The Rise of the Gig Economy
Here’s why you need to start your own venture right now.
Though we’re only a couple of years in, the 2020’s are quickly becoming a decade of entrepreneurship - especially after the introduction of Covid-19.
In fact, the Abacus Data poll for Direct Sellers Association (DSA) indicated that 31% are already persuing opportunities to make some extra cash during the pandemic, be it taking on jobs in the gig economy or creating their own small start-up.
Yet, even as Canada and the United Staes begin to see some economic recovery, three-in-five surveyed say that they’ll still be hanging on to that secondary gig, or searching for a supplementary source of income for at least the next few years.
It goes without saying that side hustle entrepreneurs of all ages are making a wise move in today’s shaky economic landscape - and if its booming popularity isn’t reason enough to inspire single-job workers to get moving in 2021.
2023 Side Hustle Statistics: The Ultimate List
Want to know what the most important side hustle statistics are in 2023?
These research-backed statistics show how many people are starting side hustles, why they are becoming so popular these days, why some ambitious people choose to become entrepreneurs, and so much more.
Ready to learn more about side hustles and the opportunities they present?
3 Reasons You NEED a Side Hustle
How a Side Hustle Can Change Your Life
Fact: The top 1% all have multiple streams of income
According to Tom Corley, author of "Rich Habits – The Daily Success Habits of Wealthy Individuals”, 29% of self-made millionaires balanced five or more streams of income. And while millionaire status may not be in the cards for everyone, one thing remains true: having more than one stream of income gives people the fiscal flexibility and assurance they need to feel financially secure.
Not everyone may feel that they “need” more than one stream of income, but it certainly doesn’t hurt. It’s about diversifying risk and creating wealth for enhanced financial freedom. Besides, everyone can agree that it’s always nice to have a little extra money in the bank at all times - and the more money you’re earning, the more you can ultimately invest to put your money to work for you. Think of your newly acquired increasing assets, as silent employees, who never ask for a raise, a day off or a mental health day.
You have the control to build at your own pace
With a typical day job, especially on salary, working more won’t award you more compensation - even if it does happen to land you a higher bonus at year’s end, taxes often take the fun out of it anyway. And, even if you happen to work hourly, you can’t rely on consistently receiving more hours whenever you ask for them.
Enter the side hustle – the decision to commit time and energy to an additional income steam - and the control is all yours. A side venture gives you the flexibility to add or subtract your work hours based on your own needs and goals, at your own pace. For many people, once they experience the benefit of a simple, profitable process - there’s no going back to the days of a single-stream income!
Win! Win! Win!
Your new business is an excellent opportunity for personal growth. Learning to master a previously uncomfortable skill, builds a greater sense of personal accomplishment and confidence. A new side venture can serve as a fulfilling piece to the work/life balance, and oftentimes won’t even feel like work. And, perhaps the best part is knowing you’re being compensated for doing something you enjoy that is also a value to your community.
It’s empowering (and fun)!
Unlike your primary job, your side venture is something you can fully tie your own identity to - as you have complete ownership over your unique hustle. With all of the executive decisions in your name, this can be incredibly empowering, engaging and exciting - all of the good “e” words (did we forget ‘economically exhilarating’?).
Your side hustle is your baby, and you call all the shots. It also can add depth to you as an individual - and that is something that you can’t put a price on.
Life tastes better with a side of hustle!
"I wish I never started making that extra cash with a side hustle..." said no one, ever. Side hustles provide financial security while adding some flavor to your work and personal life. It’s a win-win way of living that so many more people are getting behind today. If you have read this article all the way through, you’re telling yourself… it’s time to get to work.
