We’ve compiled a short list of three key factors that you might want to cover. Read on to find out more, and see if you could be doing something more to take the next step in your professional life.
Saving and planning
While some great ideas can come out of thin air, you won’t get very far starting a brand-new business venture or project without any planning or thought-through strategies in place. One of the best ways to start if you don’t know what direction to go in is to sit down and think about where you want to be in, say, a year, or five years, or ten years. This could be anything from a suitable financial goal, to business success or particular milestones.
Pursuing a secondary income stream
Successful entrepreneurs and professionals with productive, money-making mindsets will look to optimise everything that they do, and that means monetising some of your passions and interests, which is easier than ever online. Particularly now, at a time where many of us are stuck indoors anyway due to COVID-19, it’s a great time to use freelancing sites to find partners that need any skills you may have, or even flesh out that idea of an online storefront that you’ve been toying around with forever.
Tip – Regardless of whether or not you’re pursuing a secondary ‘side-hustle’, you should at the very least make the most of the internet in order to build yourself an online portfolio. Be it your own personal website to share articles and past work, or simply a collection of examples curated on your LinkedIn profile, putting yourself out there as a professional and showing clearly to others what you’re capable of will help you to find work and collaborators in the future.
Investing for your future
Money that is kept stagnating in a bank account and not being used productively is wasted, and so when you start making a comfortable amount that you can look to diverge into different things, you should think about how that money can go back to work for you and build your financial portfolio into something even bigger.
On the subject of secondary income streams, if you have the right amount of capital available (or have looked into pursuing a buy to let mortgage), you might decide that you want to purchase a rental property, such as a care home, hotel investment, or even a much-demanded student property in a burgeoning city.
One of the benefits of a buy to let investment, as detailed by the likes of RWinvest in their many different guides to the asset class, is that you can stand to make a consistent monthly income, as well as garnering the promise of capital growth in an area that is surging in popularity. Remember, when it comes to property, some areas are better than others, and so you should do your research before going ahead with property investment, or any investment for that matter.