Because of rising prices for food, gas, and other necessities, the quantity of stuff we can buy with a dollar is decreasing due to inflation, and income growth is not keeping pace with this trend.
Think about getting a part-time job or beginning a side business if you’re looking for an uncomplicated approach to bring in some additional cash each month.
A part-time job, sometimes known as a “side hustle,” is a way to earn additional money by performing infrequent or even ongoing freelance labour.
According to a poll conducted by Harris Poll in 2021 and commissioned by Zapier, around one-third of American citizens have part-time employment.
A side hustle could make your life more comfortable or bring you closer to achieving a specific financial goal, such as contributing to an emergency fund, paying down credit card debt, or padding your investment portfolio.
If you are interested in learning more about how a side hustle could benefit you, contact us today.
However, before you get started, you must think about how the work will affect your time, job security, ultimate goals, and of course, your taxes.
Here are some suggestions to help you get the most out of the side employment you’ve taken on.
For further information, take a look at the following six potential sources of monthly supplemental income. In addition, find out how one lady converted her part-time business into a six-figure enterprise.
Consider the amount of time you actually have in the appropriate context.
A supplementary source of income may come with significant responsibilities. Even if the employment just requires a small amount of time commitment, this is in addition to your full-time job as well as any other commitments or relationships that demand your attention and time.
This implies that your side hustle employment may spill over into the evenings and weekends, taking up time that you would otherwise use to relax, spend time with friends and family, or pursue hobbies.
It is crucial to put your mental health and your full-time job ahead of any side ventures you may have, and it is also important to clearly define the limitations of your time and effort before beginning the process of pursuing a side hustle.
Forest McCall, who works full-time as a marketing manager and maintains a personal finance blog in his spare time, does not adhere to a predetermined number of hours per week but rather bases his workload on how he is feeling on any given day.
The number of hours I spend on my side business varies from week to week, but on average it’s fifteen hours. Some weeks I may feel more rejuvenated than others.
Before embarking on a new endeavour, particularly one in which customers play a role, it is important to establish distinct limits and working hours.
Do not be afraid to put your extra job on hold and allow yourself some time off if you find that it is making it impossible for you to maintain a healthy balance between your free time and your other commitments.
Just make sure to keep your second boss and any other clients informed about your hiatus.
Finding customers and expanding your base of repeat business is essential to the success of any side business you pursue.
If you’re doing a side gig in an area that you’re already familiar with, you can capitalize on your current contacts by sending an introductory email or a LinkedIn InMail (as long as you’re following the guidelines set forth by your major employment, of course).
This might help locate business prospects and browse accessible job listings for freelance work.
It’s okay to tell your family and friends about your side gig, so don’t be embarrassed about it.
Even if they are unable to hire you, they could be willing to lend you helpful resources or provide you with some helpful advice as you get started in your new endeavour.
Also, do not discount the influence that word-of-mouth can have.
Lastly, ensure sure you have used up all of the apps. There are a lot of different side businesses out there, from tutoring to photography to delivering food, and a corresponding number of applications that are supposed to make the process easier and link suppliers with customers.
DoorDash, Uber, and Rover are just a few examples of popular apps that may be used to make extra money, but you should look into other opportunities as well. For instance, FlexJobs is an excellent tool for independent creatives who are looking for work.
Keep in mind that this will require an investment of your time and effort, as well as, at times, tools and materials.
As such, you owe it to yourself to make the most of the connections and resources that you already possess.
Give your money a cause to support.
Your side hustle will receive a boost of motivation if you give it a purpose. According to McCall, “Side hustles can be incredibly useful in helping you reach your financial and life goals.” [citation needed] Having a concrete savings goal, such as a monthly entertainment allowance or a down payment on a house, will make it easier for you to stay engaged in the process.
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A side hustle can provide you with additional financial flexibility, which can allow you to pay down debt, plan for retirement, and investigate other ways to invest and grow your money. However, a side hustle can also help you explore roles in different industries and even lead you to a new passion for something you enjoy doing.
There are times when a part-time job might blossom into a successful full-time job. McCall stated that she was “very delighted that she started her side hustle since it has entirely improved my life.” “I was able to employ the talents from my prior experience.”
