Side Hustle Legends: Secrets of the Most Successful Entrepreneurs

According to a 2019 Bankrate poll, 43 per cent of full-time American workers are side hustle legends. In countries like the United Kingdom, Singapore, and the Philippines, more than half of the workforce has a second job and their primary one. Here are some secrets of becoming side hustle legends.

The word "side hustle" may appear to be new. However, it was first used in Black newspapers in the United States around the 1920s. The expression it represents — has gained currency in recent years due to a number of variables. It also includes growing living costs and job security. These two aspects are harrowing in the middle of COVID. Especially for people of colour who are suffering the most from the pandemic.

Side Hustle and Why is it Necessary

After her internship at Google did not lead to a full-time career, Nicaila Matthews Okome, based in Washington, DC, launched her Side Hustle Pro platform in 2016 as a blog. She's now turned it into a popular podcast, spotlighting Black women entrepreneurs who've transformed their side hustles into profitable businesses. Her community has approximately 80K Instagram followers as the only podcast dedicated to Black women on the topic.

"I think it's crucial for everyone to have a side hustle and different streams of cash. But it's extremely significant for Black women for a variety of reasons," says Renae Bluitt, the New York City-based author of the In Her Shoe blog and the creator and executive producer of the Netflix documentary She Did That.

Bluitt's blog and film both centre on Black female entrepreneurs, many of whom began their firms as side hustles. "Rather than simply waiting for wage equality to occur, we can take matters into our own hands by producing various streams of money and working harder to ensure and safeguard our financial wellness," she says.

Of course, everyone has a different purpose for side hustling. It could be to pursue a hobby, save for a specific purpose, supplement current income, or eventually convert to establishing your own business. Continue reading for tips from women who have successfully balanced full-time work with part-time one and become side hustle legends.

The Secrets to Become a Side Hustle Legend:

1. Inform your boss about your side business.

"Should I inform my job about my side hustle?" is likely the most common question, and many people prefer not to say anything.

Okome, on the other hand, suggests that you communicate your side hustle with your current or potential employer if it makes sense. Your side hustle may even help you in your day job. "My podcast was on my CV because I felt it demonstrated that I was capitalising on my abilities, and I was proud of it," she explains. However, she advises you to research your company's policy first to avoid any conflicts of interest.

What is the best way to approach your management about your side hustle? Explain how owning your own business makes you a better employee, advises Christine Michel Carter, a corporate consultant and author of MOM AF in Baltimore. She claims that having a side hustle makes you more valuable if you can demonstrate that you're transferring your abilities from your side hustle to your day job.

It's also crucial to underline that you'll continue to offer your full attention to your day job. "Just because I'm doing a side business doesn't mean I'm less committed to my full-time job or to my employer," Carter says.

2. Request assistance as necessary.

The present pandemic has shown us that life is highly unpredictable. Transparency with others around you about your circumstance and everyday obstacles can help you and your business succeed. Make it a habit to indicate where and how you require assistance.

However, there is a narrow line to walk between candour and TMI, particularly with your current employment. Use your discretion on how much information you should and should not give.

"I had to be upfront with my management about my demands, which included the flexibility to have a flexible schedule," Carter says, speaking candidly about her life as a passionate professional woman and a single mother.

At times, your candour may extend to your family as well. "I also explained to my kids that mommy is a single mom, and this will, unfortunately, compel them to grow up sooner than other kids," Carter continues. This entails fetching breakfast from the kitchen and solving problems on their own. This prevents me from stretching myself too thin and feeling tugged in multiple ways."

3. Make time management a priority.

If you aspire to become a side hustle legend, you will need to manage your time effectively, perhaps even more so if your job is now distant. As a college student working a few part-time jobs, Rochelle Graham-Campbell founded Alikay Naturals with barely $100 from her apartment. She transformed her side venture into a beauty empire by leveraging YouTube.

She confesses that time management was a huge difficulty at first. What made a difference for her was when she began time blocking or setting out a specified time to do chores on her list. "Finding your rhythm is crucial to making your business successful. You must consider your side hustle as a business even when you're needing to do it outside of your typical hours," advises Graham-Campbell. "It provided me greater control over my schedule and my life."

Not only can time blocking help you focus on your side hustle, but it also helps you prioritise your downtime. "I have to be as strategic about my rest and recharge time as I am about everything else," says Shani Syphrett-Hayes, who works full-time at an advertising firm in New York while also running her own agency, Jamila Studios, on the side. "I schedule my downtime the same way I schedule my meetings."

Burnout is a serious problem for people who work a day job and have a side hustle. Proper time management will allow you to care for both yourself and your business. "It all comes down to pacing yourself and doing things that make you happy," says Sakita Holley, founder and CEO of House of Success PR, a beauty and lifestyle public relations agency. "Sometimes, you have to move away from your day-to-day routine and immerse yourself in other things so that you can come back to your work revitalised."

4. Do not quit your day job unless you have a plan in place.

Not everyone with a side hustle wishes to quit their day job; you may prefer to keep your day job. If you do decide to leave, make sure you have adequate money saved up. Okome earns money from a variety of sources, including sponsorships and digital products, but she saved her side-hustle profits for years before becoming a full-time entrepreneur. She recommends that you save at least 6 - 12 months of living and business expenses before quitting your work.

Okome advocates asking yourself the following questions before quitting your job:

• "What will my revenue streams be?"
• "Will my revenue streams be sustainable for a long time? Or are they going to be brief?"
• "How much money do I have stashed away? "How much money do I need to save in order to quit my job?"

Final word

Those who have no intention of quitting their day job can easily give it a shot to run some business. They can also learn about How to run a business while receiving a  paycheck. If your side hustle takes off, you may want to reconsider. "Start thinking about what the future holds when your side hustle starts making more monthly than your day job," advises Okome. We hope this article helped you understand side hustle legends.