More and more people are starting up side jobs to earn additional income. With that being said- I wanted to share this quick read by Kimberly Palmer:
“During the height of the recent recession, with new rounds of layoffs happening weekly, I realized something: The chances of me holding onto my current job for the next thirty-plus years was about as likely as me landing a spot on Survivor and actually winning the million dollars. I needed a back-up plan, or another source of income that would save me if my primary one suddenly fell through.
That back-up plan turned out to be my side-business of selling money planners on Etsy. Soon after I got started, I discovered a whole world of people doing the same thing – launching side-businesses to supplement their income. Not only does it provide greater income – and the incredible satisfaction that comes from creating a product or service that helps people – but it also works as a safety net. If our full-time jobs ever do disappear, our side-businesses are there to catch us.
Given those benefits, it’s no surprise that almost one-third of the freelancers on Elance.com also have full-time jobs, or that over 7 million workers, around 5 percent of the workforce, hold more than one job. Side-gigs are even more popular among young Americans: The Young Entrepreneur Council recently found that one in three millennials have launched one.
After interviewing over 100 side-hustlers, I learned that the successful ones tend to share these three traits:
1. They are intimately familiar with what motivates them, and it’s often something big: A new baby, a layoff, or another major life change. They use it to stay focused during the challenging parts of growing a side-business.
2. They pick side-businesses that leverage their existing skills, resources, contacts, and interests. Their ventures often enhance, rather than conflict, with their full-time jobs.
3. They keep their expenses low, which includes start-up costs. Since you can launch a side-business with very little cash by using existing infrastructure — freelance websites, e-commerce sites, blogging platforms, social media – you can usually get started for less than the cost of a nice lunch.
Building a side-business often starts off as a quest for financial security – but ends with much greater career satisfaction.”
Kimberly Palmer is the author of the new book, “The Economy of You: Discover Your Inner Entrepreneur and Recession-Proof Your Life,” and senior money editor for U.S. News & World Report, where she writes the popular Alpha Consumer blog. You can also connect with her (and download free worksheets along with pre-order goodies) at bykimberlypalmer.com.