Millions of Americans have a ‘side hustle’ to supplement their income. How does one supplement their income? Some are turning to ‘side hustles’ to get some extra cash while simultaneously pursuing their passions.
A study of 2,000 full-time employees showed 27 percent of them turned their hobby into a side business, while 55 percent of them said they dreamed of finding a side hustle themselves.
The average income for these side hustles, according to the research commissioned by Vistaprint, was more than $14,000 annually post-tax.
“America’s side business economy is booming, as employees increasingly look for financial, professional and personal fulfillment that may not be present in their main job,” Simon Braier, Vistaprint’s customer strategy and insights director, said.
Of the most common side businesses, beauty and wellness was a clear favorite, which includes professions like dieticians, personal trainers and hairdressers. Arts and entertainment was another popular choice, including being an artist, a DJ or a designer.
While a majority of people took on a side hustle to earn some extra cash, 41 percent did it to spend more time going something they enjoy.
“While many side hustles are born out of a personal interest or hobby, they don’t have to stay small,” Braier said. “Side business owners can test their venture’s long-term viability, growth and marketing opportunities in a safer setting, helping them to ease the transition into full-time entrepreneurship and spend more time doing what they love.”
Most of the people surveyed said they work on their side hustle in between the hours of 5 p.m and 9 p.m., but nearly half of them work their side job on the weekends. Those polled said they typically work up to 16 hours a week, but 34 percent of them said they spend more than 20 hours on their side hustle.
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