Occupational Wellbeing

Side Hustle to Success: Exploring the Potential of Multiple Income Streams

December 7, 2022
The Wellness Tribe Team

Building a career from different income streams can be a rewarding and fulfilling way to make a living. However, in today's economy, relying on a single source of income is becoming increasingly risky, as job security and stability are no longer guaranteed. By diversifying your income streams, you can protect yourself from financial uncertainty and take control of your own career. 

There are many different ways to create multiple income streams, and the best approach for you will depend on your individual circumstances, skills, and interests. In this article, we will explore potential options for generating additional income and provide tips for getting started.

Start A Side Hustle

One way to generate multiple income streams is to start a side hustle in addition to your full-time job. This could be something as simple as selling handmade products on Shopify or providing a service like home or online tutoring. The key is to start small and gradually build up, so you don't overwhelm yourself.

Portfolio Diversification

Portfolio Diversification
Photo by Scott Graham on Unsplash

Another way to create multiple income streams is by diversifying your investment portfolio. By investing in a range of assets, including stocks, bonds, real estate, and others, you can create a steady stream of passive income to help support your career and financial goals. Diversifying your investments can also reduce the risks associated with relying on a single source of income, such as job loss or market volatility.

Creating and Selling Online Courses

Another option is to leverage your current job or career to create additional income streams. For example, you could use your knowledge and experience to develop and sell an online course or e-book or offer to coach or consulting services to others in your field. By doing so, you can generate additional income without necessarily having to leave your current job or career.

The Benefits of Multiple Income Streams

Be Your Boss

One of the key advantages of building a career from multiple income streams is that it gives you more control over your work and income. Instead of being at the mercy of a single employer, you can create your own opportunities and choose the projects and clients that align with your values and interests. This can lead to greater job satisfaction and a sense of fulfilment.

A Safety Net for Income

Having multiple income streams can provide a sense of security, as it gives you a backup plan in case something goes wrong with one of your streams. This can be especially important in today's economy, where job security is not always guaranteed.

Multi-stream income generation workflow

Multi Stream Income : Side Hustles
Photo by Will Porada on Unsplash

Wondering how to get started? Here is a workflow for finding and creating multiple income streams through side hustles: 

1. Identify Your Skills and Interests: 

The first step is to think about what you are good at and what you enjoy doing. These skills and interests can help you identify potential side hustle opportunities.

2. Research Potential Opportunities: 

Once you have a list of your skills and interests, start researching potential side hustle opportunities that align with them. Look for opportunities that are in demand, have the potential for growth, and are flexible enough to fit into your schedule.

Here are a few platforms for side hustle opportunities: 

  • Fiverr
  • Upwork
  • Freelancer
  • SolidGigs

3. Create a business plan: 

Once you have identified a few potential side hustles, create a business plan outlining how to start and grow your business. This should include a market analysis, marketing, and financial plan.

Check these sample business plans from Hubspot to get you started. 

4. Test your idea: 

Before fully committing to a side hustle, it can be helpful to test your idea to see if it is viable. This can involve creating a prototype, offering a limited-time promotion, or launching a pilot project.

5. Launch your side hustle.

Once you have a solid business plan and have tested your idea, it's time to launch your side hustle. This may involve creating a website, setting up social media accounts, and networking to find potential clients.

6. Scale your business.

Once you have launched your side hustle, focus on growing and scaling your business. This may involve finding new clients, expanding your services, or creating new products.

"A side hustle is the ultimate form of job security. It gives you the freedom to explore your interests, try new things, and build a business around your passions." - Chris Guillebeau - American Author

Closing Thoughts

There are several ways to create multiple income streams, and the best approach will depend on your individual circumstances, skills, and interests. You may include some freelancing websites which can give side hustles more meaningful avenues.

Emotional Wellbeing

How to Deal with Burnout: A Guide for Team Leaders

September 25, 2022
The Wellness Tribe

Many employees feel the shift to remote work has been a welcome change from the in-office routine despite the uncertainty surrounding COVID-19. In contrast, for others, the disadvantages of remote work became apparent as weeks turned into months and months into a year.

