Is 2018 the Year to Launch Your Side-Hustle?
28.5 million American workers will start or continue a side-hustle in 2018 — are you one of them?
It's not the hottest new dance move, and yet, 1 in 5 Americans across the country is doing it.
It's called a side-hustle, and for more than 28.5 million workers in the U.S., it's a handy (and sometimes necessary) way to supplement their income.
The rise of the side-hustle
A recent survey conducted by TSheets found 21 million people in the U.S. already have a side-hustle — and they plan to keep it going in 2018. Another 7.5 million people plan to start a new side-hustle over the next 12 months, and 4.5 million intend to quit their jobs sometime this year to focus on their side-hustle full time.
That's a lot of hustling. But what makes the side-hustle so popular?
In short, a side-hustle allows workers to focus on their passions and make money doing it. People can build a side-hustle gradually while still holding a full-time job, making it a much safer way to start a new business while still earning a livable wage. According to data collected by Intuit and Emergent Research, the average on-demand worker (or side-hustler) spends about 11 hours per week on their side-job.
Side-hustling through the ages
A recent survey conducted by GoDaddy found nearly a quarter of baby boomers currently have a side-hustle. Many of them regret not choosing a career they're passionate about, and starting a side job offered them the unique opportunity to follow their dreams later in life. And over half of baby boomers with side-hustles hope to someday transition to their side-hustle full time.
And they're not the only ones.
Studies show 1 in 2 millennials currently has a side-hustle. These side-jobs empower them to follow their dreams, pursue their passions, and call their own shots (all things millennials seek and appreciate in the workplace). But side-hustles also provide millennial workers with much-needed additional income.
Across the board, "earning extra income" is the No. 1 motivation for starting a side-hustle — from millennials to boomers. A whopping 61 percent of side-hustles are started because the worker needs more money.
According to Intuit, side-hustle income accounts for nearly a quarter of the average on-demand worker's household income.
Should you "do the hustle"?
Van McCoy would say "do it!" — and, ok, most experts would too.
According to Chris Guillebeau, author of Side-Hustle: From Idea to Income in 27 Days, a side-hustle isn't just a source of extra income. It's job security. Earning an extra paycheck allows you to take more chances in your day-to-day career. It opens up more opportunities you may not get by relying on your employer alone.
Even if your side-hustle only brings in $500 a month, he argues, it's enough to change your life financially — and it's empowering to know you earned it on your own, by doing something you feel passionate about.
And, who knows, you might get lucky. "I see a lot of people who go on to make six figures or more from their side-hustles. Once you go down this road," says Guillebeau, "you never know what's going to happen."
Are you doin' the hustle? We want to hear your story!