For better or worse, the state of America’s economy has turned the gig economy from a fad into a staple part of working that isn’t going anywhere anytime soon. In fact, it might even be true enough to say that side hustles are now turning into full-time jobs.
Surprisingly, more than one-third of all US adults and more than half of millennials and Gen Z are currently using side hustles for a myriad of reasons. This second stream of income helps to pay bills, enjoy life, save, invest, and do everything that a primary income alone cannot achieve.
Happening Everywhere
Rest assured that the financial side hustle is happening at every income level, industry, and age group across America. This means that both those struggling and those looking to achieve more with their lives are taking part. According to Bankrate, the median side hustle only pulls in around $250 per month, but there are those who are earning much more.
As forty-five percent of Americans with side hustles use them to pay off bills, the hustle to side hustle is growing as more income is achieved. In many cases, these side hustles have turned from secondary income to quickly becoming a primary source of income for those who are taking part.
The Future Of Work
In what can only be described as a surprising turn of events, side hustles are quickly becoming not just the new normal but also overtaking primary jobs. According to data provided by Gusto, 44% of new business owners in 2024 launched their side businesses from home while working either part-time or full-time remotely.
This number is up from 27% in 2022, so there is a definite increase in the number of side gigs becoming full-time jobs. There is no question that remote and hybrid work as a result of the COVID-19 pandemic has played a significant role in this turn of events. Not having to commute or stay late in an office has given entrepreneurs far more time to flesh out and test ideas that turn into full-time businesses.
Additionally, the rise of tools like ChatGPT has cut down on the time it takes to open a business and test proof of concepts. What used to take weeks or months can now take days or hours to help with marketing ideas, create outlines for blog posts, or even create full business strategies to launch a new product in a matter of minutes.
The Economic Benefit
It should go without saying that the immediate economic benefit for those taking side hustles into full-time roles is not just increased income but also income stability. This means that you are now more likely to be able to not just cover your expenses but also pay off more of your debt, build savings, and start a retirement program.
Additionally, side hustles that turn into full-time work open individuals to entirely new skills or enhance existing ones. This means that even if the side hustle only lasts for a few years, you have new skills and extra information that can be added to a resume to make you an even more attractive candidate.
Of course, the most significant economic benefit is that more money is pumped into the economy. As these side hustles take off, more money being earned can often lead to the need for more help, which means more jobs for people looking, which results in a circle of economic benefits all around.
What Sectors Are Most Impacted?
Of all the sectors most impacted by the shift from part-time to full-time side hustles, it should go without saying that much of this is focused on digital and creative work. This means digital marketing, freelance writing and content creation, web development, photography, and graphic design are just a few of the sectors being heavily impacted by the rise of the full-time side hustle.
However, the same goes for those branching out as accountants or social media managers after finding that daily office life doesn’t suit them, so they go off on their own. Cybersecurity, IT, and bookkeeping, just to name a few roles, are all being impacted by the idea that you don’t have to stay at a large company just to make a living anymore.
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