Tough economic times, new modes of work and an entrepreneurial disposition are all contributing to a growing ‘side hustle or side business’ economy.
According to Alan Shannon, executive head of Professional and Small Business Banking Sales at Nedbank, around a third of employed South Africans are earning second incomes or some magnitude. For some, the straitened times have made this a necessity, while others have decided that work-from-home protocols grants them the flexibility to make extra money. In addition, there is a growing realisation that a changing world will require a reorientation of the manner in which people manage their careers.
Many advantages come with doing so. It assists with skills acquisition, self-esteem, and creating business networks. It also stimulates creativity and access to opportunities outside the industry in which they are formally employed. It is also a valuable contributor to wealth and employment creation.
On the other hand, working multiple careers imposes significant stress and costs, risking the quality of one’s work overall, burnout and compromising relationships with friends and family.
‘It is important to recognise these professionals as an essential part of the economy and offer them the help, guidance and business-building solutions they need to formalise and grow their business ventures,’ concludes Shannon.