It has been about 4 years now since Harry left our company to start his own business.
He has been struggling with a housewife and two kids to pay bills.
I can recall having an extensive discussion with him to think about the step he was about to make. He felt he had figured it out. Little did he know that fantasy is sweet until you face reality.
In March 2018, Harry left our company to start up his own business. He had saved a huge percentage of his salary over four years while working in our company.
He had saved the amount of money he needed to start his business and set him and his family on a path to financial freedom.
Coming from a poor home, he felt the only way to accumulate massive wealth was through business. And he fell in love with the act of doing business.
Not up to two years when Harry left our company, he called me to know if there was any job vacancy in our company. I was surprised, his tone was not fine and I asked him, what happened?
“Dude am back to square one. All the money I spent years to save is gone. My audio calculation on how the money will be used until the business start generating me money was not right.
What I read on blogs and what I think would happen was slightly different from what reality gave me.”
I asked him, what exactly happened?
“Some unforeseen costs came up in the middle of setting up my business. I had to dip my hands from part of the budget meant for the finishing stage of the project.
When I got to the finishing stage, I ran out of funds. I called my bank, they couldn’t help me. I called some of my family and friends to borrow some money to finish up my project.
Some gave me, but it wasn’t enough to finish up the project. I made up my mind that I have to generate the remaining money myself.
At that point, I stopped paying for rent and my kids’ school fees. Though I had explained to the teachers that they should give me some time to finish my project before I can pay their school fees.
I planned to finish the project before the following term. By then my business would have started generating revenue to offset the previous and current debt. It failed.
I couldn’t raise enough money to complete the project.
As am talking to you right now, my kids are no longer going to school because the grace period to pay my debt has expired. I haven’t mentioned my house rent. What I have been facing with my Landlady.
For now, the project is on hold.
See, can you help me get a job in your company?”
I told him, I will get back to him before the close of business day today.
PS: My friend’s real name is not Harry. I think it is not fair to mention his real name.
There are a lot of people like Harry, who are impatient in their dealings and have limited information about the venture they are entering.
To them, attaining a goal is straight forward but little did they know that patience and not going into the venture after conducting your feasibility study is a business strategy itself.
They let the excitement of achieving their goal cloud their judgment and ability to make the right decision.
Perhaps, after reading several blogs on how to make money or how to invest money in Nigeria, or any part of the world, they feel overwhelmed by the new information received.
Don’t get me wrong, there is nothing wrong with reading few blogs or watching videos on how to invest money or how to make money.
A lot of successful people are out there who never read a blog or watched a video about how to make money or invest money. They went through The School of Hard Knocks.
Point is, pick the practical information and apply them in a little way. If it works, you can then scale it.
Results are not typical. How it worked for me may not be how it would work for you. Start little, figure out what works for you, and scale it.
Everybody dreams of, well, not everybody rather some people dream of having financial freedom. And you can’t have financial freedom when you still have someone you call “Boss”.
So a lot of people jump into being self-employed or do business without considering what could go wrong.
Self-employed is any income stream that can’t make you money while you are not around. Let’s say you own a shop and you suddenly got sick.
You will have to close your shop for the period you are not feeling fine, to treat yourself.
Another example is, if you are an Engineer or contractor, if you fall sick or travel, your business won’t be active, else you don’t have a contract at the moment.
In business, many people have failed not because they are not hard-working nor smart, but they don’t have the right information to start, build, sustain and scale a business.
If I were to start my financial journey today without connection, I will focus on generating money with acquired skills. Let me put this in a better perspective.
Let’s say I come from a poor background, no connection, no wealthy Uncles or Aunties, I will search for a high-income skill that rhymes with what I love doing, and develop such skill.
It could be affiliate marketing, copywriting, digital marketing, web design, etc.
Rhymes with what you love doing: When you choose a skill that you love doing, you will escape competition because you’re authentic. Authenticity will give you an edge over others who are in the same field/niche as you.
If you jump out first to start up a business, many chances are that you will fail and go bankrupt.
And at that point in your life, you have no experience or understanding of how a successful business should run.
The Igbo apprenticeship system supports working for a Master for 3years and above. This will enable you to learn the business.
And at the end of your apprenticeship, you will be settled by your boss with some amount of money to start up your own business.
Now you have learned the skill of running and managing a business, and you now have the capital to kickstart it.
What if the Igbo apprenticeship system is not for you and you don’t have such a system in your country?
Does it mean you won’t stand a chance to venture into any kind of business you feel can help the world?
The answer is simple, No.
One thing about money is that there are different ways to be wealthy.
Apart from the Igbo apprenticeship system, there are over one million ways on how to make money or on how to invest money when you’re looking for where to invest.
If you start with skill acquisition and begin to earn money, a part of your income should be going to your business. If the business fails, you won’t go down to zero, unlike Harry.
Using your acquired skills to make money, and setting up a business by the side is popularly called Side Hustle.
Skill acquisition is a way of being on a safety net while building a business or acquiring wealth.
In cases where the business is generating a profit and everything is working as planned, you invest more money into your business to scale it.
If you cannot run your business and earn through your skills as well, you can employ someone to manage your business for you.
Remember the skill you learned was born out of what you love doing. You are ready to stay on it for as long as, let’s say 10, 20 years, or more.
When your skill is earning you money and your business is earning you money, the next thing you should be talking about is how to preserve your capital or build net worth.
Preserving your capital is quite a different game and if not played well, you might lose all your money.
Real estate, Venture Capital, Stocks, and Cryptocurrency are a means of preserving one’s wealth. More on this later.
- Get a skill.
- Earn money from it.
- Save part of your income to enable you to invest in your side hustle.
- Use profit earned from your business to build more businesses or buy the equity of other businesses.
It is always easier said than done, but it is not impossible.
To be successful in any industry you find yourself in, you need to learn from the experts. Affiliate marketing is not excluded.
To be a successful affiliate marketer you need to be trained by an expert, who would give you the right tools and practical information to make money from affiliate marketing.
Click here to learn affiliate marketing.