Crush Economic Anxiety by Adding a New Income Stream
Employees are exhausted by the emotional highs and lows created by the latest economic update. How do you build financial stability so employment uncertainty doesn’t keep you awake at night?
Start building a side business today.
Starting a profitable side business always seems impossible until it’s done. Side hustles are trending, and large numbers of people are flexing their professional muscles with new small businesses. It makes sense given rising inflation, economic pressures, layoffs, and increasing levels of disengagement with traditional corporate jobs.
The most financially successful people are those that see opportunity in every difficulty. Has the idea of starting your own business on the side been something you’ve considered? A side hustle is sound risk management and is the largest trend I am seeing as a coach. As a Career Coach and Entrepreneurial Startup Coach, I hear time and time again, “I wish I had done this sooner”. Think you don’t have enough time? The reality is time will always be your most scarce resource but you can set the pace for developing your business if you do while bringing in steady W2 income.
If you have been contemplating starting a side business but have yet to take the leap, now is the ideal moment to do so.
Here are a few reasons why:
Financial Stability: If you only have one source of income, you are putting all of your eggs in one basket. For most people, if they lost their job, it would not be long before they would be unable to pay their bills and begin experiencing financial hardship. However, diversifying your income stream to include a side hustle that could cover your necessary living expenses would mitigate any potential significant financial hardship should you lose your job.
The Need For Additional Income: The extra income from a side business can be saved for a rainy day, creating a financial safety net or providing for things that would enhance your quality of life. As you age, you often have more financial responsibilities such as funding college educations, taking care of aging parents, a need for a new car, or a desire to put money into investments such as real estate, cryptocurrency, or the stock market.
Remote Work Culture: The pandemic shifted the way we work, with remote and hybrid work becoming the new norm. Are you making the most of the freedom and flexibility that comes with working remotely? Invest in yourself, your family, and your future by using the time formerly spent commuting to build a side business. The beauty of your own business is that you can set the pace on the build. How do you eat an elephant? One bite at a time.
Increased Support for Small Businesses: Following the COVID-19 lockdown, there has been a renewed focus on supporting small businesses as they were hit hard by the pandemic. Governments and communities around the world are stepping up their efforts to provide assistance and resources to small business owners. This includes access to funding, training, and mentorship. By taking advantage of these opportunities, you can grow your skills and knowledge, and set yourself up for long-term success.
You Don’t Have to Recreate the Wheel: Are you overwhelmed by what you believe to be the enormity of the task to launch a side business? Gone are the days when new business owners made all their headway by trial and error. The internet is laden with the advice of those that have gone before you, and many financial consultants and career coaches like myself have created programs that help you to create a launch roadmap and a strategic plan to scale from one transaction to many.
Technology Advancements: Advancements in technology have made it easier than ever to start and grow a side business. There are countless digital tools and platforms available to help you manage your business, reach new customers, and streamline your operations. These technologies have leveled the playing field, allowing small businesses to compete with larger companies cost-effectively.
Personal Development: Starting a side business is not just about financial gain; it can also be a great way to develop new skills, build your network, and increase your confidence. By taking the initiative to start a side hustle, you will be pushing yourself out of your comfort zone, learning new things, and developing a new set of skills. This personal growth can have a positive impact on all areas of your life, including your career, relationships, and overall well-being.
Flexibility and Adaptability: Side businesses are often more flexible and adaptable than traditional businesses. They can be started on a shoestring budget and run from home, making them ideal for professionals who have limited time and resources. Think strategically. If you start now and start small you will have the infrastructure necessary to scale your business should your financial situation require it or the business can be adapted to meet your changing cash flow needs including a short-term period of ramping up or ramping down. Don't wait for a job loss as a trigger, as that is when your stress will be at an all-time high.
More Autonomy and Control: If you have spent years working for someone else, following someone else's rules, and dealing with office politics, you may be chomping at the bit to stretch your wings in an arena of your own design. Starting your own business or side hustle gives you control over your work and allows you to create your own rules. You can decide when, where, and how you work, and you have the autonomy to make decisions that align with your values and goals.
Professional Growth: “When you stop growing you start dying.” The world is radically different than it was even 5 years ago. To survive in the current job market you need to grow and change as well. The skills and knowledge developed while starting, running, and growing a side business can be added to resumes and used to demonstrate a wider range of capabilities and expertise. Your side business will help you achieve an entrepreneurial perspective and growth mindset which will set you apart from your competition and benefit you in your 9-5 job. Continued professional growth is one of the primary factors that increase confidence, resilience, and adaptability. “Formal education will make you a living; self-education will make you a fortune.” - Jim Rohn
Pursue a Passion: Does your current career still challenge you and create a feeling of fulfillment? Honor your personal and professional career evolution by taking the opportunity to explore something that aligns with your interests and provides a sense of purpose and fulfillment. Perhaps you have a hobby you would love to pursue but it felt a bit frivolous to do for fun. Turn that passion into a business.
Expand Your Network: The stronger and bigger your network is the more opportunities you will be exposed to and the greater your source of support as you navigate the employment landscape.
Build Generational Wealth: Start a side business to model resiliency for your children and create a legacy. The newest generations are drawn to creating their own opportunities and refusing to be limited by parameters defined by others. Not every child will be drawn to entrepreneurship but wouldn’t it be great if they were and you had something to pass down to them?
I believe that there is one true definition of success. Being able to spend your life your own way. Be the architect of your future, and build the resiliency and security to eliminate financial vulnerability and fund your dreams. Dream big, start small, but most of all….just start.
Start building your side hustle today! Check out my Entrepreneurial Startup Coaching Program, or Book a Consult. Let’s start the journey! You will be so glad you did!