The Year of the Side Hustle

      Welcome to 2019! This undoubtedly will be the year of extra income. People all across America are creating their side hustle and its time for you to get on this train. A recent study by Bankrate found that nearly 4 in 10 Americans have a side hustle. No longer are people relying on corporate America to satisfy all their financial needs and even the government employees have been on shut down. Job security is as secure as the amount of income streams you have. They say the average millionaire has seven and if you are not currently one of those people finding ways to create additional income streams for your future, you are behind the times. Times are changing and one of the major trends in the economy is this rise in the freelancer community.  It’s like people all over America are finally taking control of their time and decided to work on their terms, or at least hustle a little harder.

     However, exciting as all of this may sound, the current landscape of entrepreneurs is like taking time machine to the 1920’s. According to the Kaughman Foundation, a well respected non-profit specializing in entrepreneurship, 80.2% of entrepreneurs in the U.S. are white and 64% are male. This does not reflect the demographics of the population and we are the generation that must do something about it. There is so much room in the market for minority entrepreneurs to engage the economy. Whether you have a secret family salsa recipe or make custom furniture, there is always a way to create a side hustle.

Some of the most popular side hustles of 2018 were:

1.       Home Repairs/Landscaping (12%)

2.       Online Sales (7%)

3.       Crafts (7%)

4.       Child Care (6%)

I guarantee that there are many of you talented individuals out there who can hustle to create something that can add income to your life. The average side hustle last year brought in an average of $686 dollars per month! Those funds could easily be used to pay for a web hosting site for online sales or the additional inventory you need to launch your next product. We must really think creatively to uplift ourselves from this paycheck to paycheck cycle. Plus, you will definitely have some fun doing it. If you are hesitant, then start small. If you want to go big and get funding, every year, the Black Enterprise publishes its top 10 list of grants to help minority small businesses. https://www.blackenterprise.com/top-10-grants-financing-black-businesses-minority-entrepreneurs/

 Its a great place to start your search for funding. If your idea or business has a good model and plan, you never know what angel investor may come to your aid. 

Whatever your reason might be, this is your year to do it. Our lives are evolving each day and each action or inaction you take will bring you closer to financial peace or financial pain. Let 2019 be the year of your side hustle. My goal will be to help that become your main hustle as you step into full entrepreneurship and becoming a business owner.