2023 is the year in which part-time jobs and doing quick tasks online to earn some extra income really gathered pace; it’s also the year where side hustles entered the mainstream. While it used to be that a small entrepreneurial class would try and secure additional revenue streams, now it seems that everyone is at it in no small part due to the pressure on household finances. Let’s dive in and take a closer look!
How big is the side hustle movement right now?
A recent study found some surprising figures that really paint a picture of
what’s going on, and the statistics are likely to shock those of you who think
this is still a niche movement. Here’s the three key takeaways you need to be
aware of in 2023:
•
68% of people launched a side hustle where the main goal is generating extra income
•
42% of respondents say their side hustle is driven primarily by interests and
passion
•
7% are actively scaling their side hustle into a full-time source of income
right now!
This just goes to show you how building a side hustle is
something anyone, from any walk of life, can do alongside their day job or
childcare commitments. But how and why is this shift in the way people work
really taking shape?
Economies are slow, but what else is driving side hustle
shifts?
Great question! After some detailed research we’ve pinpointed
a number of key factors that are driving more and more people to build their
side hustles from the ground up.
Firstly, we need to consider how the world of commerce and
communication has changed compared to a generation ago. In 2023 you have the
ability to connect with people from all over the world in the palm of your
hand, and with that comes a whole host of possibilities and opportunities that
simply didn’t exist in the analogue era.
Secondly, the digital revolution gives anyone the ability to access training materials and templates in a way that simply wasn’t possible before.
Not only is there millions of new business opportunities and hundreds of
niches, there’s also the resources that allow you to upskill and retrain in
your own time.
Last but not least, we also need to consider that you now get
social kudos from being entrepreneurial in a way that far outshines how this way of making money was
seen in the past. One quick flick through Instagram will show you that people
love a trier and a doer, which is often one of the major motivations for
getting started in the first place. Yes, you want to make money and follow your
dreams, but you also want to be walking a path that others will look kindly on.
You want to do something that makes you feel good at the end of the day.
How are side hustles evolving with digital technology?
What we’re now seeing is a seamless fit between the social
communication tools most of us use on a daily basis and the logistics tools
major companies have to offer. FBA is a classic example of this — anyone can sell on the
world’s biggest marketplace from their phone — and is something that brings
products to a truly global audience for anyone who has a bright idea. But
that’s only the beginning because what we’re really seeing is people making
money by selling themselves.
Content creators, crafters and influencers are all driving
sales and generating traffic by turning themselves into the brand. If you can
do it on the side and tie it in with your career, it can boost your profile
so you become a thought leader or keynote speaker in your niche. And if you do it in a way
that generates significant crossover appeal you can become the brand and start
putting your name to virtually anything.
KSI and Logan Paul are prime examples of this, if for no
other reason than they’ve moved from YouTube creators to amateur boxers, streamers and now energy drink moguls. This will obviously
not be something everyone can achieve, but it gives you an insight into the way
a side hustle can scale relatively quickly from passion project to lucrative
full-time income.
These influencers continue to scale in large part because
they continue to adopt the latest tech. VR, TikTok and live watch-alongs are
now very much the successors to witty tweets and carefully curated Facebook
posts.
Are side hustles really all about content though?
No, content is just a great example with some household names
to show for itself. Earning money online is something that more and more
professionals are increasingly turning to due to the cost of living. In 2023,
sites as diverse as streaming platforms, free casino games
websites and clothing stores are all offering affiliate schemes and promotional
incentives. Add this to the wide variety of gigging platforms and resale sites
and there’s
a rich range of options out there.
The key thing to remember is that you will get out of your
side hustle what you put in, which is why following a few tried and tested key
points will make the difference:
-
Do something you love
so that when you’re working extra hours, it really doesn’t feel all that much
like work
-
Don’t be afraid to
think big and start small — just because everyone tells you you’re being a
dreamer doesn’t mean you have to listen to them
-
Be proud of the fact
you’re trying to change things and don’t let yourself get deflated and give up
at the first signs of pushback
Side hustles are rising, here to stay and set to continue to change the way millions of us think about single-path static careers. They’re a chance not just to earn some extra income but to actually take real control over the way we live our lives by breaking free from the 9-5 status quo.
Click to signup for FREE news updates, latest information and hottest gists everydayAdvertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com