Will it be harder to get a side hustle in 2023?

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There is reason to believe they may.

Key Point

• A side job can be a good way to increase your income.
• You may want to lock one sooner or later.

These days, many people are struggling to make a living because of rampant inflation. If you’re tired of seeing your credit card balance skyrocket, you might want to get another job to boost your income.

Even if you don’t have a lot of money, you can still benefit financially by doing a side business. It may give you the freedom to pursue other goals, such as spending more money in your leisure time, saving more, or saving to buy a house.

But if you have even the slightest interest in side hustling, you might want to land one sooner or later. There is reason to believe that winning the side hustle in 2023 will be harder.

Why it’s going to be harder to land a side gig next year

For months, economists have warned of a possible recession. The Federal Reserve has been very aggressive in raising interest rates to slow the pace of inflation. The hope is that as borrowing becomes more expensive, consumer spending will begin to decline, thereby narrowing the gap between supply and demand that initially caused inflation to skyrocket.

But what happens is that consumer spending goes down manywhich will spur a recession in 2023. And when that happens, individuals and businesses alike may do their best to cut costs.

Therefore, it may become difficult to have a side job next year. So if you’re serious about increasing your income, I encourage you to join a gig now.

You may be thinking, “But if things really go wrong, that gig will be gone next year.” And what is the answer? necessarily.

Let’s say you start a side business serving as a housekeeper or babysitter/helper to your parents a few days a week. Once your clients turn to you, they may have a hard time cutting ties, even if a recession hits. , clients may be hesitant to hire you in the first place.

Similarly, let’s say you get a side job working weekend shifts at your local store. If you prove yourself to be a reliable employee, the business owner you work for may expand the budget to keep you even when a recession hits and revenues start to decline. But if things are already slowing down, that business owner may be less likely to hire you.

don’t wait

We do not know where the economy will land in 2023. Experts warn of a recession, but a full-blown recession is not guaranteed.

But if you’re serious about your side hustle, you’re better off getting it sooner or later. That way, if things go wrong, you’ll still have some staying power in the context of that gig. .