Another term for side stream economy is the informal or semi-informal economy. In the near future, the majority of individuals will not be employed in the mainstream economy. Not everyone in the informal economy will be a displaced worker, many will be enjoying these careers as their own choice. This economy will be community-based, and the way people provide artisan goods and services to one another, creating their own economy. For many of us, the future of our employment will be self-employment and we will need to learn to be managers and leaders of ourselves.
The main foundation of the side stream economy will be agriculture- specialty micro-farming. Next will be micro-manufacturing- think leather goods, woodworking, clothing, rugs, jewelry, steel casting, handmade crafts or products, community 3d printing, and trading/consignment, i.e., Etsy or Ebay.
The third category is Maintenance and repair services or pet care, restoration work, bicycle, car, or appliance repair, or swimming pool services. The fourth category is food, including independent restaurants and coffee shops, food processing, health food stores, micro breweries, baking, and home chefs or caterers. The final category is services, and my consulting and coaching work fits in here. As would child care, private schools, elder care, home health, or hospice, gardening and lawn services, or the teaching of special skills.
The coaching and consulting field will have an important role in shaping the success of the side stream economy. Right now, most parents aren’t teaching their kids about the possibility of a side stream career and instead are shuttling them into universities for majors such as law or medicine. And, universities aren’t preparing their students with the business and personal development necessary to thrive in the side stream economy.
All of this will need to change, and we also need to change our perceptions in society of individuals working in these informal economies. Most of us probably already know several people who do so, and the stereotype that these are things we do during periods of unemployment or as an aside to another job or career will shift as the majority transition over time to supporting their household this way. The adage to “shop small” has never been more important as we begin to form these community economies together.