In this gig economy, many people have a side hustle – income in addition to their main job to bring in some extra money.
The trend, also known as the sharing, on-demand or peer-to-peer economy, has been, growing for several years. In addition to extra income – is likely fueled by people’s desire to be self-employed. The latest findings of the Amway Global Entrepreneurship Report show that 57 percent of those surveyed in the U.S. expressed a desire to be an entrepreneur, a number that surpasses the global average.
That extra income can be just that – a little extra to put aside for a rainy day, unexpected expenses, long-term savings or simply fun money to spend how you want.
But it can also be a crucial part of your monthly budget. According to a Bankrate study, more than half of the people reporting a side hustle use the income for regular expenses rather than as something extra.
Amway as a side hustle
Many successful Amway Independent Business Owners started out joining Amway simply for extra cash. When Adam Gomez started, he was working two jobs to make ends meet and wanted to get ahead.
“By looking at the numbers, I said if I can make $250 a month, I said that’s it. That’s for me,” Adam said of Amway. So, he fit it into his schedule. Now it’s his main source of income.
For Lowell and Karen Martin, the extra income they earned from their Amway business when they first started allowed them to avoid borrowing money for large purchases. When they needed money, they put more time into their business.
“We set a goal when we first got married,” Lowell said. “We said we wouldn’t borrow money for a car. We wanted the flexibility just to earn when we needed more income … We never had to put things on a credit card.”
Soon, that extra income became steady enough and large enough to allow Karen to quit her waitressing job.
“I might have made, back then, $250 a week, so it wasn’t a lot,” Karen said. “But it was something.”
Flexibility is key for a side job
Steve Victor, who joined Amway in 1994, said many people are attracted to the flexibility of the Amway opportunity when they’re looking for extra income because it’s able to fit into anyone’s schedule.
“It’s customized really to meet you at your needs,” Steve said. “Everybody is just looking for a little extra income. And that’s what the Amway opportunity can provide.”
Want to see if Amway could be your side hustle? Learn more here.
Click here to hear from more Amway Independent Business Owners on why they love being their own boss.
Approximately 48% of IBOs in the U.S., and 52% of IBOs in Canada, were “active.” IBOs were considered "active" in months in 2016 when they attempted to make a retail sale, or presented the Amway IBO Compensation Plan, or received bonus money, or attended an Amway or IBO meeting. If someone sustained that level of activity every month for a whole year, their annualized Gross Income would be $2,484(U.S.)/$2,232 (Canada). Of course, not every IBO chooses to be active every month. "Gross Income" means the amount received from retail sales, minus the cost of goods sold, plus monthly bonuses and cash incentives. It excludes all annual bonuses and cash incentives, and all non-cash awards, which may be significant. There may also be significant business expenses, mostly discretionary, that may be greater in relation to income in the first years of operation. For the purposes of the calculation in Canada, individuals who were IBOs for less than the entire year in 2016 were excluded. Before registering as an Independent Business Owner (IBO) powered by Amway, you should read and understand the Amway™ Business Overview Brochure, which contains important information for those interested in becoming IBOs. Following are approximate percentages of IBOs in North America who achieved the illustrated levels of success in the IBO Fiscal Year ending August 31, 2017: Platinum (0.4156%).