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Tag: Side Hustle

  • These Are the Top Side Hustles to Work Less, Make More Money | Entrepreneur

    These Are the Top Side Hustles to Work Less, Make More Money | Entrepreneur

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    In the best-case scenario, a side hustle could turn into a multimillion-dollar business that generates a passive income stream — but at the very least, starting a side gig could help pay some bills.

    A new survey from personal finance software company Quicken shows that almost half (43%) of Americans with a side hustle, or an extra source of income added to a primary income, make more money and clock in fewer hours overall than those without a side hustle.

    The three most popular side hustles pursued by those who work less and make more money were personal assistance (20%), cooking and baking (16%), and caregiving (16%). One in five people with side hustles said they were business owners, too, selling products online or offering services like photography.

    The majority of people with side hustles (82%) said starting a side gig helped them financially, and kept them from living paycheck to paycheck. Most with side hustles (57%) had savings equal to at least four months of living expenses.

    Related: Side Hustles Are Soaring as Entrepreneurs Start Businesses Working Part- or Full-Time Elsewhere, According to a New Report

    The survey also found that, for younger side hustlers, a way to an extra income doubles as a path to becoming more employable. 44% of Gen Z (born between 1997 and 2012) choose to start a side hustle in order to obtain skills for long-term careers, much higher than the overall 18% of Americans who started a side hustle with the same motivation.

    Quicken conducted the survey online, gathering responses from more than 1,000 Americans.

    Additional research on side hustles, released in August by NEXT Insurance, showed that three out of five people bring in less than $1,000 monthly in side income, while 22% make $1,000 to $10,000 a month, and 15% make more than $10,000.

    Related: Starting a Side Hustle Should Come With a Warning Label — Here’s What You Need to Know

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    Sherin Shibu

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  • How to Build a Thriving Business Without Venture Capital | Entrepreneur

    How to Build a Thriving Business Without Venture Capital | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    After recent conversations with Y Combinator alumni and other promising entrepreneurs, I hear many of them have no plans to raise venture capital — ever. While raising funds is often crucial, bootstrapping is an approach every entrepreneur should consider.

    Contrary to the “move fast and break things” mantra that echoes through Silicon Valley, bootstrapping often means adopting a steady and deliberate approach. This allows for a deeper understanding of your market and more meaningful connections with early customers.

    For instance, instead of chasing rapid growth, Tuple focused on building a product users would truly love. Their strategy revolved around a relentless focus on user feedback and incremental improvements. By prioritizing the quality of their screen-sharing functionality, a critical feature for developers, over the rapid expansion of their feature set, they created a loyal user base that fueled organic growth.

    Related: What I Wish I Knew Before Bootstrapping My Startup

    Steering your own ship

    Bootstrapping isn’t just about money; it’s about maintaining the purity of your vision. When you bootstrap, you retain complete control over your company’s direction, culture and values. This autonomy can be invaluable, especially if your vision doesn’t align with typical investor expectations.

    Keep in mind that maintaining control doesn’t always mean rejecting all external input. Mailchimp, which bootstrapped its way to a $12 billion acquisition by Intuit, did seek advice from outside experts. The difference was that the founders had the freedom to choose when and how to implement this advice.

    Can your model fuel itself?

    The ideal bootstrap-friendly business generates revenue quickly and requires minimal upfront investment. This often leads bootstrapped startups to focus on solving immediate, painful problems for customers willing to pay for solutions.

    Gumroad, a platform for creators to sell products directly to consumers, built its business model around immediate monetization. Gumroad aligned its success directly with its users by taking a small cut of each transaction.

    Being bootstrap-friendly often requires creativity in finding ways to generate early revenue. Pieter Levels, founder of Nomad List, bootstrapped his company by creating multiple small products and services for digital nomads. This diversified approach allowed him to generate revenue streams that collectively funded the growth of his main platform.

    Related: Bootstrapping vs. Seeking Venture Capital — How to Decide the Best Avenue for Your Business

    Walking the line between brave and foolish

    Bootstrapping often means betting on yourself — sometimes quite literally. It requires balancing necessary risks and avoiding reckless gambles. This often involves personal sacrifices and a willingness to operate with a much thinner safety net than funded startups.

    When Sara Blakely started Spanx, she kept her day job selling fax machines while developing her product at night and on weekends. She invested her entire $5,000 savings and even wrote her own patent to save on legal fees.

    The key is to be realistic about your risk tolerance and financial situation. It’s about finding creative ways to extend your runway and validate your ideas before going all-in. This might mean starting as a side project or finding ways to generate supplementary income that aligns with your long-term goals.

    Building big while starting small

    One of the most pervasive myths in the startup world is that certain ideas require massive scale from day one, necessitating significant upfront investment. However, numerous examples prove that it’s possible to build a large, impactful company from humble beginnings.

    Shopify, which now powers over a million businesses, started as a simple online store for snowboarding equipment. They bootstrapped the company initially, only seeking outside investment after they had a proven product and clear market demand.

    This paradox is often resolved by focusing on a specific, underserved segment of your target market. By dominating this niche, you can build the resources and reputation necessary to expand into adjacent markets or scale up to serve larger clients.

    Turn constraints into advantages

    One of the most powerful aspects of bootstrapping is how it forces creativity and efficiency. With limited resources, bootstrapped startups often find innovative solutions that end up becoming key competitive advantages.

    Referring to Basecamp’s journey again, their limited resources led them to focus on doing a few things exceptionally well rather than trying to match every feature of their competitors. This constraint-driven innovation resulted in a product known for its simplicity and ease of use — qualities that became major selling points.

    Related: Starting a Business? Before You Seek VC Money, Here’s Why Bootstrapping May Be the Better Choice.

    Building a team with more than money

    One of bootstrapped startups’ biggest challenges is attracting and retaining top talent without high salaries and extensive benefits packages. However, many bootstrapped companies have found innovative ways to build strong teams despite these constraints.

    By openly sharing the company’s revenue, salaries and equity distribution, Gumroad attracted talent that was aligned with their values and excited by the opportunity to work in such an open environment.

    Many top performers are motivated by factors beyond just salary. Autonomy, mastery, purpose and work-life balance can be powerful attractors, especially for those disillusioned with the high-pressure environments often found in heavily funded startups.

    Defining success on your terms

    The bootstrap path can lead to unexpected and often more favorable exit opportunities. When you bootstrap, you retain more equity and have more control over the timing and terms of any potential exit.

    When Intuit acquired Mailchimp for $12 billion, the founders owned 100% of the company, a feat unheard of in tech unicorns. Their bootstrap journey allowed them to grow the company at their own pace and exit on their own terms.

    An “exit” doesn’t necessarily mean selling or going public. Success can be defined in many ways — building a profitable business that supports your desired lifestyle, creating a company that makes a positive impact on the world, or, yes, eventually selling for a significant sum.

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    Arian Adeli

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  • What new rules in B.C. mean for gig worker rights in Canada – MoneySense

    What new rules in B.C. mean for gig worker rights in Canada – MoneySense

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    Regulations that came into effect on Sept. 3 introduced protections for gig workers in the province, including: a minimum wage, mileage compensation, upfront fare transparency, and rules for account deactivation and dispute resolution. The regulations also give workers access to workers’ compensation through WorkSafeBC, a provincial agency that supports injured workers. 

    If you’re a gig worker or considering working through an app, here’s what you need to know about the rights you have across the country. 

    What led to new gig worker protections in B.C.? 

    The regulations come after years of efforts by unions and gig workers themselves to have gig work covered by provincial employment standards. In provincial labour law, app-based workers are considered independent contractors rather than employees, which means they haven’t been eligible for traditional employment protections, such as a minimum wage and rules around termination and severance pay. Gig work platforms also don’t have to make employment insurance (EI) or Canada Pension Plan (CPP) contributions on behalf of gig workers.

    The workforce for ride-hailing and delivery platforms, including Uber, DoorDash, SkipTheDishes and Lyft, grew 46% in 2023, according to Statistics Canada’s December 2023 labour force survey. That brought the total number of workers aged 16 to 69 to 365,000, up from 250,000 in 2022. Landed immigrants accounted for almost six in 10 of those workers.

    B.C.’s rules are a “step in the right direction,” says Jim Stanford, an economist and the director of the Centre for Future Work, a progressive research institute. But gig work is still largely the “wild west of employment,” he says, and there are few avenues for workers to assert their rights.

    Wages for gig workers

    B.C. is the first province or territory to implement a minimum wage for gig workers. At $20.88 per hour, the rate is 120% of the regular provincial minimum wage of $17.40 per hour. It only applies to “engaged time,” meaning the time drivers and couriers actually spend on assignments—hence the wage premium. Workers whose engaged time over a select pay period falls below the gig worker minimum wage are topped up by the platform at the time they’re paid. (Tips are not included in the minimum wage calculation.) 

    “The equation is difficult and it’s not perfect, but it aims to start to address idle time, when someone is waiting to pick up a person or package,” says Pablo Godoy, director of emerging sectors for the United Food and Commercial Workers Canada (UFCW), a private sector union. The UFCW Canada signed an agreement with Uber Canada in 2022 that made the union the official representative for Uber drivers and delivery workers across the country.

    Tips and vehicle allowances

    As part of the new legislation, B.C. has mandated that platforms pay workers 100% of their tips. It has also introduced a vehicle allowance to compensate workers for the cost of maintaining their vehicles. Drivers receive 45 cents per kilometre for personal vehicles and 35 cents per kilometre for other forms of transportation, including motorized e-bikes and bicycles. (Those who travel by foot aren’t eligible for the allowance.) 

