Full-time employed Americans are all about the side job.
Transitioning a hobby to a secondary source of income seems to be on the minds of millions of Americans, as more than one-quarter have pursued ways to make money off their leisurely pleasures, according to a new study.
Research by SWNS with Vistaprint interviewed 2,000 people with full-time employment found that more than half would love to take their hobby to the business side but aren’t ready yet. The hesitant steps could cost you some additional funds with the average annual income added with a side business tallies to around $15,000 per year.
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As for what are the main drivers for a side business, researchers said beauty and wellness like hairdressers, personal trainers, and dietitians was the most popular sector. Trying to be a DJ or a designer were also popular.
“America’s side business economy is booming, as employees increasingly look for financial, professional and personal fulfillment that may not be present in their main job,” said Simon Braier, Customer Strategy and Insights director from Vistaprint. “While many side hustles are born out of a personal interest or hobby, they don’t have to stay small.
“Side business owners can test their venture’s long-term viability, growth, and marketing opportunities in a safer setting, helping them to ease the transition into full-time entrepreneurship and spend more time doing what they love.”
Not all side business are started due to passions. Sixty-two percent reported starting or thinking about starting a side business as a way to make extra money while over a third (37%) did it because they were pursuing what made them happy. That coincided with 41% saying they started a side hustle because it allowed them more time to do what made them happy.
More than half said their side hustle started after their normal working hours, between “5-9” so it fits around their career. Nearly half (48%) extended their side jobs on the weekends while more than one-quarter preferring to work in the morning.
On average, participants with a side business donated 16 hours a week to their craft. 34 percent said they spend more than 20 hours weekly working on it.