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According to the My Corporation Blog, “2018 has been referred to as the “retail apocalypse” due to so many well-known companies going out of business.” This phenomenon has left huge holes in the formal employment sector. Many people are losing their jobs, and many more will battle to find a paying job.
Therefore, the question that begs is how to earn an income in a shrinking job market.
As an aside, it should be noted that this is a global crisis, so the question that is asked (and answered) in this article bears relevance to everyone, irrespective of where they reside.
The simple answer to the complicated question is that people should consider joining the gig economy.
What is the gig economy?
Before we look at several sustainable business ideas, let’s look at a succinct definition of the gig economy:
Larry Alton, in his Forbes article titled “Why The Gig Economy Is The Best And Worst Development For Workers Under 30” notes the following three important points:
- He defines the gig economy as a “term that refers to the increased tendency for businesses to hire independent contractors and short-term workers, and the increased availability of workers for these short-term arrangements.”
- Also, he also remarks that the phrase “the gig economy” isn’t just a popular phrase or jargon. “It’s an accurate description of the state of the modern market.”
- And thirdly, he cites that the brand “Intuit estimates that “gig” workers represent 34 percent of the workforce, and will grow to be 43 percent by 2020.”
Ways you can leverage the gig economy
Now that we understand what the gig economy is, and why it has come about, let’s look at ideas you can look at by way of self-employment and self-sustainability:
Become an independent freelancer
Everyone has strengths (and marketable skills) that can be used to generate an income. The point that should be considered is not whether your abilities are commercially viable or not, but how to go about promoting your skills to build a client base.
Simply stated, the way to grow your freelancer business is to create a website or blog, email potential clients, ask for client referrals once you have completed a job, and build a network of related business associates through platforms like social media.
If you work hard, you will soon be able to earn enough to pay your expenses and meet your commitments.
Trade on the Forex markets
Contrary to popular opinion, Forex trading is actually a secure market to trade in. It is the most liquid markets of all financial markets with an average of $5.09 trillion (USD) traded per day.
The reason why Forex trading is considered safe as the average daily price fluctuation of one of the major currency pairs (like the EUR/USD) is about 0.7%. The maximum the price will move in turbulent periods is around 2%.
The salient points that potential traders need to be cognisant of are as follows:
- It’s vital to choose a legitimate trading partner and not a fraudulent or scam operation.
- Implement low-risk trading strategies such as the 2% rule. In other words, never risk more than 2% of your equity on a trade.
- Trade successfully by learning to read market indicators as well as technical analysis tools like the RSI (Relative Strength Indicator) and the Bollinger Bands.
Become a mentor
As mentioned above, we all have a unique set of skills that can be leveraged to generate an income. And, once someone has retired, it does not mean that their knowledge and abilities no longer have value. In fact, the opposite is true. Retired people have years of experience that they can impart (through a mentorship programme) to the younger generations.
Therefore, should you be retired and are looking for ways to earn extra income to supplement your retirement income, it’s worth looking at becoming a mentor to employees currently in the job sector you were in.
Also, this option has the added benefit of keeping your brain active; thereby, increasing longevity and reducing the risk of contracting on of the mental health disorders such as dementia.
Final words
The options that are contained in this article are just a few of the many income-generating opportunities available in the global marketplace. All that you need to do is to grab an opportunity with both hands and run with it.
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