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    Kelsey Rolfe

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  • Want to Be an Entrepreneur? Prime Your Path in 5 Steps | Entrepreneur

    Want to Be an Entrepreneur? Prime Your Path in 5 Steps | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    Look, chances are that if you’ve clicked on this article, then you’re at least interested in the possibility of becoming an entrepreneur. However, if you’re like most of us, then it’s also likely that just as quickly as dreams of entrepreneurship enter your mind, you’re also seeing warning signs, roadblocks, depressing statistics and maybe a horror story or two of that person you know who took a leap that didn’t pan out. You’re not alone. And yet … it’s a tempting thought.

    As a former corporate employee of many years, I am all too familiar with the motivators behind becoming an entrepreneur:

    • The autonomy to decide your own fate after years of bureaucratic red tape
    • The flexibility of building your own schedule after a traditional 9 to 5
    • The financial security of knowing your hard work directly impacts your bottom line rather than accepting a predetermined salary
    • The sheer excitement of finding purpose in the day-to-day work

    Trust me, I get it.

    However, as we know, entrepreneurship isn’t for everyone. So how do you decide whether to consider it for yourself, much less take the necessary leap? In my current role as a franchise consultant and small business owner, I work with people all of the time who are on the cusp of making this very decision. So before diving in, how can you prime yourself for entrepreneurship before jumping in with both feet?

    Related: How to Know If You’re Ready to Leave Your 9-5 and Go All In on Your Side Hustle

    1. Reflect and self-assess

    As mentioned, not everyone can become an entrepreneur, so you have to honestly ask yourself: What am I good at? What do you like to do? Am I a creator/visionary or am I an operations/execution person?

    Make a list (yes, actually put pen to paper or pull up a document) and take an inventory.

    2. Start networking with business owners in your community

    At the end of the day, being an entrepreneur requires a certain level of social ability. I’m not suggesting that you need to be the life of the party or the most extroverted person in the room — in fact, there are lots of successful entrepreneurs who are predominantly introverted. However, there is no faster way to become aware of the ups and downs of entrepreneurship than putting yourself in front of business owners.

    Meet them through the chamber of commerce events, meetups, professional development service get-togethers, trade networking events and education groups. There are even executive transition groups specifically designed for making this jump.

    Don’t limit yourself. Unless you are totally confident in the type of business you want to own, cast a wide net. Network with franchise owners, online startup business owners, etc. If you are making an effort to meet these people and make these connections, you will find them.

    3. Educate yourself

    Unless you are sitting on a large inheritance, there isn’t a golden ticket way to fast-track your success. It’s important that you take the time to educate yourself on various opportunities. Hit the books and read, read, read about business ownership, leadership and management skills. Perhaps consider getting something like Kindle Unlimited which allows you to peruse thousands of books and check out up to 20 at any given time for a monthly subscription.

    I often like to say that as a business owner, you are the OEO (Only Executive Officer), so make sure you are also reading up on some of the less glamorous aspects like human resources, training and tech tools.

    In addition to reading, watch YouTube videos, follow social media influencers, listen to podcasts — whatever it is that you think you may be lacking or whatever skill you need to hone before becoming a business owner, make a list and cultivate your knowledge in these areas.

    Related: Most People Have No Business Starting a Business. Here’s What to Consider Before You Become an Entrepreneur

    4. Start a small side hustle

    Ultimately, if you’re going to start a business, you are going to have to juggle and sacrifice things. For example, there may be times when you can’t go on a vacation or take time off. You know the phrase: “The grind is real.”

    As an entrepreneur, your work life and your personal life intertwine, especially at the beginning. A successful business gives you all four of those motivators I mentioned above (autonomy, flexibility, financial security and purpose), but not upfront — it takes time to get there.

    If you, like many, are considering entrepreneurship but still have a day job, you need to ask yourself: Do I have the mental flexibility to compartmentalize and move back and forth between both?

    Starting a small side hustle is a testing ground for you. Start with low stakes and a lower investment. This can help you prepare to become an entrepreneur.

    5. Speak with the decision-makers in your life

    Last, but certainly not least, it’s important to speak with the people in your life who may be impacted by your decision to become an entrepreneur, most likely a spouse.

    Have a deep dive and a serious conversation that you schedule separately from just another evening conversation after a busy day. Have a planning discussion for the future. Create a future vision for what you want your life to look like over the next 5, 10 or 15 years. Will you stay in your corporate role? Do you have plans in place for retirement? What’s your risk tolerance? Rate it on a scale of 1-10. Now what is your spouse’s risk tolerance? Is there alignment?

    I truly can’t overstress this: Creating that future plan/vision is key. After all, if you don’t have a target to aim at, you won’t hit it.

    Ultimately, entrepreneurship can be a fantastic path leading toward a fulfilling and exciting life — it’s the best professional decision I ever made. That said, it’s vital that you take the time to understand yourself and the opportunities available. Consider taking these steps above to prime yourself for entrepreneurship so that when the time comes, you’ll be ready to take the leap.

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    David Busker

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  • New to Canada and no pension: How to save for your retirement – MoneySense

    New to Canada and no pension: How to save for your retirement – MoneySense

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    The difficulties facing newcomers to Canada with respect to retirement planning are particularly acute. Given how Canada’s immigration points system works, economic immigrants are usually in their late 20s or early 30s—and they face unique challenges:

    1. Depleted savings: If you’re a 30-year-old newcomer, chances are you’ve used a large portion—if not all—of your savings to set up your new life in Canada. So, you’re behind in the retirement savings game. If retirement savings were a 100-metre race, lifelong Canadians have a 20- to 30-metre head start over newcomers.
    2. Lower income: If you’re a newcomer to Canada, you’ve probably had to restart your career a few rungs lower on the corporate ladder because of your lack of Canadian work experience. This means you’re not earning as much as others your age who have similar experience. Consequently, your ability to save for retirement is lower.
    3. Lack of knowledge: You need to understand Canada’s financial and tax systems to maximize its retirement planning opportunities, and gathering this knowledge takes time.
    4. Reduced contributions: Joining the Canadian workforce later in life than their Canadian-born peers, immigrants have fewer years to contribute to the Canada Pension Plan (CPP) and build up registered retirement savings plan (RRSP) and tax-free savings account (TFSA) contribution room. For this reason, they rely on less tax-efficient unregistered savings and investment vehicles to sustain their retirements to a greater degree than their neighbours.

    But there’s good news. As Toronto-based financial advisor Jason Pereira points out, “Canada’s retirement system does not discriminate against newcomers. The rules are the same for everybody.” So, with the right knowledge and expertise, you can work towards building a strong retirement plan. 

    How to start retirement planning as an immigrant

    To plan for retirement, you need to know:

    • How much money will you need each month in retirement? The simplest method to estimate your income requirement in retirement is to consider it to be 70% to 80% of your current income. For example, if you earn $75,000 a year today, 70% of that is $52,500—that’s $4,375 per month—in today’s dollars. Alternatively, you could estimate the amount you’d need in retirement using this tool.
    • How much you’ll receive from government pension and aid payments: You need to estimate approximately how much you’ll get from the Canada Pension Plan (CPP) and other government programs: Old Age Security (OAS) and the Guaranteed Income Supplement (GIS). The tool at this link will help you do so. Ayana Forward, an Ottawa-based financial planner, notes that “some home countries for newcomers have social-security agreements with Canada, which can help newcomers reach the eligibility requirements for OAS.”
    • How much you’ll receive from your employer-sponsored retirement plan: Workplaces without a defined benefit pension plan sometimes offer a registered investment account (usually a group RRSP), with contributions made by you and your employer or only your employer. If you have a group RRSP from your employer, what will its estimated future value be at the time of your retirement? You could use a compound interest calculator to find out.
    • How to make up for a shortfall: The CPP, OAS, GIS and your group RRSP likely won’t be enough to fund your retirement. You’ll need to make up for the shortfall through your personal investments or additional sources of income.

    Sample retirement cash flow for a 35-year-old (retirement age 65)

    This table illustrates the types of income you could have in retirement. The amounts used in the table are hypothetical estimates. (To estimate your retirement income, try the various tools linked to above.)

    Amount (today’s value) Amount (inflation adjusted)
    A Amount needed $52,500 $127,400
    B Government pension and aid payouts
    (CPP, OAS, GIS)    		 $22,000 $53,400
    C Employer-sponsored pension plan
    (group RRSP)    		 $8,000 $19,400
    D B + C $30,000 $72,800
    E Shortfall (A – D) $22,500 $54,600
    F Needed value of investments in the year of retirement (E divided by 4%, based on the 4% rule) $562,500 $1,365,000
    G Needed flat/constant monthly investment amount from now to retirement $969

    In the example above, the person faces an annual shortfall of $22,500. In other words, this person needs to generate an additional $22,500 per year to meet their retirement income needs, after accounting for the typical government pension or aid payouts and their employer-sponsored retirement plan. To do this, they’d need to invest about $969 per month, assuming an 8% annual rate of return from now to retirement 30 years later. How could they fill this gap and meet their shortfall? Enter self-directed investments, real estate and small-business income.

    Build your own retirement portfolio

    An obvious and tax-efficient way to cover your retirement income shortfall is to build your own investment portfolio from which to draw income in your retirement years. These investments can be held in registered or non-registered accounts. Registered accounts, such as the TFSA and RRSP, offer useful tax advantages—such as a tax deduction and/or tax-free or tax-sheltered gains, depending on the account—but the amount you can contribute to these accounts is limited. Non-registered accounts have no contribution limits but offer no tax advantages. 

