In a landscape marked by rising living costs and stagnant incomes, a new report highlights a growing national trend: the rise of the side hustle.
A recent survey by Old Mutual indicates that nearly half of all employed Kenyans now rely on these ventures as their primary source of income, signaling a shift towards a diversified economic model.
Speaking on the trend, finance analyst George Monga, appearing on the Morning Café show on TV47 with Linda Alela, emphasized that to succeed, a side hustle must be treated with the same diligence as a full-time job.
“A side hustle should not be a knee-jerk reaction to a situation like the pandemic, but a deliberate and intentional venture with a long-term vision,” Monga stated.
For those navigating both full-time employment and their own business, experts offer key advice. Integrity is paramount—dedicate your work hours to your employer and avoid using company resources for personal gain. Starting small, leveraging your passion, and keeping meticulous records are essential steps for growth
The question of when to transition to full-time entrepreneurship is a common one. Monga advises waiting until the side hustle is profitable enough to cover all expenses and provide a sustainable income equal to or greater than your current salary.
“A side hustle becomes a true enterprise when it can run with or without the owner’s presence,” he noted.
The side hustle is no longer just a way to earn extra money; it has become a fundamental strategy for economic resilience, as Kenyans increasingly take control of their financial futures.
By Edwin Githinji
