How to Start Side Hustles For Bankers
It’s no surprise that the terms “gig economy” and “side hustle” are becoming part of everyday vernacular.
More and more individuals are turning to side hustles, whether through necessity or choice. Don’t expect the cradle to the grave job security of eras past. You can be in Hong Kong, London or New York. It’s the same.
Estimates vary as to how many have chosen this path, and not everyone is willing to disclose details. Personal pride or the role of company compliance policies may dictate. But according to a 2019 Bankrate.com report, almost half of Americans have a side hustle.
It’s essential that bank employees get comfortable with the concept. That may sound a bit dramatic. Put it this way, if we see an industry downturn anywhere close to what we saw during the global financial crisis, you may have little choice. Recessions and their aftermath happen.
Even if you’ve spent decades building up your career equity at Goldman Sachs and Morgan Stanley, there are no guarantees that you’ll easily slot right back into an industry looking for cheaper, younger and smarter versions of you. Fact.
Technology has been a massive gig economy enabler. Self-publishing on Amazon, selling your crafts on Etsy, or building websites from a cabana in Cancun, have all been made possible thanks to industry advancements. These have changed the economics, logistics and opportunties behind working for yourself.
A whole “digital nomad” movement has sprung up out of the idea that working from anywhere on your laptop is viable. Yes, it can be dismissed as faddish and unrealistic. You tell that to those drifting from Chiang Mai, Thailand, one month to Tallinn, Estonia, the next.
If you’re a full-time employee at Citi, fully committed to your career path and the organization, that lifestyle may not be what you’re looking for. Not yet anyway. But it’s nice to have the option. You can’t rely on the man. And it may become a reality if you have the wanderlust.
A side hustle doesn’t have to be just online money making. Hustlers are finding all manner of ways in which to generate income: clearing dog poop, flipping property, or part-time celebrant.
Or your version of a side hustle could combine elements of both online and offline worlds, such as becoming an Uber driver or providing local handyman services through TaskRabbit.
Even without a financial crisis, we should all expect disruption to the banking industry to lead to job losses. That’s the nature of change. So those in the financial services industry should view a side hustle as part of an insurance policy – at the very least, it’s a way to generate cash if you need to.
Obviously, you have to make sure that you are contractually allowed to have a side hustle. Bank compliance departments can occasionally get funny if you don’t disclose certain types of outside interests when required.
So now that it’s piqued your interest, how can you take better control of your circumstances? It’s time to start side hustles for bankers.
Take Inventory of What You Have To Offer
What skills do you have that can be used in another context?
It’s often hard for career bankers to think beyond the four corners of the industry to work out how their skills can be relevant elsewhere.
But if you take a step back, you may be surprised by what qualities you can bring to a side hustle. Your approach can be about using existing work talents to monetize. You may even want to monetize a hobby that you have.
If you’re involved in report writing, think about how that can be used in a different context. Yes, you may need to tweak your style and adopt another industry’s standard, but you’ll already have the foundations under your belt.
Similarly, if you have a project management role, there are likely to be many opportunities for you to translate what you have learned working for a bank into a new environment. A small start-up may desperate for your big bank experience.
Take a look at Upwork and Toptal to see what types of services people offer.
What Do You Like To Do?
Just because you can do something well, it doesn’t mean that you’ll like using it in the context of a side hustle.
A lot depends on your motivation. If you need the money, then you need the money. You’ll have to put your personal preferences on the back burner if quick cash is your primary focus.
But if you have some flexibility, have a think about what skills you want to use in the gig economy. Keep in mind the amount of time you’ll need and how you’ll balance this alongside your regular job, and social and family commitments.
This also goes for hobbies. If you’re an experienced yoga practictioner, is there a way in which you can elevate that skill into a moneyspinner?
Can you monetize your love of Ancient Rome? Yep – what about trying to create a blog, a book or online course?
What if there’s an area that interests you but you don’t have the skills to monetize it?
You can always learn what’s required through online learning platforms, cheaply or for free. Try Udemy and Teachable. Not only are they learning platforms, but they both also allow you to create your own courses for sale. Alternatively, you can try Coursera and its range of courses designed by world-leading universities and companies. And don’t forget YouTube as part of your upskilling strategy. There is a surprising amount of free stuff available there.
How Can You Monetize?
How you choose to monetize is really going to be on a case-by-case basis. You’ve got to work out how much time you’re willing to trade for money and for what price. You’ve also got to get a clear understanding of your personal finances and what you need.
If you’re a trade finance geek that wants to be a freelance writer, for example, you’ve got to decide how you want to package yourself. You can compete on sites like Freelancer, where clients are often willing to take the cheapest option.
Or you could pitch your services directly to higher-paying corporate clients. You can package your in-depth hands-on knowledge in such a way that they reward your specialist experience with better remuneration.
Then again, you could try to do one-on-one coaching to graduates looking to get into the banking industry or coach executives looking to move up a corporate rung. Don’t expect to charge the same fee.
Maybe you could try to group coaching rather than individuals. Or you could host a webinar. Or set up a mastermind group. These are just a few of the many, many permutations out there.
How much you can charge is really up to you…you and what the market can bear for your service, what others are charging, and how you market yourself.
The beauty of the internet is you can learn pretty much everything. You can pick up new skills, learn where potential clients are, and find out what is being charged for certain services.
Have a Basic Structure
So how do you put it all together?
How you choose to design your side hustle is like skinning the proverbial cat. So many ways, too little time to outline all the alternatives.
But a simple way of framing a side hustle would be a simple “asset, discovery and fulfillment” (“ADF”) approach.
Starting with your “asset”, this is about what element (product or service) you are looking to monetize. This could be your ebook, your bookkeeping skills, your coaching, your website and so on. Essentially, it’s your side hustle itself. Next, we have “discovery”. How do clients find you? Will it be via word of mouth, will potential clients see your services on Craigslist, will you put your profile on Fiverr, or do individuals find you on LinkedIn?
It’s all well and good having a product or service. But if no one knows it actually exists, there’s little chance you’ll make money.
Finally, we come to “fulfillment”. This is all about the delivery of the product or service and your ability to collect the cash. So if you have an ebook on Amazon, for example, buyers will simply buy through the platform and you’ll get paid directly by the site. If you want to coach, you may deliver the service face-to-face and get handed the cash. Or perhaps you’ll get paid through a PayPal account if you are coaching online. Or you use a platform like Life Coach Office.
All of these elements need to be thought through when designing your side hustle, whether that’s online or offline.
A useful resource to help you on your way is the Beginner’s Guide to Online Side Hustles. Also, check out the Side Hustle Nation podcast for inspiration.
The Time to Start is Now
Don’t wait for some black swan event to upend your role and force you to take action. The process of losing your job loss isn’t always as dramatic as that.
It may simply be down to a change in management. New strategies come, old bodies go. Prepare yourself.
Is a side hustle the ultimate solution? No. Not entirely.
It’s a world where you may find yourself always on the hunt for the next gig. The pay might not be great. And don’t expect the perks and benefits of your regular job.
But it should be considered as part of a broader career strategy. It can build skills and expand your network. It can also open your eyes to what’s possible. And you never know – if it goes well, your nine-to-five could one day be replaced by your five-to-nine hustle.
