Many of us find ourselves in a position that we’re just not making ends meet with one income, even if we live with a partner who brings in another salary. Retirees often find themselves in the same position, especially as they can no longer rely on their jobs and must make do with a pensions, which they haven’t contributed to enough during their working career. This is why many people find a way to earn a second salary through part time work or only semi-retire.
Among Millenials, it’s referred to as the "slash phenomenon" because they generate income from several side hustles and they don’t refer to themselves as specializing in one thing even if they happen to have a day job. So, when they’re asked ‘What do you do?’ – they respond with "I’m a marketer, Uber driver and start-up co-founder".
We would do well to learn from the slash concept because with the rising costs of petrol and increase in taxes we’d need a second income stream to survive. There are many benefits to having a second career or second work life. In an unstable economic environment, such as one we are in today, having a second work like will not only give your bank account a boost, but it could be that very thing that could provide you with a back up plan in the event of a retrenchment.
READ: Dos and don'ts of retrenchment
But how do you go about creating or finding a second income stream while working part or full time? Here are some ways to get you started:
1. Think about a product or service you could sell: Products could include selling arts and crafts that you are particularly good at. You could set up a website and sell them online or you could simply create a Facebook page that you could promote to your friends as well as others on social media.
2. What companies have built a structure to enable me to have a second career? There are lots of tech companies and platforms that are now making it easier for people to carve themselves a second career. Think about the likes of Uber and Taxify that allow people to provide an instant taxi service – can you tap into these offerings and make money from them?
READ: How to boost your income with a second job
3. Consider online jobs: There are plenty of online platforms that have sprung up that have connected thousands of job seekers with those offering jobs around the world such as Upwork, PeoplePerHour.
4. Could you become a landlord? By investing in real estate, perhaps with the use of the lump sum you take out of your pension, you could become a landlord through buying a small flat or home that you can rent out and manage part time.
5. Consider leasing out your rooms, home or garage: Again the internet has made it very easy to lease out rooms or garages for people that are seeking to store items or looking for a place to stay. You could easily lease out your spaces on the likes of Airbnb and Wahi.
READ: 5 ways to make money from letting out your home
6. Create an online course: If you’re good at something and have the confidence to talk about it to thousands of people online, there are websites that now allow you to create online courses and sell them, including Udemy, Teachable and Skillshare. Some will even do the marketing for you in return for a share of your earnings.
7. Get paid for what you do as a hobby: If you love doing something like skydiving or horse-riding, for example, could you take that passion and take it to the next level to teach it? It’s definitely possible if you research it and do the appropriate training.
It’s important to do your research and find out what the market and consumers need and see if you can create a second income stream from all of this. Is there a demand for the product or service you intend to offer? How will you promote it?
Can you simply start or would you need to use some of your savings to give the side business a kick-start? What about the competition? How will you differentiate yourself? What will the tax implications be?
READ: How to get your business ready for a loan
These are all vital questions you need to ask yourself before you look for that second career. Of course, timings are also vital. How will you dedicate yourself to the side business while working part or full time? Will you work at night or on the weekend?
Ultimately, if your debt has become unmanageable or you can’t live off your current income alone, then taking on a second job can be the solution. But it’s not going to be a quick or overnight fix and will need a lot of time and energy to make it work.
If you do your research properly and get the right advice from tax specialists or a financial advisor, you could be well on your way to earning extra money without having to ask your manager from your day job for it.