The year 2020 has been a roller coaster ride and so many uncertainties happened. Global pandemic, collapse of stock market, jobs were gone instantly, massive recession, and so many things happened. Knowing these, there are two things I realized in relation to cash flow / income this 2020:
There is no such thing as ‘secured’
We cannot rely on a single source of income
I think seeing and experiencing these first-hand, there’s no need to explain these right?
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 pandemic happening – as of this writing, there is a new series of COVID strain has evolved and much stronger but less deadlier. We still don’t know until when this situation will be fixed
- To accelerate income generation and saving – it would be very difficult if you don’t have a buffer in case something unpleasant happens in your immediate family or distant relative.
- Tomorrow is very uncertain – your company might be okay and have survived today but what if something happens tomorrow that is 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 6 months to 1 year minimum. Having many income streams and sideline can help.
- Hospital bills is 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 huge 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. So many sales and promos anywhere – shoes, gadgets, software, shirts, kitchenware, appliances – almost all stuff that can be found on malls are on sale and on huge price drop! Some companies also sell at closure price which you can take advantage of!
8. Markdown price 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 easier payment terms. If you have big buffer and good credit standing, you will find plenty of ways to further increase your income.
Now, if you only have one income stream which is 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 wanted.
Now 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…
That’s okay, I have two words for you: (1) YouTube and (2) Google.
Almost everything 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, headache and heartache if you learn what you needed to learn fast.
I’m afraid I might fail on my business venture and lose my hard-earned money…
That’s okay, everybody started as newbies and they made lots of mistakes and 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 is big but you might be missing a huge opportunity ahead
Now, do you think this is perfect time to become an entrepreneur? One last piece of advise which I believe is very important:
Did I miss anything that is noteworthy? Share your thoughts in the comments below.
Hope you find this helpful! Stay safe and wishing you and your family blessings and abundance this 2021!