Startups and side hustles are becoming increasingly popular among the younger generation, with research showing that 53% of Zoomers and 50% of millennials are participating in this work style. The growth of side hustles among both groups has been significant, with Zoomers experiencing a 19% increase and millennials a 12% increase in the number of side hustles between 2022 and 2023. Many of these individuals are not just interested in making extra money but also in turning their side hustles into their primary source of income.
Ashley Hubka, SVP and GM of Walmart Business, believes that making business ownership easier for Zoomers and millennials is crucial. She acknowledges that trends show a growing interest in entrepreneurship among younger generations, with many wanting to start businesses to gain flexibility and make a difference in the world. Hubka suggests that nearly half of Gen Zers and millennials are considering making their side hustles a full-time job, as they rely on this income to cover their primary expenses and bills.
In order to transition from a side hustle to a full-time business, Hubka recommends that entrepreneurs establish a clear mission, create a formal business plan, and remain flexible in their approach. She emphasizes the importance of finding the right tools and resources to support the growth of the business, including tools that automate administrative tasks and increase productivity. Walmart offers programs like Open Call events, where entrepreneurs can meet face-to-face with merchants and potentially get their products to millions of customers.
One common mistake that startup entrepreneurs make is not choosing scalable tools and technology that can grow with their businesses. To avoid burnout and business-related stress, entrepreneurs should prioritize rest, set boundaries, and incorporate well-being activities into their schedules. Hubka also advises business owners to manage cash flow in real time, rather than waiting until the end of the month to review expenses. Understanding where money is going and how much is available enables entrepreneurs to make timely adjustments to their budget choices.
Overall, the rise of side hustles and startups among Zoomers and millennials reflects a growing interest in entrepreneurship and business ownership. As more individuals seek to turn their side hustles into full-time careers, the availability of resources and support becomes increasingly important. By following best practices, such as establishing a clear mission, choosing scalable tools, prioritizing rest, and managing cash flow in real time, entrepreneurs can increase their chances of success in the competitive business landscape.
