Updated: Mar 30
For many unsatisfied workers, the notion of quitting their job and diving into entrepreneurship is a thrilling one. However, finding the resources and courage to take that leap can be difficult, particularly when finances are tight enough already.
A solution to this dilemma comes in the form of a side hustle. Some of the more well-known side hustles include tutoring, affiliate marketing, and freelancing; but there are hundreds of other side hustles you can start and grow from home.
Here’s a look at the side hustles you can start today - but first, a quick primer:
What is a Side Hustle?
A side hustle is any type of self-employment that runs parallel with a full-time job. Typically, people do them over the weekends and in the evenings. It varies from a ‘part-time job’ in the sense that a side hustle isn’t reliant on another employer. Instead, the work is typically self-generated.
You might take up this job for various reasons. To begin with, it offers additional income above your main job.
Secondly, it permits you to pursue a passion that you might not get to explore in your main profession.
Thirdly, you might take it up to test out whether a different profession might be right for you. A side hustle offers a good way of exploring other career opportunities without abandoning your main career.
Statistics Of People Working On Side Hustles
A Banknote study reveals that 45% of Americans have a side hustle; this amounts to about 70 million people. Additional statistics reveal that an extra 60 million intend to begin a side hustle in 2021.
The same study above also reveals that 30% of side hustlers require extra cash to make ends meet while about 60% use the cash mainly for savings or extra disposable income.
The following statistics reveal what people hope to achieve through side hustles:
38.7% - Extra personal freedom
27.4% - Additional income to spend, save, or invest
11.7% - Additional income to make ends meet
6.2% - Paying off debts
5.6% - Creativity
4.6% - It was like a calling
Naturally, people pursue side hustles for a vast variety of reasons.
Average Income from Side Hustles
According to The Ascent, the average side hustle generates $746 (men) and $504 (women) on a monthly basis. Despite the clear gender pay gap observed in this study, 80% of women and 74% of men said their side hustle was worth the extra money.
The Amount of Time Side Hustlers Take
According to the above study, side hustlers average out about 13.25 hours worth of side-work each week - that’s just under two hours per day.
Tips on How to Find the Appropriate Side Hustle
Assess Your Skill Sets
If you wish to earn some extra income but are uncertain of what to do, consider your skill sets. The best way to begin establishing the right side hustle is to develop a list of all your interests and skills. Remember, side hustling can be considerable work, particularly because you have other responsibilities in life, including a full-time or part-time job.
Ensure that you select a side hustle that you’re good at and enjoy. This way, it won’t feel like an extra chore. Take some time to think and reflect when generating this list and consider all your interests and skills.
Explore Revenue Potential
You want to establish the amount of extra cash you need or want to generate. After all, financial goals are what drive people to pursue side hustles. Therefore, it only makes sense to recognize your monetary needs before committing to something.
You might want an extra source of income to pay off debt or maybe save for a trip. Once you have a clear reason, select an income objective that suits your circumstance. If you only wish to earn extra income to enjoy outings, you might want to consider side hustles such as taking online surveys or mystery shopping.
On the other hand, if you want to generate $250 monthly to pay off some bills or supplement housing payments, you might want to consider pet sitting, dog walking, or a part-time job at a retail store.
The Benefits of Side Hustles
For numerous people, the income from a side hustle helps supplement their income, while for others; it’s the only means to save some cash for the future. For frustrated workers desperate to abandon conventional employment, a side hustle is an important first phase of self-employment. Here’s a list of benefits you can expect from a side hustle.
The major benefit of a side hustle is to generate extra cash, which you can use to facilitate the development of a new business and reinforce a savings cushion for when you resolve to quit your job.
While numerous side businesses, including a range of freelancing opportunities, frequently require at least a minimal startup investment, it usually doesn't take very long to recoup those costs; especially if you're proactive about seeking new opportunities.
Self-development and Awareness
Discovering and working on your ideas can teach you all kinds of things about your likes and dislikes. Besides the skills you’ll learn from running your business, you’ll simultaneously invest in your personal development.
In corporate employment, it’s easy to depend on the training programs that your employer offers. As an entrepreneur, you’ll need to facilitate your own professional development; but this can actually lead to faster personal growth and result in you developing a more well-rounded skill set while simultaneously obtaining a better understanding of your own weaknesses and strengths.
Explore Possible Business Routes and Passions
A side hustle permits you to explore your interests and test possible business ideas without the desperate need for success.