It's not just you — it seems as if everyone started side hustles in the last year.
Some people adopted side hustles during lockdowns as a way to keep busy, while many small business owners sought second jobs for the additional income, said Luke Pardue, an economist at the small business payroll and benefits platform Gusto.
Thirty-three percent of the small business owners who use Gusto said they needed side hustles to keep their companies afloat, Pardue said. However, that number increases when looking at entrepreneurs of color: Fifty-three percent of Black business owners and 49% of Asian American and Pacific Islander founders took on side hustles to support their main business, Pardue added.
"The surge in side hustles is partly caused by new entrepreneurs who need to rely on additional sources of income to cover the businesses that they just started," he said.
Entrepreneurs looking to adopt side hustles so they can support their main businesses will see higher returns if they can design websites, manage social media accounts, or copyedit, according to a new analysis by online design and publishing platform Canva. The company used data from online marketplace Fiverr to determine the top 10 freelance jobs that commanded the highest fees.
"There's a huge crop of new businesses that just started and aren't able to access those funds," Pardue added.
If you have the skills, choosing the right side hustle could ensure the financial health of your business. Below are the top 10 side hustles in the US that net the most money online.
10. Presentation design: Up to $450 per job
9. (tied) Graphic design: Up to $500 per job
8. (tied) Social media advertising: Up to $500 per job
7. (tied) Business consulting: Up to $500 per job
6. 3D and 2D modeling: Up to $550 per job
5. Website building: Up to $580 per job
4. CV, cover letter, and resume writing: Up to $600 per job
3. Proofreading and editing: Up to $660 per job
2. Social media manager: Up to $675 per job
1. Website design: Up to $700 per job
Entrepreneurship isn't for everyone
To be sure, side hustles aren't the only answer to helping small business owners right now.
The most time-efficient and effective solution would be changing the rules in Paycheck Protection Program eligibility to include businesses started after Feb. 15, 2020, the current cutoff date, Pardue said.
And starting a business at all may not be the right path for everyone, as Insider's Dominic-Madori Davis has reported. Entrepreneurship is glamorized through social media and pop culture, but the reality often involves working long hours, irregular pay, and intense pressure.
"I've been an entrepreneur for three years, and I haven't made a million dollars yet,"Robreauna Ruiz, who runs cosmetic companies Fash N' Lash and Curl Candi, told Davis.
Meanwhile, traditional 9-to-5 jobs can provide workers regular paychecks, healthcare, and paid sick leave.
"There are certain companies out there that do care about their employees and have amazing benefits," Heaven Williams, who balances working for a homeless shelter in the day and running a candle business, told Davis. "If you find something that you love to do and it's a nine-to-five, there is nothing wrong with it."
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