In an ever-changing work environment, it is paramount to keep your skills sharp. It’s also prudent to vary your income streams. Relying on one paycheck from a traditional employer isn’t always the best strategy. In an era of mergers, acquisitions and cutting costs, you need to be resilient and maintain contingency plans. That’s why side hustling should be an essential component of your career path.

Not everyone should quit a full-time job and become a consultant. Rather, keep that bi-weekly paycheck and your employer-sponsored health plan – and supplement your income with a side hustle* by making money outside of your 9 to 5 job.

Look at the Data

Millions of people in the U.S. and Europe hold down more than one job. Below are the findings from Independent Work: Choice, Necessity and the Gig Economy. The Mckinsey Global Institute conducted a survey in the U.S. and Europe and found that 20 to 30 percent of the working-age population is engaged in independent work. The McKinsey Global Institute divided these workers into four categories:

Free agents — These freelancers consciously pursue gig economy full-time. Free agents represent 30 percent of independent workers in the U.S. and Europe, numbering around 49 million.

*Casual earners — These are professionals who freelance to supplement their primary income. These part-time contractors number around 64 million, representing 40 percent of the contingent worker population in Europe and the U.S. (Take note: side hustlers – this is you.)

Reluctants — These are like full-time free agents, but not by choice. Reluctants were either laid off or discouraged from obtaining traditional employment. They derive their primary income from the gig economy. They number around 23 million, accounting for 14 percent. (The 55+ worker is often unwillingly in this category.)

Financially strapped — Similar to casual earners, these workers look for gig economy opportunities out of necessity rather than choice. They freelance because their expenses are greater than their primary income. Financially strapped freelancers could number as many as 26 million and account for 16 percent of the contingent workforce in the U.S. and Europe.

(Source: https://nation1099.com/gig-economy-data-freelancer-study/)

Find Assignments That Hone an Unused Skill

At my former full-time job, business development was my primary responsibility. I found opportunities and made connections. I really enjoy writing. But my day-to-day activities involved very little meaningful writing. When I side hustled, I gravitated toward these gigs.

Others in my field provide proposal writing, lead generation, strategy plans, photography, creating marketing collateral, brand discovery and interview preparation to their side hustle clients. Choose something in which you excel and enjoy.

Create Financial Independence

Plan for the worst and hope for the best. In the event your full-time job disappears, you will have an established pipeline with a side hustle.

Mergers and acquisitions create staff redundancies. There are reports of companies that appeared to be conducting regular business on a Friday, while they closed over the weekend. Employees were blindsided and couldn’t collect unemployment since the entity was no longer in business. Back-to-back blizzards brought my city’s commerce to a halt and forced some businesses into free fall. Accountants couldn’t get to the office to cut checks, and banks weren’t open to accept deposits. During this harsh winter, the company I worked for almost shut down.

With most full-time jobs, your income is capped. Recent studies conclude that full-time workers receive smaller and smaller yearly increases. If you’d like to make more money, you often can’t rely on salary increases and bonuses from your full-time job. You’ll need to develop additional lines of revenue.

Experiment in the Gig Economy

By freelancing, you’ll develop the expertise to succeed in the gig economy, which some economists predict is the future of many knowledge-based employees. With a steady paycheck from your full-time job, you can take the time to experiment, stretching your skill set. Most importantly, you can create your own path. There is no “one size fits all” in the gig economy. Experiences vary from person to person.

You will need to invest time to a new venture. If you haven’t identified a side hustle, there are many resources. I’ve enjoyed Chris Guillebeau’s daily podcast, Side Hustle School (www.sidehustleschool.com)  since its debut in early 2017. Each episode is less than 10 minutes and provides insight on creating an additional income stream.

Most likely, there isn’t a perfect time to start side hustling. Just get started. You never know what the future holds.

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Over 44 million Americans have a side gig, and the average side hustler earns more than $8,000 annually. Many are unsure about when to open a dedicated business account. Check out this article from Bankrate to determine when you should open a business bank account: 6 Signs Your Side Hustle Needs A Business Bank Account | Bankrate

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