The growing trend of side hustles sees nearly one-third of U.S. employees engaging in them, with 60% of small businesses originating from such ventures. The shift is particularly notable among Gen Z, where 67% start their businesses as side gigs. A successful transition from a side hustle to a full-fledged business requires treating it as a legitimate business from the outset. This includes establishing a solid financial framework to avoid common challenges, such as cash flow problems and mismanagement of finances, as well as separating personal and business finances effectively.
Nearly one-third of U.S. employees have a side hustle, with 60% of small businesses starting as side gigs, a trend especially prevalent among Gen Z.
It's crucial to lay a solid financial framework from day one, as many U.S. small businesses face fiscal challenges like cash flow and budgeting issues.
To successfully transition from a side gig to a thriving business, it is essential to treat it like a real business from the start.
Keeping personal and business finances separate, such as through a corporate entity, can help avoid financial mismanagement and tax issues.
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