    Newcomers often have lower TFSA and RRSP contribution room compared to their peers because they’ve lived and worked in Canada for a shorter period. “TFSA contribution room starts accruing the year of becoming a resident of Canada,” Forward explains. “RRSP contribution room is based on earned income in the previous year.”

    Your TFSA and RRSP contribution room information is available on your Notice of Assessment from the Canada Revenue Agency, which you’ll receive after you file your tax return. To check your TFSA limit, you can also use a TFSA contribution room calculator.

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    Aditya Nain

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  • Her T-Shirt Side Hustle Led to a DM From Levi’s and $400M | Entrepreneur

    Her T-Shirt Side Hustle Led to a DM From Levi’s and $400M | Entrepreneur

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    This Side Hustle Spotlight Q&A features Michelle Wahler, co-founder and former CEO of activewear brand Beyond Yoga. Wahler launched Beyond Yoga with Jodi Guber Brufsky in 2006. Years later, Levi’s reached out to Wahler via LinkedIn direct message, ultimately acquiring the company for $400 million in 2021. Under Wahler’s leadership, Beyond Yoga achieved 19% year-over-year growth and surpassed $115 million in revenue in 2023. Responses have been edited for length and clarity.

    Image Credit: Greyson Tarantino. Michelle Wahler.

    What was your day job or primary occupation when you started your side hustle?
    After graduating from the University of Florida with a degree in graphic design, I moved to New York to work in publishing, originally at People magazine and later Harper’s Bazaar. It was during that time that I started drawing illustrations of my friends, which I would put on T-shirts to give as birthday presents.

    Related: The Side Hustle She Worked on in a Local Starbucks ‘Went From Nothing to $1 Million.’ Now It Will Make Over $30 Million This Year.

    This hobby of mine ultimately turned into a company I called Unsweetened, with clothing and accessories featuring illustrations of women — in what I viewed as an “un-sugar-coated” version of them.

    Where did you find the inspiration for your side hustle?
    [At my magazine jobs], I got a firsthand look at the photoshopping that goes on in the industry. Both jobs were incredible experiences, but they shed light on the unrealistic expectations the media was putting into the market and minds of their consumers. My entire life, I have watched incredible, smart, beautiful women not see themselves as they are and try to conform to a singular idea of beauty. While this frustration was brewing, I struggled to make ends meet, working long hours for little pay but gaining loads of invaluable experience! At the time, my best friend and roommate’s birthday was coming up, and since I didn’t have the means to buy her something great, I decided to make her a birthday present — I sketched her and put the illustration on a T-shirt.

    All my friends loved it, so for the next year, everyone got one of these unique drawings of themselves on a T-shirt. These illustrations celebrated them for who they were — curves, careers and fun! I called it the “unsweetened” version of themselves, and before I knew it, I started selling them. It felt so fulfilling to be doing something that I loved while simultaneously promoting body positivity and self-confidence from within.

    Related: They Started a Home-Based Side Hustle Earning Up to $20,000 a Month — and It’s Still Growing: ‘Will Never Get Old’

    What were some of the first steps you took to get your side hustle off the ground?
    At People, I had a cubicle right in front of the publisher — a high-traffic cube! — and I put all my sketches on the wall. People started asking me to make them for them for their friends, and the next thing I knew, I was buying a T-shirt press, getting a wholesale license, purchasing T-shirts and printing and packing them in my shared apartment after my roommate went to bed.

    The T-shirts were a hit, and I started spending all my free time working on Unsweetened. I sold the shirts at holiday bazaars and craft shows and eventually got a booth at the New York City Gift Show and the Los Angeles Gift Show. Ultimately, I left New York City with the intention of making a full run of Unsweetened on the West Coast; however, things quickly changed upon my arrival.

    What led you to decide to transform the side hustle into full-time business Beyond Yoga?
    I moved to California and was very quickly introduced to Jodi [Guber Brufsky], who would become my future business partner. I instantly fell in love with the mission of Beyond Yoga, put Unsweetened on hold and went full steam ahead building Beyond Yoga — a brand that would eventually permanently change industry standards and expectations. These days, size inclusivity is a given for a new brand starting out, but this was just not the case 20 years ago when we started building Beyond Yoga. It’s really something that we pioneered, and I’m proud to be a big part of that movement.

    Related: This 26-Year-Old Dental Student Spent $25 to Start a Side Hustle That Can Earn $500 for Just a Few Hours of Work: ‘There Is Nothing More Satisfying’

    Image Credit: Courtesy of Beyond Yoga

    The idea of creating a line of clothing that celebrates women of all shapes and sizes was very exciting to me. After meeting Jodi, I shared some of my ideas for the business and the product. From that point on, I spent the next 18.5 years building Beyond Yoga from an idea to a global brand, employing hundreds of people (directly and indirectly), driving over half a billion in revenue, and running a profitable business without taking on any additional funding.

    What were some of the biggest challenges you faced while building Beyond Yoga, and how did you navigate them?
    Early on while building Beyond Yoga, everything was a challenge! Getting into stores and securing trusted wholesale partners, learning the ins and outs of the business, teaching myself everything on the fly and building the team from the ground up. It was a lot of work, but it was so rewarding and a time in my career where I learned many valuable lessons and skills.

    Some of the biggest challenges I faced included understanding fabric shrinkage and how to apply it to a pattern, figuring out the ERP, teaching myself merchandising and forecasting, hiring and firing, learning how to delegate — the list goes on and on.

    Related: This Couple’s Weekend Side Hustle Began With a $50 Facebook Marketplace Purchase — Now It Earns Millions of Dollars a Year: ‘You Don’t Need Money to Start’

    It was a long journey, and in the early days, we were a very lean and green team. We did absolutely everything ourselves, and there was a lot of learning to be done. Things started shifting about five years into the business, which is also around the time of one of my most impactful hires: our COO/CFO. Having him on board helped give me more comfort around investing in our team and leveling up by bringing on more experienced professionals.

    Image Credit: Courtesy of Beyond Yoga

    What was the experience of growing the company like over the years? What were some highlights?
    Growing Beyond Yoga into the company it is today was no small feat, but it’s something I’m so incredibly proud of. Even though we began investing more aggressively over the years, we always ran the business for growth, investing every penny back into the business. Once we reached around $20 million, we thought it might be time to take on investors. After learning a few valuable lessons, we took ourselves off the market and decided to focus on profits and controlling our destiny.

    A noteworthy milestone was when I discovered Space Dye, which became the backbone fabric of the company. It was a game changer — so soft, yet durable with the perfect stretch and recovery. It quickly became a fan favorite and is still a huge part of the Beyond Yoga collections today. I love that an exploratory fabric meeting in 2013 led to so much growth and became a pillar for the brand. My love of fabrics gave way to a style revolution that transformed the activewear landscape that still continues to be emulated today.

    Another highlight during my career was becoming a mom, when I learned to balance work, love, family and friends. It was also where Beyond the Bump was born. Becoming a mom and seeing my friends and peers go through this transition helped inspire the creation of our Beyond the Bump line. After being so disappointed in the lack of comfortable clothes for women during and after pregnancy, the only way I was going to find options I liked was if I designed them myself, so I did. This ended up becoming one of our most successful brand extensions and a great way to introduce new customers to Beyond Yoga.

    Related: She Started a ‘Fun’ Side Hustle — Then It Earned $100,000 and Became a Multimillion-Dollar Business: ‘Beyond What I Could Ever Have Expected’

    When and how did the Levi’s acquisition come about? Why was that a “full circle moment”?
    When Levi’s reached out, we were not looking to sell at that point, and honestly, I don’t think we would have sold to anyone else. I was flattered! Levi’s is an iconic brand, and after learning about its values and principles over profits mentality, I was excited to explore this opportunity.

    The more we looked into this, the more it felt like the right fit to ensure our company had a legacy that lasted beyond myself and the team. Negotiating a deal of this caliber and scale was something I’d never done before, so naturally, it was exciting. It was easily one of the biggest challenges of my career but also one of my greatest accomplishments. It was a unique experience, and I am grateful to have had the opportunity to learn this side of the business.

    Image Credit: Courtesy of Beyond Yoga

    Throughout the entire process, from starting my own business to negotiating the terms of one of the industry’s biggest female-led athleisure sales to date, I stayed true to myself, our shareholders and the company I poured my heart into over the years, which I wouldn’t trade for anything.

    Related: This Former Model Used Her Personal Savings to Start a Thrifty Side Hustle — Then Taylor Swift Became a Repeat Patron: ‘People Really Responded’

    What’s your advice for others hoping to start successful side hustles or full-time businesses of their own?
    My biggest piece of advice is to make sure you’re doing it for the right reasons. Do it because you’re passionate, do it because you want to create and give it your all, do it because you think you’ve solved a problem that will benefit people, or because you’ve created a better version of something that already exists.

    Once you’ve figured out what you’re going to do, get started. Don’t wait for the perfect moment — it won’t come! Sometimes, you just need to jump right in.

    This Women Entrepreneur® article is part of our ongoing series highlighting the stories, challenges and triumphs of running a business as a woman.

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    Amanda Breen

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  • How Drybar Went from Side Hustle to $255 Million Business | Entrepreneur

    How Drybar Went from Side Hustle to $255 Million Business | Entrepreneur

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    Alli Webb spent her twenties working in hair salons. When she moved to Los Angeles and became a stay-at-home mom, she started a mobile blowout side hustle — so she would go to a client’s home, blow-dry their hair, and style it for $40. No haircuts or hair color.

