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Building your side hustle during the time of the current global recession

Hanuj Tilwani

13 Jan 2023

A side hustle is a money-making source alongside your primary employment. It leverages a skill set that otherwise goes unexploited, or it is a concept that will turn into a full-time business. However, for many, side hustles are passion ventures.

Side hustle written on wooden boxes with yellow background

Why we should not ignore and learn side hustle skills

We tell ourselves that we adore our jobs. However, we frequently say this as we are too fearful of facing reality or have never allowed ourselves to try other work forms.

It is far too simple to better settle for second-best than alter. Even business owners must rethink the approach they place behind their core work.

If you work in an organization, the job makes a “worker” out of you. Organization leaders, managers, and clients can enslave you. We turn addicted to their money. And when we do think, the thought process of a side hustle gets suppressed.

Now you know why the clue of side hustles brings to the surface a lot of discomfort for full-time professionals.

However, side hustles have a lot of wrapped advantages. Done perfectly, they can make you more money and offer you valuable experience, teach you innovative and in-depth skill sets, and better shape your career.

The side hustle survival guide for the global recession

Recession ahead written in yellow color sign board

If you are anxious about surviving a global recession, here is a survival guide and steps to better assist you in facing the same.

Try diversifying your income sources.

One risky thing you can do during a recession is to depend on one income source. This scenario is your chance to attempt a side hustle and diversify your income so that you have a few good sources to sustain.

So, you can apply for freelancing work or attempt something in the gig economy to have more than one income stream to safeguard yourself and your family.

A home-based side hustle can be a game-changer

A woman working on a laptop in her home.

There are many side hustle skills to learn and discover. To earn additional funds with a side hustle, you must find hundreds of tactics to make it lucrative.

A recession-proof side hustle right from your home can be a complete game-changer making an immense difference in your wallet while giving you the liberty you have always desired.

Build an audience and then monetize your skills

Steve Jobs-style startups and side hustles no longer get started in garages. In the long-standing days, professionals used to build a product with their side hustle and successfully promote it.

However, in the new age of side hustles, you bring the audience first and then figure out how to monetize them with your skill sets.

You do not even need to develop a product. You can affiliate any product once you have a digital audience. So, the action step here is building and nurturing an online audience and better monetizing your skills later.

The best side hustles to start during the recession 2023

A full-time job is the most common justification for not having a side hustle. However, even with a full-time job, you can still try and enable the best side hustles like:

  • Consulting
  • Freelancing
  • Writing content
  • Crafting online courses
  • Writing a newsletter for a company
  • Doing part-time coaching

 

Why such side hustles during the recession? As the barrier or blockages to entry is extremely low.

Finally, the solution is not to beat a recession. But how to better survive it!

Recessions are a wake-up call, like a cold shower at 5 am. The big-sized egos turn small. However, it requires a thick skin to give your side hustle all you have and overlook the critics. The solution here is not to beat a recession. It is how to survive the same better.

The Miho platform offers a complete makeover to online learning and can help you with your side hustles to make money swiftly.

The platform enables professionals to create, sell and deliver online courses and build your community. So, showcase your knowledge by exploring and starting with Miho today!