The Great Resignation: Current Economic Uncertainty Is Nudging More Workers Into Self-employment

With growing layoffs in the tech sector, another new Harris poll with HoneyBook finds that current economic uncertainty is nudging more workers into self-employment in 2023.

And it’s not only about job security. Independent business owners have more pride in their work and satisfaction with their job since becoming their bosses.

  • The economy as a catalyst: Six in ten (59%) workers are more interested in working for themselves.
  • Half of employed Americans (51%) have considered leaving their current job to work for themselves, and of those, (44%) have in the last year.
  • Looking for a better life: Two-thirds think independent work would make more money than they do in their current job (68%) and consider their overall quality of life would improve (66%) – which is backed by experience as (89%) of independent workers report being more satisfied with their job compared to their previous organization employment.
  • Yet be wary of the greener grass: More than three-quarters (78%) of independent business owners say running an independent business comes with more challenges than they anticipated – the most common one is staying on top of all of their business management tasks (41%).

Working for Yourself

However, starting a side hustle or your own business comes with a lot of pitfalls. Often people fall prey to scams and get-rich-quick schemes that make them lose more than they make.

There Are Many Scams Out There When It Comes To Making Money.

You can’t go through a few social media posts without seeing ads about working for yourself.

  • “Guaranteed 10k per month.”
  • “Work from anywhere.”
  • “Be your own boss.”

The marketing for these are usually brilliant since most people don’t make enough money and hate their jobs. The advertising preys on people who want to quit their jobs to be self-employed.

How do you spot a scam?

  • They promise you easy money. Do you really think that easy money exists and nobody else is going after it?
  • They tell you that it’s easy to work. However, you should expect to put some effort in. There are very few low-effort options out there for getting rich (unless you’re already rich).
  • You’re not actually sure of how you’re going to make money. Where will the money come from? How exactly will the money come in?

I understand that it’s tempting to want to work for yourself. I just don’t want to see you get scammed.

You Should Know Someone Who’s Involved in a Similar Venture.

“This has never been done before.”

Being unique in business isn’t always a good thing. There’s often a reason why something hasn’t been done before. You must meet people who have done what you want to do.

Why should you know someone who’s involved in a similar venture?

  • It’s proof that this venture works.
  • You could potentially have a mentor.
  • The industry has a track record.

You’re Going To Need Some Training Time.

You should also assume some training time to actually learn your craft. Most profitable side hustles have a learning curve. You don’t have to spend five years mastering your craft, but you should expect some time to learn what goes into making money.

It’s Okay To Follow a Side Hustle That’s More of a Hobby.

Your side hustle doesn’t always have to be about getting as rich as possible. It’s okay to have a profitable hobby. For example, a friend fixes bikes as a side hustle/hobby. He makes enough money to fuel his biking addiction, and he’s surrounded by his passions when he’s at home.

So, What Are the Best Side Hustles, Then?

It’s time to look at the best side hustles just so that you have a starting point.

Something on an Established Platform.

There are many established platforms out there. You’re on the right track if you can set up shop on an established platform.

What do I mean by this?

  • Selling items on Etsy. There will always be a need for more arts and crafts on Etsy. If you’re artistic, you can make some decent money here.
  • Writing books for Amazon. If you’re looking to write, you can self-publish your work on Amazon.
  • Offering services on Fiverr/Freelancer/Kijiji. If you’re looking to offer a service, it’s important that you find the ideal marketplace for your situation.
  • Renting your place/spare bedroom on Airbnb. Your side hustle can be something passive, like putting up your extra bedroom for rent.

The point here is to use an established marketplace to promote your offer so that you’re not starting from scratch.

A Service That Will Always Be Needed.

“I’m thinking of an idea that has never been done before.”

I get this comment a lot, and I have no clue why folks think they have to think of some Earth-shattering concept to make money.

People will always need certain services. For example, the world will always need someone to set up their Ikea furniture over someone who will sell them a course on visualization.

You don’t have to reinvent the wheel when it comes to side hustles. You can become the best barber in town or start the best Instagram page for local food.

What are other examples of established services?

  • Being a barber/any personal grooming-related services. If you can learn how to cut hair, you’ll always have a job.
  • Personal training. You can train people since the world will never have enough personal trainers.
  • Wedding planning/Event planning. Another service that the world will always need.
  • Social media services. If you can master social media, you can offer your services to local businesses that need help.

You don’t have to think of the most unique idea. Instead, you can put a unique spin on a popular concept.

This article was produced and syndicated by A Dime Saved.

Hi! I am a millennial mom with a passion for personal finance. I have always been “into” personal finance but got inspired to start my blog after a period of extended unemployment. That experience really changed the way I viewed my relationship with money and the importance of accessible personal finance education.