I remember it clear as day, finishing high school and knowing I wanted to be my own boss. Whilst chasing tertiary education, I wanted to start a side business and earn cash. My friend and his Dad were repairing commercial printers on the side and they asked me if I...
There are so many opportunities. So many ways to approach the self-employment model.
Using observation, you need to identify what works for you.
I am personally chasing after passive income streams.
This means I want to live in a world where I make money while doing nothing.
That’s the reality I want to live in. That’s the world I want to create.
Yes, I need to invest upfront but once invested, I can sit back and get remunerated. Set up a system where I get paid a monthly income (not based on hours worked).
Observing business models is important for this task. Weigh up different approaches and markets is key in determining which path to follow.
- Convenient retail
- Product creators
- Service providers
- Selling advertising space
- Property investors and portfolio managers
- Property developer
- Renting out of assets
- Investing in shares and unit trusts.
What are business models that can generate income that you can come up with?