A civil engineer came back home after his contract ran out in Papua New Guinea. Because jobs are hard to find in his home country he sat around sending out more than 300 CVs, started running out of his savings, eventually had no money to make cellphone calls and by the hair on his chinny chin chin after one year secured a job in Saudi Arabia. This is the prison that the person with no new ideas experiences. All he or she can sell is skills and time.
A young woman landed up in Worcester, Western Cape, fell in love with the place and wanted to stay but there were no jobs. She wracked her brains, desperate to find some idea to make an income so that she could live in the town. Even though Worcester sauce is made by the giant food manufacturing companies right there in Worcester, she came up with an idea for her own special Worcester sauce, developed her product and it took off. Continue reading “How much is a new business idea worth to you?”
In this economy every source of income counts. But where do you begin to discover hidden or new sources of income?
You may wonder about the term “multiple streams of income”. What is it? A buzzword from some self-help business guru that helps him or her sell their books and other products. It’s really a term to entice people into believing that it so easy to make money that you merely need to turn open a tap and money will pour into your banking account. This does not happen in the real world. You need to work long and hard for any sort of income.
When I was growing up in the seaside village of Kalk Bay, Cape Town, my father hired a spare outside room from the mother of a famous cricketer at the time.
The empty room was quickly filled with equipment that my brothers and I used for our watersports: surfboards, wetsuits, diving gear and fishing rods. I spent many hours in that room fixing surfboard dents or dings.
When a partner and me launched a start-up in the grocery trade a few years back most of our initial time was spent planning – thinking about things like setting up a small distribution centre, identifying larger customers, working out whether our range was big enough and doing sums to see that our sales would be profitable.
As soon as we got going, all our time was spent rushing out to customers from early in the morning until late in the evening, selling and distributing our products. We had almost no time to think about our strategy, financial objectives and marketing.
Many aspiring entrepreneurs are turning their hobbies, favourite pastimes, and passions into profitable businesses. They are making a living doing what they love. And because they love what they do, they work harder at it.