Channel your passion into a side business in the UAE: Here's how

Bahvik Mehta, Gulf News , September 2, 2024

As we approach 2025, it’s worth asking: Is the side hustle revolution still in full swing, or has it plateaued? What is its growing trend, its appeal to Gen Z and Millennials, and how can you dive into this world with success?
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Bahvik Mehta, deputy head research - investment products at investment company Century Financial explained the definition of a side hustle saying

A side hustle refers to an additional work or income-generating activity pursued alongside a primary job orcommitment. What makes side hustles so appealing is theirpotential to provide financial diversification, reduce relianceon a single income stream, and offer opportunities for skill developmentand entrepreneurial exploration.

Why and when did the side hustle movement begin?

The side hustle craze gained momentum in the wake of the 2008 global financial crisis when job securitybecame a distant memory for many.
As the gig economy expanded, more people started looking for additional streams of income to cushion theirfinancial stability.
Fast forward to today, and the side hustle has morphed into a cultural cornerstone, buoyed by technologicaladvancements and a shift in societal attitudes toward work.

Is the side hustle revolution over or is it still going?

The notion that the side hustle revolution might be over isn’t entirely accurate. The side hustle scene is maturing. As more people jump on the bandwagon, the market becomesincreasingly saturated. This increased competition means that standing out and maintaining a successfulside hustle requires more strategic thinking and effort than ever before. The concept is also evolving frommere supplementary income to a potential path toward financial independence, and freedom and self-investment.

Are Gen Z and millennials drawn to side hustles?

Firstly, lets define the age brackets of these two generations.
Gen Z are roughly born between 1997 and 2012, while millennials are roughly born between 1981 and 1996.

“When it comes to Gen Z and millennials, side hustles hold appeal. These younger generations prioritiseflexibility in their work arrangements, seeking opportunities that align with their passions and offer a sense ofpurpose.
“They are digital savvy and comfortable leveraging technology to explore and excel inside gigs. With the gigeconomy providing a platform for remote work and flexible arrangements, side hustles have become ameans for Gen Z and Millennials to pursue their interests, gain experience, and achieve financialindependence,” said Mehta.
To break down it further, the appeal of side hustles is particularly strong among Gen Z and millennials, andthe reason being several factors.

Passion projects : Millennials and Gen Z are known for pursuing work that aligns with their passions. Sidehustles provide an avenue to turn hobbies and interests into income streams, making work feel moremeaningful and enjoyable.
Entrepreneurial spirit : Growing up in a digital age with access to numerous online resources, thesegenerations are more inclined towards entrepreneurship. Side hustles allow them to experiment withbusiness ideas and gain experience without committing to a full-time venture.
Financial necessity: Economic pressures, such as student debt and high living costs, push many youngerindividuals to seek additional income sources. Side hustles can alleviate financial strain and provide a bufferagainst economic uncertainties.

What are some tips to get started with your side hustle?

Sagar Chotrani, co-founder, and CEO of UAE-based media agency Publsh sharedinsights from his experience of co-founding his own side hustle.
“For aspiring entrepreneurs, identifying a market gap, and developing a unique solutionis crucial. Thorough market research, coupled with a strong drive for acquiring saleswhile starting out will be the driving force behind overall company growth.
“This will be followed by media presence. Flexibility and a willingness to adapt areessential for navigating the competitive landscape. Online resources and supportive communities canprovide valuable insights and networking opportunities.”

Leverage technology : Take advantage of digital tools and platforms to streamline your side hustle. Use project management software, marketing automation tools, and online marketplaces to enhance efficiency and reach a broader audience.
Build a brand : Establishing a personal brand can set you apart from the competition. Develop a professional online presence through a website, social media, and portfolios. Consistent branding helps build credibilityand attract clients or customers.
Start small and scale gradually : Begin with manageable goals and gradually expand your side hustle. This approach allows you to test the waters, learn from experiences, and scale up as you gain confidence andresources.
Network and collaborate: Engage with other side hustlers and professionals in your field—networking can provide valuable insights, collaboration opportunities, and potential referrals.
Stay organized: Balancing a side hustle with a full-time job or other responsibilities requires organization. Use calendars, to-do lists, and time management techniques to keep track of tasks and deadlines.
Other than the tips for embarking on your side hustle journey, several resources can assist you in launching and growing your side hustle.
Online courses: Platforms like Udemy, Coursera, and LinkedIn Learning offer courses on various skills and business topics.Create a business plan: Even for a side hustle, having a basic business plan is crucial. Outline your goals,target audience, pricing strategy, and marketing approach. A well-thought-out plan will guide your efforts and help you stay focused.
Freelance websites: Websites such as Upwork, Fiverr, and Freelancer connect freelancers with clientsseeking services.
Social media : Utilise platforms like Instagram, LinkedIn, and Facebook for marketing, networking, andbuilding an audience.

For Gen Z and millennials, side hustles represent more than just extra income, they symbolise empowerment,creativity, and self-investment.
If you seek to balance your passions with your financial goals, the side hustle trend will continue to thrive.
The international Dubai- based multimedia studio Sila Sveta was a side hustle back in 2008. Cofounded byAlexander Us and Alex Rozov, it has grown from independent do it yourself (DIY) projects to shows with themain pop stars and the greatest sports events in Middle East and North Africa (Mena).

A lot of tycoon brands that we now know of started off as side hustles. Brands such as Airbnb and Etsy startedoff as a thought that transformed into a plan of action and ultimately a multimillion business.
Whether you’re looking to supplement your income or explore a new passion, the side hustle remains aviable and dynamic opportunity. By staying informed, leveraging resources, and applying strategicapproaches, you can navigate the evolving landscape and make the most of this enduring revolution.

Source

Gulf News