Accountant and CEO of Design Your Wealth Limited, Nicole Barham, says entrepreneurs must create passive income streams for their businesses. 

“Whenever you’re running a business make sure that at some point you’re making money where you’re not connected to every single dollar,” she said while speaking on Taking Stock with Kalilah Reynolds.

Barham launched her service 5-Minute Bookkeeper in 2020, during the pandemic. 

5-Minute Bookkeeper is a do-it-yourself accounting system that helps entrepreneurs stay on top of their finances. 

A veteran in the accounting field, having worked for the Jamaican, American, and Canadian governments for over 20 years, Barham said she created the programme for herself, after falling behind on the finance side of her businesses.

“I’ve always done something on the side some kind of side hustle, so I started dabbling in online marketing dabbling and some online businesses. Then it got to the point where one of my businesses was doing really well but I wasn’t managing the finances, so I got myself in some issues where I really had to dig myself out,” she admitted.

She added that she used her accounting knowledge and systems development experience to create a simple, quick and easy-to-follow accounting system that could keep her on track.

“Then I was like, there have to be other people out there who need this help! And I wanted to do that. I wanted to use my accounting skills to help other people who were struggling, not being on top of their finances,” Barham said.

In the three years since launching, Barham has turned her company into a multi-million company, being featured on Good Morning America and Time Magazine online. She has also helped hundreds of entrepreneurs who don’t have the resources to hire a full-time accountant.

But with all that success, the CEO said she believes making time for self-care is a crucial part of maintaining her company’s success. This is why she insists that a company must have passive streams of income that allow the owner to self away to rejuvenate.

“Right because if you’re going and going you’re gonna burn out. That’s why I made sure I created a digital product that could be selling even if I’m not around,” she said.

“I was visiting my grandparents in Jamaica recently and we were at a little shop in Junction when my phone pinged. I made a US$2000 sale while on the countryside, on vacation, hanging out with my family,” she said.

Barham added that most businesses can create passive income streams.