    “I got tons of clients,” Webb told entrepreneur Jeff Berman on the Masters of Scale podcast earlier this month. Her first pitch was to other moms on a Yahoo group. It read: “I’m a stay-at-home mom and a longtime hairstylist. I’ll come over and blow out your hair for only $40 while your babies are sleeping.”

    Webb’s pitch was successful and she soon couldn’t keep up with demand. She started thinking about opening a brick-and-mortar location so her clients could come to her, instead of her going to them.

    Related: How to Overcome Imposter Syndrome and Start a Business, According to Gary Vee, a Serial Entrepreneur Worth Over $200 Million

    Her brother, former Yahoo marketing director Michael Landau, was willing to help financially back the business, though he did have some questions at first.

    “He was a little perplexed, ‘Like, why can’t women blow out their own hair?’” Webb said. “And I was like, you did grow up with me.” In previous interviews, Webb shared that she had frizzy hair growing up and was “obsessed with her hair.”

    Landau was finally convinced by the success that Webb saw in her side hustle. He invested $250,000 while Webb and her then-husband Cameron Webb put in their savings of about $50,000. In 2010, the founding team opened the first Drybar salon in Brentwood, California. It famously offers no cuts and no color.

    Alli Webb. Photo Credit: Brian Stukes/Getty Images

    Though Drybar’s salons offered a limited range of hair services — just the wash, blowout, and style — Webb says that she wasn’t concerned about the business model. What she wanted was volume: 30 to 40 blowouts per day to break even.

    Related: The Side Hustle She Worked on in a Local Starbucks ‘Went From Nothing to $1 Million.’ Now It Will Make Over $30 Million This Year.

    Demand ended up doubling expectations — to 60 to 80 blowouts per day.

    “We realized very quickly, like within the first few days, [that] we had captured lightning in a bottle,” Webb said. “Women were coming in and quite literally droves. I mean, we were turning people away left and right.”

    Drybar grew to over 150 salons across the country within a decade. Webb ended up selling Drybar’s product line to leading consumer products company Helen of Troy for $255 million in cash in 2020. WellBiz Brands acquired the franchise rights to Drybar salons in 2021 for an undisclosed sum.

    Webb couldn’t have imagined what Drybar would become. When she opened her first shop, she just wanted it to be a place where she could do what she loved.

    “I was really excited about it and not thinking I was going to turn it into this massive multi-million-dollar blowout empire,” she said.

    Related: They Started a Home-Based Side Hustle Earning Up to $20,000 a Month — and It’s Still Growing: ‘Will Never Get Old’

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    Sherin Shibu

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  • How to Start a Business This Weekend: AppSumo CEO Noah Kagan | Entrepreneur

    How to Start a Business This Weekend: AppSumo CEO Noah Kagan | Entrepreneur

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    Noah Kagan shared how he started AppSumo, a “Groupon for software,” in one weekend in a new podcast episode. The startup cost was $60; AppSumo earned $80 million last year and Kagan is still its CEO.

    In 2010, Kagan was 28 years old and had already experienced what it was like to be the 30th employee at Facebook and the fourth employee at personal finance app Mint.

    “I think I just felt insecure at some of these places,” Kagan told fellow entrepreneur Jeff Berman in a June episode of the “Masters of Scale” podcast.

    Kagan was fired after nine months at Facebook by Mark Zuckerberg and later fired from Mint, too. He realized that dedicating his time to his day job carried a risk — another person could decide to let him go at any time.

    Related: The Author of ‘Million Dollar Weekend’ Says This Is the Only Difference Between You and the Many ‘Very, Very Dumb People’ Making a Lot of Money

    “I think I wanted to prove that I’m smart or prove that I’m successful or prove that Facebook when they fired me, and then when Mint fired me, [that] I can do it,” Kagan said.

    The idea for AppSumo, a marketplace of software deals for small business owners or solopreneurs, was born when Kagan thought there was a way to promote software tools and also get paid for it. He saw that the site MacHeist gave Apple users discounts on software bundles and wanted to try making the same type of discounts available to a broader audience.

    “My interest was letting the geniuses create software, and my skill and my excitement is promotion,” Kagain said.

    The business came together in about 60 hours. First, Kagan found software he wanted to sell: the image-sharing service Imgur. He cold-emailed Imgur’s founder on Reddit and got approval to sell a discounted version in exchange for a cut of sales.

    Related: Here’s Why Reddit Turned Down an Acquisition Offer From Google in Its Early Days, According to Cofounder Alexis Ohanian

    The next piece was meeting with Reddit’s founding engineer to ask for free advertising. He got that too.

    The final part was paying a developer to create a website with a PayPal button and purchasing the AppSumo.com domain name.

    What was the total cost to launch the business? $60 and one weekend of his time.

    AppSumo made $300,000 in the first year, and $3 million in the second, Kagan said in the podcast. It brought in $80 million in revenue last year.

    Kagan now has a net worth of $36 million.

    Kagan said that the crucial part of business was being invested in the problem and getting excited about it.

    Related: This Flexible Side Hustle Is Helping Millions Earn Extra Cash — and Might Be ‘More Attractive’ Than an Office Job

    “I think that’s the thing in business people are kind of missing out,” Kagan said. “They’re chasing AI now or chasing being an influencer. I think find areas [where] you’re like, I don’t know if I’m going to ever get tired of this.”

    Starting a side hustle or finding an extra source of income has an upside — according to Kagan, you have more control over your future.

    “If you can just give up 30 minutes a week, if you can just give up one Netflix show a week, if you can give up one thing a week, and you keep doing it weekly, eventually you can have that business,” he said.

    Related: This Is the Winning Formula for Starting a Successful Podcast, According to a New Analysis

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    Sherin Shibu

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  • Nearly 50% of Parents Have Started Side Hustles: Survey | Entrepreneur

    Nearly 50% of Parents Have Started Side Hustles: Survey | Entrepreneur

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    Side hustles are soaring as Americans take on second jobs to be able to afford the normal stuff.

    According to a new survey, one group in particular is feeling the crunch of rising inflation and home prices, and taking on extra work in response.

    Bankrate released its side hustle survey on Wednesday and found that more than one in three U.S. adults make extra money with a side gig, like a weekend job or freelance work.

    The survey noted that parents of children ages 18 and under are turning to side hustles more often than those without children or those with older kids.

    Related: This Mom Started a Side Hustle on Facebook — Now It Averages $14,000 a Month and She Can ‘Work From a Resort in the Maldives’

    “Many Americans are still finding that one job isn’t enough,” Bankrate Senior Industry Analyst Ted Rossman stated. “The cost of living has risen sharply in recent years.”

    Nearly half (45%) of parents with kids younger than 18 have a side hustle compared to 36% of childless adults and 28% of parents with adult children.

    The average monthly side hustle income is $891 per month and the majority of Americans with side hustles (52%) have only been at it for less than two years. They’re likely using the money to pay bills, build their savings, or for discretionary spending.

    Related: This 26-Year-Old’s Side Hustle That ‘Anybody Can Do’ Grew to Earn $170,000 a Month. Here’s What Happened When I Tested It.

    “My schedule is mayhem,” 41-year-old Jordan Chussler, parent to a 5-year-old daughter and editor of a financial publication, told Marketwatch.

    His daughter’s private school bill is $10,600; inflation has brought household expenses up for his family across the board. Chussler works during his lunch break and at night, as a freelancer and at restaurants, to make ends meet.

    Chussler and his wife make about $165,000 combined at their main jobs; Chussler takes on extra jobs throughout the year to bring their combined income closer to $200,000 for more financial security.

    He puts the extra money from side hustles into a Roth IRA and his daughter’s education fund.

    Related: He Turned His High School Science Fair Project Into a Product That Solves a $390 Billion Problem: ‘This Has Not Been Done Before’

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    Sherin Shibu

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  • Is Franchising a Good Side Hustle? It Depends on These Things | Entrepreneur

    Is Franchising a Good Side Hustle? It Depends on These Things | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    In a professional landscape that places increasing value on gig work and side hustles, it’s important to make sure that we are evaluating new ventures carefully before diving in. After all, there are only so many hours in a day, and entrepreneurs in particular must ensure their time is allocated efficiently.

    From a business model perspective, franchising offers a middle ground between the stability of a corporate job and the uncertainty of a true startup business. Franchises provide a blueprint to new franchisees that detail proof of concept and profitability. It’s no wonder many professionals looking to transition out of a corporate role and into business ownership consider franchising as a viable option.

    As a franchise consultant, I’ve observed first-hand the value a corporate background can have when applied to franchise ownership. These aspiring entrepreneurs are hard-working, motivated, decisive and have strong leadership skills (among many other traits). The trick is knowing when to make the jump.

    I am often asked whether franchising is something that can be done on the side while continuing to work at a full-time corporate position. The answer? Ultimately, it depends on your circumstances.

    Related: These 7 Side Hustle Franchise Types Can Earn You Full-Time Cash

    Why franchising might not be a good side hustle

    1. Your level of flexibility

    The largest issue that places franchising at odds with maintaining a traditional 9 to 5 is the lack of flexibility. There’s no way around it — owning a business requires attention during the business day. Even if you have a manager running it for you, oversight and the ability to be present at a moment’s notice are vital. This means time and focus that is entirely separate from your day job. Only you truly know how time is spent daily in your current position.

