Recent studies have shown a rise in side gig trends, especially among Generation Z and millennials. A 19% increase among Generation Z and a 12% increase among millennials in taking on side jobs between 2022 and 2023 have been noted.
More than half of these younger generations are engaged in at least one extra job. Their choices often include freelance work or part-time services like home repairs, tutoring, and more.
Factors prompting this shift include internet accessibility, flexible hours and additional income due to rising living costs. Moreover, this trend also reflects a need for new skills and a passion for their work.
About 22% of Generation Z and 25% of millennials expressed the desire to derive their primary income from their side jobs. This is indicative of changing societal norms, with work values now favoring flexibility and independence.
However, 4 out of 5 individuals from these generations rely heavily on their side job earnings to cover necessities.
Exploring side gig growth among youth
This emphasis on financial stability among younger groups has shed light on the evolving economic reality they face.
The transition into full-time business ownership requires three essential stages. First, establishing a unique mission, second, developing an in-depth business plan aligned with the mission, and third, ensuring flexibility to adapt as business conditions change.
A clear business mission serves as a unique value proposition and helps potential consumers understand the value the business promises to bring. This then needs to be aligned with a robust business plan detailing strategies, financial projections, and marketing tactics.
Flexibility is a critical component, with constant revising of the business plan vital for growing with market dynamics. The plan should evolve parallel to the growth of the business and changes in the market.
While the process of transitioning may seem daunting, abundant resources are available to ease the shift, like those provided by Walmart’s Open Call. Besides creating the right strategies and finding the correct resource, an entrepreneur should also be flexible and be responsive to the market demand.
One notable challenge for new entrepreneurs is adopting scalable solutions right from the start. Thus, investing in flexible software and support systems can facilitate smooth operational workflows, thus avoiding potential disruptions at future development stages, thereby ensuring long-term success and stability in a competitive business environment.
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