Skip to main content
  • Claims Center
  • Contact Us
  • Español
  • Brokers & Agents
Hiscox Insurance
Menu Toggle
  • Home
  • Small Business Insurance Small Business Insurance Toggle Menu
    Protect your business, plan for the unexpected, and help your business grow.
    • Top Coverages

      • General Liability Insurance

        The basic protection for claims against your business.

      • Errors and Omissions

        Protection against claims of negligence

      • Professional Liability

        Protection for specific risks in your field.

      • Business Owners Policy

        General Liability plus coverage for property.

      • Short-Term Liability Insurance

        Purchase coverage for a specific period of time.

      • Cyber Security Insurance

        Protection from cyber-related security risks.

      • Workers Compensation

        Protection from work-related illness or injury.

      • More Coverages

        Umbrella, Auto, Directors and Officers, and more

    • Coverage for 180+ Professions

      • Architects & Engineering
      • Beauty
      • Contractors
      • Consulting/Freelancing
      • IT/Technology
      • Landscapers
      • Marketing
      • View All Industries
    • Coverage for 49 States

      • View All States

    Retrieve Your Saved Quote

    Small Business Insurance Main Page

  • Why Hiscox Why Hiscox Toggle Menu
    With a single focus on Small Business Insurance, we provide fast, customized coverage just for you.
      • About Us
      • Customer Stories
      • Ratings & Reviews
      • Our Brand
      • Newsroom

    About Hiscox Main Page

  • Resources Resources Toggle Menu
    Insights and information to empower you and your business.
    • Blog
      • Start Your Business
      • Grow Your Business
      • Protect Your Business
      • Celebrate Courage
      • Business Insurance 101
      • Research & Insights
      • Partner Services
      • Insurance Glossary
      • Profit Calculator
      • Business Templates

    Resources Main Page

  • Policy Management Policy Management Toggle Menu
    We make it easy for policy-holders to make changes, access documents, and report claims.
    • Manage Your Policy Online

      • Hiscox Policy Management

        • Change Business Address
        • Get an ACORD Certificate
        • Get a Certificate of Insurance
        • Issue an ACORD for an Additional Insured
        • Request Policy Documents
        • And more

    • Claims

      • Claims Center
      • Report a Claim
      • Claims FAQs
      • Claims Customer Reviews
      • Cyber Vendor Services
      • Refer a friend

    If you purchased coverage from a broker and would like to update or change your policy, please contact your broker.

    Policy Management Main Page

  • Claims Center
  • Contact Us
  • Español
  • Brokers & Agents
  • About
  • Get a Quote Get a Quote
  • About
  • Get a Quote Get a Quote
  • Blog Home
    Start Your Business
    Grow Your Business
    Protect Your Business
    Celebrate Courage
    Search

    Small Business Insider

    Sign up to get the latest small business tips delivered right to your inbox.
    Close Close
    Start Your Business
    June 19, 2019
    Jared Novack, founder of Upstatement

    How long does it take to turn a side hustle into a small business?

    Entrepreneur | Small business inspiration
    By: Hiscox Blog

    Share Image

    Embed Image

    Copy

    Share Article:

    The 2019 Hiscox Side Hustle to Small Business™ Study found that, on average, entrepreneurs work their side hustle for 19 months before they are ready to make the leap and turn it into their full-time job. During that time, the average entrepreneur worked 20 hours a week in addition to their full-time job. In most cases, they worked on the weekends and at night, juggling their responsibilities for work, family and their side hustle business. 

    Jared Novack founded Upstatement as a side hustle with some friends he met while working on the student newspaper at Syracuse University. He said it took them about a year and a half from the project that launched their side hustle, until they were able to turn it into a small business. 

    A side hustle is born

    After college, Jared and his friends Mike and Tito went their separate ways, to the newsrooms of The New York Times and The Boston Globe. Eventually, the three met up again in Boston. 

    One night, Jared and Mike were at a party together and Mike mentioned that he was working as a freelance web designer. Someone said their company was looking for a web designer. According to Jared, “Mike said, ‘Oh, awesome. Where do you work?’ and he says, ‘Harvard University Undergraduate School of Design. Are  you interested? And the answer was definitely, ‘yes.’”

    Jared and Mike put together a pitch (“making the case way harder than it needed to be made,” said Jared) for the project and it was accepted. 

