More Texans look to 'side hustles' as cost of living increases
NORTH TEXAS (CBSDFW.COM) - If you've been thinking about starting a side hustle, you're not alone. They're becoming more and more popular as prices climb.
As a full-time construction manager, Jeff Simpson is using his skillset to run his side business.
"Working full-time, I can't take on a big project," he said. "Charcuterie boards, I saw that I can make these and I thought I could sell them."
Financial experts said more people are adopting this mindset, especially now with inflation.
"Over the past two years we've seen inflation run over 10% over that two-year period and that means for a family living on $50,000 a year, they need an extra $5,000 a year just to have the same number of groceries and same lifestyle," Certified Public Accountant Bill Dendy said. "Some are turning to these side hustles and you can so make $5,000 a year."
In fact, he said you can make a lot more than that. His brother earned more than $200,000 last year from his photography business.
"As my kids were getting older, I was shooting my kids," Tom Dendy said. "I basically just ramped up the business, and we're working with schools, booster clubs, associations and doing fundraisers."
"We have enough product now to go to a craft show, but we also have an Instagram site @tranquilitydesignsco that we try to sell off of," Simpson said.
Simpson's success has inspired his wife. She's putting her skills to work creating crochet items and handknit blankets.
Simpson said for a successful side hustle you must:
- Find something you're passionate about
- Network locally to build your business
- Sell something that stands out
"I'm starting a new series on charcuterie boards with a surfboard," he said. "I think with what you do, you have to be a little unique because there are so many people out there selling wood products."
His goal is to hopefully retire in a few years and continue to grow this business.
Financial experts also say if you're joining a company, you need to be aware there are side hustle scams. Anything that requires money upfront to participate or a lot of personal information could be a red flag.