Weekly Trust : 2020-08-01

Opinion : 26 : 26

Opinion

Opinion Saturday, August 1, 2020 A PHYSICIAN’S DIARY CAREER CLINIC BY SHUAIBU IDRIS BY FATIMA DAMAGUM FIoD mcipm mni drfatima09­84@gmail.com maikudimmu­stapha1@yahoo.com Imperative­s of (side) hustle (III) T oday we would conclude discussion­s on this very important topic which we started two weeks ago. At this juncture, it may be clear to job seekers and employees alike on the need to diversify one’s sources of income so as to have some level of financial freedom. We continue with different types of businesses Farming: This involves the cultivatio­n of soil to grow and harvest commoditie­s. It involves an investment of funds for the purpose of earning great returns. One does not need to own a farm before becoming a farmer. A farmland can be leased or a establish relationsh­ip with farmers in villages, such that one can buy whatever the farmer is harvesting at any point in time, and come to sell same in the cities for profits. Poultry Farming: Another business one may consider while under full employment is poultry farming. Birds as the chickens are called in the industry may be nurtured for either egg-laying or fattening. The demand for eggs, as well as chicken meat, is ever increasing due to the growing population and increased knowledge of healthy eating. Profession­al Services: Graduates of Accountanc­y, Law, Engineerin­g, Architectu­re, Pharmacy, Medical doctors as well as other profession­s can organise their schedules and use their free time to handle jobs on behalf of say owners of small and medium scale enterprise­s or other individual­s for a few hours per day. Accountant­s can handle exercises such as bank reconcilia­tion, final accounts preparatio­n, auditing, internal control structurin­g, taxation etc. Lawyers can handle legal advice, drafting of agreement and or contract, dispute resolution, company secretaria­l services, company registrati­on etc. Doctors and Pharmacies can handle cases in other hospitals during their spare time. Engineers, Architects and other Profession­als all can use their spare time to generate and earn income by way of side hustle. Supplies/Handling of Local Purchase Orders: One common side business among most employees is scouting for and obtaining contracts to supply consumable­s and other requiremen­ts such as furniture, cars, generators etc. by organisati­ons. Indeed, a number of workers also engage in funding such contract to share profits and earn legitimate income. One must avoid seeking for contract in the organisati­on where one works. Such acts could result in a conflict of interest and may not be permitted by the organisati­on. Animal Husbandry: There are opportunit­ies for cattle rearing, cows, sheep’s and goats fattening. Although this is capital intensive, the return from the business can be high. One may wish to caution that there are inherent risks associated with this business, particular­ly in the era of cattle rustling. The menace of cattle rustling would not and never last forever. Home Kitchen Business: For the women folk, a lady may consider several micro-businesses such as making of zobo drink, kunun zaki, ginger drink, shredded beef (AKA danbun nama),roasted peanut, roasted sesame seed, sugar cane drinks, fresh juices, yoghourt, peanut cake (AKA kuli kuli), fura, kunu, sewing, knitting, weaving and embroidery, cap making, bed sheet and other cloths making etc. There are several micro small and medium scale businesses working-class women may consider. Food and drink, cosmetics, body and other aspects of basic requiremen­ts of mankind. There is no business that should be looked down upon. Profitabil­ity may be small from a business, however, when an income comes in daily, sooner rather than later huge sums may be saved over a short period. The savings can be invested with a view to creating wealth. Multiple income and investment are a means to financial freedom. In conclusion, being gainfully employed or not, one is encouraged to have one/ or several side hustle(s). The proceeds of these businesses could become what one would use to create wealth that will be passed on from generation to generation if used and invested wisely. Indeed, for those that have salary, income from employment could be said to be the major source of livelihood, while income from side hustle could be secondary, supplement­ary or plan B source of income. If well nurtured, over time plan B source could overtake plan A or the main source of income and at that point, one may consider leaving paid employment. In general, certain training or education provides one with easy a venue to do side business. Engineers, Accountant­s, Lawyers, Medical Doctors, Pharmacist, Architect etc all have potentials to handle side business while on a paid employment contract. As stated above quite a number of businesses do not require any formal training. Indeed, the list of businesses can be said to be near endless so we would not be able to cover all in this column. General contractin­g, Local purchase order handling including Financing, Transport (taxi, truck, tricycle etc), Network marketing, waste collection and recycling, convenienc­e (toilet and bath) operation, water processing, beekeeping, carpentry, sports (wear, equipment, gym etc), rearing of birds, fishing, tourism, etc area few other businesses to add to the list. Readers may reach out if when and where there is a need for additional informatio­n on any business one may be considerin­g. However, one should begin or commence planning for retirement early enough and such plans can be through the commenceme­nt of side hustle. Indeed, from experience, while in employment one’s ability to be resolute, honest and sincere is a function of the level of financial freedom one is able to achieve. The desire to be corrupt, collect or receive bribe, compromise position, etc. usually comes with desperatio­n particular­ly financial constraint. Side hustles could help keep one on the straight and narrow path. Employees should, however, avoid being contractor­s to the organizati­on where they work as that leads to moral and or ethical conflict. It can lead to the tarnishing of one’s name and reputation which need to be guarded jealously. The solution to Jummai’s* problem was simply a good man. A man, brave enough to marry her and relieve her, if only partly, of her responsibi­lities. But where are the good men? And why should they marry her, you may ask? Tasking a man to take up the responsibi­lities of a woman and children that are not his, is Herculean in this economy. A woman with six children and a pitiable income for that matter. I wanted to weep “Time is more valuable than money. You can always work to get more money, but never to get more time.” Dr Yasir Qadhi

© PressReader. All rights reserved.