I said it’s a big one and it is. Career diversification can offer additional income as well as the potential for growth.
During a bear market, you have the opportunity to work for an employer and take advantage of the stability of a 9-to-5 job (e.g., salary, benefits) to start your own small business. (Just make sure you aren’t competing with your employer!)
A side hustle can look many ways. Maybe it’s an online shop or a freelance gig. In my case, it was knowledge commerce. For me, a k-commerce business made sense. It let me monetize my knowledge and experience, which included such positions as vice president of program management for a Department of Defense company, college professor, Vistage executive coaching member and combat veteran. I took all that and founded Professional Career Transformations (PCT) in 2021 because of my passion and duty to help students and professionals identify their career goals and chart a path toward achieving them.
In a way, PCT formalized what I’d done anecdotally over my 20-year career as a leader, manager and educator. I have provided countless students and professionals with crossover insight into the world of career diversification; my k-commerce community and business now helps more participants strategically pursue their career goals.
K-commerce can make sense for a lot of people. While my area of expertise focuses on career growth, a cybersecurity expert might share knowledge about how to find high-paying IT security jobs with a few industry certifications. A project management professional might share knowledge about how to more effectively manage deadlines and people. A dating advice expert might share knowledge about how to find happiness in fulfilling relationships. A YouTube expert might share knowledge about how to grow and monetize a YouTube channel. A CPA might share knowledge on how to allocate revenue from your small business to cover business operating costs, taxes, profit and income while working toward expansion.
You get the idea. K-commerce essentially takes a person’s knowledge and applies it toward solving a problem in a way that’s relatable and easy to understand for a broad audience.
Sharing knowledge can be a validating complement to k-commerce. Whether creating online video content, hosting a podcast, instructing at a traditional institution (for which certain licensure and certification may be required), lecturing or facilitating a professional training boot camp, sharing knowledge is a two-way street. That means you can see what resonates with your audience in real time and adjust your k-commerce approach accordingly.
Do you see where I'm going with this? Developing a career portfolio of side hustles could result in the flexibility for you to adapt and exploit opportunities in various market conditions.