    Imagine a typical workday. You’re in the middle of a task and you get a notification that a pipe has burst in your franchise storefront. Are you able to get up immediately and attend to this urgent matter? If not, you may need to reconsider whether you truly have the flexibility to maintain both a franchise and your corporate job.

    2. How much upfront capital investment you can make

    Typically, side hustles may not require upfront capital (or may require minimal start-up costs). However, they do often require a great deal of time and work upfront (hence side “hustle”) before they create a semi-passive income. Consider internet businesses or affiliate websites that are entirely conducted online and do not require real estate, overhead costs or additional employees. This is not realistic for franchise ownership.

    Because being awarded a franchise means that you have access to business materials, marketing plans, hiring assistance and many other resources that bypass common headaches and wasted time and money on the traditional startup path, you have a leg up from day one. And while this is a major selling point for many who are motivated to own a business, it does add to the initial investment cost.

    There are many different franchise concepts and, subsequently, vastly different investment costs. However, as a rule of thumb, even the minimum capital investment for a franchise is going to be approaching $100,000 (the franchise fee alone is often between $50,000 to $60,000).

    *Note: According to the U.S. Small Business Administration website, the franchise fee is described as “the cost of entry. Paying the upfront franchise fee unlocks the door to the franchisors’ proprietary business systems and more. You get the complete setup. The franchise fee is literally a license to own and operate the franchise business.”

    3. How much oversight you can provide

    Working hand-in-hand with flexibility, it’s important to understand that franchising — or owning any business — is never truly absentee. Even if you hire a manager to run day-to-day operations, you are responsible for oversight. Furthermore, you must be able to step in at a moment’s notice if your general manager leaves or is unable to perform their role.

    Since most franchises are local and regional brands that fall under the category of everyday essential services, they require local representatives and will therefore have employees. Due to the nature of managing employees, it’s difficult to maneuver employee management into a side hustle.

    Related: The Pros and Cons of Franchising Your Business

    When can franchising work as a side hustle?

    At the end of the day, much of this question comes down to the control you have over your daily schedule. If your current job allows for flexibility in the middle of a workday (possibly if you work in real estate, sales or perform remote work and have flexible deadlines), then franchising can often work as a side hustle.

    Additionally, if you have a large amount of financial capital to work with, then you will be able to hire employees and managers who can offset the workload. Enough capital can solve almost any time-related problem. However, as noted above, this is not a catch-all solution. You will likely have to invest more time to get the franchise up and rolling. Over time, developing a hierarchy of employees and managers can minimize your time commitment.

    We all know that when making any major career change, it’s important to perform due diligence and ensure that you are making the most well-informed decision possible. If you are considering franchise ownership as a side hustle, I encourage you to carefully consider your lifestyle and decide if you can realistically operate a franchise on the side, or whether you fall into the larger category of owners who must commit more time to this endeavor.

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    David Busker

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  • Do I need a GST or HST number? – MoneySense

    Do I need a GST or HST number? – MoneySense

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    Why registering for GST/HST pays off

    The other excellent reason to charge GST and HST is that it pays off in dollars and cents.

    One of the great advantages of being self-employed is that when you charge these taxes, you only give the government what you charged minus the GST or HST you pay on your deductible business expenses. 

    For freelance writers like us, this is the sales tax we pay on printer paper, internet service, professional development workshops and more. The government lets us in essence deduct the sales taxes we pay on deductible expenses from the sales taxes we charge our clients. We then pocket the difference. The amount we save each year is roughly enough to pay for a trip to Europe.

    HST quick method or detailed method?

    The good news is that we don’t have to add up every bit of GST and sales tax we pay on our expenses to take advantage of this. That’s because we use the “quick method” for our calculations. 

    The government gives you two choices for paying GST and PST/HST instalments: the “detailed method” and the “quick method.” With the quick method, you simply pay 3.6% of the 5% GST you collect. In the case of provinces with HST, it’s a percentage of the HST: so, in Ontario, you only pay 8.8% to the government from the 13% you collect. 

    Image by rawpixel.com on Freepik

    The advantage of the quick method is that it’s much less work. You must only add up how much sales tax you charge your clients or customers. My spouse and I use the quick method and find it easy to do our calculations with an Excel spreadsheet. There is no need to keep a detailed account of the sales tax you pay on all the pens, paper, printer cartridges and more you claim as deductible expenses. 

    There’s another bonus to using the quick method. Governments offer a credit of an additional 1% on the first $30,000 of gross revenue. So, for example, in Ontario you pay 7.8% (instead of 8.8%) of the 13% HST you collect for that amount and pocket the other 5.2%. However, if you use the quick method, you must add the credit to your total revenue when you file your income tax return.

    The detailed method involves more work, since you must add up the GST and PST/HST you paid on each of your expenses and subtract it from the taxes you collect to determine the amount you have to pay. But this calculation method is useful if your taxable expenses are proportionately high, amounting to roughly more than 50% of your income. The advantage of the detailed method is that you don’t have to add the amount you retain to your revenue when you file your income tax return. 

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    Julie Barlow

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  • “Can I use a personal credit card for business expenses?”—and other small business questions, answered – MoneySense

    “Can I use a personal credit card for business expenses?”—and other small business questions, answered – MoneySense

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    In this article, we’ll tackle the basics around managing small-business finances, including opening a dedicated bank account and applying for a business credit card.

    6 reasons to separate your personal and business finances

    1. Having a business bank account and business credit card makes it easier to track your cash flow and expenses for your work.
    2. It keeps accounting costs down at tax time, since your accountant won’t have to spend time separating your personal and business income and expenses.
    3. Business credit cards often come with helpful tools and services, such as higher credit limits, expense-tracking software and additional cards for employees.
    4. Business credit cards often come with valuable rewards and perks.
    5. Using a business credit card and paying it off each month can help you establish a credit history for your company. A good credit rating will help if you ever need to apply for a business loan or line of credit.
    6. A dedicated business bank account communicates professionalism and credibility to your clients and vendors. And if you plan to incorporate your business, it must have a separate account.

    5 FAQs about business accounts and credit cards

    Below are five common questions from small-business owners.

    Can I use a personal credit card for business expenses?

    While you can use a personal credit card for business expenses, it’s not ideal. Just like with business bank accounts, business credit cards can help you run your business more efficiently. In addition to keeping your accounts separate, a good business credit card can offer all sorts of benefits like the ability to earn rewards, various types of insurance and access to valuable services. And as your business grows, separating your finances is good for your personal privacy, too.

    What are the benefits of a business bank account?

    Business bank accounts may offer features that you can’t get in a personal bank account. Some examples include merchant services that allow you to accept payments, access to specialized credit cards, business overdraft protection, or the ability to process funds in Canadian and U.S. dollars. Plus, having a separate account lets you build a credit history for your business, which will come in handy should you ever need a business loan to grow.

    What do you need to open a business bank account and credit card?

    Opening a business bank account and credit card in Canada is similar to what you’ve done with your personal accounts and cards. Different documents may be required, though, depending on the structure of your business and the product you’re applying for, but here’s a list of the documents to gather:

    • Identification with your name, address and date of birth
    • Social insurance number (SIN)
    • Articles of incorporation/association, if applicable
    • Canada Revenue Agency (CRA) business registration number
    • Trade name registration, if applicable

    Check what you’ll need with your financial institution before starting your application.

    What should I look for in a business credit card?

    The best business credit cards in Canada offer access to rewards, travel benefits and business-related perks (which you can use for business or pleasure!).

    As an example, let’s look at the Scotiabank Passport® Visa Infinite Business† Card, a credit card that offers rewards and travel benefits that you can use for your business.

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    Keph Senett

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  • Recent Graduate’s ‘Simple’ Side Hustle Earns Nearly $60,000 | Entrepreneur

    Recent Graduate’s ‘Simple’ Side Hustle Earns Nearly $60,000 | Entrepreneur

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    This Side Hustle Spotlight Q&A features Angelina Licari, a 23-year-old recent college graduate based in Dallas, Texas. Licari has been earning consistent income as a seller on Poshmark, a social commerce marketplace featuring new and secondhand clothing and other products.

    Image Credit: Courtesy of Poshmark. Angelina Licari.

    When did you start your side hustle, and where did you find the inspiration for it?
    I originally began my Poshmark side hustle in 2016 as a high schooler saving for college. I remember looking up “best side hustles for high schoolers” and finding Poshmark. I thought it could be a fun way to make money by selling clothing I didn’t wear anymore. I continued selling on Poshmark in college and had the opportunity to become a Campus Representative, which involved introducing other students to the platform. After a few months of navigating post-grad life and trying to decide what was next for me, I decided to take a mental hiatus and give myself some time to process and plan. But I still had bills to pay and couldn’t move forward with no income. I remember contemplating what to do when an “aha” moment hit: Poshmark, of course! I decided to start back up in August 2022.

    Related: These Coworkers-Turned-Friends Started a Side Hustle on Amazon — Now It’s a ‘Full Hustle’ Earning Over $20 Million a Year: ‘Jump in With Both Feet’

    What were some of the first steps you took to get your side hustle off the ground?
    In the beginning of my post-grad Poshmark journey, I was just selling items from my personal closet that I no longer wore. I created an Instagram account for my business and followed other sellers, and that’s where I started learning more and more about the opportunity to turn a seemingly simple side hustle selling my clothing into something much bigger. In September 2022, Poshmark announced the beta launch of Poshmark Live Shows, and I immediately applied. I was approved to host Poshmark Live Shows, where I could engage with an audience and show items in real time, and I thought it was worth giving a try. After a few shows, I was hooked. I saw the potential in building my own business and never looked back.

