Topping up your income: Lessons from George Osborne
If anybody’s nailed the “topping up my income” technique, it’s MP George Osborne, who now counts being an MP and editor among his part-time careers. There’s a lesson for us all; you don’t have to throw your lot in with one career to make a success immediately.
According to recent figures, around 1.1m people work multiple jobs in the UK, making up 3.6 % of the workforce. Of these, 590,000 have multiple employee roles, 120,000 have multiple self-employments and 420,000 combine employment and self-employment.
And while we can’t all be an MP, after-dinner speaker, fund management advisor and editor of a national newspaper at the same time, there are ways to make multiple roles work for you.
The notion of job security these days is a bit of a misnomer so while going it alone can be daunting, so can putting all your eggs in an unfulfilling basket.
Whether you’re seeking variety and a good use of your skill sets or whether you’re just seeking more career autonomy, taking on an extra role can be a great way to enhance your potential.
More than three quarters of people who start a career in network marketing start part time and this gives them the confidence to eventually take the plunge and leave their full time job. It’s a less risky way of starting the path to entrepreneurship; the financial outlay is minimal and the main investment is time and effort.
However, it’s not for the faint-hearted. Deciding on the work you take on, finding employers or teams and balancing competing demands on your time can be hard to manage. Here are some of the things you need to bear in mind.
Don’t treat it like a hobby
If you ever engaged in any type of hobby you’ll know they cost money. To be successful in a part-time business you need to treat it properly – as a business. Invest consistent time and effort and you will reap the financial rewards.
Don’t run before you can walk
While it’s great to be gung-ho about a new enterprise, if you don’t plan carefully you might be in for a shock. Make a checklist before you start your new role or career and work through it in sequence.
Don’t give up
If you’re already getting a paycheck it might be tempting to pay less attention to your part-time endeavours but if you’re going to make it work then you have to give it your all. Create the momentum and energy in your enterprise from the word go and this will make it easier to sustain in the long-term.
Keep some balance
You might be playing the long game with your part-time career decision but don’t neglect your work-life balance in the process. Remember what you’re doing this for and don’t sacrifice peace of mind or sleep over its pursuit