The concept of a side hustle has gained significant traction in recent years, especially during the pandemic when the economy underwent a rapid transformation. As markets stabilized and rebounded, the side hustle economy continued to grow, with nearly half of America’s workforce now engaging in some form of secondary income or side hustle, according to CBS News.
Tech platforms like Uber and Postmates have played a role in expanding the side hustle economy, but it’s important to note that side hustles are not limited to the younger demographic. In fact, Side Hustle Nation reports that 46% of side hustlers are 35 years old and above. Additionally, side hustles are not just for those struggling financially; many individuals with household incomes over $100,000 are also participating in the side hustle economy.
With the increasing popularity and financial significance of side hustles, today’s entrepreneurs have the opportunity to view them as more than just a supplemental income source. Side hustles can be a means to own one’s career, finance other ventures, or even transition into a full-time business. However, to make the most of a side hustle, entrepreneurs must approach it with intention and purpose.
Here are seven key steps for entrepreneurs to create lasting value with their side hustles:
1. Identify your purpose: Before diving into a side hustle, it’s essential to outline your reason for pursuing it. Whether it’s to supplement your income, transition into a new career, or fund a startup, understanding your purpose will guide your decisions.
2. Identify your talents: Determine your leverageable skills and consider supplementing them with additional training to enhance your expertise and marketability.
3. Define financial success: Align your financial goals with the opportunities available in your chosen side hustle to ensure that you are on track to meet your targets.
4. Create a side hustle calendar: Allocate specific hours each week to work on your side hustle, ensuring that it does not interfere with your primary job.
5. Develop a scale timeline: Set achievable growth and financial goals for the next year to track your progress and stay organized.
6. Find a side hustle champion: Identify a mentor or advisor who can hold you accountable and provide guidance as you navigate your side hustle journey.
7. Course correct when necessary: Periodically evaluate your side hustle to determine what’s working and what’s not, and make adjustments as needed to stay on track towards success.
The rise of side hustles presents a unique growth opportunity for entrepreneurs, with broader access to supplemental revenue streams and more meaningful income generation. By approaching their side hustles with structure, planning, and assessment, entrepreneurs can maximize their success in this evolving economy.