If you have access to the internet 24 hours a day, seven days a week, and don't need to commute, separating work and personal life can be challenging. Late night work and weekend work become more common. Our survey found that 77% of employees have experienced burnout. If staffing levels are cut, workloads increase and burnout quickly become a reality.

The good news is that it is preventable. Employee engagement through an employee wellness program is one important component. Employees that are engaged are happier and more productive. Greater resiliency benefits the organisation as well. However, effective tools and consistent efforts are required to keep staff engaged, reduce burnout, and guarantee that everyone is working toward the same goals.

Here are six strategies to help employees avoid burnout, increase employee engagement, and build resiliency.

Facilitate Better Communication

Facilitate Better Communication
Photo by Headway on Unsplash

It is necessary to communicate with your employees to understand their perspectives, difficulties, and perceptions of the organisation and management. Assessments should not be restricted to once a year. More frequency and consistency are crucial in mixed work environments, where employees may feel like they are working in a vacuum. Employees should be able to communicate through all channels available to avoid mental health issues that may arise from isolation.

Small chat groups and meet-ups like virtual lunchrooms and happy hours, as well as one-on-one meetings centred on progress and goals, are all examples of communication touchstones. You can create connections through them, unwind, reduce loneliness, and spot other people who are struggling. But, again, this could help you intervene before things get worse.

"Leadership is about making others better as a result of your presence and making sure that impact lasts in your absence." - Sheryl Sandberg

Allow Employees to Take Time Off.

In many organisations, downtime must be considered to meet demand. Although the redistribution of work may be complex, downtime cannot be ignored. Provide employees with the option of taking breaks, personal days, or vacations when necessary.

Your company's typical working hours should be clearly communicated to employees. In addition, they should be encouraged to turn off their phones and laptops when they are not working. Recognising that they have the right to separate work and personal life will encourage employees to do so. In order to motivate employees to do these things, you might want to introduce some employee wellness initiatives. 

Even short breaks throughout the day can help improve their mood and productivity. Make it clear to your team members that they should not check their emails while on vacation. Find someone to cover their position if it is essential. Upon their return, they will be well-rested and ready to work.

Make Collaboration Easier by Investing in Tools.

Make Collaboration Easier by Investing in Tools.
Photo by Akson on Unsplash

Retention requires high levels of engagement and communication. Employees don't quit their jobs because they're awful. They leave lousy managers behind them. Organisational goals are more likely to be achieved by employees who clearly understand their responsibilities and are supported in fulfilling them.

Using employee engagement and performance management technology can help to boost productivity, knowledge sharing, and cooperation. Engagement will close the gap by providing coaching and feedback to both in-office and remote employees, connecting individual and team objectives to the organisation's strategic priorities.

Concentrate on the “Why”

Burnout is typically caused by a gap between a person's values and tasks. Although you are worried and exhausted, you continue to work, forgetting the reasons you joined the company or job in the first place. There is a risk of harm from it. 

Creating a shared sense of why is a task for any leader must determine why we are motivated to complete the goal. As a leader, it is your responsibility to energise your team. Remember the purpose and why it is crucial for the business and your customers. People are more likely to be satisfied with their jobs if they share common beliefs and connections.

Commit to Mental Health and Empathy

There is increasing recognition that mental health is vital for individuals, groups, and society. Moreover, those their leaders support through empathy are more likely, to be honest and accurate. 

When companies build stronger relationships with their employees, employees report it improved mental and physical health by 23% and 17%, respectively. Companies that provide holistic support to their employees report an increase of 21% in high performers. Additionally, employees feel heard and validated, resulting in a more productive work environment and a happier mind body soul.

Prioritise Your Own Health.

Before you can help your team members manage their stress, you must work on your own. Consider how you can help your employees get what they need instead of hunkering down and focusing" on your task.  

