The title of this post couldn't be more apt in the face of looming global financial crisis, but that is the million dollar question, isn't it?
The Governor of the Central Bank of Nigeria released a statement a few days back urging Nigerians in particular to brace up for a fresh global financial crisis which seems pretty eminent. Even though Nigeria is out of recession, people can barely tell the difference, as the economy seems to bite harder, unemployment seems to be steadily on the rise and prices of basic commodities are not reducing. Thus, how does one survive in these perilous times?
1. Have multiple streams of income
This is the way to go. In this age, you cannot rely on one source of income to meet your needs, you need to diversify. Even Nigeria is enjoined to diversity from just oil to make even. So, why won't you jump on that bandwagon?
When choosing businesses to choose from, streamline your pick on things that are absolutely necessary in your life. People would pick food over luxury clothing. So, stick to industries within food, shelter, and health. You know, the basic things.
3. Don’t do it all
You don't have to be the CEO of the entire chain of an industry you pick, you will overwhelm yourself. You don't have to be the supplier, design artist, social media marketing guru, etc of one product. No, you will wear yourself out. Be open to getting friends and family who are good in these areas to delegate some duties to at a small fee or join a ready made business organization as part of their middle men, either in supplying or retailing. Don't be the DO ALL of your business.
4. Find your passion
Look for a career that needs that job and then find out what others have done in that industry. Find out what you can do better or different and fill that gap.
5. Have a ready market
If capital is the problem, have a ready market first. Look for people in your industry that have what you want to supply, get money from your ready market and get from those who have the product you need. Supply and add a little token on top for your service and build up gradually from there. These little tips should help you start your empire.