Who doesn't need a little more money?
Owning a business is hard work. Budgeting your personal cash flow around your business’ expected revenue can be even harder. Oftentimes, business owners spend money from their personal purses to ensure there is enough cash to fit into the budget of their businesses. At the end of the day, they have little or no money to fall back on when emergency needs arise. Having a little extra cash can go a long way in helping you settle some financial needs in your school business. Understandably, the money you make from your school business might not be able to settle all your financial needs, but having a little extra something that brings in money asides from your school business can help with financial settlements.
Yes, I'm talking about having a side hustle. A side hustle is another way of making money asides from your regular job. As a school owner, it may look impossible to manage another business alongside your school business because of the demands and attention required for effectively managing your school business. But, it might interest you to know that having a side business that brings you some extra cash does not necessarily have to stress you as your regular business does. It also would not require you spending huge amounts of money setting up a new business. Check out these 4 easy ways to make extra income on the side, while growing your business:
- Use your current assets to make quick cash: You don't need to break the bank to make extra money. You can use some of your current assets to form a side hustle and earn quick cash. For instance, if your school has a big hall or piece of land where you hold students' parties, PTA meetings, valedictory services, or other important events in the school; you can rent the hall or piece of land during weekends as event centers for weddings, and so on. You can also rent your apartment as an Air BnB. An Air BnB is like a hotel, but one that provides you with some extra services like being able to cook, use the washing machine, iron, etc. You can rent out an extra room in your house to tourist, travellers, or visitors while they pay you what or more than what they would pay at a hotel. If you have more than one building, you can rent out one of them while you're away, maybe for a week or so, and earn money from it. This way, the extra room or apartment doesn't just lie in waste or lie dormant, but is being put into good use for making money. However, if you decide to go with any of these options, ensure to set out strict rules or maybe go-ahead to prepare contracts for the persons renting to sign in case of damages incurred during usage. Also, make sure the property is well insured before renting out, and carry out proper background checks, as the case may be, on whoever you would be letting into your apartment. You can also use a piece of land in your school or house for farming or to rare livestock. This way, you can sell poultry animals, fishes, or farm produce and earn quick money. Lastly, if you have a spare car, you can use it as an Uber ride and hire a driver.
- Use your skill to make extra money: Some people, while growing up developed a skill or two from their environments or the people around them, like soap making, lotions, bead making, etc. Some learned these skills as grown-ups at training programs or by themselves. If you have any of these skills, in your leisure time, you can put them to good use and make money from them. You can also decide to make them weekend businesses so they don't interrupt the running of your school business.
- Try dropshipping or importation business: These days, a lot of people import goods from different countries and sell them in Nigeria at higher prices. This can be a very good business investment as you get to spend less on the goods, and sell for more. As a school owner, if you have enough resources, you can import goods from China or other countries and sell them in Nigeria, and make extra money from them. Dropshipping is also a very good business in the sense that you do not need to carry your goods physically to people to buy. You can sell directly to your buyers online, without having to be in contact with the goods. You are just like a middleman between the manufacturer and the buyer, who just has to convince people to buy the goods, while you earn money. You can also go into delivery services if you have enough resources, and help people transport their goods within and outside the country. This can be a profitable business for you, seeing that most people now order goods online and request delivery services. You don't have to run the delivery by yourself; you can hire bike riders to do the delivery, while you manage them.
- Make money from your passion: Some people have a flair for making public speeches; writing (novels, poems, short stories, essays, blogs, etc.); making podcasts; or even counselling. Some do this to relieve stress, or just for leisure. Interestingly, these things earn people money these days, as some companies or people are constantly in search of people who can write well or create engaging blog articles. You can connect with one of such people online and make a side living by doing what you love r have a passion for. You can also make out time during your weekends for counselling sessions if you're good at it, and make money while helping people live rightly.
With the right business idea as a side hustle, you can earn quick money at the comfort of your home, and while running your school business. You also do not need to spend so much in setting up a new business, neither do you need to construct a building to run the business. Anybody can own a side hustle if you know how to manage your time and resources, and put your skills to good use.