Side Gigs and Side Hustles

FEBRUARY 24, 2023

By Ted A. Baker, CEO/Executive Director, Muncie Innovation Connector, Inc.—

MUNCIE, IN—Over the past years, the Innovation Connector has become the Muncie community’s hub for business startup and growth assistance.  Calls and emails come to us nearly every day from entrepreneurs and hopeful business startup owners asking for assistance in some way.  Regular requests include the need for funds to start or grow a business, help formally organize the business as an LLC or S-Corp, and some turn to us for encouragement.  Most who contact us for assistance already have full-time employment but want to start “something” on the side. Starting a business is difficult, even starting a side gig, and requires funding for initial startup costs and ramping up the business.

In most cases, when starting a business, it can take one year or more to be profitable and have a positive cash flow.  Therefore, a steady source of funds is needed to pay for personal and household expenses and to feed the new business venture.  This is why maintaining current employment is so important – without cash, your household will suffer, and your business will fail. For this reason, if a person wants to start a business, full-time employment may need to be maintained to keep the household afloat during the initial stages of business development. Businesses started in addition to a full-time job are often called side gigs or side hustles. Chris Guillebeau, the author of Side Hustle, says, “it’s an asset that works for you.”

The Importance of Side Hustles

Side gigs are an important part of the entrepreneurial ecosystem.  According to Zippia, the Career Expert, October 12, 2022, by Jack Flynn, 45% of Americans had a side hustle in 2022, with an average monthly income of $483.   The global gig economy is expected to be worth $455 billion by the end of 2023. And Americans spend an average of 13 hours per week on side hustles.  People often start working side hustles to earn passive income and use the money as extra disposable income. The top industries and categories of work for side hustles include online and social media, freelancing, selling crafts and art, ridesharing (Uber, Lyft,) delivery services, and software development.

Side hustle choices are often connected to a person’s area of expertise or experience. For others, the side hustle may be completely different.  I have a friend who worked in IT for a major university and drove for Uber Eats in the evenings and on Saturdays.  The extra money he earns delivering food is significant – often $500 – $750 weekly. I know another person who drives for Uber and Lyft during hours he is not working his regular full-time job.  When he was downsized at his job, his side hustle became a source of income for his family.  He started accepting more rides during daytime hours; before long, he was netting over $1,400 weekly.  In this case, this person’s side hustle provided extra income and served as a safety net in case of job situation changes that happened.

Advantages and Disadvantages of a Side Hustle

I found an interesting blog post on the Washington Trust Bank’s website that mentions some pros and cons of starting a side hustle.  The following content is excerpted from that blog.

The Pros:

Turning a passion into a money-making opportunity has some distinct benefits. If starting a side hustle sounds appealing, consider the upside:

  1. Enhancing your career. While it may seem counterintuitive, establishing a side hustle can create a competitive advantage in your career. Depending on the chosen path, developing skills that complement your day job may be possible. Exposure to a different line of work can broaden your experience and contribute to a fresh perspective on addressing challenges in the workplace.
  2. Mixing it up. A side hustle can provide a welcome change of pace from the usual 9 to 5, particularly if it involves using another part of your brain. If you’re normally writing code for 40 hours a week, a weekend working as a wedding photographer might be a refreshing break from the ordinary. Or your side hustle might provide an opportunity to give back to the community in ways you can’t manage during the work week.
  3. Growing your network. If you are promoting a side hustle, you’ll likely meet people that might not cross your path in your normal line of business. You can make new contacts for your side hustle; some may benefit your day job. Additionally, you might find your social circle widening when meeting others who share or appreciate your passion.
  4. Developing a creative outlet. Crunching numbers all day may pay the bills, but it may not provide the level of creativity you crave. A side hustle can provide a creative outlet without forcing you to sacrifice the financial security of your day job.
  5. Supplementing your income. Many people start a side hustle to supplement their income. If relying on this additional cash flow, be sure to calculate anticipated expenses to ensure that the venture will pencil out. As a side hustle takes off, it can provide a cushion in an emergency or unexpected change in your employment situation.

