Most Americans are Working Side Jobs for This Surprising Reason
It’s the age of the gig economy American workers are turning towards side gigs to supplement their income in the age of automation and rising expenses. A study showed that the gig economy has increased 27 per cent more than the traditional job market over the past two decades. In today’s age of technology, companies like Uber, Etsy and Airbnb have made it easier to land a side gig and make some more money on the side.
Growing Gig Economy
According to a study by Hartford, the number of Americans with a side hustle has grown to 57 million in 2018. The insurance company recently surveyed over 4,000 American adults, of which 1,033 admitted to having a side business. A majority of the survey participants work full-time jobs apart from their side business, and say that it only takes 10 hours or less per week to manage the side gig.
But probably the most interesting thing about these side hustlers was that a majority of them said that earning more money was their main motivation behind getting a second job. Almost two-thirds of them admitted to facing some sort of a financial pressure which led them to joining the gig economy.
This shows that very few people are starting a side gig to pursue their passion or with the intention of escaping the rat race. Side Hustle Nation founder, Nick Loper, says that it makes sense why money, instead of passion is the driving force behind people’s decision to participate in the gig economy.
Choosing the Right Business Idea
Loper first created his business as a way to make money but then it eventually turned into a passion and now he is teaching others how they can find a way to make side income. Loper says that it is rare that someone is actually born with true passion for doing something. Telling someone to follow their passion isn’t the best advice because, one, they may not know what they’re passionate about, and two, even if they do have a passion, there may not be a market around it.
They are plenty of reasons why you shouldn’t start a business due to emotional reasons. Doing something you love and failing at it can make the experience less enjoyable, and you’ll almost certainly find yourself struggling to monetize your business in its initial stages. Of course, that is not to say that you choose a business idea that you have absolutely no interest or expertise in.
In 2004, Loper first created his own price comparison website, which was his first online side hustle. Although he didn’t have much passion in the project, he did have some interest in e-commerce and knew that it was a growing industry that could make him a lot of money in the future.
Money or Passion?
It is not a wise decision to base your business model purely on passion. Conversely, doing something purely for monetary gains isn’t necessarily going to give you quick results either. Loper says that doing business just for the money can quickly make you disappointed if you don’t see the returns you expected.
Loper advises future business owner to choose side gigs that are a fun way to spend their spare time, but also keep an open mind that the business might not be a success. Most people aren’t doing much about starting a business because they think they need to a have a completely unique idea in order to succeed. But the truth is that most successful businesses take ideas from others but execute it in their own unique way.
Even Google, which is the biggest search engine in the world, didn’t invent anything new when it first jumped into the tech scene. Think of all the Italian restaurants in your city that offer the same products, more or less, but are still able to make profits. This shows that when there is demand for a certain product or service, there is room for several similar businesses to coexist.
More in Financial Advisor
J.Lo, A. Rod and Others are Backing this Indian Fitness Startup and We Know Why
There’s no truer statement than that J. Lo is a fitness enthusiast, and thankfully, she has met her match in Alex Rodriguez who...May 22, 2019
This Sports Company Is Backed by Some of the Biggest Investors Including Will Smith
Gen. G has recently announced its global expansion plans, fueled by the $46 million the organization has raised owing to a...May 22, 2019
How to Choose the Best Life Insurance Coverage for the Disabled
Securing Financial Protection A primary reason why people get life insurance is so that after the demise of a loved one,...May 22, 2019
Johnny Depp is Apparently Broke! Here’s How He Scorched His Entire Fortune
Back when the Pirates of the Caribbean franchise was the hottest thing in town, the movies’ main man, Johnny Depp, was...May 22, 2019
Reason Why Financial Advisors Need to Adapt To The Tech World
Most people think that money makes the world go round, this may be true in a way especially for those who...May 22, 2019
How Much a $1000 Investment in Apple 38 Years Ago Would be Worth Today
Current Worth Of Investment Apple recently debuted a new set of its updated products. The products include one MacBook Air and...May 22, 2019
Shell Reports Biggest Profits in 4 Years as Oil Prices Rise to Astronomical Levels
Royal Dutch Shell recently disclosed its third-quarter earnings, reporting a 37 per cent increase in revenue and highest profits in the...May 22, 2019
Gone with the Wind! Here’s How Mel B Lost Her Enormous Fortune
The English pop girl group, the Spice Girls, established their dominance with their debut single Wannabe which hit the airwaves in...May 22, 2019
Don’t Refinance Your Home without Doing These Five Things
Thinking of giving your home a major renovation or take advantage of low mortgage interest rates? Some might tell you that...May 22, 2019