Why Now Is The Time To Start A Sidehustle By Pierre Clark
The election is over. Trump is in office. And the challenges and issues we face in igniting wealth-building and wealth creation in our communities continue. What policies will the new administration contribute and support in terms of solutions to this age-old dilemma? We’ll have to see.
But for as long as we - the disinvested and under-resourced community residents - have been here we know that we have to continue to be the change we seek. And that is why there has been a surge in entrepreneurial development and side-hustle creation in our communities in the last five years.
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Black women especially have conceived and launched more new small businesses and sidehustles than any other category. And more than two thirds (⅔’s) of the country in general have started a sidehustle business as an additional source of income.
Contrary to what some people may think, a sidehustle is organized and operated as a legitimate business just like any business would be. The term sidehustle is used to define a business entity or product/service you offer that is separate from your main business endeavor or 9-5 job.
It’s a catchy phrase to call a business services/products entity a sidehustle but to operate one successfully you need to treat it as a legitimate business enterprise and not just an activity to generate a few extra dollars. Business sidehustles can generate important capital for everyday expenses special purchases large purchases and investments.
Because starting a sidehustle can be and is a critical component of wealth/building in our communities I’ve begun advising hundreds of individuals and small business owners embrace the sidehustle startup metaphor. I’ve started at least a dozen sidehustles over the past three decades - everything from a clean-up business to a car-leasing company - and all of them have made money and a few allowed me to scale up into larger more lucrative enterprises and rescued me financially. And others have successfully started and operated and continue to operate sidehustles. This is the first in a series of ten columns about how to design, launch, grow and scale your own successful sidehustle. Follow us here as we present a new column each week as we show you everything you need to know about launching your sidehustle enterprise.
Pierre Clark is the Managing Partner of NuFutures Development Ventures LLC, NuMillennium Opportunity Capital Ltd. and Founder of Sidehustlers.Network. Join for free at http://www.skool.com/sidehustlersnetwork/about.
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