15 Side Hustle Statistics You Need to Know in 2023
Hey good people! Are you thinking about starting a side hustle? Well, you're not alone! Side hustles have become more popular than ever, especially among us millennials and Gen Z-ers. But, with so many options out there, it can be tough to know where to start. That's why I've put together this article with 15 side hustle statistics you need to know in 2023. From how much money you can make to the most popular side hustles, I've got you covered.
The Popularity of Side Hustles
According to a recent survey, more than half of all Americans have a side hustle. This trend is not limited to the US; it is a global phenomenon. In fact, a study by PayPal found that 74% of people globally have a side hustle or are interested in starting one.
Motivations for Starting a Side Hustle
People start side hustles for a variety of reasons. One of the main reasons is to make extra money. However, many people also start side hustles because they want to pursue their passions or because they want to gain experience in a particular field.
Most Popular Side Hustles
There are many different types of side hustles, but some are more popular than others. According to a survey by Bankrate, the most popular side hustles in 2023 include online Amazon FBA, deejaying, content creation, freelancing, ride-sharing, and food delivery.
Earnings from Side Hustles
The amount of money you can make from a side hustle varies widely depending on the type of hustle and how much time and effort you put into it. However, a survey by Bankrate found that the average monthly earnings from a side hustle are around $686.
The Gig Economy
The rise of the gig economy has been a major factor in the popularity of side hustles. The gig economy refers to a labor market characterized by the prevalence of short-term contracts or freelance work rather than permanent jobs. According to a report by Upwork, 36% of the US workforce is now freelancing.
Age and Side Hustles
Side hustles are most popular among millennials and Gen Z. According to a report by Bank of America, 72% of millennials have a side hustle, and 67% of Gen Zers have one.
Gender and Side Hustles
Side hustles are equally popular among men and women. However, men tend to earn more money from their side hustles than women do. According to a survey by Bankrate, men earn an average of $989 per month from their side hustles, while women earn an average of $361 per month.
The Impact of the Pandemic on Side Hustles
The COVID-19 pandemic has had a significant impact on side hustles. While some side hustles, such as food delivery, have seen an increase in demand, others, such as ride-sharing, have seen a decrease. However, overall, the pandemic has made people more interested in starting a side hustle. According to a survey by Zapier, 1 in 3 Americans started a side hustle during the pandemic.
The Future of Side Hustles
It's clear that side hustles are here to stay. According to a report by Intuit, the number of people in the gig economy is expected to rise to 9.2 million by 2021. In addition, the rise of remote work and the increasing demand for flexible jobs will only make side hustles more popular.
Advantages of Side Hustles
There are many advantages to having a side hustle. One of the main advantages is that it allows you to make extra money. This can be especially beneficial if you're trying to pay off debt, save for a big purchase, or build an emergency fund.
Another advantage of a side hustle is that it can provide you with new skills and experiences. Whether you're starting a blog, freelancing, or running a small business, you'll likely learn new skills that you can use in your career or personal life.
Side hustles can also be a great way to pursue your passions. If you're passionate about photography, writing, or baking, for example, you can start a side hustle that allows you to do what you love while making money at the same time.
Finally, side hustles can provide a sense of freedom and control. When you have a side hustle, you're in charge of your own schedule and your own income. This can be empowering and can help you feel more in control of your life.
Challenges of Side Hustles
While there are many advantages to having a side hustle, there are also some challenges. One of the biggest challenges is finding the time to do it. If you already have a full-time job, it can be difficult to find the time and energy to work on your side hustle.
Another challenge is finding the right balance between your side hustle and your personal life. It's important to make sure that your side hustle doesn't take over your life and that you still have time for your family, friends, and hobbies.
Finally, there's always the risk that your side hustle won't be successful. It can be disappointing and discouraging if you put a lot of time and effort into something and it doesn't work out.
Tips for Starting a Successful Side Hustle
If you're interested in starting a side hustle, there are some things you can do to increase your chances of success. Here are a few tips:
Choose something you're passionate about. This will make it easier to stay motivated and to put in the time and effort required to make your side hustle successful.
Start small and build gradually. Don't try to do too much too soon. Start with a small project or a few hours a week and gradually increase your time and effort as your side hustle grows.
Research your market. Make sure there is a demand for your product or service and that you're pricing it competitively.
Set goals and track your progress. This will help you stay motivated and focused on your side hustle.
Be flexible and adaptable. Your side hustle may not go exactly as planned, so it's important to be open to making changes and adjustments as needed.
There you have it. Side hustles are a great way to make some extra cash, pursue your passions, and learn new skills. As we've seen from the statistics, side hustles are on the rise and becoming more accessible thanks to technology. Of course, there are some challenges that come with having a side hustle, but with careful planning and determination, anyone can start their own successful venture. So, whether you're looking to pay off some debt or just explore a new interest, a side hustle could be the perfect opportunity for you. Thanks for reading, and best of luck on your side hustle journey!
Do I need to have a specific skill or experience to start a side hustle?
No, anyone can start a side hustle. However, having a particular skill or experience can help you be more successful.
How much time do I need to commit to a side hustle?
The amount of time you need to commit depends on the type of side hustle you choose and your personal goals. However, it's important to find a balance that works for you.
Can I have more than one side hustle?
Yes, many people have multiple side hustles. Just make sure you have enough time and energy to commit to each one.
Do I need to register my side hustle as a business?
It depends on the type of side hustle and your location. In some cases, you may need to register your side hustle as a business and obtain any necessary licenses or permits.
How much money can I make from a side hustle?
The amount of money you can make from a side hustle varies depending on the type of hustle and your level of commitment. Some people make a few hundred dollars a month, while others are able to turn their side hustle into a full-time business.
How do I promote my side hustle?
There are many ways to promote your side hustle, including social media, word of mouth, and online advertising. Experiment with different marketing strategies to see what works best for your hustle.