I don’t know about Notorious BIG, but we all know that mo’ money equals mo’ security – not problems!
Research has shown that on average, a millionaire (in US Dollars) has seven different sources of income while middle-class individuals have only one.
As a millionaire, you have the freedom to go anywhere at any time! Are you looking to go to Christian Dior Spa in Paris after your brunch in Geneva? Yes, you can, being a millionaire will take you there.
Being a millionaire gives you the freedom to splurge responsibly, you do not have that pressing guilt that comes when you are about to buy the BMW 8-Series Gran Coupe knowing school fees are due in a few weeks. Why? You are a millionaire, there is plenty more.
Being a millionaire also gives you the freedom to live for passion and do what you want. Are you passionate about animals and driven to create an Elephant sanctuary in Ogun State, go right ahead, you are a millionaire!
I’ll leave you to keep researching the advantages of being a millionaire over being working class, but I am solidly planting a flag in the millionaire camp.
In my quest to become a millionaire and diversify my sources of income, I hit the first block: “what else can I turn into a source of income?”. I went to my best friend, Google, and searched for how to identify your side hustle.
I read many articles that say go for things you are passionate about – you must love the idea; passion is what drives you forward and keeps you going when things are tough. Passion is what people see and why they choose to buy from you. But I found I can be passionate about a lot of things that will not bring me money.
So, I kept searching! I stumbled across articles that say look at what others are doing, what they are making money from and you should get into that. And I thought to myself, there has to be a better way than copying – I mean we do not need another printing press in Shomolu. So, I kept searching!
Several years later, I have now found two successful ways to identify your side hustle and I will share these with you:
1) Identify your character strengths! “Character Strengths are the positive parts of your personality that impact how you think, feel and behave”. Once you have identified your character strengths, reflect on them and identify opportunities where you can use your strengths. Using your character strengths to generate an income will help you find meaning in what you do.
A couple of my character strengths are Leadership and Love of Learning, so I have identified opportunities within the role of a C-Suite Executive as well as being a Professor where I learn to teach.
You can identify your character strengths by completing the VIA Survey of Character Strengths from the University of Pennsylvania.
2) Complete a career finder personality test! A combination of Myers & Briggs’ personality types and Holland Code system of career typing helps you predict the right career path for you based on your personality.
Completing the career finder personality test, I have found that some of the careers I can explore include Training & Development Manager as well as Human Resources Manager.
You can identify your careers to explore by completing The TypeFinder Career Planning Test.
Identifying opportunities and potential side hustles is the first step to diversifying your income. Once these prospects are identified, you can then take the next step – breaking into the market. You will need to understand the market; where the white spaces are, who the key players are, how they are positioned, and so on. Contact Versa Research for all your market understanding needs!
I now have three side hustles, and what I have realised is that having them helps me
1) Increase and diversify my sources of income
2) Explore my passions and pursue other career paths without losing my stable job
3) Develop my skills especially time management skills, become a well-rounded person and challenge myself
4) Expand my network
Before you go off and start building side hustles, I should tell you that it is not for the faint of mind. It is another responsibility and another job; it comes with its own set of challenges and concerns.
Be aware that it will be more work than your current 9-5 because you play the role of product/service manager, accountant, customer service and admin. It is very easy for you to get burnt out and the slow pace of the process might be challenging but to make it, you have to stay focused on your goal – being a millionaire.
Akin-Olawore is the Founder & Director of Research at Versa Research; boutique research firm that gathers data on the market, marketing, social and consumer trends.
