The rise of side hustles: entrepreneurs starting companies

A recent report revealed a major increase within the number of entrepreneurs starting small businesses while maintaining other employment obligations.

According to a survey conducted by a payroll company Vervefrom 2022 to next 12 months, the number of latest businesses created in consequence of side activities almost doubled. Gusto’s chief economist, Liz Wilke, attributed this increase in side hustles to economic uncertainty, telling Bloomberg: “The uncertainty about where the economy is going has made people a little shy about giving up something they need to do.” go get something they need.”

Wilke also highlighted the impact of hybrid and distant working arrangements, suggesting that the pliability these structures provide has provided individuals with the time and space to explore their entrepreneurial aspirations.

“I don’t think AI is responsible for the entire spike,” Wilke said . “But I wouldn’t be surprised if side hustlers don’t actually use generative AI tools to cut down on a lot of the time required at the very start of a business when they’re really just trying to promote their brand, build a reputation, build some revenue streams.”

The survey of 1,345 business owners found that 44% of latest ventures within the United States began in 2023 as side projects, a major increase from the 27% reported in 2022. A good portion of respondents, 25% indicated that once they began their entrepreneurial adventure, they held full-time positions, while 19% combined part-time work with latest ventures.

The emergence of generative AI tools like OpenAI’s ChatGPT has made starting a business even easier, enabling entrepreneurs to speed up product development and streamline operations. The study found that over 20% of latest companies use generative artificial intelligence tools, mainly for marketing purposes.

As recently reported BLACK ENTERPRISESAtlanta has been named the perfect city to start out a business in 2024.

According to Jaime Seale, writer of “Data for 2024: which cities are the best to start a business?” In recent years, Atlanta has significantly improved its position as an entrepreneurial hub. Seale identified that Atlanta has moved up from its previous No. 5 rating, behind Las Vegas, to a more distinguished position.

Home Bay, which conducted the study, listed Atlanta, Miami, Orlando, Tampa (all in Florida) and Austin, Texas, because the top-ranked cities for business startups. On the opposite hand, the study identified Providence, Rhode Island; Hartford, Conn.; Buffalo, New York; Milwaukee, Wisconsin; and Louisville, Kentucky, because the least favorable environment for brand spanking new businesses.