Having a side hustle means being an entrepreneur at the same time as doing your regular job. Almost 40% of Americans have a business on the side, earning an extra US$686 on average per month, while stats show 40% of UK workers also have a side hustle with figures set to rise to nearly 50% of the adult population by 2030 as the trend escalates. In South Africa, according to Moneyweb, one in three people has a job on the side to supplement their monthly income.
As we move towards 2020 our environment, what matters to us and the way we work is changing rapidly – the question is – are you ready for a side hustle?
1. The Passion of a Millennial Mindset
“Businesses need to identify ways in which they can positively impact the communities they work in and focus on issues like diversity, inclusion and flexibility.” Punit Renjen, the CEO of Deloitte Global
The idea of following your passion instead of profit is one of the reasons many people are starting their own side hustle and putting their focus into doing something that speaks to their soul.
The current generation in the workplace and those to follow are less likely to stay in jobs on a permanent basis. Deloitte surveyed 10,455 millennials (people born between 1983 and December 1994) from 36 countries and the findings showed 43% of millennials plan to leave their current jobs within two years and only 28% have plans to stay longer than five years.
The survey also showed that millennials prefer to work for a company which improves society but 51% believe 51% believe the number one priority for their business is “generating profits”. Think about creating a side hustle if you don’t see yourself in your current job in the next few years.
2. The Unstable Economy
“The only kind of positive side effect of the recession is people being resourceful or being forced out of the job market and pursuing their dreams,” says Tracy DiNunzio, founder of clothing resale site Tradesy
Having a side hustle in an unstable economy is recommended as a back-up for anyone with a nine to five job. On the positive economic side, Africa has seen growth at a seven year high, but unfortunately, not in South Africa where the Bloomberg reports South Africa’s economic expansion will be low at 1.7% as we “battle to recover from last year’s recession”. The future feels uncertain, which is usually the case in an election year. But if you’re thinking about getting your side hustle on – now would be a good time to do it.
3. Investing in Yourself
“[A side hustle] is not just about avoiding or overcoming economic uncertainty, it’s about creating something for yourself and having ownership over that, and that’s a wonderful thing,” Chris Guillebeau, entrepreneur and author of ‘Side Hustle: From Idea to Income in 27 Days’.
The idea of investing in yourself has become so mainstream that last year Standard Bank introduced the My Fearless Next Campaign, taking inspirational side hustlers through a bootcamp, with the winner receiving a salary of up to R1 million for a year.
The point being that although “investing in yourself” sounds like a solitary road (and often is), there are great books, online courses and funding opportunities out there. Big business is taking notice of small entrepreneurs or side hustles – particularly those with an environmental / sustainability angle. Watch out Matoyana Facebook page for opportunities which we share.
4. The Genie’s Out of the Bottle
“The genie is let out of the bottle. Those who are underwhelmed and under-financed by their work, but have the appetite, if not the confidence, to go it all alone as an entrepreneur, will not let the chance slip.” Professor Bernd Vogel of the Henley Business School
While a side hustle is hard, probably very hard at first, once you get a taste for having an independent venture of your own, it is hard to go back to just being an employee – even if your first side hustle is not a success. Ask yourself if you are really interested in doing “just one thing” for the rest of your life, or if you can see a career “pivot” as something in your future? If you can then the side hustle is a starting point is for you.
5. Lifelong Learning
“We now accept the fact that learning is a lifelong process of keeping abreast of change.” Peter Drucker
According to the World Economic Forum, up to 65% of students in junior school will potentially end up doing jobs which currently don’t even exist. That statistic alone should give one pause to consider starting a side hustle. Starting your own small business will motivate you to keep up to date with how to remain visible in marketplace while encouraging you to up skill and keep abreast with technology.
Side Hustle Ideas
“Side hustling potentially represents an economic revolution in South Africa. It enables everyone who can access the internet to capitalise on their earning potential without also requiring access to a vast amount of capital. In the tough times that lie ahead, few of us can afford not be on the side hustle. ” Claire Cobbledick, Gumtree South Africa
Your side hustle should be aligned with something you care about as well as an honest reflection of how much time and budget you can realistically contribute to it. Some successful side hustle ideas include:
- Virtual Assistant
- Online Teacher
- Graphic Designer
- Craft Maker
- Web Designer
For more ideas see 20 South African Side-Hustles You Can Start This Weekend.