More than half of Americans currently have side hustles, according to a recent study by MarketWatch.
The study, which included responses from 2,000 Americans, found that 54 percent of respondents have taken on side hustles to supplement their income over the past year. Gen Z-ers were the most likely to have side hustles, with 71 percent taking on these extra projects. But even Baby Boomers have started shifting in this direction, with 32 percent adopting side hustles.
There are many reasons why people take on side hustles. Some simply want to earn extra money or turn their hobbies into a business. But it seems that inflation may be turning side hustles into a necessity for many Americans. According to the survey, 66 percent of respondents said they are living paycheck-to-paycheck.
Side hustles can apply to people who have traditional jobs, but they can also be relevant to small business owners. You may have a business that you run full time and start a side hustle that’s completely separate in order to earn some extra cash and explore a new interest. Or, some business owners create new revenue streams that are somewhat related to their main offerings just to diversify a bit and make their overall operations more profitable.
Whatever route you choose, it is clear that the ability to earn money through multiple products, services, or jobs can be quite beneficial. And since it’s becoming more common, there are more opportunities than ever for individuals and businesses to explore new interests and bring in additional revenue.
The increasing popularity of side hustles may also point to an opportunity for small businesses to partner with contract workers or individuals who are looking for extra work, without hiring full-time employees. This type of arrangement can provide tons of flexibility for both sides and help small businesses grow in new and unique ways, while providing extra income opportunities for side hustlers.
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