to the owners bank . We start making money for Safaricom immediately we switch on our phone in the morning and start using data bundles to access WhatsApp. It is no wonder that Safaricom said their best performing sector in Q 3 are Mpesa and data.
This is how residual income is made. There are many such examples we can choose from. The trick is simple. Identify a gap in society and be the solution. Setup a system that meets those needs sustainably and work smart to project yourself as the go to person for that service or products.
Every morning on wake-up, we go to the bathroom and reach out for our toothbrush and squeeze toothpaste on it. This is money that goes to Colgate or whichever company that make the brand you use. When we take a shower( we’ve been conditioned to do it twice a day, we make money for the soap provider. These are smart people indeed. The person who makes tissue paper makes money from you every time you carry out the business we do in a toilet.
It is unfortunate that most consumers especially in his part of the globe do not see this connection. This is why we still import soap and toothpaste 54 years after independence. We enrich someone who is far away instead of seizing these opportunities to make money from our needs.
An entrepreneur is always keen to come up with solutions or better ways of meeting people’s needs. They like disrupting existing order and processes. They set up traps of making money and leave them at work . Money on its own does not have any power to grow. It only grows in the hands of a person who has increased in wisdom, who has learnt ways to multiply it through investments and recruited smart workers to keep the system running.
You invest in a system that continuously delivers services to consumers like electricity and water. You create a business system that manufactures consumable items like toothpaste or soap and other fast moving consumer goods that will ensure a continuous flow to the market.
Money is made from people. You need people to support your money making system. Study their needs and wants and choose what you can make available in a convenient way. It could be something they need but not readily available or it could be the formula of delivering an existing service. Uber came up with a better way to hail a taxi. Airbnb came up with an easy way to book accommodation. Safaricom mpesa came up with a better ways to handle money transactions. They did not invest in cars and hotels nor did safaricom put up their own banks.
In todays market place, the most lucrative business is not production lines but connecting customers to services. This is why I challenge my students to debunk the lie that they are not making money because they lack capital. You do not need money to think. You can decide to lock yourself in your house until you come up with an idea that can be monetized. An idea that solve a problem for enough people in a sustainable way.
What problems are you willing to solve?
We will continue this discussion in the next article.
Keep it here for more details how to secure your financial freedom.
With profound regards,
Founder and CEO,
Azima Wellness Consultants LTD,
Conference Speaker & Corporate Trainer in wellness & Financial intelligence .