The Cons:

As with most situations, a side hustle’s positive attributes are tempered by some drawbacks:

  1. Reducing your downtime. If working full-time during the week and dedicating the weekends to side hustle, you may be robbing yourself of enough downtime to relax and enjoy pursuits that don’t involve making money or marketing yourself. This always-on mindset can be wearing, and if others – partners, spouses, children, and even pets – are in the picture, there’s a danger of leaving some feeling neglected.
  2. Becoming distracted at work. A side hustle that becomes all-consuming could have dire career consequences. If your passion project is taking too much time and energy, there is a risk that your day job – and main source of income – could suffer. Before embarking on a side hustle, limit how many hours you can devote to it and stick to them.
  3. Adding more stress. Filling valuable time with more work, even a passion project, may pile on the stress. In addition to taking time away from friends and family, a side hustle will require additional record keeping and may complicate tax filings. Additionally, if your project involves custom work for clients, you’ll be pressed to keep them happy to ensure referrals or repeat business.
  4. Determining your worth. It can be difficult to put a price tag on your work. Do research to determine the going rate for similar products or services, and don’t sell yourself short. You’ll be responsible for collecting payment and setting a fair price, so establish your expectations upfront.

Conclusion:

If you need assistance setting up and organizing a side hustle or want to discuss how they work, don’t hesitate to contact our team at the Innovation Connector – 765-285-4902 or tbaker@innovationconnector.com.  The Innovation Connector has many services and connections to assist you in your journey.

In next month’s article, I will be making a very special announcement. Stay tuned.

Resident Client Spotlight – Ethan Snyder

4/4 Solutions is a social media agency helping small businesses utilize social media as a way to help promote their businesses. By creating quality, engaging content, 4/4 Solutions helps businesses retain customers and find new ones. Our clients reached over 3 million people in 2022 and we look forward to an equally amazing 2023!

Join manufacturing and technology experts as they break down the myths and obstacles to integrating Industry 4.0 technologies into your organization.
Wednesday, March 8, 2023 3 – 6 PM

Enneagram 5-Week Workshop

Enneagram Workshop is back for a 5-Week course filled with practical and personalized tools for a healthier life, business, and relationships with Jennifer Stanley.

Intro Course: March 29 11:30 am – 1:00 pm | 6 -7:30 pm Cost: FREE
5-Week Course: April 5 | April 12 | April 19 | April 26 | May 3. 11:30 am – 1:00 pm | 6 -7:30 pm Cost: $149 for 5-Weeks
Register Here!
Enneagram 101 Workshop

Enneagram 5-Week Course 

Empowering Entrepreneurs in 2023

By Ted A. Baker, CEO/Executive Director, Muncie Innovation Connector—

MUNCIE, IN—After a successful initiative last year, Celebrating Entrepreneurs in 2022, the Innovation Connector has chosen a new theme for 2023: Empowering Entrepreneurs in 2023. While we will continue celebrating entrepreneurs, we believe the next step is to provide opportunities for entrepreneurs and business owners to be empowered – to learn, collaborate, and share their knowledge with others.  As I have expressed in prior articles, one key trait of a successful entrepreneur involves being a lifelong learner.  Because of rapidly changing technology, consumer market changes, continual demographic shifts, and current workforce shortages, it is now more critical than ever for businesses to understand the business landscape so changes and pivots can be made if necessary.

There are several ways for entrepreneurs and business owners to be lifelong learners.  First, be a reader.  This is the easiest way to engage in the learning process.  Books are available for nearly every topic, problem, opportunity, motivation, business success and failure, how to start a business, how to end a company, and the list goes on and on.  I did a quick Google search, “books about business and entrepreneurs,” resulting in 102 million hits in .74 seconds.  No one may know the exact number of books that have been written on this subject, but one thing we do know – it is a significant number! I have read many books on these topics and have accumulated quite a library.  I often utilize concepts I have learned from reading, which I can apply to my work at the Innovation Connector.  Subject matter experts share their knowledge for others to learn. We can learn so much from their advice and experiences.

