Half of Millennials Have a 'Side Hustle'
One in two millennials has a “side hustle” in a bid to boost their cash or chase a long-held passion, new research reveals.
From selling things online to making clothes and accessories or simply putting in a cleaning shift to get those extra dollars, 50 percent of the young Americans surveyed are currently grinding away outside of their main job in a bid to make things happen.
The research of 1,000 millennials and 1,000 baby boomers conducted by GoDaddy, found that pursuing side gigs isn’t reserved for the young seeing as many as 24 percent of baby boomers also have a side hustle.
The data showed the leading reason for people to have a side hustle is out of necessity for more money with boomers in the greatest need of extra income – 61 percent of boomers’ side hustles are started because they need the money.
Results revealed the 20 most common side hustles for millennials and boomers, with online selling the leading hustle for both age groups.
Boomers were more likely to use their side hustle to tutor students or use their experience to consult, while millennials are more likely to do something involving clothing and accessories.
More than half of all millennial side gigs (52 percent) and close to a third of boomer hustles (31 percent) involve selling items on and offline.
So how much is a side hustle worth? When it comes to earning, millennials bring in slightly more each month through their side hustles than baby boomers ($258 vs. $234), with $250 the monthly average overall.
You have to shout about a side hustle in order to get noticed and results showed boomers may still have something to learn from their younger counterparts here – 70 percent of millennials use a dedicated website and/or social media to promote their side hustle, versus just 36 percent of boomers.
Lauren Antonoff, a spokesperson for GoDaddy, said, “People who are making money off a passion or a side business don’t always think about how they could be reaching out to potential customers. With the latest generation fo DIY tools at super low prices, anyone can set up a professional online presence in under an hour without breaking the bank.”
And, while boomers are matching the younger generation in terms of spreading the word by email (24 percent for both age groups), they are falling behind when it comes to using email marketing strategies with 13 percent of millennials promoting their side hustle in this way versus just 5 percent boomers. In fact, the one category boomers were more proactive in promoting their side hustle was in handing out flyers.
Demonstrating the increased normalcy of side hustles, 41 percent of the younger generation have shared it with their employers without fear of managers reacting negatively to their second gig.
Baby boomers dedicate an average of 15 hours per week to their side hustle, while millennials spend 12 hours on theirs.
And for many, the side hustle time is more enjoyed than their main form of work. The results showed that a third (34 percent) of baby boomers feel regrets about their main careers and working life overall.
Boomer’s biggest working regrets are not doing something they were passionate about (38 percent) and not using their time wisely (37 percent).
Regardless of age, it’s clear we don’t stop dreaming and it’s never too late to pursue something new. More than half of those with side hustles (52 percent) hope that their side hustle will soon turn into their day job. The biggest thing stopping them is not being able to make enough money from their side hustle to support themselves (74 percent).
Antonoff added, “Technology has really made a difference for people with side hustles. Mobile experiences give people the flexibility of when and where you can get work done, so people can be productive on their commutes, watching a TV show or even lounging by the pool.”