    What were some of the biggest challenges you faced while building your side hustle, and how did you navigate them?
    After a few consistent shows, I realized that if I truly wanted to build my own business, I had a lot of groundwork to lay. I quickly became a high-volume seller and only had so much of my own clothing to sell. I needed to expand my inventory to provide my audience with items that they were seeking. Around this time, I started sourcing more inventory from other secondhand clothing retailers. I’ve gone through numerous growing pains over the course of my side hustle journey, including sourcing and coming home only to notice stains and/or holes on items that ended up being unsellable, optimizing my time as a high-volume selling team of one and lowering my cost of goods across the board.

    Related: These College Friends Started a ‘Fun’ Side Hustle That Landed Them on ‘Shark Tank’— Now the Idea Is Helping Dozens Make Extra Cash: ‘Start Saying Yes’

    How long did it take you to see consistent monthly revenue? How much did the side hustle earn?
    Thankfully, I was able to achieve fairly consistent monthly revenue pretty quickly, but it wasn’t truly until January of this year that I felt I found a consistent strategy that worked best for me. I decided to take my Poshmark side hustle full-time, and I have had nearly $60,000 in sales with a lot of upward momentum month over month.

    What does growth and revenue look like now?
    So far in 2024, my revenue is double what it was at this point in 2023. Q1 of 2024 produced over 90% growth over Q1 in 2023.

    What do you enjoy most about working on this side hustle?
    I love the creative freedom that my Poshmark side hustle has allowed me to have. Working in the secondhand clothing industry gives me the opportunity to curate specific inventory based on what my audience loves and current trends while keeping it affordable and sustainable.

    Related: Her College Side Hustle Led to an Immediately Profitable Product That Sells for Up to $450 — and She Didn’t Even Consider Herself ‘a Business Person’

    What’s your advice for others hoping to start successful side hustles of their own?
    When debating which side hustle is right for you or if you should follow that random creative idea you had, why not go for it? There are endless opportunities to create anything you want, even if it seems out of reach. My biggest advice to anyone hoping to start a successful side hustle is to stay true to you. Follow your heart, trust your gut and have fun with it. Allow yourself the space to feel the pains of growth, but don’t let them discourage you from getting up and trying again.

    This article is part of our ongoing Young Entrepreneur® series highlighting the stories, challenges and triumphs of being a young business owner.

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    Amanda Breen

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  • How to Turn Your Hobby Into a Business | Entrepreneur

    How to Turn Your Hobby Into a Business | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    A few years ago, my friend Sabah turned her passion for cooking into a chef-on-demand business. She started off serving her local Cleveland area, quickly grew to cover other major Ohio cities and plans to expand even further. She is just one of the many people I know who have turned their passion project into a successful business.

    We all have our passion projects. We do them because they’re fun, or we like the challenge, or they’re our way of doing some good in the world. From time to time, though, our niche interests and hobbies lead us to marketable ideas. For many, that’s as far as it goes; they don’t know how to take the next step.

    Sabah had a shortcut — she’s married to my friend and business partner, who knew not only the next step to take but all the steps after that. If you’re not lucky enough to have a spouse or friend who can help, here’s how to turn your passion project into a successful business.

    Related: Ten Tips To Turn Your Passion Project Into A Business

    Hobbies that make great side hustles

    So you have a niche hobby, and you’re wondering: How can I make some money from this? It’s important to remember that not all hobbies are created equal, financially speaking. And a niche interest that might have driven profits 20 years ago (collecting Beanie Babies, say) could be a financial sinkhole today.

    By keeping a pulse on the zeitgeist, you can anticipate trends and hobbies gaining public interest — and capitalize on those trends. Some, like the following, are side hustle ideas you could start at any time.

    Photography

    Senior portraits, weddings, special events, professional headshots — quality and affordable photography never lacks in demand. With a website highlighting your work, you can book clients and start earning money from your passion.

    Coding

    From bug bounty programs to website design, freelance coding offers major earning opportunities. A background in HTML, Python, Java, C++ or a myriad of other coding languages can be a financial boon.

    Home design

    If you designed your home to belong in an issue of Architectural Digest, others will take notice. Consult on color palettes, furniture selections, room layouts and lighting — and bring your curated aesthetic to the masses with a home design business.

    Video and audio production

    Whether promoting a brand on social media or starting a podcast, freelance producers can bring a marketing campaign to life. Sell yourself with past work, and mention your experience with programs in the Adobe Creative Suite or Pro Tools.

    Gardening

    Your green thumb could put some green in your pocket. The landscaping and gardening industry was valued at more than $250 billion in 2024, according to Mordor Intelligence, and if your own garden is thriving, you can fill a niche in your own (proverbial) backyard.

    Writing

    Can you construct clear and concise copy for a variety of clients? If so, the opportunities are as vast as your vocabulary. Wordsmiths can serve as speechwriters, copywriters, technical writers and ghostwriters, as well as assist with any editing needs.

    Baking

    Your beautiful cakes, cookies and baked goods could be more than delicious treats; they could be a source of income. Many entrepreneurs found success with home baking during the pandemic, and with proper planning and consistent clients, you can join them.

    Vetting if your hobby could be a business

    Before you make any hard commitments or major financial decisions, consider if your niche hobby can earn consistent money. Who is the target client? How much are current practitioners charging? How much money do you have saved? How much do you expect to make?

    It’s crucial to be clear-eyed about expectations before investing your own money into your venture. The following steps can help you assess whether or not to turn your passion project into a side hustle — or even a career.

    Run it by friends

    When we have that eureka moment, it sometimes blinds us to flaws in our logic. To get a quick check, run your idea by a few trusted friends. They might be able to point out roadblocks you didn’t think of or know a way to bring your idea to life. For Sabah, that meant asking other chefs for input. Avoid relying solely on one or two peoples’ opinions, but do gauge your friends’ enthusiasm. After all, close confidantes have your best interests in mind.

    Analyze the market

    Chances are, others have had your idea. Sabah wasn’t the first to think of a chef-on-demand service, but when she analyzed the market, she realized her idea could still work. Market analysis requires thoroughly researching consumer trends and expectations, market size and the demand for your offering.

    To truly excel, you must conduct a thorough analysis of your rivals. Although they might offer a comparable product, your goal is to surpass them. Analyze their customer feedback to identify gaps. When you look hard at similar businesses, you might find opportunities to fill the gaps they’re leaving.

    Network

    Networking with others who have launched their business or product can be invaluable. They’re ahead of you on the journey and can help you avoid costly missteps. If you’re lucky, you might find someone with similar experience and a willingness to mentor you. A good mentor can help you find the path forward when you hit a roadblock. Keep the lines of communication with your network and your mentor open. They know the twists and turns and can save you headaches and expenses.

    Devise a business plan

    Don’t invest significant money into a project before creating a detailed business plan. Prior steps, such as analyzing the market, will help you write this document, and you’ll want to come away with clear financial expectations. Do the math — calculate your startup and overhead costs, insurance, marketing budget, earnings expectations and taxes. This will give you some base-level expectations and a roadmap to funding, if necessary.

    Getting your side business off the ground

    You’ve done your research. You’ve talked to friends and other entrepreneurs. You’ve analyzed the market and built a business plan. Now it’s time to take the first big step: getting your side business off the ground.

    Turning passion into profit takes work. Don’t be discouraged. There may be moments of doubt and anxiety as your business slowly ramps up. Lean on mentors, and consult your business plan. Like Sabah, if you’ve done the proper pre-launch work, you can keep your head down and follow the roadmap. The following steps can position you for success when turning your niche hobby into a business.

    Build an MVP

    In the software development world, a minimum viable product (MVP) is a way to test your idea with a small group of early adopters. It’s essentially an early product version with just a few core features. For Sabah, the MVP was a limited menu with a select set of chefs — and she was one of them. Once she proved her idea would work, she hired more chefs and added more meals to the menu based on the feedback she got from her customers. Early and genuine feedback is the goal of an MVP. After all, it’s easier and less expensive to make changes at the beginning of the development cycle than in the middle of it.

    Related: 5 Tips for Solidifying MVP, and Why It’s the Most Important Aspect of Building a Startup

    Set achievable goals

    Be realistic about your first-year financial expectations. In fact, it’s common for new businesses to lose money in their first year of business as they pay back initial investments and build consistent customer bases. Sabah set goals — both financial and personal — that she could reasonably achieve. But don’t mistake this for easy goals. You should be ambitious but practical when planning to achieve your goals.

    Get help

    Sabah didn’t build her business alone. She knew she needed help building the web applications her fledgling company needed and outsourced that work. Trying to do everything leads to stress, burnout and costly mistakes. It also takes you longer to get to market and could mean competitors beat you to the finish line. Engage freelance help or outsource product development to a team with the knowledge and bandwidth to quickly build a high-quality product.

    Knowing when to get help involves recognizing your strengths and weaknesses. Maybe you can build the product but need help with market analysis. Or maybe you need help with building a brand identity and marketing the product. Outsourcing some of the work frees you up to focus on what you’re good at and can take stress off your shoulders.

    Related: Asking For Help Is Good For You and Your Business

    Keep your finger on the pulse

    Markets and trends can shift rapidly, so it’s essential to keep tabs on competitors and monitor your customers’ needs. The last thing you want is a product that’s outdated by the time it launches or a business plan built around last year’s “it” thing. By staying up-to-date on market and cultural trends, you can be ready to shift priorities when the time is right.

