As coronavirus sends millions of Americans to work in seclusion, one group may be using this time to contemplate staying home. And why not? Considered the ‘forgotten’ generation, X’ers have found themselves squeezed between Boomers who are still strong in the workforce and Millennials, the largest generation. To have the professional and personal satisfaction they seek, it may be time for Gen X to go out on their own. If this describes you and you’re considering making the jump, I’m sharing some ways you can prepare yourself. 

No – You’re Not Crazy

With 75% of people quitting their jobs because of their manager, according to Gallup, you’re probably tired, fed up, or numb – but you’re not crazy. Generation X’ers are at the stage in their life referred to as the “I know” in the Chakra system. In another post, I discussed the myth of the midlife crisis that explains this concept in more detail. Essentially, around the midpoint of our lives, we reach the final stage of our personal development and begin to become master. It is a natural reflection point to look back on our lives as we contemplate the future. Now, how we react can be a crisis if it not handled well. 

With Generation X’ers outnumbered just about everywhere, we haven’t necessarily obtained the same career satisfaction and progression as our Boomer predecessors. As latch-key kids, we got ourselves home from school, took care of our chores, and did our homework before our parents got home. We followed the rules. The millennials burst on to the scene, and well, they were rule-breakers. 

With that said, with the rule-breaking came a whole new pathway that wasn’t available to Gen X in their early career. The Gig Economy has made the side hustle more accessible to everyone. And according to the Freelancing in America 2019 survey, 35% of the workforce, or 57 million people, are freelancing. That’s 10 million more people than there were five years ago. Estimates show that while only 29% of Baby Boomers freelanced, 31% and 40% of Gen X and Millennials respectively freelanced. Gen Z, who has recently started entering the workforce, is 53% contract laborers. It’s expected that by 2027, 51% of the US workforce will be part of the gig workforce.

Gen X Does It Better

But wait, there’s more. Fret not Gen X’er. While you may not be used to working on your own, yet, there is data to suggest that if you do, you do it better. The Bureau of Labor Statistics’s data indicates that Americans over the age of 35 are 50% more likely to start a business. This group includes the Xennials, the microgeneration of Millennials that strongly identify with Gen X. Their research also suggests that older entrepreneurs with more experience have a higher rate of success. Carl Schramm, the author of Burn the Business Plan, points out that entrepreneurs between 40 and 50 have a five times greater chance of owning a successful business after 10 years than if you started between 20 and 30.

But it doesn’t just come down to more experience. Gen X was the responsible generation. Not to suggest that Millennials aren’t responsible. The Gen X’ers were left on their own to figure things out more and, as such, have cultivated a different set of problem-solving skills and ingenuity. In a world that’s becoming more and more automated, Gen X’ers stand ready to rise into leadership positions as soft skills grow in demand, especially emotional intelligence. Plus, they are also technically savvy. This demographic is poised to put their specific expertise on the market, such as marketing, management consulting, strategy, and planning. 

Companies That Started During A Recession

While you’re at home gripped in the throes of a COVID-19-driven slowdown, you’re wondering if this is the time to start a new business. It might not be the time to quit your job. But this is an excellent time to work through the possibilities. And begin to lay the foundation, so when you return to work, your operating infrastructure is already in place. Then, when you’re ready, you can make the jump. Or, no one says you have to. Many people like having a full-time job plus a side hustle. The current trend is entrepreneurship, but it’s hard and not for everyone. 

In case you’re wondering, here are a few companies that started during a recession, may you’ve heard of some of them: General Electric, IBM, Microsoft, Apple, Airbnb, Stripe, Slack, and Uber. That’s not to say you’ll experience the same results, but it does mean it’s okay to be cautious and expect great things from yourself at the same time.

Take Action Now

Your side hustle or your full-time freelancing is a business. Generation Z is learning more about entrepreneurship and business basics in high school and college. But the Gen X’ers and Millennials have had to figure it out on their own for the most part. 

If you’re considering making the jump or you’re already lacing up your tennis shoes to make a sprint for the door, here are some things to consider as you get started. 

1. Invest in quality learning. Jim Rohn says, “Formal education will make you a living; self-education will make you a fortune.” There’s plenty of free information out there (such as this post), but you will have to set aside dollars for courses and coaches. With so many out there, you’ll have to determine what’s worth the investment. I’ve had hit or miss experiences over the years. People have gotten great at marketing, but the product is lackluster and not worth the price tag. 
2. The good news is you can market for free, and the bad news is you can market for free. As the freelance community has come online, it has become increasingly challenging to have your message seen. It’s cheap to learn and figure some things out. When you start seeing results, then start investing back in your business to upgrade your marketing tactics such as online ads, quality tools, and back-office systems. 
3. If you make money, you must count the money. While it’s easy to get into freelancing, don’t forget it’s a business. You have to learn some financial basics. Of course, consult an accountant and have them take care of your taxes. But your day-to-day finances are your responsibility. At a minimum, you need an income and expenses tracking tool, a budget, and an invoicing system. Don’t worry; there are free tools available. I’m was a finance major, so I have a massive spreadsheet, plus a basic back-office system. For now, you can use Google Sheet or Excel. Whatever tool you use, though, be consistent. 
4. Birds of a feather flock together. Find like-minded individuals who are in the same place as you or further along. Many cities have entrepreneur networks or organizations to not only bring people together but also to provide resources. In Nashville, for example, I’m an expert advisor at the Entrepreneur Center. They offer programs, support, and connect entrepreneurs with mentors and advisors. Also, check out co-working spaces. You may not be at a stage where you need it, but co-working spaces also have networking opportunities. 
5. Gain clarity about your mission and vision. Your side hustle or your new business has attracted you for a reason. Thought leaders such as Simon Sinek (Start with Why) and Jim Collins (Good to Great), tout the importance of knowing the desired outcome. Businesses with a mission are more likely to succeed because it provides the context within which to make decisions. 

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