There have been many articles written about the ‘new world order’ and the new ‘you’ economy. We can muse about how this has come to be, and why it is now becoming the pervasive business model. Jobs being moved overseas, companies looking for a ‘better way’ to take their products to market, an aging workforce, and the actual workers wanting greater control over their lives, their income, and the way in which they want to contribute.
Let’s face it, entrepreneurship has been the driving catalyst for our economy since the industrial age; yet, never before have we had an environment so rich for the budding entrepreneur. The evolution of technology AND economic timing coupled together to create the perfect climate for folks to go out on their own and create the LIFE and PROFESSION they desire. USA Today published an insightful article and full-blown insert on the erosion of the traditional 9 to 5 job. In fact, in one study, over 33% of all working-age adults have made income in what we term the ‘YOU’ economy. This may be through an Uber, an Etsy, a social commerce driven company, or other micro-businesses and start-ups. There is valid rational to believe that the future of our workforce in the United States, and possibly even globally, will be through portfolio careers and income through ‘freelance’ work. Whatever your beliefs are….one thing I know for certain is that the focus on entrepreneurship is going nowhere but UP….and to choose to ignore that reality, will be a choice one will regret in the future.
So, what are a few observations relative to this movement….and how can I take advantage of this ‘YOU ECONOMY’…..either part time or full-time?
- One of the most provocative approaches is to join a Direct Selling company. And no….these are NOT the ‘direct selling’ companies of our youth. And no….not ALL direct selling companies are created equally. When I started my company, to augment my other businesses, I was not at all ‘smart’ on this business model. Now, almost 4 years later, I can say humbly that I did my research and am a tough judge on these types of businesses. Five things I suggest one look for, if this option is of interest: 1) NOTABLE and REPUTABLE brand 2) Consumable product that works 3) Social commerce driven model (from start to finish) 4) Evergreen and ever-growing market (think anti-age or the aging population, for example) and most importantly: 5) Timing. The best time to join a company like this is before they go global….so one can leverage and ride the wave of growth. And one can do this part-time or full time. And yes, without question this is a revenue generating machine. One can make 6-7 figure annual incomes – which is not only possible, it is likely, if one is up for the challenge and works the business like a business.
- Leverage the online marketing economy. I have many friends who make jewelry or purses or oil paint, and they build an online presence leveraging the online marketplaces to sell their goods. It is tough to make ‘big money’; yet making a bit of ‘side cash’ on your own terms can not only be fun – it can be fulfilling.
- Augment your ‘full time job’ with a ‘part time gig’. It is unbelievable how many middle-age folks I coach who have to face the reality of being ‘down-sized’ and do not have enough to retire the way they want. The truth is that as employees get older, they are most certainly at risk of being layed off. Thus, there are many who choose to augment their income by driving for Uber or Lyft, or teaching Zumba classes or becoming an instructor at one of many Pilates or Spin studios springing up all over. They are able to set aside this income for retirement or pay off long-standing debt and have fun doing it.
So, as one begins to noodle, ‘what can I do?’, and ‘how do I get started?’, there are tips to consider:
- Get ‘smart’ on the opportunities around you. There is an excellent article in SUCCESS magazine about many options and testimonies from folks who have chosen this route. One size does not fit all. And all ‘options’ are NOT equal. Learn. Explore. Investigate. Then – MOVE FORWARD.
- Spend time and get to know folks that have what you want. You may or may not decide to go their direction; yet, it will lift the veil on the reality of their choice AND give insight as to whether this is a good fit for you or not. For example, when I started my second company, which is in the social commerce space, to augment my other businesses; I made it a point to develop mentors in that field. I needed to learn the model, best practices, how to make the most of the opportunity, and how to truly build a REAL business. Let’s face it, from my perspective, if I was going to do this – I was going to do it! Nothing short of a seven-figure residual income was going to satisfy my entrepreneurial objective.
- Dream big and Work hard. There is no shortage of opportunity in the world. And success is possible and abundant. What I have realized is often fear of failure and lack of confidence can be our greatest paralyzers. We have to ‘rise up’ (as my momma would say), work hard, be consistent, and NOT GIVE UP – if we truly have a dream of the life we want. And YES – it IS possible.
The economic recession of a few years ago proved that what we thought were ‘blue chip’ companies could fold in days. Our ‘jobs’ are not guaranteed. One of the beautiful things about the YOU economy, is that we can create a viable business literally within minutes. Whether it be by signing up with a world-class direct sales company or augmenting our current income with one of the hundreds of freelance opportunities…the world has never been so ‘wide open’ for the entrepreneur! As the article in Success so aptly states: “The You Economy is about far more than money, flexibility or self-reliance. It’s the opportunity for growth, innovation and creating a legacy.”
As I have written many times over the years, we have the choice to create the life we want. The concept and associated limitations of a solely ‘corporate America’ career path are obsolete thinking. We have more options and freedoms than any generation before us. What are you waiting for? There is nothing to lose and so much to gain! In three words: Take The Plunge!
Oh – and one last salient point: did you know that the average millionaire has SEVEN – 7 !! – streams of income??!! Not one, not two – SEVEN. Worth pondering……
And if you are intrigued or just downright curious….reach out to me! I would love to share what I have learned!