Many of our OMG! Decadent Donut licensees around Australia operate their business as a full-time gig, but many also operate it as a side hustle.
A side hustle to another paid job, a side hustle to parenting or a side hustle to other pursuits such as sports.
In recent years, the concept of a side hustle has gained significant popularity, with many people embracing the idea of owning a business alongside their regular job. A side hustle provides an avenue to explore your passion, supplement your income, and discover new opportunities.
We chatted to our many licensees about how their side hustle benefited their lives to find out if it was a game-changer for them. Here’s what they highlighted as the main benefits.
One of the primary reasons our licensees have ventured into their side hustle with us is the potential for additional income. Owning a side business creates an additional revenue stream, offering the opportunity to pay off debt faster, save for future goals, or even quit their ‘day job’, or at least give them the financial freedom to do so if they wish.
The income generated from their OMG! Decadent Donut side hustle business provided financial flexibility and freedom, reducing the stress associated with living week to week, pay day to pay day.
At the same time, they were building an asset with their business, which they could later sell.
Pursuing Passions and Interests:
A side hustle allowed our licensees to pursue their passions and interests outside of their primary job. For some, their ‘day job’ was high-stress and not very joyful. Their OMG! Decadent Donut business gave them some balance as it’s fun and what’s not to love about people loving our donuts!
Their side-hustle business with OMG! gave them a creative outlet whilst making a tidy profit doing something they loved.
Personal Growth and Skill Development:
Running a side hustle business requires entrepreneurs to wear multiple hats, providing valuable opportunities for personal growth and skill development. Guided by our OMG! Decadent Donut team at HQ they’ve developed skills like marketing, customer service, time management, and financial planning, which were applicable to both their side hustle and their full-time job. The experience gained through a side business can enhance a professional resume and broaden an existing skillset.
Diversification of Income:
Having all your eggs in one basket and relying solely on a single source of income can be risky, as economic uncertainties and job stability are always a concern. Our licensees have found owning a side hustle business diversified their income streams, minimizing the impact of potential unemployment or unexpected financial setbacks. This diversification acts as an insurance policy, providing a safety net to support our licensees during challenging times.
Our OMG! Decadent Donut business owners also found that starting a side hustle business introduced them to a network of like-minded individuals. Attending industry-specific events, and conferences and connecting with other entrepreneurs & community leaders in their location, opened doors to new business partnerships, collaborations, and opportunities.
Building a strong network not only benefits your side hustle business but can also have positive impacts on your professional career.
Testing Entrepreneurial Skills:
The OMG! Decadent Donut owner-operators all found that this was a low-risk environment to test their entrepreneurial skills and ideas. With relatively small investments and less pressure, they could experiment, iterate, and learn from their successes and failures. Through this process, they gained firsthand experience in launching and managing a business, which can be applied to other ventures in the future.
Increased Job Satisfaction:
Owning their OMG! Decadent Donut side hustle business also provided a sense of fulfilment and purpose that was lacking in their regular job. They had control of their work, allowing them to align their values and passions with their actions. Many found the fulfilment in earning money through their own efforts and creating and growing a business of their own was not only hugely financially rewarding, but it also grew their self-esteem and self-confidence.
Improved quality of life:
Through their side-hustles, our licensees have been able to really add value to their lives. Examples are being able to afford to pay down their mortgages; affording better schools for their kids; extending, renovating and adding value to their homes; able to afford and enjoy holidays. All from a humble donut!
The rise of side hustle businesses highlights the numerous advantages they offer in terms of financial freedom, personal growth, and exploration of passions.
Owning an OMG! Decadent Donuts business operated as a side hustle business diversifies income, encourages entrepreneurial spirit, and opens doors to exciting opportunities.
While it requires hard work and dedication, it’s also fun and the benefits often outweigh the challenges, making it an attractive avenue to explore. If you’ve been contemplating starting a side hustle, now is the time to take the leap and unlock the significant advantages it can bring to your life. Find out more by enquiring here.