Introduction
In a quest for additional income, many individuals like Emmanuel are turning to side businesses or seeking a second job. This trend is driven by the limitations of their current salaries, prompting them to explore alternative income sources.
The Rising Trend of Side Businesses
According to the Mexican Institute of Geography and Statistics (Inegi), approximately 4.3 million people were underemployed by the second quarter of this year, accounting for 7.2% of the total employed population. These individuals possess both the need and availability to offer more working hours than their current jobs demand, a phenomenon known as underemployment.
Success Stories: Andrea, Karla, and Alfonso
Faced with limited job opportunities that align with their needs, Andrea, Karla, and Alfonso opted to start their own ventures. All three hold full-time jobs but seek higher incomes and have the time to pursue their new endeavors, which complement their primary occupations.
- Andrea: A licensed gastronomist working as a cafeteria supervisor, she leveraged her baking skills to start selling homemade bread with the help of her spouse.
- Karla: A primary school teacher, she initiated regularization courses for students due to low teacher salaries and high living expenses.
- Alfonso: A veterinarian, he partnered with a colleague to offer at-home pet care services during his days off.
Why Do Mexicans Pursue Entrepreneurship?
Data from the Mexican Association of Entrepreneurs (Asem) reveals that 26.9% seek personal and professional growth, 26.7% found a business opportunity, 26.2% aimed to increase income, 14.6% were unemployed, and 11.6% sought to supplement their family income.
Keys to a Successful Side Business
Marisol García Fuentes, a business and entrepreneurship coach, emphasizes that starting a side business alongside a full-time job is a viable option. Known as a “side business” or secondary venture, this approach allows for extra income without compromising the primary source of revenue.
Who Should Consider a Side Income?
Individuals who cannot live on their current salaries, feel unsatisfied with their jobs, have spare time for another activity, or lack essential benefits like social security should consider a side income, according to the expert.
Crucial Factors for Success
Aspiring entrepreneurs must analyze available resources, identify their interests and skills, address a social or environmental issue, choose a segment aligned with personal values, seek advice and partnerships, and allocate time wisely, acknowledging that it’s a secondary income source rather than a full-time job.
Expert Advice from Allan Gerardo
Allan Gerardo, an e-commerce specialist, highlights the importance of offering high-quality products or services and providing exceptional customer care. Word-of-mouth recommendations are crucial in today’s market, he notes.
