January series 31 Reasons To Grow Your Side Business Day 11!

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Summary:

In this episode, we explore the idea of starting a side business as a backup plan in the event that you lose your work. It has never been more crucial to have a backup plan due to the unstable employment market and rising layoffs. 

The significance of launching a side business while you are still working is covered first. This enables you to establish a strong business foundation and acquire traction before potentially losing your job. 

The three key recommendations for creating a side business that can serve as a safety net are covered next. 

Rather than relying only on your primary source of income, diversify it. This will give you a safety net in the event that your employment is lost. Creating a side business that makes money can give you a second source of income that can keep you afloat while you're out of work. 

Start small: Start small and scale up gradually rather than investing a lot of money to create a fully functional business. This enables you to evaluate your business idea's viability without taking a big financial risk. 

Create a network: For your business and profession, creating a solid support network is essential. You can discover important insights and opportunities through networking and developing relationships with people in your field. This will provide you a network of contacts you can use as a safety net in the event that your employment is lost. 

We have emphasized the value of starting a side business as a safety net throughout this episode. In a volatile job market, it may offer a second source of income as well as a feeling of security and control. You can better position yourself for job loss by beginning small, diversifying your income sources, and creating a network.

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