Thinking of a career change? Consider a side hustle!

This is the fifth in a series of articles for consideration when thinking about Your Next Next™. The content is based on the Springer-Alvarez talent development model for Employees and Employers.

In the summer of 1975, “The hustle” was a popular disco song and dance. Now a hustle has new meaning and is best known as “the side hustle.” A side hustle is a way to generate additional income to a current job, replace employment that may have been lost during the Pandemic and, surprisingly, is now a quiet option for executives and other professionals to try out their new career.

According to www.sidehustlenation.com, 43 percent of Americans say they have a side hustle (Bankrate.com 2019). That is a workforce of approximately 70 million. The main reason for a side hustle is to generate and or supplement income. On average, a side hustle can generate around $1100 per month (Motley Fool, June 2018). Many millennials have side hustles, and moms leaving the workforce have also created side hustles -from mommy blogs to selling product and services. Thirty-one percent of young adults (ages 23 to 38) work side hustles to boost their savings versus 16 percent of Gen Xers and 18 percent of baby boomers (bankrate.com).

However, for executives and professionals, it is also a smart way to build on your passions and skills, and then to transition to a new career. Why are side hustles opportunistic? Many professionals come to realize that they would like more meaning and purpose in their work but don’t know how to take steps toward a new career. It can feel daunting to “start over” or take a financial risk if you have already invested many years into building an expertise within an industry or company. Side hustles can be a low-risk, low investment way to explore new careers. Whether you do it for five months or five years, trying out a side hustle for a period of time can be the perfect option for those who want to test a new career before giving up the security of one’s steady job.

How can executives and professionals create a side hustle to pivot to a new career and find their next next?

It may not be easy, and it may become a series of trial and errors, but where there is passion comes energy.  Consider what will bring you that energy as you answer the following questions:

What are your values?  

We often hear clients say they want to make a change in career so that they can gain more meaning and purpose in their work. They start to feel a need for work that aligns with their values. What are your values?   Is it working in an environment supporting social causes, climate change or developing the technology of the future? Finding what provides meaning and purpose for you is a necessary first step.  Do whatever you need to do to explore the answer to this. Go deep, ask yourself the tough questions and ask for support – identify your values and you will be able to identify what brings you meaning and purpose at work.

What are your skills?

Being realistic about your strengths and skills will make a career change much easier. Using skills that you are good at typically translates to more enjoyment and can make a career pivot feel more organic. When you use your skills and talents, it feels good and can present opportunities for visibility and promotion of your brand.  Whether you are selling a product or creating content, find the side hustle that will let you nurture your skills and validate that you can distinguish yourself in your new career.

What is your timeframe?

Many side hustles begin long before there is a need to rely on it as a fulltime income stream. Some people like having a side hustle, and never intend to make it their fulltime career. For example, the CEO of Goldman Sachs, David Solomon, is also known as DJ D-Sol. He has always had the side hustle of being a deejay.

But if you are not like Solomon, and know that your goal is to convert your side hustle to a fulltime career, then it is important to have a plan with a timeframe.

What is your next next?

If you are not sure of your values, skills or timeframe, it’s time to start exploring. Volunteering, teaching, online learning, networking, or trying out part-time or freelance projects, are all opportunities for exploration. In addition, you will need to do research. Start to discover your potential customers, the tools you will need, and costs associated with your side hustle.  

Having a side hustle can be a lot of work, but the returns can be invaluable. Not only are you putting some extra cash in your pocket, but you are opening up your options for your future career. Your first side hustle may or may not lead to your new career, but you will surely gain important insights that will be helpful in finding your next next.

 Springer Alvarez is a team of executive coaches working with companies and professionals who are navigating the new world of work. Their work includes insights into current trends in talent management, leadership development and preparing for a future of work that is mutually beneficial to both employers and employees.