This Software Exec Turned His Side Hustle Into a Full-Time Business -- and Doubled His Salary

Software developers are known for earning good incomes and working for successful tech companies -- but sometimes, even software executives need a side hustle. The recent tech layoffs have been a strong reminder that even if you have a successful career and in-demand professional skills, it's important to have a backup plan.

Justin Silverman worked at a software company for over 10 years until he was laid off. Fortunately for Justin, he was already working on a side hustle to earn extra income -- and that side hustle became a successful B2B marketing company called Merchynt.

Let's look at a few of Justin Silverman's insights about how he built Merchynt starting from a side hustle -- and what other small business owners can learn.

From software executive to side hustler

Even though Justin Silverman was a software executive with a good salary, he still saw opportunities to build additional financial security. Starting a side hustle can be a great way for people to build their emergency savings or earn money to invest for the future.

"I wanted to have financial freedom and be able to live the same life my parents were able to afford," Justin Silverman said. "The reality is that even if you're a software executive, you need to do more if you want to get ahead today."

Justin used his software savvy and marketing skills to launch Merchynt, a B2B software and services company that helps small businesses improve their rankings on Google Maps and Google Business Profile. If you've ever used Google Maps to find a restaurant or look for store hours, you know how powerful it can be to help you make choices about where to spend money. Small businesses want to put their best foot forward on Google so they can "get found" and connect with customers more easily -- Merchynt helps them do just that.

"I side-hustled my business for years before eventually going full-time," Justin Silverman said. "I was a software exec then and was making double that salary with my side hustle. My side hustle became my full hustle, earning almost $1 million per year. This has significantly helped my financial goals, although there's still a lot more work to be done."

How to make big money from a side hustle: Short-term pain for long-term gain

Not everyone is cut out to be an entrepreneur. If you generally like your job, and you enjoy the stability of a steady paycheck and employer-sponsored retirement accounts, health insurance, and other benefits, there's nothing wrong with that.

But if you have a business idea that won't get out of your head, if you want to do more with your skills, if you want to be a little busier and get a little extra out of life, if you're wired to work harder than most people…you might be a side hustler. And don't quit your day job too soon -- use it as a safety net.

"If you want to start a side hustle, you need to sacrifice your mornings, nights, and weekends so you can still give your 9-5 your all and use those funds to fuel your side hustle's growth," Justin Silverman said. "Many people quit their full-time jobs early, but that really starves your passion project of the capital it needs to be successful. You cannot save your way to growth!"

Learn more about Justin's business at Merchynt.com or follow Justin Silverman on LinkedIn.

Bottom line

Running a small business requires extra effort and unusual hours. This is especially true if you're starting a side hustle while holding down a full-time job; you might need to stay up late, wake up early, and forego most of your usual social activities and hobbies.

But having a side hustle can transform your personal finances. It feels incredibly empowering to see that "extra" money coming into your bank account. And sometimes, if you work extraordinarily hard for the short term while launching your small business, you can enjoy better work-life balance in the long run.