What happens when your work back up plan falls through?
One thing that many people in the recession did to help create a feeling of security was jump on the Affiliate Marketing bandwagon. They created a secondary stream of income with websites and marketing. Affiliate Marketing is in no way a get rich quick plan and takes countless hours of work and dedication to be successful at.
Lot’s of people were willing to devote the time and energy into it so that they could feel more secure in the recession. Some of the people who were able to succeed, learn to drive traffic to their sites and build an income ended up discovering a harsh reality, even a backup plan can be ended without you having any say in it. What I am talking about is that some states passed an Affiliate tax which causes nexus in the state that they live in. Because of the creation of nexus, their advertisers drop them which means they no longer have an income coming in and their backup plan no longer exists. All of their hard work building a backup plan has now fallen through and they are at square one with no secondary source of income if they would lose their job. If you are worried about losing your job and want a second source of income, have you thought about a way to build it and what could happen to it? Here are a few ways to help create a secondary source of income for yourself if you are worried about losing your job or even if you are unemployed and need some sort of income coming in.
Find a hobby and see how you can turn it into a business.
If you enjoy crafting or creating art and jewelry, why not find a local flea market or jewelry stores and see if anyone has an interest in buying or re-selling your work. Although it may be looked at as moonlighting by your current employer, many people have enjoyed turning their hobbies into profit by taking the next step and starting a small side business selling their work. You can then use this money to not only pay for your hobby and buy new supplies, but also put extra money aside in case you ever lose your main job.
Become an Affiliate.
Affiliate Marketing is when you build a website or start a blog and build up traffic. You then place Affiliate banners and links on your sites and send them to different stores and service providers in your niche. Then if the traffic converts into a sale or lead, you get a percentage of it. It takes a lot of time, energy and luck to turn a profit with a website. Affiliate Marketing is not a quick way to get rich quick, but you can be successful with it if you put in the time and energy. You have to spend countless hours designing your site, writing content, getting traffic to your site, learning about html and CSS code, etc… and in the end you may be one of the lucky few who end up with a successful site and secure stream of income. You do need to look at your State’s current situation with regards to Nexus, Use Taxes and other things that could take your online business away from you overnight.
Find something part time like selling cosmetics or housewares.
If you like to be social or are outgoing, lots of companies are always on the lookout for part time people to host kitchen gadget or cosmetics parties. Although it is highly competitive, many people have found success selling cosmetics and housewares to their friends and neighbors. Not only does it help you to get out of the house on the weekends and become more social, but you’ll also feel great earning extra cash and being your own boss.
The bottom line is that a back up plan is important if you feel your job may become in danger in the future. You just need to realize the risks. Some companies don’t like when people moonlight and other times it could be your local or state government that decides to end your secondary business. There is nothing more rewarding than being your own boss and building a second income doing what you love, you just need to remember that there are always risks associated with it as well.