Be creative. Diversify yourself.

Are you putting all your eggs in one basket?

Several years ago our IT department hired a recent college grad to work on the help desk. I helped interview him and gave him a glowing recommendation to our IT director. He stood out for me because of his ambition and ability to think outside and around the box.

We became friends as well as colleagues. Some of our earliest conversations focused on diversifying our own revenue-generating portfolios. Essentially, we needed to be entrepreneurial for ourselves and our families while keeping our day jobs.

Neither of us really acted on those goals. At least I didn’t until just several years later. It was impeccable timing since the economy lumped me into the ever-growing unemployed statistic. Impeccable because I had just created an LLC for my consulting business and joined the Pampered Chef as a consultant.

Taking on a second career while continuing the first has some special challenges, but many rewards. You’re challenged to be successful at both without one being a detriment to the other. You’re rewarded financially, and if you choose the right second opportunity, you’re can fulfill the needs and desires that your day job doesn’t.

Here’s how I made my decision about what I wanted to do.

Make your side business an extension of what you’re good at

You should have really good knowledge, skill or interest in what you’re not doing at your day job. Learn what you do best or what you like most. Take a job or skill inventory online, or think about what you can’t wait to do in your off time. Love golf? Learn how to instruct kids or adults. Does cooking fulfill you? Bake or learn to be a caterer. The goal is to find that niche that fulfills you and is fun to do, especially if your job does fit that bill.

Learn where the holes are

Chances are somebody’s already doing what you want to do and has been doing it longer. Ask your friends and neighbors and coworkers (and your competition’s clients if you can find them) what they can’t get anywhere else and figure out how to provide that product or service. The niche may be small, but that can be really lucrative if no one else is doing it that exact way.

Do it on the cheap

Creating your own side business should not be costly. Do your math. If your startup costs can’t be recouped almost immediately, you maybe should look for something different. That is, of course, if you haven’t just hit the lottery.

Get yourself up to speed

Take classes, find a mentor or just do what you think you want your business to be so that you become the expert that clients expect.

Whether you’re trying to make ends me in this current down economy or you have other goals, such as paying for college, saving for retirement or buying a new car, having a second income from a business you create doesn’t have to be more work. It can be fulfilling as well as enriching as long as it’s something you enjoy.