Expert Tips for Turning Your Side Hustle Into a Successful Full-Time Business
26 Jul 2024
Expert Tips for Turning Your Side Hustle Into a Successful Full-Time Business
A few months ago, I shared startup ideas for side hustles, a work style embraced by Gen Z (Zoomers) and millennials. Research from Bankrate shows that 53% of Zoomers and 50% of millennials have side hustles, with Zoomers growing by 19% and millennials by 12% between 2022 and 2023. These side hustles are not just for extra money—22% of Gen Z and 25% of millennials want to turn them into their primary income. Ashley Hubka, SVP and GM of Walmart Business, believes making business ownership easier for Zoomers and millennials is crucial.
Hubka agrees that side hustles help younger generations earn extra money and prepare for serious entrepreneurial ventures. Many Gen Zers are interested in entrepreneurship for flexibility and impact, with nearly half considering making their side hustle a full-time job. Money is a key factor, with four in five Gen Zers and millennials relying on side hustle income to pay primary expenses. To take a side hustle full-time, Hubka advises establishing a clear, differentiated mission and creating a formal business plan.
Flexibility is essential for business survival. Finding the right tools and resources helps entrepreneurs stay focused on their mission and scale up. Managing cash flow in real time is crucial to avoid stress and burnout, while prioritizing rest and well-being activities helps maintain a better work-life balance.