One of the biggest trends right now is people starting a side business—often referred to as a “side hustle.” This idea isn’t new, but with the rising cost of living and the increased flexibility of hybrid work, it has gained serious momentum. Thanks to the internet, you no longer need a physical storefront to sell something; anyone with an idea and determination can start an online business with little upfront investment.

But while starting a business has never been easier, growing and sustaining one is a different challenge altogether. Many small businesses fail within the first few years, often due to a lack of proper planning, financial management, or differentiation in the market.

In my opinion, a side hustle succeeds when it solves a real, relatable problem—something you’re passionate about and personally invested in. On the other hand, if you start a business just to make money, without any genuine connection to the problem you’re solving, chances are it won’t last.

How Product Management Prepares You for Entrepreneurship

If you’re thinking about starting a side hustle but don’t know where to begin, product management is one of the best careers to prepare you for running a business. A product manager is, in many ways, a mini-business owner. Depending on the company and role, you’re typically responsible for:

✅ Vision & Strategy – Defining what the product is and why it exists.

✅ Profit & Loss (P&L) Management – Making sure the product is financially viable.

✅ Customer Research & Feedback – Understanding what customers want and how to meet their needs.

✅ Marketing & Go-To-Market Strategy – Figuring out how to sell and position your product.

✅ Working with Developers & Designers – Bringing an idea to life and iterating on feedback.

In many ways, product managers go through the same struggles as small business owners. You’re constantly prioritizing, managing limited resources, and making tough trade-offs. If you can successfully manage a product, you already have a strong foundation for launching and running your own business.

Find a Problem Worth Solving

Every successful product or business starts with the same thing: a problem worth solving.

One of the biggest mistakes people make when launching a side hustle is focusing on what they want to create, rather than what people need. Some of the most successful businesses weren’t built on entirely new ideas but rather improvements to existing ones. You don’t have to reinvent the wheel—just find a better way to make it spin.

For example:

• Do you see inefficiencies in how a certain industry operates?

• Is there a pain point in your own life that no one has solved yet?

• Can you improve an existing product or service with better pricing, customer service, or features?

If you can answer yes to any of these questions, you may already have the foundation for a great side hustle.

Competition Is a Good Thing

A common misconception is that if competitors already exist, your business idea isn’t worth pursuing. But the reality is that competition is a sign of demand. If no one else is offering a similar product or service, there’s a good chance it’s either not a viable business or you haven’t done enough research yet.

Instead of avoiding competition, study it.

✅ What are they doing well?

✅ Where are they falling short?

✅ Is there a niche they aren’t serving?

✅ Can you offer something better or at a lower cost?

Before jumping into any side hustle, do your research. Too many people pour time and money into an idea without fully validating the market, only to realize too late that demand isn’t there. Time is your most valuable resource, so invest it wisely in the early stages.

Mastering Profit and Loss (P&L)

One of the biggest challenges new business owners face is understanding whether they’re actually making money.

That first sale is a rush—you’ve built something, and people are paying for it! But if you’re spending more than you’re making, your business won’t last long.

A product manager learns to track P&L, ensuring their product generates revenue while managing costs. When applied to a side hustle, the same principles hold:

• Know your costs (materials, hosting fees, advertising, etc.).

• Price your product or service sustainably (cover costs + generate profit).

• Avoid the trap of spending too much on acquisition (ads, marketing) without first proving the concept.

Balancing a Side Hustle with a Full-Time Job

One of the biggest struggles with a side hustle is balancing it with your day job. This is especially true for product managers, whose roles are already demanding.

Here are some strategies to help manage both:

🔹 Time Blocking: Dedicate specific hours to your side hustle (e.g., early mornings, weekends). Treat it like a job.

🔹 Automation & Outsourcing: Use tools to automate repetitive tasks (e.g., email marketing, social media scheduling).

🔹 Small Wins First: Don’t try to launch the next Amazon overnight. Start small, validate, and scale gradually.

🔹 Prioritize Health & Family: Burnout is real. If your side hustle takes a toll on your personal life, reassess your approach.

Final Thoughts

The rise of side hustles proves that more people are looking for independence and financial security outside of traditional employment. Product management is one of the best career paths to prepare for this, as it mirrors the skill set of a business owner.

So whether you’re a product manager thinking about a side hustle or someone interested in product management as a stepping stone to entrepreneurship, the key takeaway is the same: Find a problem worth solving, validate your idea, and build something meaningful.

Would love to hear your thoughts—are you working on a side hustle, or thinking about one? Let me know in the comments!

Interested in Product Management?

If you’re considering a career in product management and don’t know where to start, feel free to reach out. I’d be happy to provide advice and help you navigate the path to breaking into the field!