Side Hustles from Home

Side Hustles

People today are trying to find ways to supplement their income. Since Covid hit in the beginning of 2020 the economy has been a little shaky. Some people think they would be better off owning their own business or doing something on the side that they have an interest in. They are probably right. This is called Side Hustling. What do you enjoy doing? Can you think of any services you possess that are marketable? Everyone is good at something, and the more you enjoy the work you do the more motivated you will become and follow through in your business.

Side Hustles

Side Hustles and Jobs

Are you providing a service to others? There are some popular websites like Upwork and Fiverr that allow you to provide your services. People pay you for your services and knowledge on these websites. Do you need advertising for your new venture? A good way is to post on a Facebook group or perhaps start a new group.

Maybe you have some products that you’ve designed and made that you think people would buy. Why not try to sell these products on eBay or Amazon. Perform a ‘test run’ on a few products and see how they do.

If your business needs a website like most do, you can set one up using WordPress or Weebly. You will also need to set up a domain name or URL. GoDaddy is great for this. Once your website is up and running, you can pay for adds using Facebook, Google, or another platform.

Side Hustles and Business Costs

Every business has costs. Try to find someone in your niche and find out what their expenses are. To find out more about the business you’re starting, reach out to someone else and find out what they’re doing and model them. A good place for this is LinkedIn.

Your business will cost money so you must develop a budget and stick to it. Try to conserve your spending so you can pay for unexpected expenses, because they will pop up. Some expenses might include software for your website, a computer, or maybe office equipment.

Does your boss approve?

If you are doing something on the side for extra income, make sure your company or boss allows it. Most companies will allow it as long as it doesn’t interfere with your duties of your primary job. Your company might not allow you working for competing companies or clients. But just be sure.

Side Hustles and Time

Devote time for your side hustle. At least start off with one hour a week. More is better. A good way to do this is to get a calender and mark on it all the things you want to get accomplished, like buying a domain name or setting up your website.

Side Hustles and Taxes

Guys make sure you are saving your receipts for your taxes! This is very important in case the IRS wants to investigate. We want you to be successful but the more income you make the higher your taxes will be.

Bank Accounts

It’s probably a good idea to open up a business checking and savings account. Keep this separate from your personal account. The business savings account should be used exclusively for taxes. Take at least 20% (again more is better) of all your income from the business and deposit it into your savings. This is done to make sure you have enough to cover income taxes. The business checking is used to keep your personal expenses separate from your business expenses. Again, opening a business checking account is a good thing to do. It keeps you business expenses separate from your personal expenses. Not only that the account will help you start business credit. Later on when you are settled you may want to apply for business credit cards.

Keeping Records

Keep a record keeping system that includes all your receipts, business records, and other important information. Quickbooks is good, but there is other record keeping software out there. When you’re first starting out you might want to hire a tax professional handle the taxes for you – just in the beginning. That’s what I did (and continue to do) when I first started my business.

Another avenue to go when first starting up is to form an LLC. This is a form of protection and keeps your business side of things separate from your personal side. The problem is it is very expensive, especially when you are first starting out. It might cost you thousands, depending on who you purchase it from.

The best way to let people know about your new business is to post on social media. These free platforms include Facebook, Instagram, and Twitter. But you can always go with paid adds as well.

Do you need help designing your website? Fiverr is great for this and they are very affordable. I personally hired them to create my YouTube Channel and YouTube thumbnails.

Side Hustles and Keeping It Going

When your business begins to grow you will eventually need help keeping it going. Some people you might want to hire include a bookkeeper, accountant, and possibly an attorney. A good bookkeeper can manage the numbers and make sure the business is making a profit. An accountant is very helpful during tax time. Make sure you hire people that are experienced with entrepreneurs and small business owners.

Again taxes are very important when you are starting a small business. Stay in touch with your CPA. If you owe quarterly taxes, make sure you’re on top of that. You don’t want to miss your quarterly payments and find out you owe a bunch in April.

When you see money coming in I would meet with a financial planner to discuss your options. She can help you with retirement or good investments.

If you would like to know what I’ve been doing on the side for supplemental income I will tell you. I am doing something called affiliate marketing. I advertise products for companies and I get a commission on those products I sell. Some commissions can be as high as 20%. All you really need to get started is a computer, and it is a great way to earn some extra income.

In the end, side hustling is a lot of work, especially when you are working at another job. But if you are unhappy with your current job and want to do something your passionate about, I would go for it. If it pays off and you can pay your bills with the side hustle, you can leave your 9 to 5 job, and finally do something you love. Life is too short to spend time at a job you hate.

Hope this helps you! Good luck!

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