2020 has been a roller coaster ride, and so many uncertainties happened. There was a global pandemic, the stock market collapsed, jobs were gone instantly, a massive recession, and so many things happened. However, there are two things I realized concerning cash flow/income this 2020:
There is no such thing as ‘secured.’
We cannot rely on a single source of income.
Because of what happened, there’s no need to explain this.
Now here are the eight reasons why we really should start our side business and why it is the perfect time to become an entrepreneur:
- There is still a pandemic happening – as of this writing, a new series of COVID strains has evolved and is much stronger but less deadly. We still don’t know when this will end.
- Accelerating income generation and saving would be very difficult if you don’t have a buffer if something unpleasant happens in your immediate family or a distant relative.
- Tomorrow is very uncertain – your company might be okay and have survived today, but what if something happens tomorrow beyond our control? The experts can forecast and foresee the possibility, but they still don’t know what lies ahead.
- Quickly build your peace of mind funds – financial experts suggest we should have at least 3-6 months in the bank, but 2020 has proven that we should have six months to 1-year minimum. Having many income streams and sidelines can help.
- Hospital bills are insane nowadays – knock on wood*** but we can’t tell if a family member might get hospitalized. Because of the extra precautions and sanitation hospitals are implementing, there has been a massive increase in hospital bills.
The first list is for prevention and preparation for the worst, but the following reasons will also encourage you to strive for more. Are you ready? Here it goes:
6. There are so many opportunities to take advantage of – the rise of e-commerce this 2020 has skyrocketed, and everybody utilizes online selling. You are missing a lot if you don’t take advantage of this opportunity.
7. There are so many sales and promos anywhere – shoes, gadgets, software, shirts, kitchenware, appliances – almost all the stuff found in malls is on sale, and there is a huge price drop! Some companies also sell at closure price, which you can take advantage of.
8. Markdown prices for many assets and investments – cars, real estate, stock market, dollar bills, and other investments are all-time low because of the recent recession. They also offer lots of more accessible payment terms. If you have a big buffer and good credit standing, you will find plenty of ways to increase your income further.
Now, if you only have one income stream, your salary, raising money might be a bit slow, but if you have sidelines and multiple income streams – it would be easier to raise money to do the things you want. Forbes.com has a very interesting blog post that you can use as a guide to starting your own business.
These are good reasons but let me answer some of the possible ideas that might enter your mind.
But I don’t know how to become an entrepreneur today…
That’s okay. I have two words: (1) YouTube and (2) Google.
Because of the technology, almost every skill can be learned, and there are tons of information out there that can help you get off a good start. Read books, ask for a mentor or sign up for mastery classes. You’ll save lots of money, headaches, and heartache if you learn fast what you need to know.
I’m afraid I might fail in my business venture and lose my hard-earned money…
That’s okay, everybody started as newbies, and they made many mistakes. So many successful entrepreneurs have failed so many times, but they persisted, failed forward, learned their game, and succeeded.
Nah, business isn’t for me… That sounds too hard. I’ll just keep my hard earned money and life frugally.
That’s perfectly fine. The risks in owning and managing a business are significant, but you might be missing a huge opportunity ahead.
Do you think this is the perfect time to become an entrepreneur today? One last piece of advice which I believe is very important:
And when you begin, start small and start part-time. Start learning the process first and adjust. Earn small while you are learning your side hustle. Listen to this advice by Chinkee Tan about entrepreneurship:
If you are looking for an opportunity, I might just now something about an exciting business that you can begin as a side hustle which is USANA. I have prepared an online tour that is purely informational and not sale-sy. So check out the USANA Online Tour.
Did I miss anything noteworthy? Share your thoughts in the comments below.