Right now, I’m splitting my time between being employed (four days per week with Moodle), my consultancy and the co-op which I co-founded (one day per week combined). In other words, I have more than one income stream, as this article suggests:
Having multiple income streams can come in handy if one income stream dries up. After two years in business, I’ve learned that you’ll always have peaks and valleys. Sometimes everyone is paying you, and sometimes your lead pipeline can look barren. I started a marketing and PR agency and spent that first year working my startup muscles: planning, strategizing, defining markets. If I hit a slow month, I kept working those same exercises. While it helped grow my business, I sometimes needed an intellectual rest day.
People who have only ever been employed (which was me until three years ago!) wonder about the insecurity of consulting. But the truth is that every occupation these days is precarious — it’s just hidden if you’re employed.
This is a short article, but it’s useful as both a call-to-action and to reinforce existing practices:
Developing a secondary income stream is easier than you may think. Think about how you like to spend your off hours and research potential markets. Maybe you’re really good at explaining something that is a difficult concept for other people–create a course on an on-demand training site like Udemy or Skillshare.
In general, we think more people are paying attention to us than they actually are. Your first endeavour doesn’t have to set the world on fire, be a smash hit, or a bestseller. The important thing is to get out there and provide something that people want.
Through volunteering, putting myself out there, and developing my network, I haven’t had to apply for a job since 2010. Also, with my consultancy, it’s all inbound stuff. Some call it luck but, as Thomas Edison is quoted as saying:
Opportunity is missed by most people because it is dressed in overalls and looks like work.
I’d add that knowledge work doesn’t look like work. But that’s a whole other post.