You said you aren't just looking for financial independance in the future, but also a source of income now. If that is the case, you need both long-term value investing principles, and short-term technicals. It depends a lot on how much capital you have to work with. If you are only investing in $1000 increments, even brokerage fees of less than $10 a trade will seriously reduce most short-term gains.
If your starting capital is less than $10,000, my advice is to keep all your eggs in 2 or 3 baskets, and throw diversification to the wind until you have more to invest. You say you already have a company your research has identified, and I'm assuming that means you feel it is a solid company with future growth opportunities, and that you feel the company's stock is underpriced.
I would split my capital into thirds. If you feel the company is underpriced, I would use the first third to buy the stock now as a one year or more hold depending on how the companys future unfolds. Use the 2nd third to trade off of volatility in the same stock. Volatility is your friend. Use technical analysis to identify trends and trading ranges. The 1st third of your holding will appreciate if the market eventually agrees with your research assessment. In the mean time, the 2nd third will help you lock in gains and minimize losses right now.
Be patient with the final third. Wait for the stock to break out from its trading ranges before committing it. If it is a break on the upside, get in and ride up to the new trading range, then get out. If the stock breaks to the lower side, wait for a new trading range to be established first, and re-evaluate the company. If nothing has fundamentally changed about the company, you can use the final third to lower your cost-average of the 1st third.
Finally, if you have some success with this, research options trading. You can both hedge part of your investment to protect yourself, and add income right now. Options gains can potentially outperform (on a percentage basis) any common stock purchase you will make. But you have to know exactly what you are doing before you get involved with them.