Will Side Hustles be harder to get in 2023?

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There are reasons to believe they might be.

Key points

  • A side hustle could be a good way to boost your income.
  • You might want to lock one in sooner rather than later.

These days, many people are struggling to make ends meet due to inflation. If you are tired of seeing your credit card the balance is skyrocketing, you may be at the point where you are ready to take on a second job to increase your income.

Even if money isn’t tight, a side hustle could still benefit you financially. It could give you the freedom to spend more on your hobbies, expand your savingsor achieve other goals, such as saving to buy a house.

But if you’re at all interested in a side hustle, you might want to try and land one sooner rather than later. There’s reason to believe that side hustles will be harder to get in 2023, and you don’t want to miss the chance to field one.

Why landing a side gig might be trickier next year

For months economists have been warning of a potential recession. The Federal Reserve has become very aggressive with its interest rate hikes in an effort to slow the pace of inflation. His hope is that as borrowing becomes more expensive, consumer spending will begin to decline, narrowing the gap between supply and demand that sent inflation skyrocketing in the first place.

But what can happen is that consumer spending goes down a lotthus causing a recession in 2023. And if this situation occurs, individuals and businesses alike could do their best to cut costs.

As such, you may find it harder to get pushed around next year. And so if you really want to increase your income, you might want to host a gig now.

Now you might be thinking, “But isn’t this gig just going to fade away next year if things get really bad?” And the answer? Not necessarily.

Let’s say you start a side gig where you offer your services as a housekeeper or babysitter/parent’s helper a few nights a week. Once your customers rely on you, they may find it difficult to sever ties, even in a downturn. But if you’re launching your gig for the first time once economic conditions are bad, clients might be hesitant to hire you in the first place.

Similarly, let’s say you choose a side gig while working weekends at a local store. If you prove you’re a reliable employee, the owner of the company you work for might stretch their budget to keep you around even if a recession hits and revenues start to drop. But that business owner may be less likely to hire you if things have already slowed down.

do not wait

We don’t know where things will end up economically in 2023. Although experts have warned of a recession, a full-fledged downturn is not guaranteed.

But if you’re serious about side hustle, it’s worth lining up this job as soon as possible. That way, if things go wrong, you’ll have some degree of resistance in the context of that gig. And even if your secondary gig ends up disappearing, you will have at least initially benefited from several months of additional income.

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