    It’s been a joy to watch my friend’s business grow. She’s met challenges with grace and never lets setbacks slow her down. And that, too, is key to turning your passion project into a successful business: believing in your vision enough to stick with it, no matter what.

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    Bidhan Baruah

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  • Side Hustles Are Driving New Businesses, Entrepreneurship: Report | Entrepreneur

    Side Hustles Are Driving New Businesses, Entrepreneurship: Report | Entrepreneur

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    The number of small businesses created by founders who already had a job nearly doubled from 2022 to last year.

    A new survey of 1,345 business owners from payroll company Gusto found that 44% of new businesses in the US started as side hustles in 2023, a jump from 27% in 2022.

    A quarter of respondents said they were working full-time day jobs while starting their companies, and 19% were working part-time jobs.

    “Uncertainty around which way the economy’s going made people a little skittish to give up something they’ve got in order to go for something that they want,” Gusto’s principal economist Liz Wilke explained to Bloomberg.

    Hybrid and remote work could give employees the space, and time with the lack of a commute, to explore their entrepreneurial potential, according to Wilke.

    Related: How to Get the Most Money Out of Your Side Hustle During Tax Season, From an Expert Who Raised $75.2 Million to Make Filing Easier

    Generative AI, like OpenAI’s ChatGPT, which came on the scene in November 2022, could have also helped business owners set up their ventures and develop products faster last year.

    The survey showed that more than 20% of new companies are using generative AI tools, and 76% of them are using them for marketing. A smaller number (41%) are using AI to better communicate with sales leads, and 26% are using it for customer service.

    “I don’t think [AI is] accounting for all of the jump,” Wilke told FOX Business. “But I wouldn’t be surprised if side hustlers weren’t really using some generative AI tools to cut a lot of the time commitment that’s required at the very start of a business when they’re really just trying to their brand out, get a reputation, build some revenue streams.”

    Related: This Insurance Agent Started a Side Hustle Inspired By Nostalgia for His Home State — Now It Earns Nearly $40,000 a Month

    The younger the worker, the more likely they were to start a business as a side hustle. The survey showed that nearly half (49%) of founders 25 to 34 years old were working for someone else while starting their own businesses. Over half (51%) of that age group was still working for that company at the time of the survey.

    In comparison, 42% of the 35-44 age group, 43% of the 45-54 age range, and 38% of the 55 or older age group said they had a job while starting their companies.

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    Sherin Shibu

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  • 43-Year-Old’s Remote Side Hustle Earns Nearly $3,000 a Month | Entrepreneur

    43-Year-Old’s Remote Side Hustle Earns Nearly $3,000 a Month | Entrepreneur

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    This Side Hustle Spotlight Q&A features Sam Ziegler, a 43-year-old drummer based out of New York who has a side hustle providing support on Geeker, which offers on-demand help from IT and software experts.

    Image Credit: Courtesy of Sam Ziegler

    When did you start your side hustle, and where did you find the inspiration for it?

    My passion is music, but the gigs, and therefore the income, are not always consistent, so relying on it as a full-time career is not realistic. I started with Geeker in July 2023. I have many years of IT experience and was hoping something like Geeker existed, a remote side hustle where I could apply my skill set to help people solve their computer problems. I was conducting some research on Google and discovered Geeker. My inspiration is my family and the opportunity to help people. Knowing that you make someone else’s life easier by solving computer issues is a very fulfilling feeling.

    What were some of the first steps you took to get started with the side hustle?

    I filled out the registration form to become a Geeker, answered a few technical questions they used to measure and qualify my expertise and then had a Zoom interview. After the interview, I was approved as a Geeker.

    Related: I Made Over $400,000 From a Side Hustle on Top of My 6-Figure Salary Last Year. I Love Diversified Income — and This Game-Changing Money-Saver.

    What were some of the biggest challenges you faced during your side hustle journey, and how did you navigate them?

    I am now 43 and have been playing music for 28 years. I went to vocational school for computer repair in 1999 and took a job with IDT. While there, I became skilled in telecom and got certified in Cisco networking technology. Around that time, I was splitting time between the Newark office and the IDT offices in Manhattan. Then September 11 happened, and the towers fell close to the building I was commuting to, and I thought, Life is too short. I left IDT to pursue music full-time. I have been playing weddings, bar and bat mitzvahs and concerts and recording music ever since.

    Along the way, I have kept my tech skills fresh by taking jobs here and there, but oftentimes, they didn’t have the flexibility I needed to keep doing my passion — music-related work. This past summer, I was looking for work as the summer season of busy music gigs was slowing, and I was trying to cobble together something that enabled me to use my tech skills where and when I wanted. I have a family now and had considered driving for Uber and Lyft to bring in some income, but I had some safety concerns and wanted to work from home. I came across Geeker, and it was exactly what I was looking for. I earn between $70-$90 an hour and work as much and as little as I need to, all from the comfort of home. I also get to help people, which I love.

    Related: At 23, She Started a Side Hustle for ‘Quick Money.’ Now the Business Brings in More Than $1 Million a Month — and Boasts Celebrity Fans.

    How long did it take you to see consistent monthly revenue? How much does the side hustle bring in on a monthly basis now?

    It varies every month because of the nature of what I do, but I average roughly $2,700 a month for about 28 hours of work. In the months that I have more time, I log in to Geeker to take on more, but on the average month, I only work about an hour each day.

    What’s your favorite part about working on the platform?

    Helping people from different parts of the world no matter where they are. The money component is just a small benefit I receive from doing something good for someone else. To me, money is a bonus and is secondary to the main reason I use Geeker for my side hustle.

    Related: The Most Unexpectedly Popular Side Hustle of the Decade Has Low Startup Costs and High Markups

    What’s your advice for others hoping to be successful on Geeker or with any side hustle?

    If you have the time, patience, passion to help people and a basic knowledge of how to fix computer problems, you can be on the right path to succeed on Geeker. “Success is about the journey, not the destination” is a life lesson I integrate into everything I do.

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    Amanda Breen

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  • Why Vending Machines Are an Unexpected, Popular Side Hustle | Entrepreneur

    Why Vending Machines Are an Unexpected, Popular Side Hustle | Entrepreneur

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    Vending machines have become an unexpected and popular investment trend, according to a new Wall Street Journal report.

    On paper, the side hustle looks simple. Buy a secondhand machine, which the WSJ estimates would cost about $1,500, fill it with candy and soda from wholesalers like Sam’s Club and Costco, mark up the price by as high as 100% per unit, and collect cash.

    A vending machine owner can usually get started for less than $2,000 and expand at their own pace, giving the side hustle the benefit of low startup costs. Owners restock the products in the machine and collect revenue a few times a month, so they set their own hours and have a relatively passive income source.

    A small-time business owner wouldn’t feel out of place in the vending machine industry, which primarily consists of small, independent operators that bring in less than $1 million per year, according to Vending Locator. As per Vending Market Watch, the number of vending machines in the U.S. increased by about 4.5% from 2021 to 2022.

    Related: At 23, She Started a Side Hustle for ‘Quick Money.’ Now the Business Brings in More Than $1 Million a Month — and Boasts Celebrity Fans.

    Vending machines made a major comeback during the pandemic, with the rise of contactless purchases.

    “It’s touchless, it’s considered safe and it’s prepackaged,” Carla Balakgie, chief executive of the National Automatic Merchandising Association, told The Washington Post.

    Still, the landscape can be competitive. The U.S. has seven million vending machines, or one for every 50 Americans, according to Vending Locator, and the machines run the risk of damage because of disgruntled users, environmental conditions, or other factors.

    Profits per machine can vary greatly, but the average revenue per week from one machine is usually around $75 per week, as per N2Go.

    Operating costs can add up too. According to a recent report in the business news outlet The Hustle, taxes, transaction fees for card purchases (about 5-6%), and service costs can eat into profits. The outlet states that about half of revenue goes into the cost of items in the vending machines.

    Zach Downey, owner and CEO of cotton candy vending machine company Distinctive Vending, told Entrepreneur in March about a time when two of his machines stopped working at the same time at one resort.

    “I remember driving from Virginia to Texas in one stretch just to make sure we didn’t lose the resort’s business,” he said. “It was a stressful period, but I learned a lot.”

    Related: He ‘Accidentally Discovered’ a Semi-Passive Side Hustle in College — Now He’s on Track to Make More Than $500,000 This Year

    Downey is on track to bring in $500,000 in revenue this year with 10 machines.

    There have also been some issues regarding new technology. Adaria Vending Services was recently scrutinized over the facial recognition technology that University of Waterloo students glimpsed on its smart vending machines. Though Adaria stated that its vending machines detected faces to activate payments, the university still requested that the machines be removed from campus.

    Moreover, a February report from Transparency Market Research shows that the intelligent vending machine industry is set to grow to $8.2 billion by 2031 (from $4.9 billion in 2022).

    Related: A College Is Removing Its Vending Machines After a Student Discovered They Were Using Facial-Recognition Technology

    The rise of vending machine side hustles may be due to necessity. According to Bankrate, 39% of Americans currently have a side hustle and 28% think that they’ll always need one to make ends meet. Of those with a side hustle, about one in three say they need the money to pay for essentials, for everyday living expenses — not for fun.

    “Side hustles have become more common, but like so many things in this inflationary environment, people are working harder but not necessarily getting ahead,” Ted Rossman, a senior industry analyst, told Bankrate.

