The world of work is changing and traditional jobs are no longer the sole income source for many.
A recent Bankrate study revealed that more than 44 million Americans are engaged in some kind of side hustle endeavor. While younger people (age 18-26) are more likely to pursue this moonlighting option, those nearing retirement age (53 and older) tend to earn nearly twice as much for their side-hustle efforts.
Some see this side hustle path as a bridge from traditional job to freelance gig – or something bigger, like a full-blown entrepreneurial pursuit.
With careful nurturing, a side hustle could transform a life-long passion or hobby into a thriving, money-making business. But you’ll need a bit more staying power, savvy, and capital to complete this cycle.
Mapping Out Your Best Journey from Idea to Income
In today’s turbulent economy, staying at one firm for most of your career is quickly becoming a thing of the past. New York Times bestselling author Chris Guillebeau describes the side hustle as the new job security.
“It affords you the ability to decide,” says Guillebeau. “When you receive multiple paychecks from different sources, you’re no longer dependent on the whims of a single employer.”
In his latest book, Side Hustle: From Idea to Income in 27 Days, Guillebeau shares a detailed roadmap to select, launch, refine and make money from a side hustle in less than a month. What impressed me most about this book is the precision and care he applies to help readers navigate every step of the side hustle journey.
- In Week 1, the focus is on building an arsenal of ideas.
- In Week 2, the focus shifts to selecting your best idea.
- In Week 3, it’s all about preparation for liftoff.
- In Week 4, it’s time to launch your idea to the right people.
If this side hustle concept is intriguing, this book would be a good place to start exploring the steps you’ll need to take to successfully launch your first side hustle gig.
But there’s one more trend that bodes well for the side hustle nation…
Corporate America Is Warming Up to the Idea of Contractors
With disruption impacting nearly every industry, business needs are constantly evolving. In turn, the talent a firm might hire today may not be what they need to compete tomorrow. This change-charged business environment is now feeding a new trend – an expanding contractor workforce.
According to a new NPR/Marist poll, at least one in five jobs in America today is being performed by a contract worker. What’s even more surprising, while business needs are a significant trigger, surveys show that most are opting to go freelance by choice.
While unemployment may be declining, economists say the percentage of people in “alternative work arrangements,” which includes freelancers, contractors, and temp agency workers, is rising at a faster pace than traditional work arrangements (full-time employment with benefits).
Within the next decade, many experts believe contractors will outnumber employees.
For decades and decades, traditional 9-to-5 jobs were thought to be safer way to go for most people. Now with digital channels expanding, coupled with a more global workforce, this risk picture could be tipping in favor of the freelancers.
A side hustle gig, where you’re engaged in work you enjoy, could provide a bit more peace of mind, as we watch future workforce changes unfold.
Donna Kastner Bio:
With Retirepreneur, Donna’s championing a movement to help pre-retirees (ages 55+) make a smooth segue from full-time job to part-time gig, doing work they enjoy. Through workshops, articles, podcasts, and more, she’s helping this segment to design a more graceful and gradual career downshift, as they strive for a more perfect blend of work and leisure. For more information, visit Retirepreneur.com.