By Paul McEldon, Chief Executive at the North East BIC
Here at the BIC, we’re fortunate to have a team that’s full of entrepreneurial energy. A lot of our staff – particularly our business advisers – are registered as self-employed alongside their roles at the BIC.
People like Nham Lee, John Forth, Michelle Booth and Anthony McDermott all have their own side businesses or purpose-driven projects while helping others do the same. It’s not surprising given that we’re an organisation dedicated to helping people start and grow their businesses.
But I firmly believe that any company can benefit from fostering this entrepreneurial spirit in their teams.
So, what’s the big deal about side hustles?
The term “side hustle” is nothing new. It’s been around since the 1950s. But it’s had something of a resurgence in recent years, and for good reason. Side hustles aren’t just about making extra cash. For some they’re an entrepreneurial adventure that allows them to pursue their passions, explore their purpose in life and develop new skills.
And in a world of marketing through social media, working from home and outsourced manufacturing, it’s now more straightforward to get a side hustle off the ground. We’re seeing more young people aspiring to create something they can call their own and a greater interest from people wanting to make a difference in the world by exploring social enterprise.
Companies that support this passion are setting themselves up for some serious benefits.
But what do I stand to gain as an employer?
It might sound counterintuitive at first: “How can supporting my staff to set up their own business be good for mine?” But, dig a little deeper, and the advantages are clear.
- Developing entrepreneurial skills
Employees who are running their own businesses are constantly learning new skills. From managing budgets to developing marketing strategies, these skills help them become more versatile in their day-to-day roles. Imagine having a team that’s not only great at their jobs but also bringing fresh solutions and commercial awareness to the table because they’re learning new skills in real time.
- Encouraging innovation and creativity
Running a side business demands creative thinking. That’s exactly what your business needs too to stay competitive and forward-thinking. Whether it’s finding new ways to engage customers or coming up with cost-effective solutions, employees with side hustles tend to have a mindset that’s focused on innovation. These are the same creative minds that can bring new ideas into the workplace and help move your business forward.
- Fostering loyalty and retention
Side hustles often give employees the chance to test the waters to see if business ownership is a pond they’d actually like to swim in. If employees feel supported in exploring their passions, they’re less likely to leave your company to follow their entrepreneurial dreams. They get to explore new opportunities while still bringing their talents to your team.
But won’t the day job suffer if staff are distracted?
There’s always a concern that side hustles can distract from an employee’s main responsibilities. But here’s the thing: if your team doesn’t feel engaged or aligned with the company’s purpose, their minds will wander regardless of what they’re doing in their spare time.
It’s a sense of belonging and shared purpose that drives motivation. If employees feel like they’re contributing to something meaningful that values them as an individual, they’ll be motivated to do their best work – side hustle or not.
What if staff set up in competition?
At the end of the day, if someone’s determined to set up a business in the same industry, they’ll do it whether you know about it or not. To my mind, it’s better to keep things open and transparent. That way, you can avoid staff sneaking around on company time. By having honest conversations about boundaries and ensuring there’s no conflict of interest, you can avoid misunderstandings.
Building a better workplace culture
Supporting side hustles can also enhance your own workplace culture. For example, staff members might teach fitness classes, host workshops or you could offer a dedicated space for them to sell their food or crafts. This all helps to build a sense of community and allows staff to share their passions, which, in turn, fosters a more positive and engaged work environment.
What success means or looks like varies massively between people. To some side hustlers, they might be aiming to become the next big thing on YouTube or could be building a radical new piece of tech. But for some, it’s the thing they love doing anyway, like being an artist. Having the chance to exhibit their work and sell a couple of pictures a year might be the thing that makes them happy and fulfilled. That kind of personal fulfilment benefits everyone.
The bottom line
So, is it risky to encourage staff to pursue their entrepreneurial dreams? In my view, it’s much riskier to stifle creativity and passion. It’s not like people switch off their talent creativity when they go home. Their ideas don’t just come from 9-5, so why not embrace that?
And what would happen if more businesses embraced this approach? I think we’d see a wave of imagination and enthusiasm that benefits not only employers but society as a whole.
So, why not start now? Encourage your team to dream big – and watch as those dreams bring fresh energy and ideas back into your business.
We’re right here to help them too.
Want to know more? Give this podcast a listen.
Take your first step, and speak to one of our friendly team on: 0191 516 6111 or click here to request a call back here.
Enterprising Sunderland is the overarching title for this business support programme and is funded by the UK Shared Prosperity Fund. Delivered by a unique consortium of delivery partners in Sunderland working together to stimulate entrepreneurial ambition across the city.
