How to create a 2nd income

This is the question so many of my clients, friends and well wishers always ask me as a Career Coach. In today’s scenario with rising costs and unsecure economic climate it makes sense to create and have a 2nd income source. What happens is normally our education system is such that we are told to study, work hard, to get a 'Degree' qualification to get ahead in life and to get that all important secured/proper job. The old fashioned schooling system does not build up a lateral thinking or risk taking ability. In fact it inculcates a risk reduction lifestyle, steering us away from managing our risk and investments.

Over the last few years I have seen and met a lot of business people or better risk managers /entrepreneurs develop a 2nd income. The more I interacted with them for solving their specific talent souring and HR business problems in my business Careers Reborn, the more I felt there was a definite pattern emerging.

People who manage risks easier and better are often those who normally tend to think of 2nd income in terms of a vision rather than a dream. As living expenses increases, degree dream for steady income vanishes and people realise they need to keep educating themselves to learn latest tools of the trade, just to survive in their job, not make easy money! Increasing costs and lifestyle balancing needs is a teaching people to work smarter, not harder. People are now realising there is a definite need for a 2nd income. Also they are realising that additional qualifications don't necessarily equate to higher earnings.

But how and where to begin is the big question? This comes from trying to do something you have always wanted to do, think you could do, but were afraid to do. To challenge yourself and pursue that photography hobby, create a part time model and convert it into a business. To create websites for small businesses that might need help. To draw up architectural plans for granny flats and to design logos and graphic artwork for companies. To write blogs and contents on weekends for your clients (yours truly). To start selling ethnic or imported items via eBay store. To teach other junior students part time. Pattern emerging here is to understand what, passion, knowledge base and skills (primary and secondary) you have and how you can convert those secondary ones into a side occupation.

Well I am not saying it’s going to work for each and every one of you, but it seems to be working for most people out there. Firstly, you need to identify if there is demand out there for your primary and secondary skills? If yes how do you develop those skills more? And create a business model for them to work and convert that into money? Then channelize your thoughts and discuss ideas with your intelligent think alike  friends/business partners, who are also thinking positively on the same wavelength. I believe best advice actually comes from professionals and friends who think alike, not from your life partners or relatives.

Lastly action counts louder than words. If I would have had someone pay me a dollar for every time they said I had thought of doing that or something like that, but never got to do it, it would have made me big bucks. I had a very close friend at work who I thought was very smart, but risk or action taking ability was very limited so restrained them at most times. Compare that to another colleague who liked pets and decided to take steps in that direction, at least one step at a time. So take the quantum calculated leap of faith into creating a 2nd income stream and let’s share, network and discuss ideas. Professionals are there to help you I would suggest you consult them to move ahead.