Today, there are more Americans working a side hustle than during any point in the last two decades.
This may be due to the fact that starting a side hustle isn’t relevant to your primary business but is rather akin to your passions and hobbies.
Some of the most common side hustles include:
- Driving (for example for Uber or Lyft)
- Delivering Food
- Renting Vacation Properties
- YouTube Posting
- Social Media Managing
A side hustle is essentially a way of making money outside of a regular job or running your own business. They allow you to earn an additional income with the freedom and flexibility to be your own boss and pursue your passions.
Embarking on a side hustle can be a good way for small business owners to generate additional cashflow and earn an income on top of operating their own business.
Or it can be used to develop additional skills and experiences.
If you’re thinking about starting a side hustle you need to first think about what it’s going to be. More often than not, if it’s something you enjoy and are passionate about, the more likely you are to succeed.
You should ideally devote a regular time slot to work on your side hustle. Work out how much time you can realistically devote to without it impinging too much on your current business.
The more realistic amount of time you set yourself to work on your new business venture, the more sustainable it is likely to be and the more success it is likely to generate.
If you don’t feel ready to commit to a full-time side hustle, you could always choose one that comes and goes with certain seasons.
For example, making and selling cards for Thanksgiving, Christmas decorations or chocolates at Easter, can be an enjoyable way to fulfill your arty passion and earn some more money during festive times of the year.
A side hustle is not the same as a part-time job. While a part-time job still entails someone else calling most of the shots, a side hustle gives you the freedom to decide how much you want to work and earn.
For those who aren’t quite ready to quit their day job, or are terrified by the prospect of becoming an entrepreneur, side hustles can provide an outlet to explore passions, test ideas, and grow a solid customer base should they ultimately decide they want to give notice.