As the COVID crisis takes a hold of our economy, many of us are feeling more uncertain about our jobs that ever before. With over 835,000 jobs lost up to mid-June, the unemployment rate soaring to an uncomfortable 7.1 per cent and talk of a looming recession becoming more frequent, there is no doubt that many Australians are beginning to look outside the square to secure their economic viability.
Let’s divert our attention away from economic downturn and to these major companies for one second. Apart from being some of the world’s most recognisable companies, what else do Netflix, Airbnb, Microsoft and Revlon have in common? They are all bound by one key fact – these successful companies were all started during recessions.
If some of the world’s greatest companies can evolve from side hustles begun during recessions to become global stalwarts, what does that mean you could do with a fledgling idea for a potential side hustle?
These successful companies have shown that even though Australians are facing significant economic downturn, recessions can prove to be a great time to start your side hustle. Having multiple streams of income is a solid way to ward off economic uncertainty and become recession proof.
When approaching side hustles, it is important to remember that it doesn’t have to aim for the stars – you can use your side hustle as a supplementary form of income to your main source of revenue, allowing to build an extra reserve of funds that could combat economic uncertainty should your primary earnings fall to the wayside.
If you have been toying with the idea of side hustle for some time, now is a great time to capitalise upon general uncertainty and take the plunge. Many other budding entrepreneurs are likely to pull their hats out of the ring in times of economic downturn, citing fears of lack of investor funding and loss of money. However, keep in mind that there is always going to be someone out there who is looking to invest in an idea that has the potential to change the game – even when the economy is struggling. With large swathes of your competition choosing to play conservative and sit this round out, there emerges a stellar opportunity for you to pitch your side hustle to a range of willing investors.
Just what should your side hustle be? If you’ve got specialist skills or highly sought-after knowledge, utilise it and watch companies flock to your niche expertise. Got a hobby that has revenue potential? Start selling off your ideas or creations to start bringing in the bucks. Fancy yourself as a teacher? Turn your knack of teaching into a side hustle that could evolve into a high demand service. The economy may be chugging along, but the world is still your oyster.
Don’t know how to market your potential side hustle? This is where you need CROWDSHARE’s Side Hustle package. Kickstart your business goals today by purchasing this must-have package that provides you with a logo, branding, website and content to establish a serious side hustle. (Judy to add link)