There’s been a lot of chatter about The Great Resignation over the last few months. As businesses coped with pandemic changes—and some industries suffered unavoidable safety issues that affected work conditions and bottom lines—there were almost 69 million workplace separations in 2021. What’s remarkable, however, is that an unprecedented 47 million of those separations were voluntary.
Employment experts are still parsing through all the data to determine why The Great Resignation is taking place, but one common theme has been people reassessing their lives, their careers, and what they want to accomplish next. In some cases, forced unemployment due to pandemic regulations created a need for finding other ways to earn income. For many, this eye opening experience led to a reassessment of what’s possible, and using hobby skills to make money.
If you’re considering making changes in your work life, you need to consider a few important factors:
- Maximize profits by choosing a side business with the lowest overhead.
- Decide how much flexibility you want and need in your personal life and adapt your business idea accordingly.
- Consider benefits you’re leaving behind and new expenses you’ll be adding. For instance, health care can be a major new monthly expense for you and/or your family.
- Don’t forget retirement. Whether you are following your dream or escaping a dreary corporate experience, at some point you’ll want to slow down and enjoy your rewards. If your current retirement contributions happen automatically—and are matched—set up new procedures to stay on track.
Some profitable side hustle ideas to get started
Some key criteria can be the easiest way to determine how to get started:
- Play to your strengths. Starting a new business will have a steep learning curve as you navigate taxes, insurance, and more. Choose an industry where you have existing knowledge and confidence so you aren’t fumbling on multiple fronts.
- Minimize overhead. Starting profit margins are always lean. If possible, choose a business that requires minimum start-up resources, that you can manage with few to no staff, and that you can do from your home or other owned space.
- Don’t dive in blindfolded. Before you quit your existing job or make any major life changes, try out your business as a true side hustle for a few months to help you determine the viability of earning a living wage.
Within those guidelines are a number of business ideas that can be both easy to manage and profitable.
If you’ve got a skill, chances are there are people who need it. Many creative skills require little to no specialty equipment, and if it’s an avid hobby for you that equipment can now become tax deductible. Think about things you love to do that might be a challenge for others:
- Specialty baking
- Nail/hair design
- Graphic design
- Writing and social media (great for other small businesses!)
- Tailoring and clothing design
Organizational and Professional Services
Many businesses are facing enough challenges during this time and would welcome freelance assistance. Examples include:
- Graphic design (yes this is creative, but also crucial for many businesses)
- Organizational consulting
- Professional coaching
- Marketing campaigns
Home and Personal Services
Whether people are still heading into offices, managing remote work environments, or starting up their own businesses, their personal lives are still intruding on the time they devote to work. If you have skills that can make their out-of-office lives easier, that’s a valuable market to investigate:
- House cleaning
- Personal errand services
- Home repairs and maintenance
- Party and event planning
- Fitness coaching
Whatever you love to do, there’s likely a market for it. When you’re ready, check out the benefits of Solo Hustle to help you manage your “back office” like a boss.