Our reading does not have to be limited to only books. Reading articles from various publications can provide great insight into successful entrepreneurship.  Articles are usually topic-focused, meaning they are written with a limited topic scope.  An example would be an article about the legal issues of starting a business compared to a book that would include this topic in “How to Start a Business.”  Articles are easier to write, allowing for a greater range of thoughts on topics.  And there are plenty of written articles.  Again, a simple Google search, this time for “articles on entrepreneurs and business,” yielded 205 million hits in just.47 seconds.  I love reading articles for one simple reason – they are short!   Everyone in the business world is busy.  Our available time is limited.  Reading an article or two when I have the right time is meaningful, and I learn a lot.

Again, there are articles written about every business topic.  I recommend you find a magazine or publication that appeals and start creating a regular reading routine.  Karl LaPan, Director, UF Innovate/ Accelerate @ The Hub & Sid Martin BioTech, and a leading international expert on business development, is an avid reader and writer.  He believes entrepreneurs and business leaders must read regularly.  He writes, “Passionate entrepreneurs are engaged learners, and agile learning is integral to your relevance. By prioritizing agile learning, Founders foster a high-performance culture, nurture higher levels of engagement within their organization, and promote adaptability, intellectual curiosity, and collaboration between themselves, their stakeholders, and especially with their customers.”

A second way to be a lifelong learner is to network with like-minded leaders and people who inspire and challenge you.  This usually involves one-on-one time with others, including mentors, other leaders in their field, and maybe even a business coach.  Each of these is based on developed relationships.  This is one of the most meaningful and impactful ways to learn.  Ryan Carruthers, Content Marketing Manager at Together Software, expresses this in an article, 7 Reasons Mentorship is Integral to Growing Your Career.  She says, “A mentor will support you, cheer you on, provide feedback and advice, and help you define and reach your goals.  It can be a key relationship in your life and potentially impact your choices and career trajectory significantly.”

Being a business owner can be very lonely.  Because of sensitive topics that a business owner deals with, such as financial issues, employee changes, and a possible sale of the business, to name a few, it is not wise for a business owner to share this information with others in the business.  Many owners then keep this information to themselves and try to process how to handle it.  A trusted network of wise and experienced people can be a lifeline to the owner.  From my experiences, my contacts have always been willing to listen, provide opinions and advice, and, most importantly, encourage me.

I have attended many professional conferences during my time in business and my role at the Innovation Connector.  While learning subject material at these conferences is valuable and important, some of the most valuable takeaways are from discussions with my peers before and after sessions, in the conference lobby and hallways, and even during a meal.  And as a result of these experiences, I have accumulated a list of colleagues and experts I can contact anytime if needed. And I also am a resource for these colleagues.  Relationships matter and are a must for the lifelong learning journey.

A third way to be a lifelong learner is to attend conferences, workshops, and seminars, online or in-person, to develop skills, gain new ideas, and become more informed about subject matters of interest.  As I previously mentioned, I have attended many conferences and learning sessions during my professional career.  While some sessions may be different from what I was hoping for in the delivery of content, I have always been able to learn something.  And there is no shortage of events you can attend. Business associations usually host conferences that members and guests can attend.  Universities and colleges offer a plethora of business, and relevant events in that one can learn by participating.  Some organizations host workshops, seminars, webinars, and panel discussions in nearly every community.  This is true for the Muncie community.  The Indiana Small Business Development Center and The Shafer Leadership Academy, located in the Innovation Connector, offer various relevant events that community members can attend.  Both organizations provide quality and professional programming.  Please visit their websites (www.shaferleadership.com and https://isbdc.org/locations/east-central-indiana-sbdc/ ) to see what is being offered in 2023.

