"I Have N100k From My Salary for a Side Hustle. What Business Can I Invest In?" Expert speaks

• A reader who is unsatisfied with his salary has asked for ideas about side hustles that can earn him extra income
• Given today's rising inflation and high cost of living, it has become quite challenging to live comfortably with a single stream of income
• Olawunmi Akinbola, a business consultant, advises how white-collar jobbers can begin to diversify their source of revenue

Legit.ng journalist Victor Enengedi has over a decade's experience covering Energy, MSMEs, Technology and the stock market.

A Legit.ng reader, discontented with his current salary, seeks advice on lucrative side hustles to supplement his income and provide greater financial stability for his family.

Anonymous asked:

As a civil servant based in Lagos, I earn a monthly income of N300,000. However, providing for my family – including my wife and two children – has become increasingly challenging due to the rising costs of living.

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With school fees for my children being a significant financial obligation three times a year, our budget often feels stretched to its limits.

Therefore, I'm eager to explore opportunities for a side hustle, allocating one-third of my salary (N100,000) towards this endeavour. What suggestions do you have for a viable venture?

Olawunmi Akinbola is an entrepreneur with over 14 years of experience as a business consultant dedicated to empowering small enterprises with invaluable insights and resources for exponential growth.

This is a question I frequently address in my interactions with professionals.

Regardless of the nature of your white-collar occupation, it's prudent to consider cultivating a supplementary business that can either bolster your income or potentially evolve into your primary source of revenue.

Ideally, your chosen side hustle should align with your passions or at least spark your interest. For instance, if you have an affinity for visuals, photography or video editing could be viable pursuits.

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Similarly, opportunities in social media management or content creation may be worth exploring if you're immersed in social media.

Likewise, if writing resonates with you, freelance writing gigs could be a fitting avenue, while teaching enthusiasts might find fulfilment in weekend tutoring.

For those inclined towards fashion, venturing into selling thrift items like clothing, shoes, and accessories presents an accessible option, even within your workplace among colleagues.

I know some people who, at some point, have had to resign from their work to focus on what used to be their side hustle because they started making a lot more money from it.

Remarkably, all these entrepreneurial endeavours can be initiated and sustained with a monthly investment of N100,000, manageable on weekends or after regular work hours.

Balancing a side hustle alongside your job may indeed be demanding, yet the benefits of diversifying income streams are substantial.

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With additional funds at your disposal, financial planning becomes more robust, allowing you to explore diverse avenues beyond sole reliance on a single salary.

Disclaimer: Advice given in this article is general in nature and is not intended to influence readers' decisions about solving issues of threats. Readers should always seek their own professional advice that takes into account their own personal circumstances before making any decision.

Do you have a story to tell? Want an expert's advice? Please email us at ask.an.expert@corp.legit.ng with 'Ask an expert' in the subject line.

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Source: Legit.ng