Nigeria is hard. There’s no denying that. Everybody is looking for a way to make some extra money and given our culture, we tend to typically go the entrepreneurial route and start a new business from scratch. Sometimes, we start these businesses as a side hustle and other times, we commit all our time and resources to them.
Unfortunately, everybody isn’t made for entrepreneurship. While its rewards are great and success can mean great wealth, entrepreneurship is also incredibly hard and requires the kind of dedication and passion that most people just don’t have.
Does that mean that if you don’t have the entrepreneurship bone in your body then you can’t make money? Of course not. There are a few ways you can make money without being an entrepreneur and we have laid out three of them for you:
- Another job
Obviously, if you’re not going to start a business, the most obvious way to make money is to get a job. We all know that making any money at all is not the problem, most times. The problem is usually making extra money and for that you could get another job if you don’t want to start a business. For example, if you work shifts at your job, you could get another part-time job for that extra money. Another example: if you have a full time job as a marketer, you can also take part-time remote sales jobs which could net you nearly half of what you earn at your full time job.
Naturally, this means that you’ll need to be extra hardworking but then you’d also need to be if you were an entrepreneur. Nothing good comes easy.
- Investing in financial markets and securities
Another way you can make money without starting a business is by investing in the financial market. If you have a decent understanding of how the market works and you can enlist a smart broker, you could make a lot of money – all without leaving your current job or starting a new business. Furthermore, there are several options available in financial markets and securities so if, for example, government treasury bills are not your thing, you could invest in mutual funds or stocks and shares.
That said, you should keep in mind that you’ll require a sizable investment to make decent returns on things like government treasury bills. Also, keep in mind the up-and-down nature of the stock market.
- Buy a franchise
If you have the management skills but lack the entrepreneurial spirit and ideas needed for a fresh startup, this is a move for you. Apart from saving you the stress of building a new brand and finding customers, it’ll also save you many years of trial and error that goes into building a new business. Also, franchises exist in multiple sectors and industries of the economy from restaurants and transportation to cinemas and petrol stations so you have multiple options and can go for the one that best suits your skills.
Obviously, there is a HUGE downside to making money this way without starting a business: capital. You’ll need mega bucks to purchase a franchise because they don’t come cheap (it’s basically like buying a branch of a company). Unless you can find an investor or family/friends will to pool funds together.
Every body cannot become entrepreneurs and if you fall into that category, we’ve come through for you. Do your research and check out which of these options you can explore and we wish you all the best!
As always, when you win, we win. To the moon!