Dec 6, 2024
Side hustles have become a go-to for many Americans to boost their income. For Melissa Riebe, a suburban mom from New York City, her side hustle has gone far beyond simply making extra cash. She’s created a thriving network, learned valuable business skills, and unlocked new doors to opportunity for herself and other makers.
Riebe discovered her passion in helping fellow makers find markets to sell their products. She started her business with 30 makers and has since grown her network to 72 craftspeople, whose wares she sells in her store. “One of my goals is to just have a place where there's beauty,” Riebe shared with CBS News New York.
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A recent study by One Poll on behalf of Herbalife revealed that nearly 40% of Americans are now pursuing side hustles. Could 2025 be the year you turn your passion into profit and start a side hustle? Here are some things to consider.
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Where to begin
Riebe once worked as a social worker, supporting cancer patients, but her true passion always lay in jewelry making. Now, she’s found a way to blend her dedication to helping others with her love for crafting, representing fellow makers through her store.
“In the store we have cancer survivors. We have people who are going through cancer treatment. We have new moms,” Riebe shared, reflecting on the community she’s built.
According to LendingTree, the rising cost of living has made side hustles a financial lifeline for many individuals. A whopping 80% of Gen Z and millennials with side hustles say they’ve become more reliant on that income, with over half using it to cover essential expenses.
However, not every side hustle can grow into a full-time job. Turning a passion into a business requires more than creativity — it takes strong systems, well-defined processes and a market-ready product.
Many of the artisans Riebe works with prefer to focus on their craft rather than the complexities of running a business. That’s where she steps in, taking charge of the sales and the marketing side to ensure their work reaches customers.
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What you should consider
Side hustles can feel like the ultimate ticket to financial freedom — or at least a little extra cash to pad your budget. But it’s also important to keep in mind what’s involved.
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Start by crunching the number of start-up costs. Even low-cost side hustles like freelancing often require some upfront costs — like equipment or software. There are many online marketplaces for freelancers that can help you find clients and build your reputation. Just remember, a successful side hustle should complement, not compromise, your main source of income.
And profitability is rarely instant. According to a survey by Guidant Financial, 35% of small businesses reported being unprofitable, with most taking an average of two to three years to turn a profit.
Then there’s the time commitment. You’ll have to be prepared to do work at nights and on weekends — so you have to ask yourself if you’re ready to invest without burning out. And with all the extra income, it will mean extra paperwork during tax season, so make sure you’re keeping track of your secondary income to report it on your tax return.
Done right, a side hustle can pay off, but only if you’re prepared to hustle smart.
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Victoria Vesovski is a Toronto-based staff reporter at Moneywise covering personal finance, lifestyle and trending news. She holds degrees from the University of Toronto and New York University, and her work has appeared on platforms including Yahoo Finance, MSN Money and Apple News.
