Why Professionals Should try   Startups ?

When you pass out from college or get placed, there’s always a question in your mind, specially because of the current state of economy that “would that salary be enough!?”, “being dependent on a single source of income?”, “should I do something to generate a side income?”, etc. Don’t worry, you aren’t alone, most of the young graduates have this question, and it’s natural to have such questions.

Being Salary Dependent?

Never put all your eggs in one basket!

When we think about this question, that is depending on just my salary is a good thing? In the past, the answer would be yes, most of us had secure jobs, and we managed with our salary without thinking of being laid off tomorrow, or the growing inflation and the exponential decrement of the economy, which is very clear nowadays. Today, depending on a single source of income is not something that you’ll call safe. As One of the wisest millionaire in the world, Warren Buffet says, “Never depend on a single income” even if it is an high paying one.

--> A survey conducted by Current Population Survey, Annual Demographic Supplement, 1968-2003, showed that the median income of families that were dependent on a single source of income, declined from $5000 to $4000 of below 10% of the economic section of the society from 1998 to 2003.

By these declining numbers and suggestions we can conclude that depending on a single source of income is not a wise choice, and having an another source of income reduces the risk of debt, poverty, market fluctuations, and also increases wealth faster, gives more economic flexibility to a person.

How to generate a side income? 

Now that you’ve decided that you don’t want to be dependent on a single source of income, and want to make a side income, the next question is “where do I start?”. There are ample of ways to generate a side income like investing, crypto, freelancing, part-time jobs, etc., and to choose one can be quite difficult. One of the most intriguing options would be to start a startup. We’re going to discuss that, is startup, really a good option?

Startup as a side income? 

Well, when you’re thinking to start a startup to generate a side income, maybe the first question that’ll come to mind would be, Am I capable enough!? Or will I be able to do it all by myself? We all know that startup is not a one man’s work, it requires a lot of things and to do those all by yourself and doing it parallelly with a job can be intimidating, and that’s totally fine, you’re not alone; it's natural. 

You just have to channelize your energy, not on making a unicorn, but a small business that’ll generate enough income, statistics show that over 69% of the startups initially started as a home business, it means more than half of the startups started to not be unicorn but to be as an another source of income. It can be something like a marketplace, to sell some artwork that you create in free time, a small SaaS application, etc.

Pick something that you don’t find bothersome to do but something that you love, and then try to come up with a plan to monetize it. It’s just one way, there are n-number of other ways you can do it, and maybe someday it’ll become big enough for you to take the risk and leave your main job, don’t make it as the objective, but it’s a possibility and that’s exciting. 

 ☕ And don’t you think you’re the only one who’ll be doing it, let’s take the example of “Morning Brew”, a business newsletter startup. Alex Lieberman started this newsletter in college, grew it while working in Morgan Stanley and then ultimately it grew to a $75 Million business, it’s really hard to make money just from words, but he did it and so can you. 

 Conclusion 

Now that we’ve answered, whether you should go to make a side income or not? Should you start a startup or not? What are the options? And why founding a startup can be beneficial? What can be the possible results? 

Still, there isn’t any fixed answer to the question that you should take the risk of starting a startup? It’s up to you to decide, list out your requirements, constraints, the benefits you want, and how much risk you’re willing to take on? Spend some time thinking, and come up with a conclusion. 

🛑 And make sure when you do it, read your current job guidelines carefully so that it doesn’t end up being moonlighting, which definitely and legally isn’t the right thing to do.