Starting a side hustle is a smart move. Many people are diving into side ventures, and it’s not just for the extra money. Side hustles offer various benefits, from boosting self-esteem to enhancing skills. Interestingly, Gen Z leads in side hustles, but every generation is embracing the idea.
It’s a great time to start a side hustle. Economic uncertainty, reduced company loyalty, and technology that connects buyers with sellers make this the perfect time to begin.
As you think about a side hustle, there are key factors for success and benefits to consider.
Side Hustles Are Popular and Profitable
Many people are making side hustles work. According to a Bankrate survey, 48% of Gen Z have side hustles. Additionally, 44% of Millennials, 33% of Gen X, and 23% of Boomers have side hustles.
A common question is, “Is now a good time to start a side hustle?” The answer is yes. Most people started their side hustles recently. The majority of Gen Zs began within the last year or two. Other generations have also started within the past couple of years.
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Another frequent question is, “How much can I earn with a side hustle?” The average income across generations is $891 per month, according to Bankrate.
How to Start Your Own Side Hustle
Here are important factors to consider when starting or continuing your side hustle:
1. Choose a Side Hustle Based on Passion
Pick a side hustle that excites you. If you choose based on income alone, it might drain you, especially after working your regular job.
Instead, pursue what you love. According to a Gallup survey, 45% of people start their ventures to follow their passion, and 36% to make a difference. Choose work that is rewarding, meaningful, or fun for you.
For example, if you love dogs, start a dog-walking service or rent out your yard for dogs to play. If you’re passionate about the environment, consider being a hiking guide.
The key to a successful side hustle is doing what inspires you.
2. Choose a Side Hustle Based on Time
A side hustle should fit into your schedule while allowing you to excel at your job. Choose something manageable in terms of time commitment and hours available.
For instance, if you start a tech support service and can’t help clients promptly due to business travel, customers may get frustrated. They expect timely assistance and your absence can lead to dissatisfaction. On the other hand, if you start a car detailing or boat cleaning service, you can schedule jobs based on your availability.
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3. Choose a Side Hustle Based on Market Knowledge
Set yourself up for success by leveraging your knowledge of a market or your interest in learning about it.
If you have experience with seniors, consider a side hustle in senior care or companion services. If you know the best spots in your area, start a vacation planning service for visitors.
4. Choose a Side Hustle Based on Scalability
Consider whether your side hustle could grow. If you’re testing the waters for a full-time venture, choose something scalable.
Service businesses are often good options. For example, start offering coaching on evenings and weekends, then scale up to full-time as demand grows. Or, begin providing financial planning or travel consulting on the side, and transition to full-time work later.
When you see potential for growth in your side hustle, you’ll stay motivated and engaged.
5. Choose a Side Hustle Based on Integrity
A common question is, “Are side hustles allowed by employers?” It’s crucial to ensure your side hustle doesn’t compromise your job.
Make sure you can still perform well at work and avoid working on your side hustle during job hours. You don’t want to damage your performance, credibility, or integrity.
Additionally, avoid conflicts of interest. For example, working for a competitor or using your company’s intellectual property would be significant conflicts.
Transparency is key. Be open about your side hustle to maintain a trusting relationship with your employer.
Side Hustles Offer Big Benefits
If you’re wondering, “Is a side hustle worth it?”, the answer is yes. While many start side hustles for extra money, there are other significant benefits.
1. Be Your Own Boss
Running a side hustle gives you control, independence, and autonomy, leading to greater happiness. According to Gallup, 60% of people want to start a business to be their own boss.
With a side hustle, you can make your own decisions and do things your way.
2. Learn New Skills and Take Smart Risks
A side hustle is an opportunity to learn new skills and take calculated risks as an aspiring entrepreneur. With a job covering your expenses, you can explore your passions.
For example, start a weekend business as a personal trainer or dog groomer. Test the market, build skills, and decide if you want to pursue it long-term.
3. Develop Self-Esteem, Ambition, and Work Ethic
Side hustles help build self-esteem, ambition, and a strong work ethic. Seeing your efforts translate into success can be rewarding.
The responsibility and challenges of a side hustle also strengthen your ability to take ownership, follow through, and work hard. These qualities are valuable in any setting and can make you stand out.
4. Build Your Network and Personal Brand
A strong network and positive relationships are crucial for future opportunities and personal fulfillment.
With a side hustle, you’ll connect with many people and build a strong brand and network. These connections can be valuable for your future endeavors.
5. Create Happiness
Side hustles can also bring joy to your work life. For Gen Z, work might not be fulfilling yet, but a side hustle can provide excitement and passion.
For any generation, if your job isn’t ideal, a side hustle can offer something that energizes you.
For example, if you love real estate but work in HR, flipping houses could be a great side hustle. Or, if your accounting job lacks creativity, consider starting a business buying and selling collectibles.
Know When to Quit a Side Hustle
While side hustles offer many benefits, remember that you can stop anytime. Consider a healthy exit when necessary.
If your job becomes more demanding, you might stop your side hustle to free up time. Or, if your interests change, it’s okay to move on from your side venture.
There’s no shame in ending a side hustle or evolving it as your life changes. The flexibility to go all in, step back, or change direction is one of the great aspects of side hustles.
Embrace the Side Hustle Opportunity
This is a great time to start a side hustle, and there are countless options. Consider ideas like dog walking, tech support, car detailing, senior care, coaching, or vacation planning.
A side hustle offers many rewards, from extra income to personal growth. Success will come from being curious, committed, and engaged when you choose something that excites you.