This article is currently under review. All information contained in this article is the opinion of the author and should not be construed as legal or financial advice. If you are a licensed professional and would like to find out about opportunities to be a contributor, we would love to hear from you Contact us today HERE
Whether you are trying to pay off some debts or just saving for that trip to Hawaii, working a side hustle can be an ideal way to make that extra cash during your down time. Although, after working a 40-hour week, the idea of working another 15-20 hours may seem taxing. Here are some tips on how to develop a side hustle that will be worth the money and your sanity.
Do something you love
Now, wouldn’t it be great if we all did what we loved to do while making money at it? Well, some people do, and if you are working a full-time job where you slave away staring at spreadsheets all day, you would want your part-time gig to be at least a little fun, right? Say you love to write, maybe try to get a steady gig blogging part-time for a company website. If you are a musician, maybe see if there are kids or adults that would like to learn how to play an instrument. If you just moved to a new city and want to get to know the area and meet some new people, drive for Lyft or Uber. If you love shopping, maybe sign-up to work as a shopper for Instacart or Shipt.
Have a routine
Set different times during the week and on weekends to dedicate to your side hustle. If you start work early and get home at a reasonable time, maybe block off an hour or two a few nights a week. If it’s Saturday morning you have nothing going on, maybe have a set number of hours you work during that time. Try to make sure you set a schedule and stick to it.
Set boundaries
Try to make sure your side hustle doesn’t take you away from other priorities you have in your life, like your family, or your relationships. A good way to do this is time blocking, when you decide what time you will stop working your side hustle to attend to your other needs. Set alarms for yourself on your phone to remind you of when you need to stop working. There are apps that can also help with your time management.
Make sure you keep your day job
Sure, it would be nice for your side hustle to become a lucrative full-time business, but until then, stay focused on the job that makes you money. Don’t work on your side hustle at your day job, and most importantly don’t use company resources. Stay true to your commitments at work and keep your reputation intact; you never know how your bosses or fellow employees can help you if you decide to venture out on your own and make the side hustle a full-time commitment. Also, they may put you in contact with people they know that can help you with your side hustle.
Define Goals and Stick to Them
It all starts with small goals to get you where you want to go. Say you want to start a tutoring side hustle, it all starts with that one steady customer. Or, you’re doing marketing on the side for businesses, try charging them a lower amount and once they see what you’re capable of, and they are happy with your work and recommending you to other businesses, then start charging a little more. Consistency goes a long way, and once you build a good reputation among your smaller client base, word of mouth from them will just improve. Try to stick to small goals daily, weekly, or monthly and see how your side business grows.
Keep track of your expenses
It’s always a good idea to keep receipts, whether you are using your car a lot to make the side hustle happen, or say you are paying certain vendors or other fees to sell your product. Managing what money is going into the business is key to understanding how much profit you are making. Also, it’s good to keep receipts for tax write-off purposes.
When your side hustle becomes your main hustle
If you’re feeling pretty confident in your side business where you think you can quit the day job in order to have it as your main hustle, just make sure there is a consistent flow of customers so that your cash continues to grow. Also, factor in the extra expenses like health insurance and investing in a 401k like you had during your full-time gig. Having at least 6-months worth of income saved is good to have as padding just in case your business isn’t growing like it should.
Having a side hustle isn’t as easy as you may think. But, if you’re consistent and continue to build and grow, it could be a successful venture that could develop into your main business.