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It seems like everyone has a side business these days. This trend is more than just perception. In this article, we explore the emerging trend of individual biznophreniaTM and how you and your organization can turn it into a personal and professional advantage.
There are a number of factors driving individuals to create a secondary income or side business. These can range from job dissatisfaction to a life long dream, a need for additional income, and similar factors.
The internet and e-commerce are decisive factors in the side business boom. The spice in this secret sauce, however, is the disposable worker mentality. Today, and for the last decade, the average employee changes jobs every 3-4 years. Today’s workforce does not offer company loyalty because they have not been shown loyalty by any company. They understand that they must provide their own plan B and their own stability.
Other factors contributing to the boom in side businesses include the U.S. cultural and legal environment and upcoming generations who are used to multi-tasking. All of this mixes together to provide the perfect environment for a side business boom. Some take it farther than others by having three to four simultaneous efforts or more. This author is a prime example with no less than 5 income generating efforts currently on tap.
The benefits of having a side business are many. It increases customer base. It allows you to incorporate your passions and hedge your bets. Individual BiznophreniaTM is a skill and an art. It’s time to start using it to your advantage.
Organizations can turn this trend into an advantage by not discouraging employees from having a side business. For a radical idea, consider being the one to help them get started. If done correctly, you can earn back some of that lost loyalty and maintain revenue from that employee long after they have moved on. Individuals can turn this trend into an advantage by considering how you might benefit from having a side business. Follow your passions, learn how to run multiple efforts while maintaining your sanity, and then go for it!
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