We are in the midst of a job revolution due to industry change and rapid evolution of technology. Exponential technologies like AI, robotics and automation are predicted to replace many jobs and new inventions will make old technology obsolete. The McKinsey Report states that 15-30% of jobs could be displaced by 2030.
However, it does not mean jobs will disappear entirely; they will be replaced by new jobs in new industries. In addition, the structure of “work” will change. In fact, it has already started. With “gig economy” jobs, like driving for Uber or delivering for InstaCart, traditional full-time employment is becoming less of the go-to standard, both for employers and employees.
What this means is that regardless of the industry in which you currently work, you would be wise to pay attention to changes in the marketplace and where your industry is going. Many people will need to re-tool their skills to pivot into new industries, as old ones fall away.
There is no need to panic though; we have been here before. And with each new wave of innovation, old technologies and industries have fallen away. But every single time industries have died, new ones have been born.
The electric refrigerator disrupted the ice industry. The gasoline automobile replaced the horse and buggy. In the same way, robotics are automating jobs once held by people, and smartphones have replaced the need for CDs, newspapers, books, magazines, cameras, calculators, GPS, and more.
Our grandparents’ generation tended to hold 1 job in their lifetime. Our parents likely changed jobs a handful of times. Today, holding a job longer than 10 years is uncommon. For our children, they are a lot more likely to hold multiple jobs or gigs at once than to have a full-time, long-term position.
So, what does this mean for you?
We believe it means that regardless of who you are, NOW is the best time to start learning how to play the game of entrepreneurship.
In fact, we believe that self-employment is the ultimate form of empowerment!
Even if you have no desire to be a full-fledged, self-employed business owner, starting a side hustle is the best way to capitalize on the opportunities of the growing gig economy and new trends in the marketplace while minimizing your risk of being in an industry that is disrupted.
TAKE YOUR FINANCIAL SECURITY INTO YOUR OWN HANDS: In an uncertain economy, the worst position to be in is depending on a paycheck from a company that could quickly become obsolete. Of course, you can adapt to a new industry or position, but an even better way to protect yourself is to find a way to make money on your own.
- No matter what happens in the broader economy, you have both a stream of income that you have control of.
- More importantly, you have the knowing within yourself that you are capable of creating an income yourself.
- LIVE LIFE ON YOUR TERMS: Even without the risk of rapid industry disruption, having a side hustle gives you more control over your time, your money and your quality of life.
- Being self-employed comes with it’s stresses and a lot of responsibility, but it also gives you back the power to determine your own schedule and how you spend your time.
- Creating your own stream of income means you are no longer limited to how much someone else feels your time is worth. The extra money can be used to enjoy life more or invest in your future.
- Even if your job is mundane and not fulfilling, a side hustle can help you make money doing what you love on the side.
There are so many reasons to develop a side hustle:
- Take back your power
- Increase your income
- Protect your future
- Get paid to do what you love
But there are also a lot of reasons people resist entrepreneurship. The internet is filled with business “gurus” and talk about business startups, raising capital, and ways to make money. Unfortunately, a lot of the tips are bogus or just not applicable. Plus, with so many options and so much pressure, it can feel complicated and overwhelming, not to mention expensive and time consuming!
The good news is that making money on your own terms does not have to be hard or overwhelming. In fact, there are literally hundreds of ways you could start making money TOMORROW in your spare time using easily accessible information and tools.
Technology: Technology has made it easy to plug into existing money-making gigs. Whether you want to create an online store or become a service provider for a gig employer, like Uber, all it takes is downloading an app or signing up for a website platform to get started.
Information: Google, YouTube and online courses make the tactical strategies and steps you need to know to get started easily accessible and either free or low-cost, so you do not have to figure it out for yourself. Learn from a mentor who has done what you want to do.
Freelancing: Regardless of your experience or skill (whether it’s designing, bookkeeping, writing, research, administrative support, or any form of expertise, there are websites like Upwork, Fiverr and many others where you can find opportunities to take on side projects or contract positions.
Local Gigs: You can serve your local community and make extra cash by offering services, such as tutoring, pet sitting, cleaning, yard car, or repairs.
Infopreneurship: If online businesses are more appealing to you, there are numerous ways to make money off information products. You can start a blog, become an affiliate, create online courses or write an ebook.
Monetize Your Stuff or Space: There are dozens of apps that allow you to rent or sell your stuff:
- Rent out a room in your house through AirBNB
- Rent your lawn equipment through MyEquipment4Rent or sports equipment through Sinlister
- Sell your designer clothes on ThredUp or Poshmark
- Deliver meals or people using your car through Uber or Instacart
There has never been a better time to become an entrepreneur, both because it provides security in a rapidly changing world and because the tools and resources are at your fingertips.
Whether you want to make an extra hundred bucks a month or plant the seeds of a business that can one day replace your job all together, know that your future is in your hands. You can do this!