Work from home while you maintain another job

Rather than taking a “wait and see” approach to economic recovery, there are some proactive steps that you can take to boost your income well after the market has rebounded. By working from home to create value and providing stable sources of secondary income, you may find yourself shifting your focus to areas that are more profitable and well paying for you during a recession. 

Even if you have a “safe”job and work hard, the growth in corporate layouts should encourage your to explore supplemental income sources outside of your main job. 

Always make sure to keep these sources separate, and only transition to full time once you’re confident that your new income source is stable and lasting. Reports show that nearly 1 in 4 companies plans to reduce its workforce in the coming year (see Market Watch ), creating the perfect opportunity to give yourself employment insurance.

The first step to question is: which services you can offer that suit your skill set best? 

By focusing on your particular area of talent, you can not only increase your productivity, but you’re also likely to enjoy to work from home a lot more, providing the opportunity to transition into a full time business over time. 

For example, if you’re a computer programmer who likes to create games for fun, you might offer your services as a contract worker to companies seeking to develop social media applications, which are in high demand.

Another opportunity is to turn a hobby into a part-time professional.

 If you’re an avid photographer, you can sell stock photos at sites like iStockPhoto, which will pay you a commission based upon sales of your images – companies then use your images in their promotions and you get paid for that right, so everybody wins.

The intersection of market demand with your skill set (supply) will help you determine the right approach for you.

No matter which secondary job you choose to explore, always try to start promoting your brand – it’s often best to create a website and “brand” name even when the company is small. This way you can begin to build up a larger following online and customer base as you grow, making it a more natural transition to full time work from home. 

Give yourself credit for your talents, and don’t sell yourself short, even if you’re a one-person team to start out. Always take advantage of networking opportunities to meet like-minded entrepreneurs and share ideas – Meetup.com has weekly gatherings where you can do just that. 

Another important point is to retain flexibility – you’ll want to ensure you can still focus on your main job, while also giving you the freedom to enjoy time with your friends and family outside of work. Make sure not to consume yourself between two jobs to the extent that you are exhausted; the entire point of a 2nd job is to put you in a better position so that you have a more stable, secure economic future. 

Whether you retain your new work from home career as your primary income or continue to pursue your career full-time, it can be a fulfilling journey that can enrich both your life and your pocketbook during good times and bad.