The current employment climate is very different from what it was 10-15 years ago. With the high risk of unemployment persisting, starting your side hustle to help supplement your income is often the best course of action. Here are a few tips on how to set up a successful millennial side hustle.
What Millennials Need to Know First
There are a lot of different opportunities out there for making money on the side. And with plenty of websites and tools available to help, it can be easy for millennials to get started. Be that as it may, before you make a plunge, here are a few things you ought to be aware of:
- Not all side hustles are created equal.
Some of the most successful side hustles involve doing something like this. For which you have a natural talent. For example, blogging could be a great way to build credibility and make money while learning new skills. There are also many beginner-friendly sides hustles out there, so don’t be afraid to try them!
- Make sure you have a plan.
Especially if you’re starting, it’s essential to clearly understand what you want your side hustle to achieve and how long it will take you to complete it. It will help keep you motivated and on track throughout the process.
- Don’t forget about taxes!
Unless you’re independently wealthy, most side hustles require some tax planning – significantly if your income fluctuates. Speak with a tax expert to ensure you take the proper precautions and tax-saving.
- Keep an eye on your spending.
It’s essential to be mindful of how your side hustles impact your financial situation. Make sure you’re sticking to a budget and using resources wisely.
- Don’t give up!
The most successful side hustlers work hard from the beginning and never give up on their dream. Be determined, and Persistence will pay off in the end!
Why are Millennials so Unsuccessful?
Millennials are one of the most dynamically and rapidly growing generations in history. And unfortunately, they’re also one of the most unsuccessful. Why?
There are many reasons for this, but one of the biggest causes is that Millennials tend to approach their careers and lives with a “try hard” mentality, which can be exhausting. They also have a lot of lofty expectations that make it difficult for them to settle down and start a steady career path.
But there’s good news too! A side hustle can help Millennials build confidence, gain momentum, and improve their career prospects. Here are four reasons why side hustles can be so beneficial for Millennials:
1) Side Hustles Can Build Confidence: When you’re working on side hustles, you’re building your skills and proving that you can succeed in other areas of your life. It builds confidence and leads to more opportunities in the future.
2) Side Hustles Can Increase Momentum: With increased confidence, you’re more likely to take risks and try new things – which increases your chances of success.
3) Side Hustles Can Help You Calm Down: Studies show that when we’re stressed or overwhelmed, our cognitive skills suffer. A side hustle can help you take a break and focus on something constructive, improving your performance in other areas of your life.
4) Side Hustles Can Help You Make More Money: Because they’re related to your passions, side hustles usually pay more than traditional jobs. It is especially true if your hustle is something people are willing to spend money on (like a creative hobby).
Side Hustles, you can start quickly to earn cash!
Like many millennials, you may feel overwhelmed and unfulfilled in your 9-5 job. You may be itching to start your own business or do something creative and innovative but don’t know where to start.
Here are five easy side hustles that can help you build confidence, get some extra cash, and gain momentum in your career:
1) Freelance writing: One of the most popular ways to make money as a millennial is to freelance writing for other businesses. If you have a keen eye for detail and a knack for writing an engaging copy, freelancing can be a great way to monetize your skills and grow your portfolio.
2) Start a blog: Starting your blog can be a potent tool for building credibility and networking within your field. When done correctly, blogging can also lead to lucrative contracts and opportunities. Plus, it’s fun (and free!) to start publishing your thoughts and ideas on the web!
3) Paint/craft/photograph: Do you have artistic talent? Why not start selling your artwork online or using social media to connect with potential buyers? Crafting and photographing little gifts or personalization’s can also be lucrative sidelines.
4) Update and design personal websites: If you have a compelling story to tell and a knack for web design, starting your website can be a great way to build a brand and sell products online. This growing industry has plenty of potentials, from ecommerce to content marketing.
5) Start a subscription box business: Are you a creative Yorker who loves giving Etsy gifts but doesn’t have the time or resources to make them? Starting a subscription box business can be a great way to generate income, build your DIY cred, and connect with like-minded customers.
Resources & guides to help with building your side hustle
There are many resources on launching and running a successful side hustle. Below we’ve compiled a few great sources of information that can help you get started.
- Hootsuite: This tool’s platform makes it easy to create and manage multiple social media accounts. It is perfect for those looking to start building a following for their side hustle and marketing purposes.
- Fiverr: Fiverr is an excellent resource for finding odd jobs and services that can help with your side hustle. There is plenty of services available on the site, from design work to social media management.
- Reddit: Reddit is an excellent resource for finding advice from other entrepreneurs and learning about new startup trends. It’s also a great place to find helpful links and advice on starting and running your own business.
Tips and Benefits of a Millennial Side Hustle
Are you looking for a new way to supplement your income? A side hustle may be the perfect solution! Here are some tips on how to start one:
- Pick an interesting or profitable niche.
- Seek out online tools and resources.
- be strategic about when and how you promote your business.
- Set realistic goals for what you hope to achieve with your side hustle.
- Persevere regardless of setbacks.