Side Hustles Explained
Side hustles are an increasingly important trend among millennials (those born 1981–2000). As we explored in our recent blog on the quin-generational workforce, there are many ways in which millennials differ from the generations preceding them: they love to be creative, they really value freedom and flexibility, they’re tech savvy and great at multi-tasking. Not only do they change jobs and professions more frequently than older generations, they’re also more likely to work a variety of jobs, with some sources suggesting that 50% of millennials have a side-hustle – which is to say, a part-time, entrepreneurial job that one works in addition to your main job.
People maintain side hustles for different reasons. Sometimes it’s just a source of extra income, like driving for Uber in the evenings, or walking dogs in the mornings. But often it’s to get your own enterprise going, and pursue your dreams: you might want to start working in design, or in wellness, but aren’t yet ready to leave the day job.
The concept of the side hustle comes from America, where hustle and ambition remain hugely admired qualities and integral to the idea of the American Dream. Just think of the recent phenomenon of influencers, who make money promoting products, or themselves and their careers, on social networks – they’re a perfect example of side-hustling millennials and are widely looked up to by their peers.
How to Side Hustle
We’re living in a golden age of entrepreneurship. A recent study by Bentley University found that over 66% of millennials want to start their own businesses. But it’s hard to jump right in without another source of income, and that’s why part-time entrepreneurship has become so prevalent. So here are some tips on how to side hustle effectively:
- You’re more likely to succeed with a good support network. It’s great to make connections in your chosen industry, and also great to have likeminded people to commiserate with when things aren’t going so well. After all, Rome wasn’t built in a day, and it takes a while to get any good project off the ground.
- It’s also important not to work yourself into the ground. Working two or more jobs is hard so take care not to overdo it. Have frequent breaks. Be kind to yourself. Find time and space to relax.
- There are many reasons why you might take up another job. Perhaps you’re saving up some money for something special. Perhaps you’d like to work from home more. But whatever the case, it’s always a good idea to decide your goals in advance and to stick to them.
A side hustle will help you to gain valuable experience, and to come up with a plan, if you do want to take that leap into full-time entrepreneurship and pursue those dreams. However that doesn’t have to be your goal. The side hustle is more than just a transitional stage – for many millennials, it’s a fresh approach to working and an exciting way of life.