# The Rise of Side Hustles: A Beginner’s Guide to Starting and Growing a Successful Side Business
## Introduction
Starting a side hustle has become an increasingly popular way for individuals to earn extra income and pursue their passions. In this beginner’s guide, we will explore the rise of side hustles, why people start them, who is participating in this trend, and offer advice for those looking to start and grow their own side business.
## The Rise of Side Hustles
According to newly released statistics from the U.S. Census Bureau, over 5 million businesses were started in 2022, bringing the total number of small businesses in America to 33,185,550 as of March 2023, as reported by the Small Business Administration’s (SBA) Office of Advocacy[^1^][^2^]. However, not all of these businesses are full-time ventures. In fact, a survey conducted by Index by Pinger found that 60% of adults who own a small business and/or work a side hustle also hold employment with another company[^3^]. This indicates that the majority of side hustlers are juggling multiple responsibilities and income streams.
## The Side Hustle Phenomenon
Side hustles were once regarded as a way to make “fun money,” but they have now become serious undertakings. The Small Business Insights Survey reveals that 61% of respondents consider their side hustles as their primary source of income[^3^]. This highlights the significance of side businesses in today’s economy.
## Who are the Side Hustlers?
Side hustles are not limited to specific demographics. Individuals from all generations are participating in this trend, although it is more popular among younger Americans. Bankrate reports the following percentages of side hustlers per generation[^4^]:
– Baby boomers — 24%
– Gen X — 40%
– Millennials — 50%
– Gen Z — 53%
Interestingly, more men (43%) than women (35%) are earning money from side hustles[^4^]. The average monthly earnings from side hustles vary by generation, with Millennials leading the way at $1,022 per month and Baby boomers earning an average of $646 per month[^4^].
## Why Start a Side Hustle?
While money is a significant motivator for starting a side hustle, it is not always the top priority. Digital Ocean’s research report reveals that 44% of side hustlers start their ventures to pursue a passion, while 41% aim to achieve professional independence[^5^]. Other motivations reported by Side Hustle Nation’s survey participants include personal freedom, extra income for saving or investing, making ends meet, paying off debt, or seeking a creative outlet[^5^].
## Ideas for Starting a Side Hustle
There is no shortage of ideas when it comes to side hustles. Side Hustle Nation conducted a survey to determine the most popular side businesses, and the following options emerged[^6^]:
– Online business, including blogging, podcasting, online courses, and affiliate marketing
– Freelancing and consulting
– E-commerce, including selling on platforms like Amazon, eBay, and Etsy, or operating one’s online store
– Investing, such as in real estate, cryptocurrencies, stocks, or buying existing businesses
– Self-publishing
– Offering local services like cleaning, knife sharpening, notary services, and pet waste removal
– YouTube channels
– Software and app development
– Gig jobs, such as providing delivery services or driving for ride-sharing platforms like Lyft or Uber
However, the best side hustle for you will depend on your unique set of skills, interests, needs, and time commitment.
## Overcoming Challenges in Starting a Side Hustle
Starting a side hustle is similar to starting a business, and it comes with its own set of challenges. Side Hustle Nation subscribers have reported the following common challenges they face[^7^]:
– Growth and marketing
– Time management
– Coming up with the “right” idea
– Maintaining the right mindset and motivation
– Handling administrative, legal, and technological aspects
– Improving focus and organization
– Securing startup funds
– Lack of necessary skills
## Advice for Side Hustlers
If you’re considering starting a side hustle, there are some key pieces of advice from experienced side business owners and hustlers:
– Expect to make mistakes along the way. Learning from them is an essential part of the journey.
– Don’t be afraid to “fake it till you make it.” Confidence and belief in your abilities can take you far.
– Trust your instincts and intuition when making decisions about your side hustle.
– Be cautious and selective about whom you trust with your business affairs.
– Courage is not the absence of fear but the realization that something else is more important. Take calculated risks.
– Remember to enjoy the process and celebrate successes, big or small.
## Taking Your Side Hustle to the Next Level
For some side hustlers, their ventures are temporary solutions, while others have long-term plans. According to Digital Ocean’s survey, side hustlers have the following goals for their businesses[^8^]:
– Growing into a business with a few employees — 29%
– Keeping it small but making it a full-time job — 26%
– Maintaining it as a side hustle — 22%
– Scaling to attract venture funding — 17%
– Selling the business to another company — 10%
– Taking the business public — 5%
No matter your goals, it’s important not to give up. Building a successful side hustle requires time, effort, and flexibility.
## Conclusion
Side hustles have become an increasingly popular way for individuals to pursue their passions, supplement their income, and achieve professional independence. By understanding the rise of side hustles, who participates, and the challenges and advice associated with starting and growing a side business, you can embark on your journey with confidence and maximize your chances of success.
[Read more about starting a side business here](https://www.allbusiness.com/starting-a-business-complete-guide-entrepreneurs-117513-1.html)
[Read more about the best e-commerce practices here](https://www.allbusiness.com/4-fundamental-truths-about-starting-your-own-e-commerce-business-102694-1.html)
[Referenced Survey Sources: Census Bureau, Small Business Administration’s Office of Advocacy, Index by Pinger, Bankrate, Digital Ocean, Side Hustle Nation]
[^1^]: The U.S. Census Bureau’s statistics: [source](https://www.census.gov/econ/currentdata/?programCode=BFS&startYear=2022&endYear=2022&categories%5b%5d=TOTAL&dataType=BA_BA&geoLevel=US&adjusted=1&Not%20Adjusted=1&errorData=0#table-results)
[^2^]: The Small Business Administration’s (SBA) Office of Advocacy: [source](https://advocacy.sba.gov/2023/03/07/frequently-asked-questions-about-small-business-2023/#:~:text=There%20are%2033%2C185%2C550%20small%20businesses,net%20jobs%20created%20since%201995.)
[^3^]: Index by Pinger’s Small Business Insights Survey: [source](https://getindex.com/resources/small-business-insights-survey/)
[^4^]: Bankrate’s survey results: [source](https://www.sidehustlenation.com/side-hustle-statistics/#sources)
[^5^]: Digital Ocean’s research report: [source](https://www.digitalocean.com/currents/may-2023)
[^6^]: Side Hustle Nation’s survey results: [source](https://www.sidehustlenation.com/side-hustle-statistics/#sources)
[^7^]: Challenges reported by Side Hustle Nation subscribers: [source](https://www.sidehustlenation.com/side-hustle-statistics/#sources)
[^8^]: Digital Ocean’s survey goals for side hustlers: [source](https://www.digitalocean.com/currents/may-2023)