    “That was one of the first big projects we had,” said Jared. “That led to other opportunities. Meanwhile, Mike is doing this full time. Tito and I are doing this part time – nights and weekends while we’re also working at The (Boston) Globe.”

    Networking and word of mouth

    Finding a core client can be the impetus to consider making the move from side hustle to small business. Once you find that first major customer, you may find that others follow.

    “We found that the work started to find us,” said Jared. “We did a good job, I think, sort of accidentally networking. We just knew a lot of people, and word that we were doing this got back to us in the form of other project opportunities. We said, ‘Actually, this could just be our job.’ But this was when the recession hit. This was early 2009 and I think the hopes we had about that turning into 50 other projects didn’t materialize.”

    Despite the shaky economic climate, Jared decided that the time was right to make the move, and turn his side hustle into a full-time job. 

    “I was 25,” Jared said. “I had no kids, no mortgage, no house – nothing I have today. The question came to me as, basically, where I am going to do my best work? I knew that the worst thing that would actually happen to me at that point was I would go back and get a job. I could do this.”

    The three created a partnership and left their ‘day jobs’ to do design full time. Today, Upstatement employs 35 people and does design work for some of the world’s most recognizable brands. 

    Hiscox's side hustle to small business podcast

    Hear Jared’s story on the Hiscox Side Hustle to Small Business podcast, and learn more about how to turn a side hustle into a small business. Download the study, subscribe to the podcast, and get behind-the-scenes looks at entrepreneurs who’ve done it. 


    Protect Your Business

    Protect the business you’ve worked so hard to build. Get a fast, free quote and your business could be covered today.

    Get a Quote
    Get a Quote
    Subscribe to our newsletter

    Related Articles

    5 Min Read
    Storefront. How to qualify as a small business.

    How to qualify as a small business 

    Start up | Small business inspiration

    There are some advantages to being classified as a small business. To help you find out if your business meets the standards to qualify as small, read these guidelines from the Small Business Administration (SBA). Read More

    6 Min Read
    Desk, red lamp, stylish. Home office. Home-based business.

    How to start a home-based business

    Start up | Entrepreneur

    With a rapidly changing workforce, many people are choosing to open home-based businesses. Is this the right choice for you? And which industries lend themselves well to a home-based model?  Read More

    5 Min Read
    Young man standing over work bench with laptop. Side hustle to small business.

    Why now is a good time to start a side hustle 

    Small business inspiration | Entrepreneur

    There will always be reasons to not start your business, but for passionate entrepreneurs, not even an economic downturn can hold them back. Find out why now may be a good time to start a side hustle. Read More


    We’re here to help.
    We provide tailored insurance for the specific risks you face, so you can take the right risks to grow your business.
    Get a Quote
    Get a Quote
    Blog, Footer2021
    • What We Cover
      • Business Insurance
      • General Liability Insurance
      • Professional Liability Insurance
      • Errors and Omissions
      • Cyber Security Insurance
      • Workers Compensation
      • Other Coverage
    • Who We Cover
      • Small Business Owners
      • LLC
      • Side Hustle
      • Contractors
      • Home Businesses
      • 180+ Professions
    • For Our Customers
      • Refer a Friend Program
      • Covid-19 Response
      • Claims Center
    • For Business Owners
      • Save with our Partners
      • Hiscox Podcast for Business
    • About Hiscox
      • About Us
      • Careers
      • Contact Us
      • Hiscox Corporate
      • Investors
      • Foundation
      • Newsroom
      • We Stand Together
      • Affiliate Partner Program
    Blog, Footer, 2nd Row (new)
    • Accessibility
    • Site Map
    • Privacy Policy
    • Terms of Use
    • Legal Notices
    • Español

    Feefo Reviews: Hiscox rated 4.8/5 with 2,032 reviews between January 31, 2020 - January 21, 2021

    © 2021 Hiscox Inc. All rights reserved. Underwritten by Hiscox Insurance Company Inc., 104 South Michigan Avenue, Suite 600, Chicago, IL 60603. As of December 31, 2019, HICI had admitted assets of $778,266,779 and policyholders surplus of $215,333,986. Total liabilities were $562,932,793 (inclusive of $236,274,591 of loss reserves) and paid up capital stock was $4,242,000.

    icon-facebook
    icon-youtube
    icon-twitter
    icon-linkedin