Skip to main content
  • Claims Center
  • Contact Us
  • Español
  • Brokers & Agents
Hiscox Insurance
Menu Toggle
  • Home
  • Small Business Insurance Toggle Menu Toggle Menu
  • Why Hiscox Toggle Menu Toggle Menu
  • Resources Toggle Menu Toggle Menu
  • Policy Management Toggle Menu Toggle Menu
  • 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 Insights

    Sign up to get the latest small business news delivered right to your inbox.
    Start Your Business
    Younger man on computer

    Thinking of turning your side hustle into a small business? Here’s how it’s done

    Entrepreneur | Small business inspiration
    By: Hiscox Blog

    Share Image

    Embed Image

    Copy

    Share Article:

    The rise of the "side hustle" represents a new iteration of entrepreneurs who are taking their first steps toward owning a business while still being employed full time. A side hustle is what we call the time and dedication put in after a long day at a nine-to-five to work on what you're truly passionate about.

    Hiscox surveyed 400 small business owners whose companies started out as side hustles. We asked them questions such as, how long before you could take your business full time? How did you earn enough money to support yourself once you quit your day job? And, most importantly, how did you turn a side hustle into a small business? Here's what we uncovered:

    They put in the overtime ... all the time. We found that people worked, on average, 20 hours a week on their side hustle before it became their full-time career. This extra work was  primarily completed at night and on the weekends. This was in addition to their 40-hour-a-week day jobs. 

    It takes time and money. After about a year and a half, they were ready to ditch the day job and become full-time entrepreneurs. At this point, the average side hustle was generating $43,862 a year – the amount they needed to feel comfortable leaving the security of full-time employment. 

    Patience is important. It took an average of seven months after taking the business full time for most side hustlers to hire their first employee. Within three years, they were making the same annual income as they had in their last full-time job working for someone else. 

    Get a sneak peak of what it takes to turn a side hustle into a small business in the infographic below. Don’t forget to download the 2019 Hiscox Side Hustle to Small Business™ Study for everything you need to know. 

     

    side hustle to small business infographic

    These courageous entrepreneurs were willing to put in the long hours, juggle their responsibilities and take a pay cut so they could make their dreams of being their own boss come true.

    Learn more about turning a side hustle into a small business at www.hiscox.com/side-hustle-to-small-business.


    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
    Female entrepreneur in office proud to be her own boss

    How to never get laid off again: Be your own boss!

    Entrepreneur

    Layoffs are bound to happen during our careers, however, there is a way to ensure that you never get laid off again – start your own business.

    Read More

    5 Min Read
    Female entrepreneur dreaming of elevating her small business to the Fortune 500 list

    Dream big! Devoted entrepreneurs now helm Fortune 500 companies

    Start up | Entrepreneur

    Not every startup company makes it to the Fortune 500 in the founder’s lifetime, but some do. Take some inspiration from these companies which are still being led by their founders, Dell, Tesla, and more.  

    Read More

    6 Min Read
    Female yoga instructor talking with two eager female students

    How to start a yoga business: Here's what you need to know

    Start up | Entrepreneur

    Have you been wondering how to become a yoga instructor? Discover all you need to know about what certifications you need, techniques to marketing your yoga studio, and more.

    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

    Footer menu 1

    • 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
      • Sole Proprietors
      • Entrepreneurs
      • Side Hustle
      • Contractors
      • Home Businesses
    • For Our Customers
      • Refer a Friend Program
      • Covid-19 Response
      • Claims Center
    • For Business Owners
      • Save with our Partners
    • About Hiscox
      • About Us
      • Careers
      • Contact Us
      • Hiscox Corporate
      • Investors
      • Foundation
      • Newsroom
      • We Stand Together
      • Affiliate Partner Program

    Footer menu 2

    • Accessibility
    • Site Map
    • Privacy Policy
    • Terms of Use
    • Legal Notices
    • Español

    Do Not Sell or Share My Personal Information

    Feefo Reviews: Hiscox rated 4.7/5 with 1,067 reviews between January 1, 2022 - January 1, 2023

    © 2023 Hiscox Inc. All rights reserved. Underwritten by Hiscox Insurance Company Inc., 30 N. LaSalle St., Suite 1760, Chicago, IL 60602. As of December 31, 2022, HICI had admitted assets of $1,458,861,470 and policyholders surplus of $380,056,863. Total liabilities were $1,078,804,607 (inclusive of $529,538,410 of loss reserves) and paid-up capital stock was $4,242,000.

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