{"id":9933,"date":"2019-06-15T09:50:19","date_gmt":"2019-06-15T13:50:19","guid":{"rendered":"https:\/\/ioadvisory.com\/?p=9933"},"modified":"2024-04-19T07:46:37","modified_gmt":"2024-04-19T11:46:37","slug":"past-moonlighting-now-side-hustle","status":"publish","type":"post","link":"https:\/\/ioadvisory.com\/blog\/past-moonlighting-now-side-hustle\/","title":{"rendered":"In the Past There was Moonlighting, Now it\u2019s the Side Hustle"},"content":{"rendered":"<p><a href=\"https:\/\/ioadvisory.com\/blog\/wp-content\/uploads\/2019\/06\/bench-accounting-49908-unsplash.jpg\"><img decoding=\"async\" class=\"alignright wp-image-9936\" src=\"https:\/\/ioadvisory.com\/blog\/wp-content\/uploads\/2019\/06\/bench-accounting-49908-unsplash-1024x684.jpg\" alt=\"side hustles are more popular than ever\" width=\"416\" height=\"277\" srcset=\"https:\/\/ioadvisory.com\/blog\/wp-content\/uploads\/2019\/06\/bench-accounting-49908-unsplash-1024x684.jpg 1024w, https:\/\/ioadvisory.com\/blog\/wp-content\/uploads\/2019\/06\/bench-accounting-49908-unsplash-300x200.jpg 300w, https:\/\/ioadvisory.com\/blog\/wp-content\/uploads\/2019\/06\/bench-accounting-49908-unsplash-768x513.jpg 768w, https:\/\/ioadvisory.com\/blog\/wp-content\/uploads\/2019\/06\/bench-accounting-49908-unsplash-1080x721.jpg 1080w\" sizes=\"(max-width: 416px) 100vw, 416px\" \/><\/a>As I\u2019ve noted in a <a href=\"https:\/\/ioadvisory.com\/blog\/self-employment-reality-check\/\" target=\"_blank\" rel=\"noopener noreferrer\">previous article<\/a>, self-employment is becoming more common as new technology makes self-employment easier than ever before &#8212; and changes in the economy makes entrepreneurship a necessity. A <a href=\"https:\/\/www.bankrate.com\/personal-finance\/smart-money\/side-hustles-survey\/\" target=\"_blank\" rel=\"noopener noreferrer\">2017 survey conducted by Bankrate<\/a> reports that 44 million Americans have part-time businesses or \u2018side hustles.\u2019 <a href=\"https:\/\/www.startupcan.ca\/about\/team\/\" target=\"_blank\" rel=\"noopener noreferrer\">Startup Canada<\/a> reports that we have a community of 2.3 million entrepreneurs in Canada, and some portion of those are part-time businesses.<\/p>\n<p>Basically, what we are seeing is a new version of moonlighting. In the past, moonlighting was usually a <em>second job<\/em> that someone went to outside of their usual full-time work hours. The current version is different because the \u2018side hustle\u2019 is often some form of small business that\u2019s done outside of one\u2019s full-time job. Sometimes, the part-time entrepreneur is creating and selling products (e.g., fancy cakes, hot sauce, or jewelry), other times, the side hustle is a service (e.g., building and maintaining websites, managing social media accounts, or bookkeeping).<\/p>\n<p>The success and viability of these side hustles vary. Some remain small and generate extra income for their owners while <a href=\"https:\/\/www.marketwatch.com\/story\/how-to-earn-100000-or-more-with-side-hustles-2017-07-13\" target=\"_blank\" rel=\"noopener noreferrer\">others become lucrative<\/a> and grow larger in scale so that the owner can focus on it full-time.<\/p>\n<p>I\u2019ve met business coaches who refuse to work with people who have side hustles. They argue that those entrepreneurs don\u2019t have enough skin in the game to become successful. People who share this perspective will argue that part-time businesses are not \u2018real\u2019 businesses and that there\u2019s just not enough time available during evenings and weekends to become successful <em>(this was previously reported in an article from Entrepreneur.com, which is no longer online).<\/em><\/p>\n<p><a href=\"https:\/\/ioadvisory.com\/blog\/wp-content\/uploads\/2019\/06\/johanna-buguet-1203377-unsplash.jpg\"><img decoding=\"async\" class=\"alignleft wp-image-9937\" src=\"https:\/\/ioadvisory.com\/blog\/wp-content\/uploads\/2019\/06\/johanna-buguet-1203377-unsplash-683x1024.jpg\" alt=\"the side hustle is especially popular among Black women\" width=\"309\" height=\"464\" srcset=\"https:\/\/ioadvisory.com\/blog\/wp-content\/uploads\/2019\/06\/johanna-buguet-1203377-unsplash-683x1024.jpg 683w, https:\/\/ioadvisory.com\/blog\/wp-content\/uploads\/2019\/06\/johanna-buguet-1203377-unsplash-200x300.jpg 200w, https:\/\/ioadvisory.com\/blog\/wp-content\/uploads\/2019\/06\/johanna-buguet-1203377-unsplash-768x1152.jpg 768w, https:\/\/ioadvisory.com\/blog\/wp-content\/uploads\/2019\/06\/johanna-buguet-1203377-unsplash-1080x1620.jpg 1080w\" sizes=\"(max-width: 309px) 100vw, 309px\" \/><\/a>On the other hand, Organizational Psychologist Dr. Adam Grant has shared some insights based on applied research in his book called <a href=\"https:\/\/www.adamgrant.net\/originals\" target=\"_blank\" rel=\"noopener noreferrer\">Originals<\/a>. In that book, he notes that side hustles allow people to be more innovative and take bigger calculated risks because they aren\u2019t counting on the business to cover their monthly expenses. Apparently, the relative security of knowing you have a good day job can lead to innovation. More importantly, if you start a side hustle, you\u2019re 33% less likely to fail than if you start full-time from day one. Richard Branson, a famous entrepreneur is also a fan of the side hustle (<em>see this <a href=\"https:\/\/www.inc.com\/jessica-stillman\/richard-branson-you-dont-have-to-quit-your-job-to-start-a-business-i-didnt.html\" target=\"_blank\" rel=\"noopener noreferrer\">June 17, 2019 article from Inc<\/a> where Richard Branson weighs in on side hustles<\/em>).