Opinion: The benefits of diversifying business income streams

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Anna McNamara believes that other caterinq equipment dealers could also supplement their income with forex trading.

Anna McNamara, MD of Catering Equipment Solutions, discusses how business owners can adapt to survive within the current climate:

If anything is going to refocus us, last year will surely be the catalyst. As a company we decided before Covid-19 had taken hold to move our business to a more service-based offering and to move away from large scale projects for several reasons.

These were: level of finance risk and exposure, profitability, level of staffing skill required, and the salaries tied to that skill and experience. Due to this shift we were able to continue working in some of our sectors, and once the initial lockdown moved to take away, we again were able to operate, albeit at a lesser degree.

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However with staff on furlough, costs were covered somewhat and I had to personally step in to manage the workflow along with one other staff member. This was an eye-opener and a very valuable period in terms of looking at processes, profitability, software development to eliminate long winded manual inputting and general efficiencies.

So that was general business, but as we approached lockdown, I was invited to join a forex trading platform by my brother Dominic who had been to a conference on Necker Island with Richard Branson in December 2019, along with a few of his colleagues that were part of a networking group. Whilst there he became friends with someone who is now at the director level of this forex platform and he approached Dominic about it in February and after doing his due diligence he decided to get involved. He joined in March and invited me to do the same. I am pretty risk averse as an individual, however I trust Dominic and he had helped me trade on another platform previously and so I decided to get involved.

I purchased a $5,000 contract in March and through the platform trading for me I have now seen a trade return of $27,000 (this is through initial investment and reinvestment of profits). I am delighted and this has helped me personally to start building a passive income away from CES.

The platform is based on two parts, passive only where individuals can invest and allow the platform to trade on their behalf and return a profit on that investment. Our banks do this with our money already and see returns of 50%-70% per month, of which we see zero profit.

So this gives an opportunity to everyone to invest anything from $300 up to $100k and see their investment grow. Funds are available to withdraw every week at the end of the trading week, so every Saturday payday comes along, and I withdraw the profits into my digital wallet ready for me to spend. For some this is sufficient, and they are happy to take the rewards of investing and allowing the traders to trade.

The other side of the business is multilevel marketing/network marketing which allows the members of the platform to invite others in to invest and coach them to learn the platform.

Although multilevel marketing has been controversial over the years, this industry has actually created more millionaires than any other type of business. You will be familiar with household names of companies that use this method to market their products by having independent agents working to sell and build teams for that company. These include Body Shop at Home, Avon, Herbalife, Juice Plus, Scentsy and Kleeneze.

This platform is massively different from the traditional network marketing as it is a digital-based investment. Everyone that joins starts to make money straight away from week one and continues to make money with no monthly membership fees or any purchasing of minimum amounts. As you have invested your money and you see a return, you want to invite others in to help them make money which to me is a win-win. You are compensated and have an opportunity to make an income by helping others do the same.

Tags : catering equipment solutionsIndustry Expertopinionvoice of the industry
Clare Nicholls

The author Clare Nicholls

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