A few months ago, I shared some startup ideas for side hustles, a work style quickly embraced by Gen Z (Zoomers) and millennials. Research from Bankrate shows that 53% of Zoomers and 50% of millennials have side hustles, and both experienced the most year-over-year growth between 2022 and 2023—Zoomers with side hustles grew by 19%, and millennials increased by 12%.
These side hustles are not just for making some extra money—22% of Gen Z and 25% of millennials want to turn their side hustles into their primary source of income.
Ashley Hubka, SVP and GM of Walmart Business, the company’s dedicated e-commerce site for businesses and nonprofits, believes making business ownership even easier for Zoomers and millennials is important. I talked to her to find out how.
Turning a side hustle into a full-time business
Rieva Lesonsky: Do you agree with the research that shows side hustles are a way for these younger generations to both earn extra money and prepare for a serious entrepreneurial venture?
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 desire for the entrepreneurial lifestyle seriously. Additional research shows nearly half of Gen Zers and millennials consider making their side hustle a full-time job.
At the same time, money is another crucial factor in the rise of entrepreneurship among younger generations. Four in five Gen Zers and millennials are more reliant on the income from their side hustle to help pay their primary expenses and bills.
Regardless of the reasoning, the interest in turning these side hustles into meaningful endeavors means these generations need increased support on their journey.
Lesonsky: Do you have any tips for how side hustlers can take their hustle full-time?
Hubka: The first step in taking a side hustle full-time is establishing a clear and differentiated mission. It sounds simple, but setting a clear agenda is key to achieving a desired outcome. This means being able to articulate the specific customers you serve, what problems you solve for them, and the impact you deliver by doing so.
The next step is to create a formal business plan reflecting that mission. It is a serious and time-intensive process, but it brings to life the company’s mission and translates it into goals, objectives, timelines, and budget requirements—in other words, what it takes to move from a side hustle to a full-time career.
A final step is realizing that everything—including your business plan—must be fluid and flexible. The only sure thing is change, and being nimble and reactive is essential for business survival.
Lesonsky: As these part-time entrepreneurs scale up to become full-time business owners, what resources are available to help them?
Hubka: A main priority for aspiring full-time business owners should be finding the right tools and resources to help them stay focused on their mission. Entrepreneurs have unique needs that must be understood and met by the partners they choose to help them build their businesses. It’s important to take the time to research and test options to find the right fit for their specific needs.
By working directly with businesses, my team and I know that entrepreneurs want to save money and simplify their business purchasing, stay in control and in stock, and create efficiencies to operate and grow. Resources that support these goals include tools that automate administrative tasks to increase employee productivity.
Additionally, we and other well-known companies offer programs that support business owners. One example is our annual Open Call event, which is an opportunity for selected entrepreneurs to meet face-to-face with Walmart merchants and potentially get their products to millions of customers. Additionally, we host events and webinars to share insights and tips addressing some of the challenges businesses face.
Startup mistakes to avoid
Lesonsky: What are some common mistakes startup entrepreneurs make, and how can they avoid them?
Hubka: A common mistake startup entrepreneurs make is not choosing the tools and technology that can scale and grow with their businesses. By finding offerings to help them mitigate business barriers and stay focused on their mission, entrepreneurs can save money, simplify their business purchasing, and create efficiencies to operate and grow.
It’s essential to weed out tools that won’t contribute to scalability and find solutions that align with long-term goals. This helps them avoid business-related stress and prevents burnout. Taking on too many tasks too quickly can lead to burnout.
To avoid this, entrepreneurs should set boundaries and prioritize rest. Designating specific work times and ensuring regular breaks throughout the day are crucial steps. It’s also essential to incorporate well-being activities into their busy schedules, such as spending time with loved ones or adding personal days to business trips. While it may seem counterintuitive to add more activities to an already packed schedule, prioritizing rest and personal moments contributes to a better work-life balance and prevents burnout.
Lesonsky: Over your career, you’ve talked to scores of business owners. Any best practices you can share?
Hubka: It’s crucial to manage cash flow in real time. Some business owners wait until the end of the month to receive credit card statements or expense reports to gain insight into their spending, which is not sustainable in today’s economic landscape. Understanding where money is going and how much is available enables entrepreneurs to make timely adjustments to their spending and budget choices.