The best start is by taking care of your physical and emotional health first; you need to take care of yourself. Get enough sleep at night, eat healthfully, exercise regularly, meditate, and find another person to vent to who isn't "your boss.". Taking care of oneself is more than a luxury; it is a necessity.

Occupational Wellbeing

Hybrid Working Lingo: The Top 5 Buzzwords You Need to Know

December 7, 2022
The Wellness Tribe

In the era of hybrid working, several buzzwords have become increasingly important to understand. These terms can help us navigate the changing landscape of work and communicate effectively about the ways in which we are working. 

In this article, we will discuss five of the most important buzzwords in the hybrid working era: Frolleagues, distributed teams, asynchronous communication, Proximity Bias, and Productivity Paranoia.

Frolleagues

Frolleagues : Hybrid Working Lingo - Top 5 buzzwords you need to know
Photo by Microsoft 365 on Unsplash

Frolleagues are individuals who are both colleagues and friends, and the frolleague relationship can begin as a professional one and then evolve into a friendship. It is common for people who work together to form close bonds and friendships, especially if they spend a lot of time together and have shared experiences.

It is essential to recognise that different people may have different boundaries around their work relationships, and it is important to respect those boundaries. It is also important to be mindful of the potential risks or challenges that can arise when mixing professional and personal relationships and to communicate openly and honestly with frolleagues about expectations and boundaries.

If you are an introvert struggling to socialize here's our guide of : Social Networking When You Hate It - An Introvert's Guide

Distributed Teams

A distributed team is a group of individuals who work together but are not physically located in the same place. This type of team is common in the era of hybrid working, as it allows for a mix of remote and in-office work. With distributed teams, it is important to establish clear communication channels and set expectations for collaboration and communication.

Asynchronous Communication

Asynchronous communication is a term used to describe forms of communication that do not require all parties to be present simultaneously. This can include emails, instant messaging, and other forms of written communication. In the era of hybrid working, asynchronous communication is important for allowing team members to collaborate and communicate effectively, even when they are not all in the exact location.

Proximity Bias

Proximity bias refers to the tendency to favour or give preferential treatment to individuals who are physically present or close to themselves. This bias can manifest in various ways in the workplace, such as providing more opportunities or attention to employees who are physically present in the office or overlooking the contributions or needs of remote workers.

Proximity bias can harm employees working remotely or not physically present in the office, as it may lead to a lack of equal opportunities or recognition for their contributions. It can also negatively impact team dynamics and morale, as it may create a sense of unfairness or inequality among team members.

Productivity Paranoia

Productivity paranoia: Hybrid working lingo: top 5 buzzwords you need to know
Photo by Dasha Yukhymyuk on Unsplash

Productivity paranoia refers to the anxiety or stress individuals may feel around their ability to be productive, especially in the modern workplace. This anxiety may be fueled by societal or cultural pressures to be constantly productive and achieve high levels of success, as well as by a lack of work-life balance or a lack of support from employers or colleagues.

In the era of hybrid working, productivity paranoia may be exacerbated by the challenges of working remotely, such as the blurring of boundaries between work and home life or the need to juggle multiple responsibilities. It may also be fueled by the fear of not being seen as a valuable contributor to the team or organisation or by the fear of being left behind in an increasingly competitive job market.

Closing Words

In conclusion, as a corporate wellness company, we always stay attuned to the buzzwords and trends shaping the modern workplace, especially in the era of hybrid work. However, by understanding the terms, we can better support the health and well-being of employees as they navigate this new way of working.

It is also crucial for us to recognise the potential challenges and risks that may arise in a hybrid work environment, such as productivity paranoia and proximity bias. By addressing these issues and promoting inclusivity and equity, we can create a healthy and supportive workplace for all employees, regardless of their physical location. Overall, the era of hybrid work presents both opportunities and challenges. By staying informed and proactive, we can continue to support the well-being of employees in this evolving landscape.

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This month we are focusing on food and how it affects your mental health. Join us as we bring in the most relevant interesting content from across the wellness segment.

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