How Career Professionals Can Find Success with a Side Business
You probably daydream of planning for your future, obtaining financial freedom, and doing the work you love. You’re not alone here. These are some of the main reasons people start looking for other ways to make money and consider starting a side business. They want to be happy, and they want to be financially secure. Feel familiar?
In the past year, we’ve seen an explosion of side business growth. CNBC reports, that 44% of Americans report working at least one extra job — in addition to their full-time employment. On top of that, it’s become common to work at multiple jobs over their lifetimes and switch companies frequently.
Having a side business can help make transitions to a new job smoother and allow people to choose jobs they want to work, even if it’s for slightly less pay, rather than jobs they have to work.
As a professional, your primary employment source takes most of your time and energy, which makes taking on an additional role sound impossible.
Here are some reasons that starting a side business is a good idea — even if you already have a professional career.
#1: A Side Business Offers Income Stability
A major benefit of having a side business is it brings in extra income. And bringing on additional income helps you become more financially stable and maybe even afford some of the “extra” things in life.
Having a side business helps hedge a risk if your seemingly stable career becomes not so stable.
When you diversify your income sources, you build a layer of financial protection in case of a layoff or reduction in the workforce.
Even a part-time side business provides you with a position that can be ramped up if needed. Rather than starting from scratch without any prospects, those with an established side business in case their career needs to take a new direction in the future.
#2: Side businesses allow you to take chances
When you already have stable job income, starting a side business feels less risky because you have something to fall back on. Let’s say you try something new like starting a blog. There’s less room for failure because you can ‘just see where it takes you’ rather than depending on the blog for a living.
A side business helps ease the pressure of performing because it doesn’t have nearly as high stakes as your full-time job. You can take chances with your side business and see if they work out. Taking one small chance may change your life.
#3: You’re the boss of your side business
Daily grind, uninspired, underappreciated… call it what you will, people often find fulfillment in becoming their own boss and building a side business. In this space, you’re in charge, and the “purpose” and “meaning” you gain fill you with a sense of confidence and power. People often say their side business has helped them in their primary career.
Knowing that you have other options makes you feel less stuck, affording you more negotiation tools when it comes to navigating raises, promotions, and workplace dynamics.
Even if your side business is never more than a few hours a week of attention, the fulfilling nature of being your own boss has an all-around positive effect. You’ll feel it spread out across the other areas of your life.
#4 A side hustle for women is important
If you’re a woman trying to make her way in the world, you know that it can be a tough gig. You’re balancing your family life, your work life, and the all-important “me” time, —which is especially difficult when you’re still trying to find your footing in the workplace.
So what’s a busy woman who’s looking for some extra income to do? If you have a skill or talent that you can monetize on the side, it’s a great way to bring in some extra cash without putting too much pressure on your time or energy levels. You can start small and see how it goes before committing yourself to anything too major — but if it works out well for you, you might be able to turn this into something more substantial down the road.
Examples of side businesses for professionals
What does a side business look like for a professional? Well, the answers are almost endless!
As you consider crafting a side business of your own, here are some approaches to take.
Lend Your Expertise to Others
You have a specialized skill set and have been trained in a field that most people don’t understand. You can fill this gap by providing consulting services, ghostwriting content, or creating training modules. You can train those who are newer in your field or teach people who don’t want to be experts but want to know just enough to get by.
Follow a passion outside your field
Professionals often get hyper-focused on their field. You’ve spent years training to get your skills, and the focus can turn into tunnel vision. You have other skills like photography, baking, sewing, and painting. Your skills can be the ticket to a meaningful and fulfilling side business. Turn your love of animals into a dog walking gig or green thumb into a lucrative business selling houseplants. These are just a few.
Think outside the box for passive income
A little extra financial padding from a side business can help you reach financial stability in non-conventional ways. From turning a vacant property into a thriving Airbnb to renting out your swimming pool for events.
This kind of passive income can become a small business that offers you flexibility and financial freedom without dipping into the time you need for your primary employment.
A side business contributes to your future, your retirement. and your legacy
The bottom line of understanding the power of a side gig for a professional is that it’s about your future. No one can predict what tomorrow will bring, but putting your eggs in more than one basket will give you the tools you need to take the unexpected in stride. When you have multiple paths to take, you’ll feel less anxious about any one particular outcome. Making a conscious decision to take control of your future is empowering.
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