multiple streams of Income? This may be for you

multiple streams of Income? This may be for you

This year, the year 2020, has been a trying year for all of us to say to least. I mean I don't think any of us saw COVID coming.  AND it came at us HARD. If you had told me a year ago that we would be hunkering down in a massive pandemic, I would say that would only happen in a science fiction movie.  Fast forward to now, we are still social distancing, still sheltering in place, and still hearing these horrific COVID numbers rising at staggering rates almost a year later! 

But what's important is that we will survive this. People are so resilient.  We adapt and learn quickly.  What I learned, and also reflected on this year, is that one needs to prepare for the worst at any given moment. Because you never know what may happen next. To do that, one needs to be prepared financially. Because face it, we still need to keep living, and we need to hoard our toilet papers (just joking!).  

Multiple streams of income has been something I've been pondering over.  A lot of people were furloughed at the beginning of this pandemic. A lot people are still furloughed, or have lost their jobs. The economy is going to take a while to recover from the losses a lot of the industries have suffered.  The sectors that were hit the hardest are retail business, restaurants, travel, and hospitality. A lot of businesses went under because they were unable to make rent. Many brick and mortar restaurants had to close their doors permanently.   However, I think closing doors don't have to mean they have to close their businesses. What if you take your business online, offer delivering, catering, take out? Find a niche that fits your clientele.  Or maybe you are someone who wants to venture into a new business. Specialty foods such as desserts, shave ice can be a very attractive business. 

Let's break it down -

1. Start up cost isn't unattainable - you don't need a set space because you can make it mobile by going to your clientele, or travel in a food truck, or deliver goods to customers. Cost of equipment and materials is very reasonable,  yet with a wide profit margin.  We've analyzed the probability of a shave ice before, refer to this in case you are interested in the actual numbers. click here 

2. low threshold for entry - you don't have to be a seasoned master to start the business. You'll need to do a little research, but it's not rocket science. 

3. flexible hours and times - it can be supplemental income on the weekends, or it can seasonal for you.  Better yet, it can really bring in income when you main job is at risk. You can be your own boss, and dictate the business model. 

4. relatively low stress - your customers generally are happy. You are providing comfort, I mean who doesn't like desserts or sweets? Or, even better, you are providing celebration food!  Happy customers equal to happy and profitable business! 

As we come to the end of this year, I hope we can all see light at the end of the tunnel. The silver lining is that we've made it this far, it can only go up. Sometimes, we need to taste the bitterness to appreciate the sweetness.  

If you are interested in starting a shave ice business. Please do not hesitate to reach out to us. Please stay safe and healthy. 




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