Nick Loper begins his book with a quotation from Charles Dickens that is still applicable today, even though it was written a century and a half ago:
"It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of Light, it was the season of Darkness, it was the spring of hope, it was the winter of despair..." –Charles Dickens (A Tale of Two Cities, 1859)
The next couple of years will either offer you the greatest opportunity or the biggest danger to your work that you will ever face.
Income hasn't increased in 30 years (after inflation). Yet, our biggest budget items are all substantially more expensive, as Loper points out. Is your job safe? Put it out of your mind. 47 percent of American households cannot afford a $400 unexpected expenditure, such as a vehicle repair.
Furthermore, outsourcing, artificial intelligence, robotics, and freelancers are rapidly replacing many people's occupations. In fact, someone at your organization is undoubtedly pondering how to remove you from the regular payroll.
Whether they like it or not, millions of individuals will be labeling themselves entrepreneurs for the first time in the next several years. "We're all already entrepreneurs," one of Loper's buddies informed him. He says that your boss is essentially your greatest client if you have a day job.
The good thing is that there is a silver lining to all of this despair and gloom.
He stole from banks "because that's where the money is," Willie Sutton proudly declared. Likewise, you must go where the gold is if you want to transform this approaching economic transition from a problem to an asset.
According to Loper, the solution is to go where there are existing pre-made marketplaces to assist you in launching a new business fast and cheaply.
The remainder of this review will teach you about three distinct markets where you may have already started a business:
We'll start with the "sharing economy," where you may make money by putting your underutilized assets to work. The most well-known examples are Uber and Airbnb.
The second type of marketplace we'll look at is one where you can sell your abilities. Some marketplaces can link you with millions of prospective consumers, whether you're maintaining a house or building websites. You might even be able to transform your pastime into a full-time profession that you like.
The markets for selling tangible things are the third and last type of marketplace we'll look at. Some marketplaces can link you with millions of prospective clients, whether you're selling garments that won't be worn again or manufacturing and selling your own goods.
It's never been simpler to start a business. The one limitation is that, like any company, getting the engine up and running takes time. As a result, how your tale unfolds is largely dependent on when you begin.
Work it out on the side now (at late hours and on weekends), and you'll have a career you'll enjoy for the long-term, and you'll be well compensated for it. It may be too late if you wait until you receive a pink slip.
The Sharing Economy
The sharing economy is based on the idea that we all have underused assets that we may rent or sell to our neighbors.
Here's an eye-opening statistic to help you grasp the scope of this new economy. By 2025, peer-to-peer transactions are expected to release $300 billion in economic activity, up from $15 billion in 2013.
One out of five persons in the United States has already participated in the sharing economy as a supplier. Almost half have acted as a consumer. This, similar to social media usage, will soon begin to continue rising towards 100 percent.
Regardless if you think it's beneficial to the economy or not, this is occurring. The good news is that most individuals do this part-time, working an average of ten hours each month.
Here are just a few of the sharing economy sites you can use to start earning money on the side right now.
The sharing economy's 800-pound monster is Uber. In January 2016, there were roughly 160,000 Uber drivers on the road. "When I want to make money, I switch on the app," one Uber driver said.
Do you prefer a more passive method of monetizing your vehicle? Turo, a peer-to-peer automobile rental business, is a good option.
Do you want to transform your automobile into an advertisement for a different company? Try Wrapify.com, which will pay you to have an ad wrapped around your car.
Do you own a boat? Boatbound.co can also help you with that.
Want to get some fitness while earning money on the side? Kevin Ha, a Minneapolis attorney, supplements his income by doing bike deliveries using the Postmates.com app. Here's how he describes his encounter:
"I enjoy biking and need exercise, so if I feel like getting an hour or two of exercise, I'll just hop on Postmates and make some deliveries. I can usually make about $15 an hour and am on pace to make about $2,500 this year — with the added health benefit of biking around town."
Ultimately, you could do what so many folks do every day: rent out a room in their flats or homes to supplement their income. Some individuals are renting entire residences, while some are renting an air mattress on their floor.
Grab the book if you want a comprehensive overview of all the methods to generate a side income in the sharing economy. If you have some spare time and are looking for a way to supplement your income, there is practically something for everyone.
Downsides to the Sharing Economy
A discourse about the sharing economy would be incomplete if it did not address some of its drawbacks.
Platform risk is the first disadvantage. Let's pretend that you've made a decent side income as an Uber driver. What if Uber (or any of the other markets) goes out of business or tweaks its rules? That source of income is no longer available. Uber, for example, is aggressively researching self-driving cars as a means of replacing human drivers.
