As Federal Government of Nigeria finally announced the partial ease of lockdown in the country, opening us up, for the very first time in the last 12weeks, where full business activities may return and many may begin to get their businesses and personal finance back again. I feel it is nice to share experiences of certain business lessons the traumatic indefinite lockdown has taught us personally, which one may not have realized before.
I also intend to put these views together, and share with people, to learn and to guide.
Personally, here are 5 things or lessons that COVID has taught me, as a Salary earner and an hustler, and from observations. You may learn from it.
- Have Double or Multiple Stream of Income: It sometimes pays to have a steady income along with your businesses or hustles.. Lot of people got broke financially in just a week after the lockdown, and while the complete lockdown lasted, only few people, particularly salary earners in government works and those who work with good establishment didn’t feel the heat much. A local welder man told me weeks ago, that he just realized that he makes only daily income and he’s finished if he can’t move about. Lol. This is true to many. You can engage in petty tradings like selling items, provide services online that fetches money. People that offered online training services from different skills like writing, how to cook certain special meals, digital animations, trainings on herbs that fight certain illnesses and symptoms that come with COVID, as well as business ideas during the COVID, all make cool cash. I know someone who did an Online seminar on WhatsApp at 1k and got 74 subscribers. Now, That’s something. Get another hustle or means – a part time paid Job with your business, or a business with your salary. It helps always.
2. Have Savings: No matter how small you earn, one should endeavour to try atleast, save a little. Those who had no savings were mostly at the mercy of give-away food, and cash- both online, NGOs, and donation by families and friends. Of course, your plan for your savings may have changed as many kept emptying their purses to feed and help others, as humanity is first, but you may not turn to a beggar like many. Keeping money can be lots helpful when you can’t work again. So, while you are still working. Be saving it. Don’t eat with both hands.
3. Both Husband & Wife should be earning something – No matter how small it is, couples should both have means of bringing something to the table, it sure helps to augment earnings. Even a “sit at home wife” or full house wife can make money inside that house. She can grind pepper – If you live in a good neighborhood and you are well positioned you can get averagely 5 people wanting to grind soup ingredients, moin-moin, maize, Elubo (yam flour) etc -daily. That’s N300 daily and there are people who make fortunes by having 10 times of that with better grinding price and more customers.
A man told me for example that while the lockdown was threatening his family purse, his wife’s small business of frying fish, and grinding pepper was a saving grace. In a week she makes nothing less than N3,000 from all these. Local Groceries stories made more money during COVID Lockdown. We buy pure water bags from them since we were restricted, we buy bread, raw foodstuff and small household items like robb, etc..
Women should help their husbands and men should set up businesses for their wives or help them get paying jobs. It will ease you of many things as a man. A man not working anymore due to death, predicament, loss of Job, shouldn’t mean that’s the end.
4. Never stop looking for a better Job or Business: Without gainsaying – The COVID experience adversely affected some businesses more than the other, and one of them are street mushroom businesses with staff and private schools. As schools were totally closed down, I know private school teachers who have been living from hand to mouth. Some schools stopped paying teachers after March Salary because they can’t pay for service you didn’t render, yet it is not your fault. And some businesses stopped paying their staff too. Especially salesboy or girl Jobs, street Marketers, front desk officers, clerks, field workers and receptionists. Once the business doors closed, some people’s means of Survival ends too. Don’t let yours be like that too. Learn from this experience.
5. Online Business is the Future: With COVID – 19, while some businesses languished, some instead were flourishing. In fact they made more than the usual. Businesses like Online payment outfits using P.O.S. Banks made more N65 from transfers than they would do from using ATM Card due to giveaways. Netflix showed that Cinema houses can be useless as many people started downloading films as they like to kill boredom.. And there are more of such businesses. I know a lot of writers who wrote more during the lockdown. May be it tells us that we all should find an online services to render too. May be that’s why I love writing because in COVID -19, there is always something to write about. Lol
Did you learn anything from these at all???
What experience did COVID-19 teach you on personal finance and businesses?
Share with us on Omoelublog.com
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