In a recent interview with Ashley Hubka, SVP and GM of Walmart Business, it was revealed that a significant portion of Gen Z and millennials are engaging in side hustles with the goal of turning them into full-time businesses. Research from Bankrate indicates that the number of Zoomers and millennials with side hustles has been steadily increasing, with many of them hoping to transition their side gigs into their primary source of income. The interest in entrepreneurship among younger generations is fueled by a desire for flexibility and making a difference in the world, as well as a need for additional income to cover expenses.
To help side hustlers transition into full-time business owners, Hubka shared some valuable tips. She highlighted the importance of establishing a clear mission, creating a formal business plan, and remaining flexible in the face of change. Additionally, Hubka emphasized the need for aspiring entrepreneurs to find the right tools and resources to support their business growth and sustainability. This includes researching and testing options to find the best fit for their specific needs and seeking out programs and events that can provide valuable insights and networking opportunities.
One common mistake that startup entrepreneurs often make is failing to choose tools and technology that can scale and grow with their businesses. By prioritizing solutions that align with long-term goals and mitigate business barriers, entrepreneurs can save money, simplify purchasing processes, and enhance operational efficiencies. It is also important for entrepreneurs to set boundaries, prioritize rest, and incorporate well-being activities into their busy schedules to prevent burnout. Managing cash flow in real time and staying informed about spending habits are also crucial for sustainable business growth.
Throughout her career, Hubka has interacted with numerous business owners and has identified best practices that can help entrepreneurs succeed. One key takeaway is the importance of managing cash flow in real time to make timely adjustments to spending and budget choices. By staying informed about their financial health and prioritizing rest and personal well-being, entrepreneurs can maintain a healthy work-life balance and avoid burnout. Hubka’s insights and advice can serve as valuable guidance for aspiring business owners looking to turn their side hustles into successful full-time ventures.