The regulatory risk is the second danger. In Montreal, for example, Uber has been deemed illegal. The drivers were not only unable to drive, but 400 of them had their vehicles seized.
Finally, there's health insurance and other benefits to consider. Briefly said, if you quit your full-time work, you'll have to budget for these expenses independently.
Marketplaces to Sell Your Skills
As we go on to the second sort of marketplace, you may be asking yourself, "Do I have any important abilities with which I can start a business?"
If you've ever worked, you probably had at least one ability that someone believed was worth the money, as one of Loper's acquaintances loves to remark. And, as Loper tells us, he taught himself most of the skills he needed to become a writer, podcaster, and blogger.
Here are a few examples of internet marketplaces where you may sell your abilities.
You may sell your artistic skills on websites like Artsicle.com or rent your artwork on websites like TurningArt.com.
Do you make digital assets such as web designs, stock images, and graphics? Visit Envato.com, which offers a family of companies to help you make money with your digital abilities.
Anand Thangavel is a self-taught graphic artist from the United Kingdom who has earned over $1.1 million from the freelance crowdsourced design marketplace DesignCrowd.com in the last five years.
Clients submit requests for websites, logos, and other design work on this site, and a global pool of designers responds with thoughts and ideas. The project cost is awarded to the winner. Therefore you'll need to stand out from the crowd. However, if a self-taught designer can earn more than $1 million, you can, too.
Are you a pro in your field? The Expert Institute connects attorneys and companies with subject-matter experts willing to pay for their analyses and views.
Do you work as a massage therapist? There's even a massage version of Uber called Zeel. There's virtually no limit to the number of venues and methods you may use to offer your abilities online through an established marketplace.
Do you have a knack for fixing things around the house? On Handy.com, you may make up to $45 per hour as a handy person.
Do you have any language abilities that may be useful? Chad Hansen began teaching English on Verbling.com in 2013 and has now earned more than $100,000.
Once you've established a solid side income from teaching online, you might consider taking it to the next level and teaching full-time.
Phil Ebiner had never heard of Udemy.com until a few years ago. When he discovered it, he decided to create a video-making course based on his college knowledge. He made $62 in his first month while working full-time and has subsequently converted this side hustle into a full-time business that pays him six figures.
Do you want to learn more? Visit Amazon.com to purchase Nick's book.
Marketplaces to Sell Physical Products
Let's take a look at some marketplaces where you can sell actual goods.
On-demand, homemade/handmade, and resale are the three categories of physical commodities markets.
When you participate in an on-demand marketplace, you usually upload a file or a design. The business creates the real thing when someone orders it. There are a few benefits to doing so. For starters, it keeps overhead to a minimum. Second, it enables you to test a wide range of product concepts with minimal risk.
The disadvantage of using this form of the marketplace is that the things are frequently made in small batches, lowering your profit margins.
Kat Parrella, for example, worked full-time in IT for a large corporation but had a creative side she wanted to explore. When she discovered Zazzle in 2010, she began making stationery designs (such as wedding invitations) and published them online.
The designs are then sold, printed, and shipped through the website. Every sale Zazzle makes with her design earns Kat a share. She has since left her IT job and is now working full-time on her design business. 60 percent of her earnings still come from Zazzle.
Homemade and Handmade Marketplaces
On-demand marketplaces work similarly to homemade and handmade marketplaces, only you're in charge of making and distributing the orders.
This sort of marketplace is profiting from the "maker movement." It is a revived interest in supporting extremely tiny company owners who, because of new technologies like 3D printing, can create products on a very small scale.
Etsy.com is the most well-known participant in this field. You may discover thoughtful things for your property, workplace, children, and more on this site, with 25 million customers and 1.6 million sellers.
Reselling markets let you sell used products, new items you got at a bargain, and even things you made yourself and sold under your own brand and label.
eBay is the largest and oldest resale market, assisting in the movement of $80 billion in items each year. In this arena, Craigslist and Amazon are also major participants.
Most resellers use the "buy cheap, sell high" strategy. They identify an extremely cheap item, buy it, and then resell it for a profit - often on the same platform.
Here's a shocking fact: third-party resellers supply over 47% of the items sold on Amazon every year, with most of them utilizing this approach.
For certain, a massive transformation is coming. Your objective should be to start earning another source of income as soon as possible so that you can sustain yourself if the need arises.
You may rent out your assets (such as your vehicle or house), sell your time and expertise, or even start reselling products for a profit. There's no need to put off getting started for another day, no matter where you are right now.
So, get down to business!