The Growing World of the Side Hustle

Terms may change throughout the years, but often the concept remains the same. What used to be commonly and practically known as having a second job enjoyed a stint as moonlighting before becoming today’s having a side hustle. Whatever we call it, earning additional income is nothing new. However, what has changed is the prevalence as well as the type as more people are finding new and efficient ways to supplement their incomes.  

Side hustles do not necessarily- but often do- look like what we would traditionally call jobs. Many people are making money selling personal items online, filling out online surveys, getting money back from shopping, serving on mock juries, participating in focus groups, doing medical experiments, selling platelets, etc. Technology has opened up a world of possibilities when it comes to making additional income.     

WHO HAS SIDE HUSTLES?

• The majority of people who are working second jobs fall in the 25-54 year old age range at roughly 62%. An additional 20% are 55 and over, with the remaining 18% at 24 and younger.

• 54% of people with side hustles are working one full-time job with one part-time job. An additional 27% are working two part-time jobs and nearly 4% working two full-time jobs.

HOW MANY PEOPLE HAVE SIDE HUSTLES?

• According to the Bureau of Labor Statistics, from 2015 to 2016, the number of people working multiple jobs increased by 3.7% with approximately 7.5 million people working second jobs in 2016, representing nearly 5% of the labor force.  These numbers do not take into account the majority of the following groups:
• 8% of Americans earn money using digital platforms to take on a job or task. An additional 18% earn money by selling something online, and 1% rent out their properties on a home-sharing site. Altogether, nearly 1 in 4 Americans earns some additional income from this platform economy.
• A  untracked number of people have side hustles that pay in cash such as nannying/babysitting, tutoring, dog walking, house sitting, etc. Many declare such earnings while many others do not. Fnding accurate numbers for this group is unlikely if not impossible. 

WHY DO PEOPLE HAVE SIDE HUSTLES?

• To make money- This is the most obvious answer, of course, but motivations around making extra money vary from person to person. Some people take on side hustles to make ends meet while others do it for extra spending money.
• To network– Any time we are around other people, we are technically networking but working a second job can open up an entirely new and intentional group of people. As our mentors have told us time and time again, we never know where our next opportunity will come from and it is always in our best interest to expand the potential for that opportunity.
• To try out a new field- Working a second job in a field you are curious about is a great way to test the waters before making a change. This is especially important if switching fields requires further education and/or certification- large investments of both time and money. In addition, this will introduce you to new people in the field (see above) which can share their own experiences while expanding your professional network.
• To pursue a hobby- Many of us are content enjoying our hobbies for free- or even investing money in them- while others see an opportunity to enjoy their hobbies while making a couple of extra bucks at the same time. For some, it is a way to get paid for doing something they love, and for others, it takes away from the joy of the activity. As with all things, it depends on the person.
• To meet people- This is related to networking, of course, but it is not necessarily one and the same. When people are new to a city or are simply looking to meet new friends, having a side hustle can be a great way to meet new people, especially if it is in a job that holds a special interest.
• To build experience- Some people take side jobs to enhance their resumes and skills. These may or may not be related to their current field but either way could lead to promotions, new positions or even new jobs.

WHAT KIND OF SIDE HUSTLES ARE THERE?

You name it. Any job out there technically qualifies as a side hustle if you are doing it in addition to another job. Common ones include:

• Retail
• Bartending/hosting/serving
• Beauty services
• Personal training
• Affiliate marketing
• Performing
• Technical work
• Uber/Lyft
• Manual labor
• Consulting/coaching/mentoring
• Tutoring
• Sales
• Petwalking/boarding/grooming
• Housesitting
• And many, many others. A quick online search will produce all the lists you can handle. 

THINGS TO THINK ABOUT WHEN CONSIDERING A SIDE HUSTLE

• The logistics- scheduling, time, money, commuting, etc. How will a second job fit into what is likely an already busy life? Is the extra income worth what you will be giving up? How much money would make it worth it?
• Your current job- Is there any language in your contract that prohibits you from working a second job in your same field, or requires that you disclose any additional employment to your employer or that prevents you from any additional employment altogether? It is vital that you look into this first before potentially putting your second job in jeopardy.
• What you’re hoping to get out of it– This seems obvious, but it’s important to understand your goals and anticipated outcomes for getting a second job. If your goal is simply to make more money, an additional dollar will satisfy that requirement. How much more do you want to make? In addition to the money, what other goals can you set to make the most of your time?

There are many benefits of having a side hustle and as always, there are downsides as well. As for me, I’ve worked side jobs my entire life and have reaped great benefits financially, personally and professionally. Depending on your situation and goals, having a side hustle may or may not be the right choice for you. Either way, it is important to understand that the side hustle is a part of today’s professional world, and it doesn’t show any signs of slowing down any time soon.