JMMB Helps Individuals to Discover Money Making Opportunities
In light of the economic downturn and the shutdown of some businesses and industries, and the uncertainty in the economic climate, due to the far-reaching impact of COVID-19, individuals are clamoring for new ways to financially sustain or bolster themselves, even as they await a complete economic recovery. In response to this need, JMMB Group, in one of the recent episodes of its JMMB Goal Getter Live webinar series, sought to share practical pointers to empower and guide individuals in navigating this crisis, by delving into income-generating opportunities.
Though not promising to create overnight millionaires, Kalilah Reynolds, business editor at Nationwide News Network and executive producer of online business programmes, alongside Yaneek Page, programme lead for Market Entry USA and certified trainer in entrepreneurship, shared these three key takeaways on money-making opportunities, during the lively webinar session: create partnerships and innovation; invest in yourself by up-skilling and identify passive income sources.
Page noted that the current economic climate requires that budding entrepreneurs exercise caution and take calculated risks, in creating new ventures and/or expanding existing businesses. She also acknowledged the chance to explore money-making opportunities, through innovation, by engaging in a needs assessment exercise to better understand the current market and clients' ever-changing needs in the crisis. The certified trainer said, “Look at what is relevant right now and position yourself in those areas,” while cautioning to take a bite-sized approach; “choose one market at a time, so that you can understand that market fully, when entering. Build your credibility there (in that market) and then you are able to leapfrog from there, into other markets.” Kalilah Reynolds also advised persons to explore partnerships and dealer services, to increase reach into international markets, illustrating a case of the recent exportation of toilet paper to the USA, and a Jamaican businessman who helps Jamaican businesses to get their products on Amazon and other e-commerce sites.
In sharing her top picks of areas with growth potential in the current economic environment, Page highlighted: digital transformation, cyber-security, online teaching, content building and tech support. The entrepreneurs underscored the need to up-skill oneself with online courses, some of which are free and honing one’s soft skills, namely: problem-solving; critical thinking; effective communication; empathy and creativity. Reynolds underscored, “Find a way to incorporate creative skills with product solutions,” as she noted that creativity is a key differentiator in the digital age and surviving life, after COVID-19. The serial entrepreneurs advised that by being agile, up-skilling, using online resources and utilizing productivity platforms, persons can transform themselves during this crisis and, thereby, thriving in this crisis. Both speakers endorsed gig sites and social media platforms, such as Fivver, Upwork and LinkedIn, as they create a great way to showcase one’s added skills and positions you for employment opportunities, in addition to boosting one’s earning potential.
Another key avenue for money-making opportunities shared by business journalist, Reynolds, is passive income, which she defines as “income when you siddung (sit down) and collect, usually after some initial investment of time or other resources.” Among the options of passive income to explore, are: affiliate marketing; real estate rental; investments in bonds and equities; and royalties from creative material. In order to maximize the benefits of these additional sources of income, Kalilah shares, “you need to be smart and intentional.”
Admittedly, the journey of transforming oneself may seem daunting, however it begins with the first step. Page gave insight into getting started, with the simple nugget of researching the need and possible solutions. In giving practical pointers she said, “Talk to people around you and ask for support; tap your networks to explore opportunities and needs and to broaden your (market)… (and) ask your customers about their needs and see how you can better meet their needs.”
Yaneek left the over 300 live participants on a high note, and challenged the individuals to maximize their skills/ talent by asking themselves, “Are you currently utilizing your skills to get the best returns, and, if not, how can you?”
Kerry-Ann Stimpson, moderator of the webinar series and chief marketing officer at JMMB explained, “We are encouraged by the positive feedback we received from this online session, as we realized that, in addition to reducing and/or better managing expenses, there was a need to support individuals in exploring additional or new sources of income, while navigating this crisis – in keeping with our possibility-mindset, as a company (JMMB). “
The JMMB Goal Getter Live series of webinars aim to give hope, lend expertise and share solutions that will assist clients and the wider public, to navigate the COVID-19 crisis; and will serve as an avenue to address a cross-section of topical issues. Thus far, the series has explored a range of topics, including: “Managing Your Cashflow as an SME During COVID-19”; “Keeping Your Investments on Track During COVID-19”; “The Future You - After COVID-19”; “Personal Money Perspectives”; “Budgeting Essentials & Money Management”; “Home Schooling and Balancing it All” and “Discovering Money Making Opportunities.” Marketing exec, Stimpson, also shared, “this online series underscores JMMB Group’s commitment to being in our clients’ world, with their best interest at heart, and has been welcomed by our clients and online JMMB family, many of whom look forward to the weekly webinars.”