A surge in side hustles has become a defining feature of the modern workforce, particularly among younger generations. Recent research from Bankrate underscores that 53% of Generation Z (Zoomers) and 50% of millennials are engaged in side hustles. The past year alone has seen a significant rise in these entrepreneurial endeavors, with Zoomers experiencing a 19% increase and millennials following closely with a 12% increase.
Interestingly, these side hustles aren’t merely a means of pocketing some extra cash. A surprising 22% of Gen Z and 25% of millennials dream of transforming their side hustles into their primary source of income. Four in five individuals from these cohorts rely heavily on this additional income to cover their essential expenses and bills. This shift toward entrepreneurial pursuits represents a significant change in how younger generations view work and financial stability.
Ashley Hubka, Senior Vice President and General Manager of Walmart Business, emphasizes the importance of making business ownership more accessible for Zoomers and millennials. Walmart’s dedicated e-commerce site for businesses and nonprofits aims to provide the necessary support and resources to help these aspiring entrepreneurs succeed. As it turns out, nearly half of Gen Z and millennials are seriously contemplating making their side hustle a full-time job.
For those looking to take their side hustle to the next level, Hubka suggests starting with a clear and differentiated mission. Establishing a unique value proposition is crucial in a crowded marketplace. As these part-time entrepreneurs scale up to become full-time business owners, finding the right tools and resources to maintain focus on their mission becomes essential. Hubka advises that utilizing offerings designed to mitigate business barriers can help save money, streamline business operations, and create efficiencies necessary for growth.
Moreover, Hubka highlights the importance of incorporating well-being activities into the busy schedules of burgeoning entrepreneurs. It’s easy to get caught up in the hustle and bustle of scaling a business, but taking time to recharge can be just as important as any business strategy. Whether it’s spending quality time with loved ones or adding personal days to business trips, maintaining a balance between work and personal life can help prevent burnout and keep entrepreneurs motivated.
In conversation with Rieva Lesonsky, a seasoned expert in small business and entrepreneurship, Hubka’s insights offer a roadmap for young side hustlers aiming to transition their part-time gigs into full-time ventures. With the right support, tools, and a balanced approach, the entrepreneurial dreams of Zoomers and millennials are more achievable than ever. As these generations continue to redefine the workforce, the landscape of business ownership is poised for transformative change.