Everything You Need to Know About Side Hustle Statistics!

A day-to-day routine can get a little monotonous and make us feel the urge to do something different so we can grind back with a fresh mind to the same schedule. Well, the first thought that came to your mind after reading that would be - It's obvious! And the best way to refresh yourself is by taking a small trip. Maybe you're right, but what if there are people who still keep working but just change the nature of work to experience the same? Many individuals juggle another job after their regular job timings for many reasons. This is usually known as moonlighting or a side hustle. Let's take a look at the side hustle and the current side hustle statistics related to it. 

What is a side hustle?

The current way of living is very dynamic, and individuals are open to all opportunities to explore the business world. True to the term, a side hustle or more commonly known as moonlighting, is when a person juggles an additional job along with the regular job. A side hustle refers to any form of business that you take part in outside of your regular job. There are many reasons why an individual side hustles, and the most common reason is to generate more income which acts as a secondary way to meet one's needs. Apart from generating additional money, some people side hustle by taking up their hobby, which they're passionate about. However, side hustling comes with its own share of challenges and requires dedication and a proactive approach.

Different types of side hustles

People usually take up occupations which are different from their regular paying jobs. The side hustle industry comprises several jobs across the world. Here are some tech side-hustles you can start. The side hustle job can be just a hobby or a completely different occupation in a different field. Here is a list of some side hustle domains that are taken up by the majority of people while moonlighting:

1. Dropshipping
2. Freelancing
3. Conducting surveys online
4. E-commerce
5. Content Creation
6. App development
7. Marketing
8. Online tutoring
9. Providing Virtual Assistance
10. Podcasting 

Side Hustle Statistics 

The side hustle industry is growing day by day as a majority of individuals prefer side hustles to make money apart from their primary source of income. A recent survey represented the statistical data, and here are some of the aspects that were highlighted.

1. Side hustle denomination in countries.

The emerging markets encourage many individuals to take up all opportunities they come across. According to a recent survey, it was observed that people are picking up side hustle jobs to increase personal wealth, and this was noted in not just one or two countries but in many countries. Almost 45% of Americans are side hustlers. Similarly, in countries like Singapore and Hong Kong, 67% of the population is seen moonlighting. Moonlighting domination is observed in the United States of America, the United Kingdom and Canada. Side hustling gives an opportunity to diversify an individual's income streams and explore alternatives to extra-income jobs.

2. Why do people side hustle?

Initially, inflation was one of the major factors that compelled some audiences to side hustle. While moonlighting, some people realised that it might be better to take up a task that they enjoy working on. This was one of the reasons why people started side-hustling just to take up a hobby. According to recent research, individuals side hustle just to pursue their passion. Around 41% use the additional money to fulfil needs, and the other 43% side hustle to earn additional disposable income and savings. Here are some business ideas you can refer to set up a different business!

3. Work-Hours of Moonlighting!

The hours of side hustling are a little different from regular work hours as individuals usually start working after their regular work hours get over. Planning, organising and time management are some of the major challenges that are faced while side hustling. Most of the side hustlers decide the number of hours they have to put in per week and work accordingly. On average, a side hustler invests 11-16 hours per week in the side hustling business. According to recent research, it was observed that a majority of individuals preferred to side hustle during the night instead of working in the morning. Only 30% of individuals preferred to side hustle in the mornings.

4. 50% of individuals side hustle because they want to and not because they have to!

Yes, you read that right! Even if it is true that one side hustles just to make money, many people moonlight just to pursue a hobby. Many people see it as an opportunity to follow their passion. Many people work online and impart their knowledge to spread information on a large scale.

5. Side Hustle Market is growing by leaps and bounds.

If we just take a look at the U.S. market, the side hustle market is valued at $2.58 trillion, according to market research. The U.S. contains 81% of small businesses, out of which at least 60% are running another business as a side hustle. Looking at the current side hustle statistics, the market is expected to grow.

6. Gen Zs take over the Side Hustle

If you observe the total percentage of individuals involved in moonlighting, a majority of them belong to the new emerging generation. In the United States, 45% of the population is involved in moonlighting, out of which 46% are Gen-Z individuals. Similarly, in the United Kingdom, Gen-Z's population is approximately 39% of the total population involved in a side hustle. It is seen that it is extremely important for this new generation to be financially literate.

7. Average income earned in side hustling.

Moonlighting can raise approximately $1,200 a month, which is comparatively higher than the regular income. Around 43.4% of side hustlers earn more than $1,000 per month. However, the case can differ for many side hustlers. Out of the total population of side hustlers, 36.7% of respondents reported making around only $100 - $500 per month, whereas 7.5% made $1000- $1500 per month, 4.7% reported earning over $10,000 per month. It all comes down to understanding which industry generates the most income in comparison.

Highest-paying side hustles

Moonlighting has become a very popular way to earn some additional income. However, not all side hustle jobs are equal when it comes to financial rewards. People take up several side hustles to make money but may not be able to earn the most out of them. You can also learn about 30 ways to make extra money! Here are some of the most common business models that can generate a higher income.

The most common business models one chooses for side hustling are usually investments, freelancing, consulting services and online side hustles to make money. Out of this, it is observed that the side-hustling investors earn a little more as compared to other side-hustling jobs. In addition, the other jobs which skew towards higher earnings are content creation and software development.

Side hustling is an opportunity to explore some unknowns of the industry while making some extra money! Research shows that the moonlighting industry will become a big market in the upcoming years.