Small Business Council: March 2020 Connection Article

Sue Wenner
FitNFree 4 Life

Gig Economy, Side Hustle, The Entrepreneur Economy...have you heard any of these terms recently? Think Uber or renting a room with AirBnb. By definition, they all pretty much mean the same thing; an alternative source of income. As more and more traditional jobs are going away, and people are experiencing loss of income, more and more families are looking to make a living in a non-traditional way. I remember going to school and hearing, “do well in school,” “get a good job and stay there until you retire.” Today that mentality no longer serves most people. Technology is a huge factor in the downsizing of major corporations. With the surge of online sites such as Amazon, retail stores and jobs are quickly being eliminated. College students are struggling to get jobs in their career fields and many are saddled with debilitating student loan debt. With these challenges comes huge emotional and financial stress. 


So what are the options? Try to find multiple part-time jobs to stay financially afloat? People don’t have enough hours in the day to take on multiple jobs to keep up with the mounting pressures. This also results in loss of precious family time. Try to start a brick and mortar business? That takes money and time and is risky. 


Here’s where the Gig Economy comes in. It’s a way to build an Income Producing Asset and do something you are passionate about. It’s about working with teams of people just like you who are looking for more income to have the lives they dream of living. A great example of successful groups of people doing this are the Millennials and Generation Z. They want the freedom to work where they want, when they want and with whom they want. They want to travel when and where they want with no ceiling on their ability to earn! Let’s not forget the Baby Boomers thinking about their retirement. Did you know that 1 in 3 Americans have nothing saved for retirement!? This is an amazing vehicle for them to accumulate enough money to afford the type of retirement they deserve. Having that Side Hustle or Side Gig, could make a huge difference not only in how they spend the rest of their lives, but drastically improve their quality of life in retirement. And what about the moms or dads who want to stay home and raise their children? So many of them need to contribute to the family income and in doing so, miss those precious “firsts” in their child’s life. The evidence points to the viability of this Entrepreneur Economy. 
So a few suggestions if you are looking for the right Gig. Find something you are passionate about, something where people see real tangible results, something that is emotional, something that is consumable and something that will create a residual stream of income. Look for a rock solid company to partner with and make sure you are making the best use of your time investment. Times are changing and now, more than ever, we all have the opportunity to create multiple streams of income and take control of the quality of our lives. 

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