A year ago, if we had listed industries we thought were recession-proof, they would have included movie theaters, restaurants, food and liquor companies and home improvement retailers. Today, we know that none of these industries are immune to certain types of recessionary events. So how can you keep the income flowing and ensure control of your future and your family's security? Well, there may not be 100% guarantees, but there is a way to take more control over your future:turn your side hustle into a full-time gig. If you're driving for a ride-sharing company or running chores, your efforts will likely fall by the wayside. But if you have a scalable side business — one that can grow while remaining profitable with your available time and financial resources — then you could be an island of financial security in a sea of uncertainty. The first important step is to select the right side hustle, if you haven't already. (See our “Ask the SideHustler” sidebar below if you need inspiration.) Then you can follow these steps to turn your bonus money into bread and butter. 1. Assess the request. Before you commit to buying all your eggs with the money in your basket, make sure there is enough demand. Are your products and services popular enough to live on full-time? If you are local and have tapped into your market, can you easily expand without a lot of additional resources? If you are online, how much will it cost you in time, design services and advertising costs to attract customers through advertisements? 2. Lay a financial foundation. If you still have a main job, spend as much money as possible on savings. This will compensate for the risk of spending more time in your secondary activity and less in your work. Aim for enough savings to cover three to six months of expenses, including those for your lateral expansion. If you're making this move out of necessity and don't have the luxury of starting with a lot of savings, try taking a small percentage of everything you earn to create an emergency fund. Even 2 percent can add up:Save 2 percent of $10,000 and you've got $200 saved for a rainy day. It's not a lot, but now we know how to spend that emergency cash on what matters. 3. Expand, but don't go crazy. You don't need a fancy office or three new assistants right away. What you need to grow is more customers. Look at where you can expand your reach and how you can reach them. Then increase your marketing and advertising accordingly. 4. Improve systems. Bringing more people into your business will backfire if you don't have the proper systems in place to support them. Add a virtual assistant, accounting software, or customer service hotline to meet new customer needs and growing administrative demands. 5. Spread the word. Finally, let the world know that you are growing. Show up on social media with a video and let people see who's behind the brand. Post often and interact with people who may be looking for what you're selling. Don't just sell online. Be useful. Be the expert on what you know. If you have financial fears, it may be urgent to up your hustle game. But it's usually a gradual process. To speed things up, focus on areas of quick wins:Return to existing customers and try to sell them additional services; contact previous clients and ask for references and testimonials that you can post online; and focus on building relationships with business owners in related areas that could offer a helping hand. Q:I want to diversify my income by starting a whirlwind, but as a parent I can't afford to waste time and money on something that will fail. Any ideas on something low risk? A:The good news is that there are still plenty of ways to earn extra money. Any new business comes with a number of risks, but with the right commitment, support and skills, you can diversify your sources of income and help provide more security for your family. Here are some characteristics of the less risky hustles:Low Skill Entry:Unless you're diving into the creative or consulting world, a side hustle that doesn't require you to take any special training is often the quickest way to earn extra money. Large consumer pool:If you create this, they won't automatically come unless it's something they actually want to see. Make sure you are entering an area with a large audience of ideal consumers. Profitable track record:Your neighbor might tell you that going to affiliate websites is the next big thing, but if their affiliate site hasn't had any SEO success in the last year, it's not is not a good sign. Look for a proven side hustle among people who have similar skills, availability, and resources to yours. Existing inventory or service model:If you want to lighten sales, go for a business that you can run with someone else's products or service model. Direct selling is great for people who already believe in a company's products and want to make some extra money. Mentoring or support:If you're having trouble with your new gig, who will you turn to for help? It is essential to answer this question early. Look for a company that allows you to use their training resources, while running an independent business. Amy Anderson Website | + posts Amy Anderson is the former editor-in-chief of Medium I/O magazine, Emmy Award-winning writer, and founder of Anderson Content Consulting. She helps experts, coaches, consultants, and entrepreneurs uncover their truth, write with confidence, and share their stories so they can turn their past into hope for others. Learn more at AmyKAnderson.com and on Facebook. Amy Anderson https://www.moyens.net/author/amy-anderson/ Profiles in Greatness – Winston Churchill Amy Anderson https://www.moyens.net/author/amy-anderson/ Profiles in Greatness – Gandhi Amy Anderson https ://www.moyens.net/author/amy-anderson/ Gandhi's keys to self-understanding Amy Anderson https://www.moyens.net/author/amy-anderson/ Profiles in Greatness – Eleanor Roosevelt
