Lemonade stand

Side hustles are a part of the modern economy. It seems like these days just about everyone is an Uber driver or freelance writing or teaching something on the side. Obtaining income from more than one source is simply the norm in today’s world. It leaves a lot of people wondering what the future will look like. In fact, even those who have what might be considered “secure” jobs are interested in some side gigs. The following are a few of the reasons why.

Bags of money1) Income Security

Just because a person is a senior executive today does not mean that they can’t be a nobody tomorrow. It seems hard to imagine for those in those positions at the moment, but there is always the possibility that the company will not survive into the future. You have situations like Enron, Blockbuster, and others that have disappeared from the face of the Earth. At one point in time, each of these companies seemed unstoppable, but now they no longer exist. If someone was a senior executive at one of these companies, they would surely be happy to have some side income from another source.

Develop New Skills

Side jobs can teach valuable skills that go into work at one’s main job. Additionally, if one learns skills from their side job, they may be able to add it to their resume for the future. Thus, when they go to look for other lines of work going forward, they will have more talents than they did before.

Reach Out To Others

Networking is not just about making social friends, it is also about building up a professional network that can help you when you go to look for work. Side gigs provide an excellent opportunity to meet people who have some of the same talents and interests as you do.

A senior executive might consider a side gig that involves them traveling around giving lectures or something of that nature. If they are traveling and meeting people, they end up with a greater portfolio of people from which they can tap in the future. Networking is not a one-way street though. It is important to make sure to provide the other individuals with the ability to gain something from working with you.

Expand Your Income

A side gig does not have to be something that you do just to earn extra pocket money. That might be how it starts out, but sometimes these things can really take off. The number of senior executives who have taken the opportunity to use their side gig time to start a new business or venture is enormous. Those individuals have sometimes seen those businesses take off and generate a whole new income for themselves.

These days it is easier than ever to get something started on the side. That could be a podcast, a blog, or any number of other creative things that draw in an audience and help bolster the income of the senior executive who gets it started. As such, side gigs can in fact be hugely profitable in more than one way.

 

Article Source: https://hbr.org/2017/11/even-senior-executives-need-a-side-hustle