# The Rise of Side Hustles: Beginner’s Guide to Starting and Growing a Side Business
Starting a side hustle is becoming increasingly popular in today’s economy, with more than 5 million new businesses launched in 2022. These businesses, often started alongside a full-time job, are providing supplemental income and, in some cases, becoming individuals’ primary source of income. In this guide, we’ll explore the rise of side hustles, what motivates individuals to start them, and how to overcome the challenges of building a successful side business.
## The Side Hustle Movement
According to the Small Business Administration, there are now 33,185,550 small businesses in America, a significant portion of which are run as side hustles. In fact, recent data from Bankrate shows that 39% of working Americans, approximately 65 million people, have a side hustle. Additionally, the desire to earn supplemental income motivates only 18% of side hustlers, with the primary motivations being to pursue a passion (44%) and achieve professional independence (41%).
## Who’s Starting Side Hustles?
Side hustles are not limited to a specific age group or gender. Surprisingly, younger Americans are not the only ones participating in this trend, with Baby Boomers, Gen X, Millennials, and Gen Z all embracing the side hustle lifestyle. The data also reveals that more men (43%) than women (35%) are earning money on the side, with side hustlers earning an average of $810 a month.
## Challenges of Starting a Side Hustle
Starting a side hustle comes with its own set of challenges. According to Side Hustle Nation subscribers, the biggest challenges include growth/marketing, finding the time, coming up with the “right” idea, mindset/motivation, administrative/legal/tech issues, organization, startup funding, and lack of skills.
## Ideas for Starting a Side Hustle
There are countless ideas for side hustles, and the best one for you will depend on your skills, interests, needs, and time commitment. The most popular side hustles, according to Side Hustle Nation, include online business, freelancing, e-commerce, investing, self-publishing, offering local services, YouTube, software and apps, and gig jobs.
## Tips for Starting and Growing Your Side Hustle
– **Conduct market research**: Find out if there’s demand for your product or service. Identify your target audience and competitors, and make financial projections.
– **Sharpen your time management skills**: Balancing a side hustle with your regular job and personal life requires effective time management.
– **Create a website**: Establishing a web presence and using social media to build your brand are crucial for attracting customers.
### Advice for Side Hustlers
In the Small Business Insights Survey, business owners and side hustlers offered the following advice:
– “Expect to make mistakes.”
– “Fake it till you make it.”
– “Trust your gut.”
– “Courage is not the absence of fear but rather the judgment that something else is more important than fear.”
## Taking Your Side Hustle to the Next Level
For some, side hustles are a temporary solution, but others have long-term plans for their side businesses. Digital Ocean’s survey shows that many side hustlers want to grow their businesses into full-time jobs, attract venture funding, or even sell to another company.
Whatever your goals, don’t give up. Building a successful side hustle takes time, effort, and flexibility.
With the rise of side hustles, more and more people are turning their passions and skills into profitable ventures. Whether you’re looking for some extra income, professional independence, or an opportunity to pursue your passions, starting a side hustle can be a rewarding and fulfilling experience.
