Creating multiple streams of income is one of the fastest routes toward accumulating wealth
Let’s start with the most basic reason as to why you’re probably thinking about starting a side business: more money! CNBC reported on a recent poll conducted by The Hartford studying the number of Americans with a side business and the reasons behind why they started them. Out of 4,135 people polled, 1,033 of them had a side business, and 72% of those said they did so specifically for financial reasons.
There are plenty of us who don’t make the money we REALLY desire from our day job, and developing multiple streams of revenue is a great way to ensure that you are not overly dependent on any one venture. Pro tip: Of those surveyed in the above study, only 7% of them were pursuing their side business because it was their passion. If you are creative enough to turn a passion into a lucrative opportunity, then you will make extra money AND enjoy yourself while doing it (which leads to more effort, more engagement, and usually more cash).
- You don’t have to quit your day job
Most of us have more time than we think, but only if we are honest with ourselves. If you are happy with your current financials and relationships, then this point isn’t for you.
However, just as Gary Vaynerchuk has preached for years, this point needs to hit home for those of you who are COMPLAINING. If you are complaining that you don’t have enough money, and THEN say you don’t have any time to fix it: there lies the issue.
If you’re married with kids, of course, they should take priority! Spend time with your husband/wife, take your kid shopping or to a sporting event or whatever it is that you do to spend quality time together. That doesn’t change!
What does change? 2 hours of Netflix every day. Hours spent scrolling through Facebook, Twitter, Instagram, Snapchat, YouTube, etc. Hitting snooze 7 times every morning.
What are you doing from 8 PM to midnight every night? What are you doing on the weekends? Whatever your answer to those questions is isn’t inherently right or wrong, but it’s all predicated on what you want. Figure out what you want in life, and then set up a system for yourself which is conducive to your success. You can do it part-time, without quitting your day job!
- It’s easier now than 5 years ago
And 5 years ago it was easier than before that, etc. etc. The point is that it’s 2019, and you have such an unbelievable opportunity to grow your side hustle on the internet. Want to start selling homemade jam? Start a Shopify store, spend a few hours designing your website (without any previous experience or knowledge of coding), and then list your products! Develop social media accounts targeted toward your main audience, and provide them value daily so they learn to love your brand, and more importantly, you!
Want to become a voice in the sports world? Start a Twitter account along with a blog, and commit to posting one blog per week (Yes, you can do this. I promise). Then, start spending 1-2 hours on Twitter everyday commenting on every big athletic event to happen that day (or week). Check the trending page, and go for it!
Neither of those ideas cost you one single penny, just time. Don’t think you have enough time? Please re-read point #2.
- Starting a side business gives you an opportunity to pivot
If you are not currently running your own company, then starting your own business will most likely allow you to develop a certain skill set which you did not previously acquire through work. Owning your own company requires a much different mindset than a person who has worked for others their entire life.
Not to say that one is better than the other, just simply pointing out that they are different. As you begin working for yourself on the side, you will begin to develop new skills, traits, and communication abilities you did not have before. As this happens, you grow as a person, eventually making yourself more marketable and valuable.
You can use this marketability to your significant advantage. If your side business is still small, you can use these newly developed skills to ask for a raise or promotion, or perhaps even move companies for higher pay/benefits. Or, if your business has developed some substance, you could have the beautiful opportunity to quit your job altogether and work for yourself. Again, this is all predicated on what you want in your life. Everyone is different, and starting a side business can have a wide array of end results which suit each of your financial, physiological, and psychological needs.
- Life is too short to do things you hate
With modern technology and medicine making great advancements in our society, along with an increased understanding of anatomical and nutritional science, we are living longer as a species. Living to be 100 is much less significant of a feat now than it was in 1950.
But how “short” is 100 years? How many years have you already lived? How much of that time have you already wasted on things that didn’t matter? How many times have you discussed with friends and loved ones that time seems to “slip away?” I’ve heard this conversation many times, and everyone seems to agree in unison that time is an extremely fleeting commodity.
What’s even scarier? You only get one shot at this thing called life.
Luckily, that thought doesn’t have to be scary. In fact, I’d argue that it’s empowering. The moment you truly accept the fact that you only have 1 life to live, and as soon as you realize that tomorrow doesn’t have to look like today, and as soon as you realize that other people’s opinion should not affect your happiness or success, you will have the tools you need to be successful.
For those of you that are happy with your life: congratulations, you have won. Happiness is the end goal, the “ROI” if you will. However, for those of you who aren’t happy with your current circumstances, take a serious look at your life and decide what you want. Then, if a side business will help you reach that goal, make it happen!