Millions of Americans have a side hustle to boost their incomes and pursue their passions, according to research.
A study of 2,000 adults with full-time employment found that more than one-quarter (27%) have already turned a hobby into a side business alongside their career.
And 55 percent admitted they would like to turn a hobby into a side business but are yet to take the leap.
Those with a side business add to their annual income with an average of $14,705.16 per year post-tax.
And 14% of side hustlers report making up to $22,800 annually — well more that the US federal minimum wage of $15,080 pre-tax for a full-time employee working 40 hours a week.
The research was commissioned by Vistaprint — a leading online provider of marketing products and services to small businesses.
Enlarge ImageBeauty and wellness was found to be the most popular side business sector, which includes hairdressers, personal trainers and dietitians.
Arts and entertainment — such as artists, DJs and designers — along with retail and sales businesses, like online sales and store owners, are also popular areas.
Generating extra cash was found to be the top reason Americans either have started or would like to start a side business (62%).
But 37% started a side business to pursue a passion and more than a third (41%) did so to spend more time doing what they enjoy.
It also emerged that 61% believe today’s generation needs a side business for money woes, while another 39% predict having a side job will be the norm in the future.
Simon Braier, Customer Strategy and Insights director from Vistaprint said, “America’s side business economy is booming, as employees increasingly look for financial, professional and personal fulfillment that may not be present in their main job. While many side hustles are born out of a personal interest or hobby, they don’t have to stay small.
“Side business owners can test their venture’s long-term viability, growth and marketing opportunities in a safer setting, helping them to ease the transition into full-time entrepreneurship and spend more time doing what they love.”
The study also found that more than half of entrepreneurs (59%) treat their enterprise as a “5-9” and work on it in the evenings in order to fit around their career.
Another 48% also work on their side job during the weekends, while more than one-quarter (27%) do so during the morning.
A typical side business takes up 16 hours a week, while 34% of those polled spend 20+ hours a week working on it.
Enlarge ImageIt also emerged that more than one-third (42%) of side business owners hope to grow their venture in the future.
But an average of $4,500 a month post-tax would need to be made to consider turning a side project into a full-time job – a figure well above the average side hustle earnings.
When asked for their advice on growing a side business, successful hustlers suggested starting with something you already enjoy, focusing on tasks which generate revenue, building a strong social media presence, setting long term goals, leveraging word-of-mouth marketing and networking with people who have succeeded.
Erin Shea, Vistaprint’s North America market director said, “To grow your side business, you need to think and act like a full-time entrepreneur. That also means you should be prepared to seize any opportunities that come your way and enable you to take your side hustle to the next level.”
Barriers to starting up a side hustle were found to be lack of money and time, while 38% admitted they wouldn’t know how to start.
A further one-quarter admitted a lack of confidence is an obstacle, with 32 percent unaware of legal requirements.
Top tips from side business owners
来自副业业主的建议Ensure your side business is something you enjoy确保你的副业是你喜欢的Focus on tasks that generate revenue专注于能带来收入的任务Build a strong social media presence建立强大的社交媒体形象Set long term goals设定长期目标Leverage word-of-mouth marketing利用口碑营销Network with people who run side businesses与副业经营者建立联系