More Companies Are Starting as Side Hustles

New data from payroll company Gusto shows that 44% of new business owners in the US launched their ventures while working part- or full-time last year. That’s up from 27% in 2022.
Source: Bloomberg

What is a side hustle?
It is a piece of work or a job that you get paid for doing in addition to doing your main job:

More people started selling things online during the epidemic due to a surge in entrepreneurship caused by millions being laid off after Covid-19 lockdowns. The shift to online shopping created new business opportunities, leading to a significant increase in newly established enterprises in the United States, exceeding pre-pandemic levels by over 50%. Americans’ interest in side hustles grew during the epidemic due to financial strains, prompting individuals to seek additional income sources. Factors like rising prices, financial burdens, and reduced salary increases also contributed to this trend, with generative artificial intelligence enabling individuals to manage side hustles alongside full-time jobs.

Generative artificial intelligence, like OpenAI’s ChatGPT, has made it easier for people to run side businesses while working full-time by speeding up company setup and proof of concept. While AI can serve various purposes such as marketing campaigns, video editing, graphic design, and e-commerce strategies, its effectiveness is limited and cannot fully replace human creativity.

Next, I will go over some straightforward side hustles to get started with.

Photo by the author.
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