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
Spotify Launches Its Services In the Middle East
Full Acces For Middle East Users Spotify has reportedly launched in thirteen Arab countries. The countries include Egypt, United Arab Emirates...November 19, 2018
Find Out How Your Dream Car Can Ruin Your Retirement Plans
People usually work really hard on their chosen careers, so they could live a comfortable life as well as provide for...November 18, 2018
How Much An Investment Of A Thousand Dollars In Apple 38 Years Ago Is Worth Today
Current Worth Of Investment Apple recently debuted a new set of its updated products. The products include one MacBook Air and...November 16, 2018
When One Life Insurance Policy is not Enough
Yes, it’s true that you can get as many life insurance policies as you want. However, there is a certain limit...November 16, 2018
How Long Does $1 Million Last After Retirement? Research Finally Has the Answer
One million dollars is deemed a gold standard for the total sum one should have in a retirement fund. However, recent trends indicate that...November 16, 2018
This Billionaire Knows the Secret On The Art of Collecting Art
A person who buys things and does not intend to use them may be referred to as a collector, but it...November 15, 2018
EU’s Stocks Struggle As Brexit Issue Gets Even More Complicated
It would seem that the European Union is in the midst of a chaos with the stocks falling down due to...November 15, 2018
Macau is on It’s Way to Be The Richest Place in the World
What makes a city wealthy? Well, if your city depends on gambling and tourism, then there is no doubt that it...November 15, 2018
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,...November 15, 2018