This might seem counterintuitive, but when your business is growing and you are finding new clients, that’s the best time to start dabbling in a new side hustle apart from appraisal. In some cases, when you find appraisers moonlighting (having a second job), there’s a correlation to their current job. Many appraisers invest in real estate or wear the real estate agent or broker hat. But there doesn’t have to be a connection. Although your appraisal business might be doing really well, it is still a really good idea to do something on the side.
Why now? Well, think about it. You know that when two parties are negotiating, the one who’s desperate doesn’t usually get what they want while the one who doesn’t care walks away with the better end of the deal. The same principle applies. You would want different things and make different decisions if you were under a lot of stress. In a time where you are doing well you also aren’t pressured with finances. When it’s not necessary is the best time; you need to be in a state of mind that isn’t urgent. This will allow you to take the time you need and make rational decisions not under pressure.
Multiple sources of income is never a bad idea. Especially if you can snag two opportunities that you enjoy! You’ve heard the old adage to not put all your eggs in one basket and that definitely applies here. Although you may love what you do as an appraiser, you want to have opportunities and keep options open.
How? Bestselling author Robert Allen presents the idea of having more than one income source in his book Multiple Streams of Income. It’s a great opportunity to read about what it means to have multiple spigots going at the same time. Utilize the time right now to sketch an outline of what this could look like for you. Where are you in your business? Is it time to start a second gig? When the answer to this question is yes, keep digging. What are you passionate about? What do you enjoy doing? What is fun for you? Maybe you like to teach or buy and sell things. Maybe there’s another non related business opportunity you’ve been dying to try and can slowly start working on.
So, if you need a little more peace of mind when you go to sleep at night when the interest rates rise and the appraisals drop, moonlighting will do this for you. It’s nice to have something to put a stop to the nagging of all the “what-ifs” running around in your head, something else to rely upon. In the end, this isn’t just about creating a better business, it’s about creating a better life and becoming a better person. So take a new opportunity to work on your life. Just begin the process. And even if you leave out the thoughts of having some fun and some extra cash, it will be something to fall back on in case you ever need it.
For more information on this subject, please download and listen to The Appraiser Coach Podcast Episode: