But regular side hustles are especially popular among American millennials — 38 percent of people ages 18 and 37 told Bankrate that they make money from their side hustles at least once a month. That's compared to 30 percent of Gen Xers (ages 38 to 53) and 24 percent of Baby Boomers (ages 54 to 72). Bankrate also found that 15 percent of millennials earn money from their side hustle a weekly basis, 10 percent "a few times" each month and 13 percent once a month.
If you're operating your business as a sole proprietorship in the United States, you don't technically need an EIN for the business – you can file taxes for your business along with your personal taxes. However, you may want one if you want to open a bank account for your business, or if you don't want your Social Security number to appear on business documents.
This doesn’t mean that if you’re busy you can’t find time to side hustle, it just means that you should calibrate the difficulty of your side hustle based on the amount of time you have. I know many families who work side hustle at night after their kids go to bed and some who even bring their kids along on the weekend. They are able to do it, because they schedule their time well and they just really want it.
As I’ve already covered with TeeSpring, the T-shirt retailing business is worth millions of dollars. But what if you want to do the manufacturing side of things? T-shirt printing turns out to be quite a rewarding business idea for many each year, but can quickly consume much of your side business idea time—so know what you're getting into before diving in. This multi-billion dollar industry counts big corporate factories as well as home-based part-time entrepreneurs.
Before we go here, just wanted to share with you a great mindset to get into to help motivate your side hustlin’ even more. I call it the “Gigs For Goals” mindset and the idea behind it is that you attach all gigs of yours to a specific bill or a future want/need. If you can match them up to break even, you’re golden! If you fall short, you need to re-arrange your wants and/or start bringing in higher income streams to match ’em. It looks like this:
Busy schedules can stress people out. It can also disrupt family life to the point that busy parents and homework-laden kids barely have time to prepare decent dinners and weekend meals. Hence, the surprising demand for part-time family chefs as a business idea. If cooking healthy and delicious meals is your thing, then this lucrative side business idea can supplement your regular income by helping feed busy homes. Hear Gaby Dalkin's story of going from side business idea to full-time blogger while she was a part-time personal chef right here on my podcast.
Of all the suggestions on our list, driving for Uber has unique perks: no time spent on your feet, and not all that intellectually challenging. There is a lot to be said for a side business that still enables you to focus your mental and physical energy into your dream startup, so if you are concerned that a side business like freelancing may stretch you to capacity, driving for Uber might be a good fit.
Owning a home staging business is an ideal full or part-time business for creative people looking for a business they can run from home or a small office. Due to the nature of the industry, owners of a home staging business need to have a flexible schedule. Late nights and working during the weekends is typical. Some of the work may involve moving heavy furniture and other physical activities.