The Innovation Connector also hosts many events throughout the year. As part of our mission to “Empower Entrepreneurs in 2023,” the Innovation Connector is ramping up the number of programs offered in 2023.  This is being done as a direct result of the impact of the recent Entrepreneur Showcase Week.  A few examples of what is being planned include:

  • Providing Excellent Client Experiences – Based on the Disney model
  • Learning to Excel with Excel
  • Several workshops about marketing for small businesses, including social media and geofencing, and analytics
  • A course about Enneagram and how knowing your “number” can help in everyday life and business – presented by Jennifer Stanley
  • Coding Clubs, robotics, programming drones, and summer day camps for students in grades 2-8.
  • What parents and caretakers should know about their children’s devices, the internet, apps like Facebook, YouTube, Twitter, Instagram, and more
  • Securing your business’s internet, computers, and personal devices
  • What is Square Space?
  • Presentation Design
  • Women’s Peer Group Experience
  • Funding Opportunities for your business
  • And more…

Starting in February, a rolling list of courses offered by the Innovation Connector can be found at www.innovationconnectorevents.com.  Registration information, dates and times, and prices will also be posted on this website. Our office phone number is 765-285-4900 – Monday – Friday from 8 am – 4 pm, or email Natalie Smith, Events and Program Coordinator, at nsmith@innovationconnector.com.

This new year, 2023, is a perfect time to begin or continue our lifelong learning journeys.  I wish you well.

HEADSHOT MARATHON

Stop by the Innovation Connector and participate in our HEADSHOT MARATHON. February 17th from 9 am – 4 pm Foto Therapy will be taking headshots for the affordable price of $75. Registration here.

 

Save the Date: Entrepreneur Showcase Week is Back 2023!

In November 2022, the Innovation Connector hosted the first annual Entrepreneur Showcase Week to learn, network, and celebrate with the community’s entrepreneurs. The week was a huge success. Entrepreneur Showcase Week will return in 2023 with an exciting new theme of “Empowering Entrepreneurs”! Mark your calendars for November 13th – 17th for a fun, educational, and empowering week for entrepreneurs and future entrepreneurs. Stay tuned for more information over the coming months about what’s in store for Entrepreneur Showcase Week 2023. Learn more

Providing Excellent Client Experiences

Join us for a free insightful workshop on providing excellent customer service and client experiences. Instructor Ted Baker, CEO and Executive Director of the Innovation Connector will be providing meaningful tips and methods to help in your customer experience journey.

By participating in this session, you will receive tools and resources utilized by Disney to help turn customer complaints into happy and returning customers.

When:

Friday, February 10th from 9:00 – 11:00 AM

Where:

Innovation Connector  | 1208 West White River Boulevard Muncie, IN 47303

If you have any questions, please reach out to Natalie Smith, at nsmith@innovationconnector.com, or call 765-285-4900.

To register: click here

Resident Client Spotlight – Judy Porter

Judy Porter was hired as the Administrative Assistant for the East Central Indiana Small Business Development Center in May 2015. She is primarily responsible for database management, scheduling training events, connecting new clients with Business Advisors, as well as other various tasks.

The East Central Indiana SBDC engages with small business owners through no-cost, one-on-one support and community workshops that facilitate connections to people, tools, and resources that help clients start, grow, finance, innovate, and transition their businesses. We are proudly hosted by Ball State University.  

For more information about the East Central Indiana SBDC, please visit our website at isbdc.org or call 765-282-9950. 

Coding Connector: Registration Now Open!

Coding Club is back and ready for new students to indulge in all things coding!
The Coding Club meets every Thursday from 5:30-6:30 pm (K-2nd grade) and 7:00-8:00 pm (3rd-5th grade) at the Innovation Connector.

Classes start January 12th and run till April 13th, with no classes on March 9th or March 23rd. Students with little to no experience are welcome as students who are interested in learning more.

Register your student(s) to learn more about a variety of coding topics and practices like programming, robotics, game design, and more.

Register here