- The side hustle market is over $2.58 trillion
- 81% of six-figure businesses started as side hustles
- 40% of millennials are making half their monthly earnings on side hustles
According to recent statistics, over 80 million Americans now supplement their incomes with side hustles, with 41% saying they are doing so just to make ends meet and 29% saying inflation was a factor in starting a side hustle.
The side hustle market is now valued at over $2.58 trillion, and a survey of 200 small businesses found that 81% of six-figure business owners started their companies as a side hustle.
But many people struggle with how to start making extra income or what type of work to do. In her bestselling book, “Queen of the Side Hustle: Unleashing your Potential for Extra Income,” Christine Schaub shares how it was the loss of a corporate job that led to her creating six different side hustles which she “stacks” to make a full-time living.
“When a company moved me to Nashville over 20 years ago and then dissolved nine months later, I decided to try side hustles ‘until the money ran out,’” says Schaub. “I was stacking side hustles long before it became trendy and before I realized earning opportunities are everywhere. I quickly discovered the secret to side-hustle stacking is diversifying your clients, your skills, and your resources.”
Side hustlers come from all walks of life.
With 40% of millennials now making half their monthly earnings on side hustles and nearly one-third of baby boomers working side gigs, Schaub says every age group has unique talents that are marketable.
“Gen Z workers are flexible, embrace change, and excel at multitasking,” says Schaub. “Ideal Gen Z side hustles might be virtual assistant, freelance writer, tutoring, or content creator. Baby Boomers are both optimistic and realistic, champion self-sufficiency, appreciate strong decision-making, and value competitiveness. Ideal Baby Boomer side hustles could be event manager, rental host, travel agent, or career coach.”
Some of the most difficult tasks for side hustlers are setting goals and determining prices that customers will accept. Schaub says whether the goal is to pay off debt, cash-flow a dream vacation, or save up for a house downpayment, the first steps to succeeding with side hustles is narrowing down the best gig options and staying focused. She says without a specific goal, most people don’t stay motivated and eventually quit.
Schaub quips, “You can’t be a quitter AND a cash machine.”
Like most entrepreneurs, Schaub admits to struggling with determining the value of her various services. She suggests that side hustlers find the “sweet spot” between understanding what their time is worth and what clients are willing to pay.
“Another freelancer helped me price writing jobs until I was confident,” says Schaub. “I learned to slightly undercut the going rate on other side gigs until I’d earned a higher price point. Pricing and valuing can be tricky until you master the balance.”
Side hustlers often get intimidated by self-promotion.
Sometimes the biggest barrier for side hustlers is simply having enough time for the extras, especially self-promotion. Because they often have a full-time job in addition to their side gigs, side hustlers may find it challenging to market themselves properly, but Schaub says marketing doesn’t have to be complicated.
“Testimonials and referrals from current clients are gold mines of free marketing,” says Schaub. “You can use feedback forms, emails, texts, or conversations with current happy clients and ask their permission to use their words for your website, Facebook page, etc. Leveraging positive feedback builds trust and credibility with potential customers. Ask for them, collect them, and then display them everywhere.”
Side hustle stacking can create a full-time income.
One of Schaub’s six side hustles is hosting the Telly Award-winning web series “Come On Over” on YouTube, a show about reinvigorating the art of hospitality, with an emphasis on gardening, home décor, and no-fail recipes. Schaub says the show was just a natural offshoot of her other side gigs.
“As a spinoff from my gardening and catering gigs, it was an exciting opportunity to experiment with a new platform, reinvigorate the lost art of hospitality, and generate additional income,” says Schaub.
She says adding humor to her web series has garnered a lot of younger viewers. “A kitchen disaster is comedy gold because every good host has survived an embarrassing moment with company in their house, and—bonus!—it makes for a really good story after you’ve had your cry.”
Schaub says if people are willing to step out of their comfort zones they will discover the biggest benefit of freelance work—freedom.
“The best part of side hustling is flexibility in your work/life balance,” says Schaub. “Where corporate jobs count on routine, side hustles thrive on fluidity. You set the schedule, letting you hustle when you want to—not when someone else says you must.”
Schaub encourages anyone considering a side hustle to take the leap.
“Opportunity is fleeting,” she says. “It will eventually stop knocking and move on to the next door, if you let it. Don’t let it.”
