Firing in Startups, How to build income from side hustle.

 Firing in Startups, How to build an income from a side hustle.

 

In 2022 alone, 9,250 Employees have been removed by 23 startups. But experts claim that this may even Increase eventually.

 

Unicorns like Vedantu laid off 624 employees, Unacademy laid off 935 employees, Meesho laid off 150 employees and even many more in the list. The big question is, why are these unicorns not able to sustain and persist. Well, Vedantu says they are facing financial constraints and to recover losses, Unacademy says cost cutting and Meesho says reconstruction. The funds were melted by marketing and ads, now looking for another round of funding. The Venture capitalists were reluctant to invest their money in the startups because of external issues like war in Europe, Fed interest rates hike, Inflation and many more. Ed Tech startups like Byju's, Vednatu have noticed a drastic fall in their users as well as sales. The children are back to offline education and unwilling to continue online education. Blinkit, Ninjacart, Swiggy are facing a tough fight with newly emerging startups like Dunzo, Zepto.

 

Will technology startups retain their existence? This question has a big uncertainty. One after the other is making its way into the market. Startups like Zomato, Swiggy, Uber eats, are having the same methodology and execution. The user's trick is to find out the best deal among them and grab it. How long these startups can provide offers to the customers bearing huge loss to the company. Well, until they lose their funds completely. Till now, none of the startups has recorded a positive EBITA in their balance sheet. Keeping all the above mentioned points in mind, how can these companies pay on time salaries or bonuses to their employees.

 

Looking for alternative income

 

Apart from the job, the employee must always build passive income to be stable. Lucrative income streams like freelancing, Investing, small scale business can scale down their financial dependency. Freelancing like video editing, content writing, voice over can promise to pay a flourish income. Platforms like Upwork, Freelancer, Fiverr are uncomplicated to credit their rewards. Investing in stocks as well as mutual funds can make tremendous amounts of wealth in the long term. Some small businesses like delivering software or small home made products can be beneficial as well as profitable. Products like home made chutney, oil, food items etc… can be easily sold without much effort