If you haven't thought about finding new ways to earn additional income, now is the time. Why is finding new ways to increase your income so important these days? Well, there are a few reasons. These reasons are listed below and are in no particular order, but these reasons all demand your attention.
1) Increase in automation and technology
The goal of life should be easy money, but if you don't find your skillset, and don't keep up with industry trends, you might find yourself with little to no money in the future. There is a slow movement of automation taking over low-skilled jobs, which are relied upon by so many nonskilled, working residents. I think about young African American adults who need to be aware of these changes. To be successful in your career, you have to know what you enjoy, what you are good at, what people need, and what people are willing to pay you for.
Automation is displacing lower skilled jobs, forcing those in those industries to see what jobs will look like in the near future. As jobs evolve, what must an individual do and know to stay valuable to an employer within that industry? Self-employed persons and business owners who provide lower skilled services to the public and private sectors should consider this question. Automation is a nonstop staff member that rarely calls off work, and rarely makes consistent mistakes.
2) Increase in New Americans
It is always a pleasure to welcome new citizens, new neighbors, and new friends. New Americans are usually ready to work and have some form of work skills when it comes to manifesting their American dream. Just to get a start, new Americans may be willing to work for less money. It is important for African American communities that I serve to be aware that available jobs are becoming more competitive as a result of motivated citizens who are willing to work. It is therefore important that you connect with prospective employers early and often to ensure you are hired.
3) The Public Health Pandemic
The COVID-19 pandemic has forced employers to find creative ways to sustain their businesses and staff. In the B2B sector, layoffs and cutbacks, customer or supplier closures, and government policy have all made it more difficult to get a sustainable paycheck. Keeping your job these days requires you to demonstrate your value.
Reflection
When it comes to creating an additional source of income, these are all practical, yet simple, reasons to consider. Those who work traditional jobs, as well as those who own their own businesses, can benefit from this article. For example, if you own a staffing company, currently, you have to find unique ways to find motivated residents for the many jobs you have available. Some residents don’t want to work due to the health pandemic, and other residents are receiving government funds to supplement their income. These challenges can affect your bottom line and next thing you know, you are out of business.
Peace of mind is everything and you have to put yourself in position to not be caught off guard and taken into hardship by one of the three ways above. The next article in this series will cover your motivation to create an additional income stream to ensure you take action and reap from your harvest.
About The Author
Lord Danavan Hylton is a relationship management adviser and power broker that operates Hylton Elite Marketing Agency, a Nashville based sales and marketing firm that provides community relations and business development outsourcing in urban areas of Tennessee for private and public sector brands. Danavan’s work has led him to create an advisory service that provides insight, access and resources into urban areas for business, government and community leaders. Advising work: tinyurl.com/lorddh-advising l Business website: www.e1connect.com