<\/p>\n<p>Both of these perspectives have merit, and both of these perspectives also overlook some of the benefits of a side hustle.<\/p>\n<h2><span style=\"font-size: 12pt;\"><strong>Hidden Benefits of a Side Hustle<\/strong><\/span><\/h2>\n<p><strong>Building Skills Outside of Work<\/strong> \u2013 Sometimes our full-time jobs help us to pay our bills, but they don\u2019t provide opportunities to develop new skills or abilities. Side hustles can allow us to engage in more strategic work, more creative, work, public speaking, or other domains. Once skills and abilities have been honed, it\u2019s for the owner of those skills to determine where and when to use them. It could lay the foundation for a full-time business, a career change, or a promotion.<\/p>\n<p><strong>Built-in Resilience<\/strong> \u2013 In my line of work, I\u2019ve seen good people lose their jobs because of restructuring\/downsizing, <a href=\"https:\/\/ioadvisory.com\/blog\/life-in-the-time-of-ageism\/\" target=\"_blank\" rel=\"noopener noreferrer\">ageism<\/a>, <a href=\"https:\/\/ioadvisory.com\/blog\/corporate-scapegoats-sacrificial-lambs\/\" target=\"_blank\" rel=\"noopener noreferrer\">scapegoating<\/a>, the <a href=\"https:\/\/ioadvisory.com\/blog\/career-derailment-bullying-bias-burnout\/\" target=\"_blank\" rel=\"noopener noreferrer\">glass cliff<\/a> and other reasons (e.g., <a href=\"https:\/\/ioadvisory.com\/blog\/automation-happening-now\/\" target=\"_blank\" rel=\"noopener noreferrer\">automation<\/a>). Depending on the client\u2019s age and skill set, self-employment may be a very wise choice. In certain fields, having a modest side hustle in place creates a natural backup plan so that if things ever take a dramatic turn for the worse at work, you\u2019ve got something to work with.<\/p>\n<p><strong>A Remedy for Underemployment<\/strong> \u2013 There are times when we are working in a role that we\u2019re <a href=\"https:\/\/ioadvisory.com\/blog\/overqualified-underemployed-ego-vs-problem\/\" target=\"_blank\" rel=\"noopener noreferrer\">overqualified<\/a> for. When this happens, and someone has been pigeon-holed into a limited role, one way to break free of this is to find concrete and measurable ways to demonstrate their value in other roles. An excellent metric is earning money and testimonials \u2013 these are natural by-products of a viable side-hustle.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Are you curious about creating your own side hustle?<\/strong> Contact Dr. Helen today for a free and confidential initial consultation by\u00a0<a href=\"https:\/\/ioadvisory.com\/blog\/appointments\/\" target=\"_blank\" rel=\"noopener noreferrer\">phone<\/a>,\u00a0<a href=\"mailto:%20helen@ioadvisory.com\" target=\"_blank\" rel=\"noopener noreferrer\">email<\/a>,\u00a0or via direct message on\u00a0<a href=\"https:\/\/twitter.com\/drheleno_ca\" target=\"_blank\" rel=\"noopener noreferrer\">Twitter<\/a>,\u00a0<a href=\"https:\/\/www.facebook.com\/IOAdvisoryServices\" target=\"_blank\" rel=\"noopener noreferrer\">Facebook<\/a>, or\u00a0<a href=\"https:\/\/www.linkedin.com\/in\/helenofosu\" target=\"_blank\" rel=\"noopener noreferrer\">LinkedIn<\/a>.<\/p>\n<p>More than career coaching,\u00a0<em>it\u2019s career psychology<\/em>\u00ae.<\/p>\n<p><a href=\"https:\/\/ioadvisory.com\/blog\/\" target=\"_blank\" rel=\"noopener noreferrer\">I\/O Advisory Services<\/a>\u00a0\u2013 Building Resilient Careers\u00a0and Organizations.<\/p>\n<p>Please share this article using any of the social media icons below.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Although many people look down on the &#8216;side hustle&#8217; there&#8217;s plenty to admire. In this blog, I explain why a side hustle is a valuable career-building tool.<\/p>\n","protected":false},"author":3,"featured_media":9936,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,7,262],"tags":[127,32,33,317,326,294,148,128,264,282,189],"class_list":["post-9933","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-career-advice","category-entrepreneurship","tag-ageism","tag-career-advice","tag-career-change-career-transition","tag-career-coaching","tag-career-counselling","tag-career-development","tag-career-transition-later-life","tag-encore-entrepreneurship","tag-entrepreneurship","tag-overqualified","tag-professional-development"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>In the Past There was Moonlighting, Now it\u2019s the Side Hustle<\/title>\n<meta name=\"description\" content=\"Although many people look down on the &#039;side hustle&#039; there&#039;s plenty to admire. 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