Turn Your Ideas Into Income: An Entrepreneurial Invitation for Young Professionals
As National Financial Literacy Month (April) comes to a close and uncertainty surrounds us at every turn, it’s the perfect time to get creative around improving your finances, especially earning more money!
Many young people – including you – have brilliant ideas. But are you ready to turn those ideas into income? Whether you’re looking for a side-hustle or a new full-time position, consider becoming a short-term project consultant, like I did in my twenties, where you can solve a problem or recommend/implement a solution.
When you learn how to spot opportunities and pitch your ideas, you can absolutely land short-term consulting gigs that can position yourself for financial success, now and in the future, especially because it’s a relatively easy way to get a professional “foot in the door” while today's decision makers are waiting for greater certainty.
The good news? You do not need to have decades of experience to add real value. In fact, since uncertainty is high right now, many employers are hesitant to hire full-time employees and may be more receptive to your short-term project pitch because this entrepreneurial approach represents a low-risk with a potentially high reward. Win-Win!
Did you know most work opportunities are not even advertised!? They live in the so-called “invisible job market” where opportunities exist in warm networks and inside human conversations. In fact, the vast majority of the positions I’ve held over the last 25 years were co-created in conversation, where the person who hired me saw more value than risk in bringing me on board.
I used to joke that my middle name was “pilot” because I was always willing to propose and test out new ideas that often turned into projects and positions for myself and others. But in order for people to bet on you, you must believe in yourself and take action even when -- especially when -- fear creeps in.
So where do you start, especially if this is a new concept to you? Keep it simple by observing specific pain points/challenges. Then have conversations with people you know (or people they know) experiencing what you’ve observed and say something like, “Hi [name], I noticed [pain point/challenge]. I have an idea for a quick project to [solve problem]. I’d love to share a brief plan and get your feedback, if you’re open to that...?”
I suggest you have an hourly rate or project fee range in mind, but be flexible when you are starting out. Since independent contractors are required to pay their own taxes, be ready to provide a basic W-9 form for projected revenue of $600 or more.
Be open-minded, ready to take educated risks, and willing to 'fail forward.' What's the worst that could happen anyway? No matter what, you will learn and grow in the process. Plus, you'll have some great stories to tell-- which are what actually sell, btw ;)
It's important to remember that in the age of AI, human beings still make the final hiring decisions and, therefore, establishing and maintaining authentic human relationships is more important than ever.
To Your Success!
Amy
P.S. If you’re looking for a massive career boost and an AWESOME way to kickstart your summer, join us Friday, June 20th in Worcester, MA at the 2nd Annual Career & Leadership Conference (CLC) for Purpose-driven Young Professionals!