A side hustle is about freedom, flexibility and empowerment. The way how it is perceived has changed. It is more than just a way to pass the time, it has become a source of empowerment and income generation. It can be for anyone, be it a homemaker, or a full-time working woman.
A side hustle is like a small endeavor that you can own apart from your regular job or business. It can be various things, like selling homemade products such as jewellery, chocolates, and pickles at local community stores and fairs to running a new e-commerce store. It typically requires active effort, time, and skill to generate income.
An article from CareerBuilder mentions that globally, there are 20% more female side hustlers than males.
Stories of Successful Side Hustles
Many women started looking for an alternative apart from their regular jobs as a means to a problem they were facing or a way to pass the time. But with time, these ideas gained momentum and turned into a successful business venture.
For instance, the story behind the brand Chumbak came out of its founder Shubhra Chadda’s passion for design. She wanted to create a brand that has products that are quirky and vibrant.
Then there is the story of Menstrupedia, a social enterprise which talks about menstrual health and hygiene among young girls in India. Started by Aditi Gupta who wanted to spread awareness about menstruation, hygiene, and puberty and debunk the myths associated with them.
Out of her love for cooking, Kainaz Mesman started the brand Theobroma, one of India’s most successful bakery and confectionery chains.
Through these instances, we understand that how we visualize, promote, and make our brand unique makes it a successful business.
Why Women Should Side Hustle?
It provides opportunities for growth, independence, and security. There are several reasons why you should have a side hustle:
- Life throws Curveballs- In times of uncertainty, having a side hustle acts as an extra source of income. It is a way through which you can ensure financial stability. This extra income can be used to pay debts, have savings, and pay off debts. This way, you can save and invest more for the future.
With financial security, you buy peace of mind. Knowing you have a backup income reduces stress and lets you focus on what matters. - To be able to prioritize more of what brings you joy- It allows you to pursue your skills and interests and make a living out of it. Opens a channel for the creative intellect that otherwise might not be possible in a job.
Having multiple sources of income opens doors. You can do what you want to do, and design a life you love. - Learn and Develop New Skills- By running a side hustle, you get to build connections and entrepreneurial skills like budgeting and customer service. It provides opportunities to learn new skills and improve existing ones.
- Work-Life Balance– With flexible hours, you can run your side hustle while carrying personal and professional responsibilities.
- Adaptability– By being exposed to changing social and economic conditions while running a side hustle, you learn to adapt to various circumstances.
- Bridging the Gender Gap– By contributing to the household income, you challenge the existing societal norms and attitudes.
- Social Empowerment– One can make use of the income generated to support a social cause or a community. This can serve as an inspiration to other women trying to have a business of their own.
Financing in India for Side Hustle business for Women
The Indian government has set up several schemes which provide finance and subsidy to support women entrepreneurs. Some of these schemes which can be used to set up a side hustle business are:
- Annapurna Scheme provides finance for women having small-scale food catering businesses. This can help to buy equipment and set up trucks.
- Bharatiya Mahila Bank Business Loan provides a loan of up to Rs. 20 lakhs to expand your business across various sectors.
- Orient Mahila Vikas Yojana Scheme offers loans up to Rs. 25 lakhs with a special interest rate concession (up to 2%) and requires no collateral. A flexible repayment period of up to 7 years is available as well.
- Dena Shakti Scheme provides a maximum loan of Rs. 20 lakhs to female entrepreneurs across several sectors.
- Udyogini Scheme aims to make women from low-income families self-reliant by offering them loans up to Rs.1 lakh in the trade and service sector.
- Mahila Udyam Nidhi Scheme is designed to bridge the financial gap for existing small businesses owned by women. It provides loans of up to Rs.10 Lakhs with a 10-year repayment period.
- Stree Shakti Yojna offers a small interest rate concession (0.05%) on loans above Rs. 2 Lakhs for female entrepreneurs. In order to avail of this scheme, a woman must participate in an Entrepreneurship Development Program (EDP).
- Synd Mahila Shakti Scheme provides loans up to Rs. 5 lakhs for women entrepreneurs and self-employed women so that they can expand their business.
Side Hustle Ideas for Women
India being a diverse land has opportunities lying in every sphere be it art, education, finance, culture, food and healthcare, etc. Some ideas related to side hustle business in India for women are:
- Virtual Assistant- You can help with anything ranging from writing, editing, uploading blog posts, replying to emails, and managing social media accounts.
- Catering/Tiffin Business- With the number of people going out of their hometowns in search of jobs, the demand for food delivery services is increasing. Eating out every day is not a feasible and healthy option. This leads to a demand for home-cooked food.
- Yoga- With an emphasis on a healthy lifestyle, more people want to learn Yoga. One who is a trained yoga professional can set up a studio or provide online classes.
- Sell Crafts online- If you enjoy knitting, making jewellery, pottery, or some other crafts, you can sell them online. Or teach people to make them. This is a fantastic way to express your creativity and make some money at the same time.
- Handmade Goods- If you know how to make jams, pickles, chocolates, biscuits, sweet dishes, etc., you can then sell them at a store or an e-commerce platform
- Online Tutoring- Utilize your expertise by creating and selling online courses or offering tutoring sessions. If you are proficient in more than one language, offer translation services for documents, websites, or online content.
- Freelancing- There is a growing demand for copywriters, graphic designers, voice-over artists, editors, and content writers. You can choose to freelance if you are skilled in these areas.
- Pet Sitting and Dog Walking– Many pet owners look for reliable individuals who can care for their pets while they are away.
- Babysitting or Nanny Services– People need caring and reliable individuals to take care of their children.
- Personal Shopping or Styling– Someone with an interest in styling, can help clients with the way how they dress and shop.
- Beauty and Decor Services: A person skilled in makeup, hair styling, or nails and decoration can offer these services to clients. Events like parties, weddings, and corporate events where you can help to organize.
Find a side hustle that aligns with your strengths and interests and allows you to work in a way that energizes rather than drains you. It can turn out to be an enriching experience. By providing opportunities for growth, fulfillment, and security, a side hustle empowers women both financially and personally.
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