Is now a good time to start a business or side hustle?!
New year. New you. New additional income?
You’ve probably heard of a side hustle before, and it can be quite different to a full business. A side hustle could be selling jewellery on Etsy, coaching, or selling art. You can make a side hustle of something because you are passionate about it or because you want to grow.
Why now is the perfect time to set up your business or side hustle.
Have you ever wondered what you would do with an extra few hundred £/$ a month? The holidays, the savings, the treats? Well there are plenty more benefits to setting up a side hustle than some additional income such as; self-development, building a skillset, or simply trying something new for fun.
Did you know statistics show that up to 50% of millennials have a side hustle?
This number has grown since 2018. According to Reboot SEO Agency 2020-2021 saw a 96% increase in business registrations. From food vans, to artists, or coaches, or selling products online, and much more; 2018 saw 346,675 businesses register, and in 2020/2021 this rose to 835,494.
[If you want help with building your own business or starting one click here].
Why now..
There are many reasons why now is a great time to start a business or side hustle.
Available consumers
Firstly, access to consumers has increased dramatically since the pandemic began. The use of technology has sped up among the general population by years, implying that your audience may be accessible simply from your computer. This can be applied to selling products, tutoring via zoom, doing freelance writing, and more.
Higher employment rates means higher spending
Spending declined during the pandemic, however, as employment recovers and the economy picks up, spending is nearing pre-pandemic levels. Deloitte has further estimated that consumers saved about US$1.6 trillion more than what they would have saved had there been no pandemic in the US.
It’s much more common now…
Another reason to set up your side hustle is that, as you have seen above, there are now 96% more registered businesses from 2018 to 2021, so they are a lot more common now.
Which means:
Firstly, the likelihood that your primary employer is accepting of your personal pursuit is
Secondly, there are communities of people who can support you
Thirdly, there are many systems in place now to support you, whether that is tax companies, or platforms to allow you to reach your audience. Whether that be Canva for design or Mailchimp platform for your email campaigns.
You never know what could happen
You never know what could happen, and fear is one of the main reasons people don’t take risks. However, if you remove the outcome and expectation, and aim instead for fun or novelty as the primary reason for pursuing your side hustle, it will make it feel a lot less pressured and more enjoyable. This reframe has definitely helped me not only with the set up of my business but also the continuation of it.
Worried about doing it alongside another job?
Are you worried that setting something up will affect your current employment? Research from the University of Iowa found that a side hustle can actually boost performance at your full-time job. (Despite this, some companies still have “no moonlighting” policies.)
Here are some exciting apps that might give you some ideas about what other work you could do. Also, this article has a list of 44 side hustle ideas, from YouTube tutorials, to dog walking, to tutoring and more.
In conclusion, there are many reasons to set up your side business today, most importantly your happiness!
Curios whether you want to set up your own business…
Book your clarity call to see how this coaching is for you.
Sarah is a Career Change Coach. She helps women breakthrough and pivot in their career. Whether you're not networking, developing your own work or side hustle! Stop feeling like you don’t know where to start and reach out!
Sarah has a Masters in Psychology and is both accredited by and a member of the British Psychological Society. She has experience working with the military and corporate sector in recovery, transition, leadership, and mentoring.
