FINANCE at your FINGERTIPS by Moses Ayiku, Jr. MBA OP/ED
When we talk of starting a new business, we all have different visions of how the process should look like. There is not one path to starting a successful business. Different approaches can all lead to success. The key ingredient is to have something that people are prepared to pay for. An excellent place to start when one is looking at business ideas is your skill set.
Do you possess certain skills that can be sold for money? Are you an artist or a musician? Do you have strong writing skills? Are you a yoga enthusiast? It would be ideal to take a pen and a piece of paper to write down all your skills. This could give you a vision of the types of businesses that you can pursue.
After you have finished preparing your list, go ahead and google each of them to find out how and if people are selling those skills. If someone has found a way to make money from their skill, this means you could also do the same! It would be extremely helpful if you conducted good research to find out how that skill is being sold, at what price, the typical customers paying for the service and the frequency of purchases amongst others. The more you learn about the market the better for you.
In terms of looking for skills that you possess that could be commercialized, please do not underestimate yourself! Do the research and explore how your skills could be converted into money. This could be the beginning of a liberating experience. Today, we have a unique situation being referred to as the Great Resignation. Many people are using the pandemic as a time of reset.
A number of folks were interviewed recently as to why they quit their jobs. There were many interviewed who noted that their jobs had too much stress and they wanted a change. Others indicated that they resigned their jobs because the work environment was toxic. Yet another group interviewed also stated that they wanted to work in entities that had a more positive impact on society. The key for many of those who resigned their jobs is the fact that they were able to save money during the pandemic that now acts as a buffer. They now have the financial freedom to resign and look for better options.
When I was about to enter college, a friend of mine decided that they would forgo going to university to study art and rather start out as a professional artist. By undertaking careful research, he was able to identify that he would be better off in the long run starting out as soon as possible as an artist. He had several painting styles that he was experimenting with that were quite unique.
In high school this friend made a name for himself by being able to draw. He could draw people and the likeness of the images to their subjects was uncanny. At the time he decided not to continue his education, we his friends were scared for him. It turns out the unique confidence this friend had was not misplaced.
Fast forward to today, he is an internationally recognized artist. His pieces sell for prices that the average person cannot afford. I share this story to highlight how important it is to start by looking at your unique skillset in terms of money-making opportunities. This friend is doing his dream job. He is earning ample money and in addition is able to channel his perception of society in the images that he draws. His confidence in his abilities was unique and he did not wait for others to understand the vision he had. The young man simply put in the work and followed his destiny.
One key to note for those planning to sell their skills is that technology can play a big part in their success. Social media is a powerful tool for selling skills. There are websites where individuals can register and obtain small contracts for a fee. An example of such a site is Fiverr.com. This site allows people with skills in the areas of web design, art, and other areas to sell their services. Other websites that one can look at include Freelancer.com and Upworks.com. These sites provide an opportunity for individuals to register and sell their writing and other related skills.
A big challenge for many people with unique sills that they may want to sell is the fact that they have little understanding of social media and technology. This is an obstacle that one can overcome. By researching YouTube and the internet generally, one will find abundant resources that can teach you how to use various social media such as Facebook and LinkedIn for business. To succeed in selling your skills, you may have to educate yourself on various social media. This is doable and can open the door to many unique opportunities.
Quite early in my career, I started getting a lot of requests to assist business owners to raise funds for various projects. Eventually, I ended up hiring research assistants and setting up an office to provide these services on a full-time basis. Once companies were prepared to pay for my services, I was more than happy to provide for them. My network brought me some of the clients. People I knew referred me to serious clients who appreciated my services. Those clients also informed others that I could be of great assistance, and this also attracted more clients.
What I realized with time is that my company ended up doing business for years with some of the same clients. In other words, they kept coming back for additional services. Some wanted business plans, others needed assistance with restructuring plans or simply expansions. My firm successfully provided these and many other consulting services to our clients.
In conclusion, when looking to start a business, please start by assessing your skill set and determine which of your skills could be sold commercially. Not only would you earn money, but you would also be enhancing your skills. This would boost your confidence and open the door to other opportunities.
As I noted earlier, the key is not to underestimate yourself and your capabilities. You must be the driving force. Do not wait for someone to affirm what you already know about your skills. When I started consulting, I was surprised that my inner circle had no confidence in me and my plans. However, I disregarded them and went on to build a quality management consulting business. At the peak of our activities, our clients would buy plane tickets, cover hotel and transport expenses for us to undertake various tasks for them. It was a rewarding and exciting time!
The joy and positive experience of successfully selling your skills cannot be underestimated. It can be life changing as well as financially rewarding. Do not sell yourself short. Explore, conduct thorough research, be creative and make the most out of what you have.
Please feel free to share with me your questions and experiences on stocks and investments. I will do my best to respond, and, in some cases, I will write on some of these questions.
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