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    Sherin Shibu

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  • Unlicensed commercial businesses the focus of crackdown in Prince George’s Co. – WTOP News

    Unlicensed commercial businesses the focus of crackdown in Prince George’s Co. – WTOP News

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    It’s hard to say just how many unlicensed, commercial businesses are being run out of homes in Prince George’s County, Maryland, but every month, the county gets hundreds of complaints about them.

    It’s hard to say just how many unlicensed, commercial businesses are being run out of homes in Prince George’s County, Maryland, but every month, the county gets hundreds of complaints about them.

    This month, the county’s Department of Permitting, Inspections and Enforcement (DPIE) is spreading the word that it’s investigating and willing to help get those businesses on the up-and-up when they can be — or shut down if they can’t.

    The types of businesses can widely vary. In some cases, it’s someone running a restaurant out of their kitchen. Other times, it’s a salon or tax preparation service.

    “Another big complaint that we do have is the auto shops. You often will see individuals fixing cars in their neighborhood, in their driveway, in their garage,” said Lori Parris, senior adviser for DPIE. “That’s another illegal business that we’re looking to address as well.”

    In some cases, it’s a side hustle. But other times, “they don’t understand the process, they don’t understand that there’s a need for a business license and a permit to run a certain business out of your home,” Parris said.

    That’s why the county is spending the month of March educating those who aren’t in compliance with the laws about what they need to do to get there. And from April to July, county officials will worry less about punishment and more about helping those businesses get what they need to operate legally.

    “If this business can come into compliance, we will not cite them,” Parris said. “The goal is to walk them through the licensing process. If they need to get a home occupation permit, we will walk them through that as well. But the goal really is to get them into compliance.”

    Parris said DPIE doesn’t plan to “put the hammer down” on businesses the agency knows is willing to work with them to get the proper licensing and accreditation.

    “However, if we find a business that cannot come into compliance during this period, we will cite them and … we will continue to enforce over the period,” she added.

    Parris said some of these businesses will not be able to come into compliance.

    “If you’re operating a home car repair business, it could be running a restaurant,” she cited as examples of commercial businesses that can’t operate from a home. “You can’t have commercial cooking in a home or in an apartment because you don’t have the proper ventilation, you don’t have the proper commercial stove. … There are some things that you can just not come into compliance. So if you are making food, you are selling food and running a restaurant out of your home, that’s something that you cannot come into compliance.”

    Eventually, the crackdown will go countywide, but right now, the awareness campaign will target areas of the county including Hyattsville, Lewisdale, Adelphi and Langley Park. Lanham and Seabrook are also areas that generate a high level of complaints.

    Get breaking news and daily headlines delivered to your email inbox by signing up here.

    © 2024 WTOP. All Rights Reserved. This website is not intended for users located within the European Economic Area.

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    John Domen

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  • How much should I charge for freelance services? – MoneySense

    How much should I charge for freelance services? – MoneySense

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    Pricing your services can be tricky, even for experienced freelancers. Let’s go over the factors to consider when deciding your rates. There are three parts to this: understanding the market you’re in, determining your income needs and your business’s break-even point and, lastly, setting your price using cost-based or value-based pricing.

    1. Understanding the market

    The first step in finding out how much you should charge for freelance services is to do market research. You’ll want to determine the following: 

    • Competitors: Who are the other players (businesses or freelancers) that offer the same or similar services in your industry or region? 
    • Customers: Who are your competitors targeting? Who are their customers, where are they, and what specific products or services are they buying?
    • Pricing: How are your competitors pricing their services? Check their websites to see whether they use hourly or project-based pricing. What factors might play a role in their pricing—for example, do they provide unique value or services, do they have lots of experience, or do they charge below-market prices to attract customers? 

    Then, map out where you fall into this mix, and use your research as a benchmark when making your own decisions. When doing this analysis, you can figure out your place in the market using the popular S.W.O.T. method: find out the strengths, weaknesses, opportunities and threats in your business environment (your geographical region or your competition online, for example). This will also help you compare your offerings to those of other vendors. 

    If you’re a freelance event photographer, for example, and you offer photos but not videos, your service packages should be priced lower than those of freelancers who offer both. This could help you attract customers who are looking for more affordable rates. And, you could also expand your services to include video in the future.

    By the end of your research, you should be able to answer some questions about how much you will invoice as a freelancer, such as: 

    • What are the going rates for services in your industry?
    • Will you charge hourly for your services, or will your pricing be project-based, or both?
    • If you are charging for projects and/or packages, what services will they include?
    • Will you have different bundles or packages at different price points, based on your costs and the value you provide to the customer? 

    How much to invoice as a freelancer 

    Now, you need to determine the dollar amount you should charge for your freelance services. There are two parts to this: a personal needs assessment and calculating your business expenses.

    1. Personal needs assessment

    How much will you need to pay yourself? Understanding your personal needs (rent payments, utilities and other necessities) versus wants (discretionary spending on food, entertainment or hobbies) will help you determine what you are able to pay yourself and what you are willing to sacrifice until your business grows. 

    Let’s say your needs require that you earn at least $1,000 a month from freelancing in addition to your other sources of income. When determining your personal payout, you need to consider your income tax bracket as well—new freelancers often forget about this. If your needs cost you $1,000 per month, and you’re roughly in a 30% tax bracket, you’ll need to pay yourself at least $1,300 from the business. (Read more about tax brackets, how they work in Canada and find out how much taxes you may have to pay.)

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    Shalini Dharna Kibsey, CPA

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  • How to Be a Flight Attendant Part Time as a Side Hustle | Entrepreneur

    How to Be a Flight Attendant Part Time as a Side Hustle | Entrepreneur

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    This article originally appeared on Business Insider.

    This as-told-to essay is based on a transcribed conversation with Arta Uma Upmale, a 26-year-old social-media manager and part-time flight attendant at airBaltic, Latvia’s flagship carrier airline. The following has been edited for length and clarity.

    I started at airBaltic in 2021 as a social-media manager. I loved my job, and then it got even better — I had the chance to become a part-time flight attendant.

    After pandemic restrictions lifted and air travel got back to normal, airBaltic needed extra aircraft staff, so it launched its “Office in the Sky” program. It allows the company’s office workers to undergo cabin-crew training and take flying shifts a few times a month around their full-time jobs.

    I was a bit of an anxious flyer, but I applied. I saw it as a chance to make extra income — provided and supported by my employer. I was curious about what the cabin-crew job was like. I also wanted to experience the training, which I thought would be fun.

    I was selected for further training after passing health checks and psychological tests.

    I had no idea how extensive cabin-crew training was

    Whether you’re a full-time or part-time cabin crew member, there are no shortcuts. We were taught the ins and outs of the aircraft and how to handle all situations and scenarios that can happen on board — from unhappy passengers to first aid and emergency landings.

    We had to read hundreds of pages of training materials and manuals. There were dozens of tests and practical exercises. Once, we had to role-play a passenger rescue mission after an emergency water landing. We were dumped into a pool with life vests on while artificial waves tossed us around and helicopter sounds played in the background.

    I spent three evenings a week and every second Saturday in the training center for four months. It was exhausting but interesting. AirBaltic also paid me a stipend on top of my salary the entire time, which was extra motivation to carry on.

    When the training concluded, I had to take several training flights and pass a line check. That’s when a cabin-crew instructor observes the trainee’s work during a flight before they can start flying duties.

    I started training in October 2022 and did my first shift in April 2023.

    Now, I mostly fly two times a month and up to four times a month during peak season. I’m no longer anxious when flying — I know how the aircraft works, so every little sound, beep, or squeak makes perfect sense to me.

    I enjoy being part of the cabin crew, but my priority is my office job

    Balancing flying with my office work involves strategic scheduling. I take early morning, evening, and weekend shifts to ensure I don’t miss any commitments for my full-time job.

    For example, a quick 6 a.m. flight from Riga to Helsinki and back means I’m done by 10 a.m. and can be back in the office for my working day.

    On weekends, I prefer longer flights. My favorite is Lisbon, which is a 4 ½ hour flight from Riga. I enjoy sharing travel tips with passengers and noting ideas for my future trips.

    Longer flights equal higher earnings, too. Flying shifts are paid by the hour. As an existing airBaltic employee, I receive overtime pay.

    If I have free time on flights, I work on my daily tasks as a social-media manager. I talk to colleagues and passengers for content inspiration, take photos and videos, and draft posts. On long flights, I usually have more time for it.

    A part-time cabin-crew job suits me perfectly

    Since the training was done, this side gig hasn’t taken up much of my free time. It’s quite predictable — as long as it doesn’t interfere with my office duties, I know I’ll have at least two shifts a month. This role is also a good fit for me; I’m a people person and like taking care of passengers.

    On the flip side, being a flight attendant is not for you if you don’t like working with people. This job requires strong communication skills and empathy. And you have to be ready for never-ending training, tests, and line checks to meet the industry’s safety requirements. Some may find this burdensome.

    In my case, this job also requires me to be highly flexible if I want extra shifts. I may get a call during the day to cover one that same evening, with little time to think about it.

    Combining flight attending with another job is more realistic than I thought

    The “Office in the Sky” program may be unique to airBaltic, but the flexibility of being cabin crew is universal. I have colleagues who work as cabin crew full time and combine their work with being architects, physiotherapists, and personal trainers.

    A cabin-crew job can be as flexible or fixed as you like, depending on the type of roster you choose. If you like traveling while pursuing another profession, becoming part of a cabin crew is one way to do it.

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    Krista Krumina

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