“Having more than one stream of income is a safer bet because it insulates you if the other one dries up.”
YOU’VE NEVER HAD MORE REASONS FOR STARTING A SIDE HUSTLE THAN NOW
It’s pretty obvious that today’s job market is getting shakier. Layoffs at Twitter, Amazon and Meta underscore that fact. In fact, the situation reminds me of the book “Who Moved My Cheese” by Spencer Johnson, M.D.
In it, Johnson tells the story of 4 characters: two mice (Sniff and Scurry) and two little people (Hem and Haw). It is a parable on how we react to change. You see, they went out every day in a maze to find cheese that always seemed to be there and would never run out.
But one day Sniff and Scurry noticed the cheese was disappearing. The handwriting was on the wall: the cheese would soon run out! They had a choice to make. They could trust that miraculously the cheese would be replenished by a benevolent and unseen person, or take matters into their own hands and find another source of cheese.
Long story short, Sniff and Scurry got uncomfortable and ventured out into the maze to find a new source of cheese. Hem and Haw chose to stay put in their comfort zone. I don’t have to tell you that Sniff and Scurry continued to eat, while Hem and Haw went hungry.
Well folks, the cheese has moved on all of us, whether we realize it or not. The job terrain has shifted beneath our feet and it won’t be going back to normal. Up to 40% of lost jobs will not be coming back. And the jobs that remain will not be as secure, being more prone to furlough when another pandemic swings our way again. And the medical experts all agree that another pandemic is bound to be in our future. More of us will be working from home, and social distancing looks like it’s here to stay, more or less. That begs the question: What are you going to do to safeguard your income? Making the decision to start a side hustle might be just the thing you need to do right now.
Well, it is obvious to me and a lot of other folks that having more than one stream of income is a safer bet because it insulates you if the other one dries up. And if you are still working, how secure is your job and do you have a plan for maintaining your income if your job were to go away tomorrow? If you’re looking for work, how secure is the field you are trying to get into? Wouldn’t you like to have more control over your financial future?
The good news is you have options! You can lay the groundwork for a more stable income by starting a home-based business. I’m talking about a side-hustle that you can start up in your spare time and build until it replaces your current income. Or ramp up if your day job goes bye-bye. You can choose from distance learning, a cleaning service or maybe even a mobile dog washing business. Heck, you name it!
Sadly, though, people give all kinds of excuses for not starting a business of their own ranging from fear and uncertainty over loss of income and benefits, to being comfortable in their current situation. If you are still wondering whether or not starting a side gig is a good idea for you, let me share with you 5 reasons why it just might be the right thing for you to do now.
REASON TO START A SIDE HUSTLE #1- GREATER CONTROL OVER YOUR INCOME
As an employee, your boss controls how much money you make and when you will make it. When you call your own shots, you decide your salary and you can give yourself a raise by working harder, raising rates or cutting expenses. In short, you decide how much you get paid, not some dweeb with a pocket protector and calculator, or ungrateful boss, who has no clue what you do or how much value you bring to the table!
And if you had a side hustle in addition to your full-time gig, when the boss tells you your services are no longer needed, well, you have another stream of income to fall back on. Sounds like a pretty good reason to me.
REASON TO START A SIDE HUSTLE #2- GREATER CONTROL OVER YOUR TIME
How many times have you had to go to your boss, hat in hand, to grovel for some time off? I’m guessing more times than you’d like to remember. The good thing when you run the show is you decide when to come into work, when to leave and when to take time off. You can also rearrange your schedule at will to have greater quality of life when, say, your kid’s recital comes up or you have a doctor’s appointment.
REASON TO START A SIDE HUSTLE #3- MORE FAVORABLE TAX CONSIDERATIONS
When you work for someone else, you pay taxes at a set rate and there is little you can do to change it. But when you own a business, even a part-time, home-based one, you open the door to all sorts of legal write-offs. Like for travel, office/electronic equipment, food and cell phone bills. You can even write off a portion of your mortgage and utilities for any dedicated space you use as your home office!
Those savings can really start to add up and they are the things rich people use to avoid paying as little in tax as possible, thus holding onto more of their wealth than the everyday working stiff.
REASON TO START A SIDE HUSTLE #4- GREATER CAREER SATISFACTION
How many times has the alarm clock gone off and you dreaded prying yourself out of the bed to go to a place you don’t want to go, to do work you don’t like and to work with people who get on your last nerve? I know it has happened to me more times than I can count. A recent study showed that at least 70% of Americans hate what they do for a living.
When you own your own business, you can decide to work from home, doing work you love while only working with people who you actually like. How’s that for job satisfaction?
REASON TO START A SIDE HUSTLE #5- YOU CONTROL HOW YOU INTERACT WITH THE PUBLIC
In today’s climate your employer may require you to place yourself at risk by coming into contact with people in high-risk situations that can expose you to Covid-19 or any other infectious disease. And you have very little say in the matter.
When you work for yourself, you get to pick work that is done entirely online or in such a way that your exposure to the public is kept at a minimum. That didn’t matter too much in the past, but now it matters a great deal!
Those are just 5 reasons to start a side hustle, and I could give you many more. The point is, isn’t it time you took a greater look at starting your own business so that you own your job rather than your job owning you?
Thanks for reading! If you want tips on starting a side hustle, or handle your money more wisely, follow my blog at www.IntentionalMoneySolutions.com. You can also schedule a free discovery coaching session with me there. In the meantime, stay safe out there and enjoy life and your loved ones more than ever, because both can be taken away in an instant. All the best!
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