So, you’re thinking about taking the leap and starting your own side hustle – that’s great news! Side hustles are an incredible way to earn extra money outside of your nine-to-five job. But while deciding to start one is easy, it can easily become overwhelming to know where to actually start.
The good news is you don’t need to know everything before you start earning extra cash. In fact, most people would argue that the best way to learn about side hustles is to dive right in and utilize as many resources as possible. Here’s everything you need to know about beginning your own side hustle.
Choose the Right Business for You
A side hustle requires a lot of extra work, so be sure it’s something you enjoy. If you don’t enjoy it, you will reach a stage of burnout relatively quickly, which is never ideal. Plus, you want to ensure your side hustle works for your schedule and interests.
For me, freelance writing makes a perfect side hustle. I love to write and blog, so even though it requires me to do extra work, it rarely feels like a chore. In fact, I have continued my side hustle for over three years because it’s something I truly enjoy.
So, decide what you’re most passionate about. Remember, you earn money so many different ways. For example, if you love to bake, why not try selling homemade wedding cakes on the side? Or, if you love animals, why not get paid to watch pets on the weekend? A side hustle can be the perfect opportunity to do the work that you’re most excited about.
Set Aside Time
Scheduling time for your side hustle gets tricky, especially if you work full-time and have other personal commitments. But with some proper planning and commitment, it can be done.
Estimate how much time per week you can realistically set aside to side hustle. Put it into your schedule, so you always can ensure you can accomplish your side hustle goals.
For me, I find it easiest to wake up fairly early a few days a week to finish my freelance writing. That way, I rarely have to frantically find time to accomplish the tasks I committed to.
Surround Yourself with Similar People
Not everyone gets the concept of side hustles – and that’s okay. Going in, you have to prepare yourself for people who think side hustles are a waste of time or unnecessary. Keep doing what you want and surround yourself with support of fellow side hustlers.
How do you find support? You can start by interacting with side hustle or business groups on social media. You might be surprised to find how much you come to rely on the support of like-minded people.
Invest in Tools to Help You Succeed
Hey, you can’t side hustle without some resources. Even though some tools cost money, it’s usually a better idea to pay for some basic resources than to spend all your time trying to be an expert in every aspect of your business.
For instance, if accounting isn’t your thing, then maybe you want to pay for a subscription to Freshbooks to do the heavy lifting for you. Or, if you use social media for your business, you can purchase software such as Hootsuite to save you time in scheduling your social media postings. Some simple tools can go a long way to save you time and energy. They also allow you to focus more on the aspects of your side hustle that you care about the most.
Set Aside Enough Earnings
Don’t be surprised come tax time. Be sure to set aside more than enough money for taxes. Many side hustlers, especially newer ones, make the costly mistake of forgetting to save enough money for taxes. Even though you rarely earn a regular paycheck as a side hustler, it is still up to you to ensure you pay taxes since money isn’t automatically taken out.
The easiest way to ensure you always have enough to cover your tax bill is to save 20 to 30% of your earnings in a separate bank account. You can then use that money to pay your quarterly taxes. Not sure what quarterly taxes are? Here’s an explanation, including how to calculate them.
Have Fun
Remember, side hustles are supposed to be fun. Don’t take it too seriously, and know there is no perfect formula for success. Feel free to be creative, experiment, and try new things. You never know what might come of it.
Related:
Do you have a side hustle? Why or why not? If so, what is your best advice for someone just starting to earn extra cash on the side?
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totally agree
Hey Rachel,
I like how you mention that you need to set aside money. A lot of people don’t realize that you need to spend money to make money!
Thanks.
I agree! Even with a pretty low overhead business, it helps to be able to spend money on simple programs that make your life that much easier.
Everyone needs a side hustle. This guide is good for anyone trying to figure what route they want to go.
Thanks so much, Jason! I agree that everyone should have a side hustle!