Almost everyone is talking these days about establishing a side hustle or a passive stream of income. And for good reason: according to the World Economic Forum's Global Risks 2023 report, the global cost of living crisis tops all other risks as the most severe for the short term (next two years).
Health data management firm Harmony Healthcare IT, conducted a study of nearly 1,000 Gen Zers in 2023, which pointed out that 50% of respondents experience anxiety daily, 54% have experienced heightened anxiety in the last year, and their second major cause of anxiety is finances. This correlates with the cost of living crisis that has resulted from the impact of inflation, the pandemic, layoffs, and even Russia's invasion of Ukraine.
This also serves to explain in part why, in a December 2023 study from Upwork, freelancers (which constitute almost half of Gen Zers and Millennials) currently compose 38% of the total U.S. workforce, up from four million in 2022.
But unfortunately, one of the most common narratives professionals give that prevents them from establishing a side hustle or second "job" outside of their main day job, is:
"How do I find the time when I'm burned out working full-time already?"
You likely have other responsibilities in your personal life, such as demands from family and friends, and taking care of your health and wellbeing. Additionally, if you're in a fast-paced, high-pressure role working as a manager or senior manager, it's even more complicated. You don't want to risk signalling red flags to your employer due to conflict of interest, because your demanding management responsibilities in your main job conflict with the attention and time you're committing to your side hustle.
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So the question is, How do you effectively maintain balance?
1. Focus On Building Your Personal Brand
One of the easiest ways to establish your side hustle while working a full-time, fast paced job is to focus on one thing at a time. Start with the foundation, and in almost every case, the foundation calls for building one's personal brand. This is much easier than immediately trying to achieve the mammoth task of starting a new business from scratch. In particular, concentrate on building your personal branding across social media platforms and elsewhere online, especially LinkedIn, which is frequently used for B2B customer interactions.
When building your brand, try to start with something that is not brand new or complex. Focus on a brand which is related to your existing industry experience and expertise so it saves you time, and from which you can later generate income.
2. Commit To Spend Half An Hour A Day Networking
One of the most critical elements of building a personal brand and establishing a passive stream of income as a side hustle, is networking. The relationships you build with people, and the quality of those relationships and professional connections add depth to your network. This lays the groundwork for exploring business opportunities later, whether through matching with them as co-founders of a new full-time business venture, or in establishing trust and credibility for them to be your future partners or clients.
And believe it or not, whether engaging with LinkedIn posts, sending messages, or searching for in-person networking events, you can accomplish a significant amount in half an hour.
3. Track Where You're Spending Your Time And Energy
Use time management tools to track where you're spending your precious time, or keep a diary. Are you spending time focusing on tasks that are necessary to building your career and achieving your professional aspirations?
For example, instead of browsing the internet aimlessly, or randomly scrolling through your Facebook or Instagram feed, spend your energy where it matters. Browse the internet with a purpose. Use that time to conduct online research that will help your side hustle grow and become more profitable. Instead of wandering across social media, be strategic about your social media time and seek to analyze consumer trends across various social platforms, so you can position your personal brand to meet customer demands. This will inevitably increase your chances of making your side hustle successful.
4. Set SMART Goals
If the prospect of running your small business while working full-time seems overwhelming at first, then break it down into micro goals and use the SMART model to structure your journey. SMART is an acronym that means all your goals must fulfil the criteria of being specific, measurable, achievable, relevant, and time-bound.
Setting goals using this formula, pinning down exactly what you want to achieve and by when, instead of simply saying "I want to build a side hustle," will keep you motivated and make your vision more realistic to achieve.
5. Be Laser-Focused With Your Time
When you only have a short amount of time to get work done, it forces you to be extremely selective about what you allow to encroach on your time. Be strategic, and maximize every minute to get the most out of it for your side hustle.
For example, if your day job consists of working from 9:00 a.m. to 5:30 p.m., and you know that you only have two hours available each day to fully concentrate on developing your side hustle, make those two hours count. Ask yourself, What is important to focus on right now? And what could be left until later, when I have more time?
So yes, it is indeed possible to find the time to work your full-time job, and build a lucrative side hustle. By following the steps above, combined with your grit and determination, you can future-proof your career and further establish your grounding in your industry, while earning more.
