in the last two weeks, we have addressed some vital Personal Financial Planning Tips for employees and other workers alike. We feel it may be wise to attempt to advise employees on how best to generate legitimate (additional) income while on a journey to financial freedom. Hustle may be done by employees and job seekers alike. Applicants who are desirous of earning a living keeping busy and engaged may begin to hustle while being in the labour market just as employees may also venture into a side business while working.
In general, employees seldom rely solely on salary because, although the salary is expected to be a ‘take home’ pay, it seldom takes employees home! As such, most workers develop, nurture and engage in side business so as to generate additional income in order to augment the salary. As an employee, do you have one yet? If so, all well and good; if not, what are you waiting for? Don’t you think you require one? How about commencing a thought process of searching for a side hustle venture?
The happenings of the past few months, i.e the challenges occasioned by Covid19 Pandemic and salary stoppage has positive and negative consequences. We will focus on the positives in this article. This is not to wave off, invalidate or dismiss the emotions of individuals that have lost family members and loved ones due to the pandemic. Indeed, we have all been affected one way or the other. Thus, it is my sincere prayer that The Almighty God will grant all affected families the fortitude to bear these losses. I have personally lost several friends and family members due to the disease. Indeed I am still in pains and yet to recover from the shock occasioned by the losses of loved ones.
The need for a “side hustle” or ‘side business’ has become very necessary for every individual capable of earning an income. This may be a sole income source or an additional source of revenue to an employee. It is clear as stated earlier, no amount of money can be said to be enough as a payment to anybody for the job done hence you would agree that there’s a need to add several income streams to enable one fulfil his/her economic responsibilities.
Indeed, in an employment contract, the relationship between labour and capital is exploitation. Thus the size or quantum of pay is small usually. It is seldom a fair pay for one’s inputs and or contributions to an organisation. All the same, staff usually gain experience and develop ideas while working for an organisation. The experience and contacts gained while working may be useful when doing side hustle. The essential consideration and key to observe or look at is for an employee, one must avoid engaging in a side hustle that is in competition with one’s employer. At all cost, one must resist the temptation to engage in a side business that could result in a conflict of interest and thus loss of integrity and reputation.
For those that owned businesses (essential or non-essential in nature), one would observe that the recent challenges experienced has taken a toll on businesses, and owners may need to scale up and take advantage of opportunities that have arisen (for essential businesses). Non-essential businesses may not even earn much income and may need to suspend their current business for a while because of the absence of demand e.g restaurants, bars, sports shops and gyms, or look for ways to adapt any part of the business to the current reality. There would be a need for these business owners to research additional businesses to engage in so as to earn a living.
In doing this, one must identify what category of business you are in, currently and the level of financial commitment for the new business. Furthermore, do you have enough capital to enable you start another business, such as trading in health and safety equipment? One may have some savings from salaries but one may not be willing to use the savings for new business and would rather go into side hustles that do not require any financial outlay?
Whatever one is engaged in, the journey to financial freedom is usually rough and not easy. It involves sacrifices, pains and challenges. However, it is usually rewarding. There is a saying that ‘No Pains No Gains’! Job seekers, retirees and employees alike may consider all or any of the following side businesses.
Merchandising: This is a very broad area. Simply put, merchandising is buying and selling. It can be approached on any scale, (financially) and involves the trading of goods like clothes (new & pre-owned), jewellery, shoes, bags, facial masks/ shields, hair extensions, fabrics, food items, bottled or sachet water/drinks. When going into any of these businesses, one must consider environmental needs/market demand, demographics of your target market(contact list, family and friends, neighbours, etc) to enable you stock appropriately, competition (what are you offering or doing differently to enable you get customers), location (do you need to get a place for your business, can you share, or can you sell online?), capital (how much do you want to invest in the business?) or is it possible to source the items on credit? Staffing requirement (can you Mann the business alone? Would you require an assistant?) and nature of business (do you understand the business and its peculiarities?).
Although the list of businesses to consider as a side hustle may be too many, we would explore a few more next week before we wrap up on this topic. It is our hope and prayers that readers find the suggested businesses useful, beneficial and challenging enough o considers. We meet next week.
“My Lord! Enrich me with knowledge…” (Quran 20:114)
For the Lord gives wisdom; from his mouth come knowledge and understanding (Proverbs 2:6)
