You’ve probably heard of the side hustle in the context of millennials working a full time day job and scratching their creative itch while earning a few extra dollars. Apparently, the trend expands to other entrepreneurs, with adult sidepreneurship growing by 32%, and most specifically, to female entrepreneurs. According to the annual American Express report on women-owned businesses in America, over the last 5 years, the number of women-owned businesses increased 21%, thanks in part to the recent accounting for of entrepreneurs who work fewer than 20 hours per week on their businesses.
So what’s the appeal and is this “sidepreneurship” right for you?
According to the AmEx report, “sidepreneurs may be testing a business idea while holding down a job or supplementing income or seeking a creative outlet…they may also want flexibility because they have caregiving responsibilities or want a certain lifestyle.” Kimberly Eddleston, professor of entrepreneurship and innovation at Northeastern University, encourages people to start small and launch their businesses while keeping their paid, full-time positions when possible. So why are women seemingly more drawn to the side hustle? “What likely attracts women to these sidepreneur opportunities is their lack of risk,” per Eddleston. The side hustle allows one to test out a concept before taking the leap of quitting a job to pursue something different full time.
So if you’ve been contemplating a sidepreneurship, how do you know if you should? Well, experts agree you should go for it after doing some brainstorming, thorough research, and assembling a support system.
For all the tips, click here to read the full article by Kerry Hannon and cheers to a new adventure in 2020!