A recent Bankrate study shows that over half of Gen Z and millennials are generating supplemental income through side hustles, marking an increase between 2022 and 2023. Remarkably, one in four millennials and nearly one in five Gen Zers aim to convert these side hustles into their primary sources of income.
This inclination towards a diversified income stream signifies the entrepreneurial spirit amongst these generations. Factors driving this shift include a demand for flexibility, autonomy, work-life balance, and the ubiquitous influence of technology. Digital platforms have offered boundless opportunities for younger individuals to monetize their unique abilities and interests.
Popular side jobs typically involve online endeavors such as freelance writing, graphic design, and online tutoring. Besides generating extra income, these platforms also offer the freedom to pick jobs according to personal interests and values.
Ashley Hubka, SVP and GM of Walmart Business, noted the desire for flexible work arrangements among these youngsters, as they seek to drive change backed by economic incentives. Four out of five individuals within these age brackets view side jobs as their main financial resource.
Transitioning side hustles into main income
The progression from auxiliary hustle to primary occupation hinges on the availability of adequate resources. Entrepreneurs must identify relevant collaborations and resources, like automation tools which enhance productivity. Retail giants like Walmart are recognizing this shift and launching initiatives such as the annual Open Call event, bridging the gap between entrepreneurs and a broader customer demographic.
The entrepreneurial journey isn’t always smooth. New enterprises may face challenges, such as adopting scalable technologies or handling finances, which can potentially impede their growth. A comprehensive business plan can help navigate these hurdles while maintaining flexibility and cost-effectiveness.
In conclusion, with the right resources and strategy, Gen Z and millennials can turn their side hustles into thriving businesses. It involves keeping up to date with market trends, honing their unique skills, and maintaining a robust online presence. Ultimately, these side businesses have the potential to become the main revenue source for these young entrepreneurs.
