Side Hustles: It Takes More Than Passion
Let’s be honest, it can take more than one job to truly live the life you deserve. If you live in a big city, you almost need more than one source of income to survive depending on your lifestyle.
I’ve had a few side hustles and almost all of my friends have side hustles. I have one friend that works two full time government jobs (crazy woman, I know), one that does hair, another crochets clothing items, and my best friend is a virtual assistant.
When I started my first side hustle, I thought it was going to be a cakewalk. I thought she (my side hustle) would be my calm and my peace. Turns out she was just as stressful as my 9-5, if not worse.
According to Bankrate, 39% of all Americans have side hustles. Among millennials, half do something on the side to support their lifestyles and nearly 33% of all side hustlers say they need the funds for regular living expenses while 12% use the funds to pay off debt.
Most people I know use their side hustles to supplement their income. Whichever way people choose to use their side hustles, it’s an important part of the fabric of their lives.
Side Hustler Turned Full-Time Entreprenuer
I like to think about side hustles like a teenage boy. They are sturdy enough to take care of themselves - limited losses, limited effort - but they still need guidance and care - i.e vision, marketing - in order to thrive.
Depending on the goals of your side hustle, the way you manage will differ. But for those trying to take the side hustle full time, here are a few tips:
I also see side hustles as a way to help propel you to the next job. We’ve been talking about career pivots and I see side hustles as a great intermediary between jobs or an asset while switching industries.
Dr. Kiiyonna Jones is a nurse practitioner turned full time entrepreneur. Before going full time with her medical spa and beauty academy, she was a bedside nurse and medical professor. “Transitioning your side hustle to your full time bread and butter can be hard and risky, ” said Dr. Jones. “You have to know not only when you’re ready, but also when the business is ready.”
Now Dr. Jones is the CEO of Luxe Beauty and Wellness Boutique and Academy and a motivational speaker helping women of color avoid burnout and use their transferrable skills to cerate the lifestyle they desire. She used her side hustle to put her in position and in front of an audience that wanted to hear her expertise on medical spas vs. nursing.
Funding Your Side Hustle
It takes more than passion to get an idea off the ground. While some side hustles require less seed money than others, most businesses fail due to lack of capital. Without capital, everything is slow to move.
Here are some tips and resources for funding your side hustle from Transform The Hustle:
Transform The Hustle develops a monthly grant list to help funding your business easier than ever. Check the November grant list here.
Crowdfunding platforms like Kickstarter and Indiegogo allow you to present your business idea to potential backers. Some other crowdfunding platforms to consider:
The Fund Black Founders selected 15 Black-owned companies in 2023 and matched donations to their crowdfunding campaigns up to $25k.
Black Girl Ventures also provides access to community, capital, and capacity building specifically for Black and Brown woman-identifying founders. They offer pitch competitions with cash grants up to $10k for winners to invest in their ventures.
Managing Your Side Hustle
Starting, funding and managing your side hustle takes passion and hard work. The good thing is, you're not the first and you certainly won’t be the last! Like books, podcasts are another great resource to find knowledge and resources. Transform The Hustle recommends these for current and budding side hustlers:
Brillant And Bougie Podcast - Hosted by Shanny Mac, the brains behind campaigns for a number of celebrity-endorsed brands and Fortune 500 companies.
The Black To Business Podcast - An educational podcast that chats with vetted Black entrepreneurs, thought-leaders, and business owners as they provide tips and resources to help you start and grow your business
Blessed and Bossed Up - A podcast for a community of women who are purposeful and uncompromising about their faith, business and total life success with God as the CEO.
some creative agency’s #TouchbaseTuesday - 2024 Prep series / virtual lunch-hour sessions tailored for entrepreneurs, small businesses, and creatives start Nov 21st
The Useful School - 12-week virtual pay-what-you-can classes for beginner and advanced creatives.
Side hustles, though not for everyone, offer a great opportunity to earn extra money to pay off debt, practice your passions, and connect you to your next best thing. While money is always the motive, Transform The Hustle aims to redefine ‘hustler’ culture by empowering the community with equitable access to resources and connectivity and attempting to level the playing field to achieve success in business and beyond.
Special Shoutout to some out our fav side hustles. Tap in with them!
@striptofficial | @housepartycreatve | @da.ellement | @jxvcollective | @carterwear | @brownmillcompany
Use your gifts,
xoxo Amanda