Bone growing out of side of my foot. what is this called?

Bunion/bunionette: Depending on what side it is growing, it is either called a bunion (on the side of the big toe) or a bunionette (on the side of the little toe).

Tailor's : Assuming it is on the outside of the foot near the little toe, it is called tailor's bunion.

May or may not be: It could feel hard but may be a hardened cyst, soft tissue mass - the xrays could help visualizing the bone, otherwise may just leave it up to the doc to choose the correct way to assess it.