Are Side Hustles Replacing Corporate Salaries?

In today’s dynamic economy, traditional corporate jobs are no longer the sole means of earning a livelihood. More and more individuals are turning to ‘side hustles’, secondary businesses or jobs that can supplement their main income, often out of passion or to explore a new opportunity. A significant number are making the leap of faith, converting these side hustles into full-time roles, out-earning their previous corporate salaries, and adding a sense of fulfilment to their professional lives.
 

What is a Side Hustle?

 
A ‘side hustle’ is a term that has gained considerable momentum over the last decade. It represents a job or a business that one pursues in addition to their primary mode of employment. The aim of a side hustle can range from supplementing income, exploring a passion, testing a new business idea, or simply seeking the satisfaction of self-employment.

Examples of side hustles are diverse and can include anything from freelance writing, tutoring, and graphic designing to running an online store, offering consulting services, or starting a niche catering service. The internet and digital platforms have made it easier than ever to launch and manage side hustles.
 

The Great Shift: Side Hustles Over Corporate Jobs

 
In a case reported by Sky News, Dushyant and Vinita, founders of Australian organic cotton apparel brand Bhumi, exemplify the transition from side hustles to full-time entrepreneurship. They started Bhumi as a side hustle with an initial investment of less than $20,000. Despite the complexities of the sustainable manufacturing space, their venture thrived. Soon, it replaced Dushyant’s $250k salary and quadrupled his annual income.

Leaving his corporate job behind, Dushyant shared his experience, “While my corporate job provided a comfortable life for my family, it got to a point where it began to feel lifeless, boring, and I had absolutely no sense of purpose.”
 

The Rising Trend and Its Impact

 
According to Mangools, a leading SEO software platform, there are over 19,000 Google searches for the term ‘side hustle’ in the UK each month. The global figure jumps to a staggering 223,000, indicating a growing worldwide interest.

Dushyant noted the difference in rewards between the two types of work: “In corporate, your compensation package might sound attractive, but your take home is very different. So you get to a point where you question – even financially – ‘Is it worth it?'”

The Australian Bureau of Statistics reported that 1.3 million people changed jobs during the year ending February 2022. However, job changes are different from career changes. The motives behind a career change are often rooted in an overall need for a greater sense of purpose and passion.

As side hustles continue to gain traction and prove to be financially viable, they challenge the traditional idea of corporate jobs being the most secure and rewarding professional path. Entrepreneurship, with its promise of independence, creativity, and potentially greater financial rewards, is fast becoming the new ideal for many striving for professional fulfilment and success.

“If you can make entrepreneurship work for you for the same time and effort you put into your corporate role, you can make much more to take home with you and live a happier, more meaningful life,” concludes Dushyant, echoing the sentiment of many like him who have made the successful shift.

This significant shift in professional dynamics underscores the increasing value of passion, purpose, and personal satisfaction in today’s working world.