I’m writing this post on the morning of the 4th of July.
I recently had a fascinating conversation with a client. A few years ago, like many of his peers, his primary goal was to join a FAANG company. However, life took him on a different path, and he ended up starting his own business instead. Fast forward four years: he has created multiple income streams, acquired several rental properties, and no longer worries about layoffs, job searches, or difficult managers. He can take vacations anytime without stress, and although he still works hard, he controls his schedule, allowing him to attend his children’s sporting events and musical performances and be there when they need him the most.
Given the recent wave of layoffs in the tech industry and the looming threat of AI replacing many white-collar jobs, collective anxiety is understandably high.
If you’re contemplating your future, my advice is that it doesn’t need to be an either/or scenario.
Predicting the future with complete accuracy is impossible, but here’s something I know already works for many people: having multiple income streams significantly reduces anxiety and creates greater financial stability.
Most individuals aren’t naturally inclined to become full-time entrepreneurs because of the inherent risks and uncertainty involved. However, nearly anyone can maintain a full-time job while developing a side hustle that generates meaningful additional income. In some cases, this side hustle might even evolve into a full-time business, but that isn’t necessary for success.
This dual-track approach is more achievable now than ever before. The cost and resources required to start a business have dramatically decreased thanks to no-code platforms and AI tools. Additionally, remote or hybrid work models have freed up time previously spent commuting, providing employees more flexibility to pursue side hustles.
If I were given a choice between:
- Option 1: A high-stress, high-paying job (e.g., Meta or Amazon) earning $500K per year, or
- Option 2: Working at a smaller company for $350K per year but having the flexibility to build a side hustle,
I’d choose option 2 every time. This choice would allow me to develop two income streams. If layoffs occur, I won’t lose my entire income. Additionally, if I continue growing my side hustle, I could potentially generate an extra $200K, $300K, or even more. Beyond increased earnings, there’s also the potential to sell the business down the line—making it an investment in myself.
What type of business should you start? Follow the path of least resistance. Here’s how I recommend you approach it:
- Have you recently solved a problem for someone? Would they be willing to pay for your solution?
- Do you have an acute personal issue you want to address? Solving your own problem (scratching your own itch) can be a great starting point.
Once you’ve identified a problem and devised a solution, start with something unscalable—offer it as a personalized service and get paid.
Aim initially to secure 3-5 paying clients. If you accomplish that, your next goal should be to scale your solution tenfold. After reaching this milestone, you’ve successfully established a viable business. The next step is to productize your service.
The possibilities for problem-solving are endless. You don’t need external investment; you only need a genuine problem, an effective solution, and your first five paying customers. Achieving this will instill a deep sense of pride and build significant momentum.
In the spirit of our national Independence Day, I encourage you to declare your own career independence day—take action now. Start small, put one foot in front of the other, and begin building a side hustle that generates a secondary income stream. Doing so will significantly reduce your anxiety about the future and give you greater peace of mind.
Happy building!
P.S. If you need structured guidance on how to generate your first $3K from side hustle, check out my coaching program .