How to turn your side hustle into a full-time job

Riva Lesonski

A few months ago, I shared some startup ideas for side hustles, a working style that is quickly being embraced by Gen Z (Zoomers) and Millennials. According to a Bankrate survey, 53% of Zoomers and 50% of Millennials have a side hustle, with both generations seeing the biggest year-over-year growth from 2022 to 2023. Zoomers with side hustles increased by 19% and Millennials increased by 12%.

These side hustles aren’t just for making extra money: 22% of Gen Z and 25% of millennials want their side hustle to be their main source of income.

Ashley Hubka, senior vice president and general manager of Walmart Business, an e-commerce site dedicated to businesses and nonprofits, thinks it’s important to make business ownership even easier for Zoomers and millennials. We spoke to her to find out how.

Turn your side hustle into a full-time job

Riva Lesonski: Do you agree with the research that for younger generations, side hustles are a way to make extra money while also preparing for full-fledged entrepreneurship?

Ashley Hubka: Yes, we believe it’s a combination of both. On the one hand, trends show that many Gen Zers are interested in becoming entrepreneurs or starting businesses to gain flexibility and make a difference in the world. And they’re taking their entrepreneurial lifestyle aspirations seriously. Additional research shows that nearly half of Gen Zers and Millennials have considered turning a side hustle into a full-time job.

At the same time, money is another key factor in the rise of entrepreneurship among younger generations: Four in five Gen Z and Millennials rely heavily on income from side hustles to cover major expenses and pay bills.

Whatever the reason, this interest in turning side hustles into meaningful endeavors means these generations need more support on their journey.

Rezonsky: Do you have any tips for people with side hustles to turn their side hustle into a full-time job?

Hubka: The first step to turning your side hustle into a full-time business is to establish a clear, differentiated mission. It seems simple, but having a clear agenda is key to achieving your desired results. This means you need to be able to clearly articulate the specific customers you serve, the problem you solve for them, and the impact you will make by doing so.

The next step is to create a formal business plan that reflects that mission. This is a serious and time-consuming process, but it fleshes out the mission of your company and translates it into goals, objectives, timelines, and budgetary requirements. In other words, what it takes to transition from a side hustle to a full-time job.

The final step is to realize that everything must be fluid and flexible, including your business plan. The only certainty is change, and being agile and reactive is essential to the survival of your business.

Rezonsky: What resources are available to support these part-time entrepreneurs as they scale and become full-time business owners?

Hubka: For anyone aspiring to be a full-time business owner, the most important thing is finding the right tools and resources to help you stay focused on your mission. Entrepreneurs have unique needs, and the partner you choose to help you build your business must understand and meet them. It’s important to take the time to research and test your options to find what best suits your specific needs.

By working directly with businesses, my team and I understand that entrepreneurs want to save costs, simplify business purchasing, maintain control and inventory, and achieve efficiency in their operations and growth. Resources that support these goals include tools that automate administrative tasks to improve employee productivity.

Additionally, we and other well-known companies offer programs to help business owners, such as our annual Open Call event, where selected entrepreneurs have the opportunity to meet face-to-face with Walmart merchants and get their products in front of millions of customers. Additionally, we host events and webinars to share insights and tips to help businesses address the challenges they face.

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Rezonsky: What are some common mistakes startup entrepreneurs make and how can they avoid them?

Hubka: A common mistake startup entrepreneurs make is not choosing tools and technology that can scale and grow with their business. Finding services that help reduce business barriers and keep you focused on your mission can help entrepreneurs save costs, simplify business purchases, and increase efficiency in operating and growing.

It’s important to eliminate tools that don’t contribute to scalability and find solutions that are aligned with your long-term goals, which will help you avoid business-related stress and prevent burnout. Taking on too many tasks too quickly can lead to burnout.

To avoid this, entrepreneurs need to set boundaries and prioritize rest. Designating specific work hours and taking regular breaks throughout the day are important steps. It’s also essential to incorporate wellness activities into your busy schedule, like spending time with loved ones or adding a personal day to a business trip. While it may seem counterintuitive to add more activities to an already packed schedule, prioritizing rest and personal time contributes to a better work-life balance and prevents burnout.

Rezonsky: You’ve spoken to a lot of business owners in your career, are there any best practices you can share?

Hubka: Managing cash flow in real time is crucial. Some business owners wait until the end of the month to receive their credit card statements and expense reports to understand their spending, but this is not sustainable in today’s economic climate. Knowing where money is flowing and how much is available to spend allows entrepreneurs to make timely adjustments to spending and budgeting choices.

About the Author

Rieva Lesonsky creates content focused on small business and entrepreneurship. Email Rieva here rieva@smallbusinesscurrents.comFollow us on Twitter @RivaVisit her website Small Business Current Stay up to date on business trends and sign up for Rieva’s free Currents newsletter.

Related: Starting a side hustle while working full-time: 9 practical tips