High risk and all eggs in one basket

The “boomer” population was used to the idea that you could have a job for life. That loyalty to your employer, and their ability to guarantee continuing employment, was something to rely on.

How things have changed.

Since the late twentieth century, employment has become a more transient affair. There are very few in the employed workforce who would believe in absolute job security and current and past world events have only increased job insecurity. For example:

  • The fallout from the COVID pandemic, particularly lockdowns.
  • Disruption due to BREXIT.
  • Global tensions, in Ukraine, and more recently Israel.

Which is why there may be an argument for securing income from multiple sources.

Ideas for income streams you may be able to cultivate

The following suggestions may or may not suit your circumstances, but most of us will have options to supplement our income. The key is to explore these options.

 

Individuals

  • Rent out your drive or DIY equipment.
  • Rent a room in your home.
  • If you have the capital, buy and let property and keep the day job.
  • Turn your hobby into a small business utilising online shopping platform such as Etsy.com.
  • Offer to write copy for business owners on your specialist topic.
  • Hire your car to third parties.
  • What other skills do you have? Look for part-time employment in more than one sector. For example, drive a taxi and deliver for supermarkets.

 

Business owners

  • Sub-let surplus office space, warehousing, or factory space.
  • Do you have under-utilised plant, vehicles, or other equipment that you could hire out?
  • Do you have staff that you want to retain in your business long-term that you could sub-contract to other firms for limited periods?
  • Could you franchise your business?

 

And last, but very definitely not least:

 

  • Could your business develop an online sales platform?

 

Let’s take a look at your options

If you would like to explore your options, pick up the phone. Having all your income sourced from one source – eggs in one basket – may not be the best option.

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