The idea of a side hustle is quite appealing to many. After all, who would not want to add a bit more cash to their wallets? Whether you are looking to make a little bit more income or transition into a new career, here are four questions to consider to help you on your way.
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What are Your Objectives?
As with anything in life, understanding where you want to go is essential for planning how to get there.
Perhaps your ambitions are rather modest, with aims of earning some extra money to help you attend your best friend’s destination wedding.
Or, maybe your goals are career-changing, with your sights set on turning your hobby into a new professional opportunity.
It is also possible that you are uncertain regarding how much time and energy you are looking to devote to developing your side hustle, at least in the early stages.
All of these are valid positions, but in order to really create a mechanism for action you need to drill down to understand the best course of action.
For instance, if you just want some extra funds in your monthly budget, you can think about sliding into existing frameworks. You can drive for a ride-sharing company, sign up to deliver food, or become a greeter at your gym. There are plenty of part-time jobs available for those with the drive to supplement their income, but who do not want to create their own individual initiative.
However, perhaps you have designs of something greater that could transform into a full-time gig of your choosing. If this is the case, you will make a very different set of decisions to create your own “thing.”
Whichever direction you decide upon will influence how much time you will need to devote to your project, which is also an important consideration to factor into your plans. The more time–and the more consistently you can work on it–the better your chances of success
Not sure yet which path is right for you? The path of least resistance is to start small by working for someone else. Maybe this will inspire you to strive for bigger horizons.
What are Your Passions?
The ideal side hustle scenario is one where you can make money by following your areas of interest. Figuring out a way to monetize your hobbies represents the best of both worlds, by allowing you to earn a living while doing what you love.
Start by identifying your passions, but also think about what unique skillsets you have developed and the experiences which could be valuable to others.
If you love to surf, draw, sing, or dance, perhaps you could offer to teach people either in person or via videos on the Internet. Maybe you are a big-time foodie, who could design a culinary tour through your neighborhood that would be appealing for locals and tourists alike.
If there are some technical skills that you are lacking, it might be worthwhile to take a class to fill in any gaps that might prevent you from taking on clients. If you have a creative streak, perhaps you could learn web design and begin to help businesses better market their goods and services.
Do not be afraid to be creative and think outside the box. You have something to offer. Think about ways to make money by doing so.
Where Can You Look for Guidance?
Everybody needs help sometimes, and asking for guidance from a friend or acquaintance is always recommended.
If you have a friend or colleague who has launched a side hustle, take them out for coffee or a lunch and learn how they began their journey. They will likely have insights and recommendations for what to do–and what to avoid–that can help you understand how to navigate this unknown space.
Do not limit yourself to individuals that you know. There is a multitude of information that is available: videos, podcasts, books, and articles that are easily accessible. Learn from those who have gone before you, finding guidance and inspiration from those who have already treaded this path.
What Are the Legal and Tax Implications?
Make sure to understand the legal and tax implications of any project or initiative that you are considering.
This could include specific licenses, insurance, or accreditations that you might need. Undertaking this planning will also help you prepare for and anticipate future tax liabilities.
The last thing you want to do is find yourself with an unexpected tax burden or legal issue once the money eventually starts to roll in.
Try to read about this online or discuss with those in the know (see above). Often times in life you get what you pay for, so it would be a wise decision to consult with a licensed professional who can help you understand the regulatory requirements that accompany your side hustle of choice.
Conclusion: Finding the Right Side Hustle for You
Side hustles, by definition, come in all sorts of shapes and sizes. In order to get started, think broadly about what you want to do and who can help you along the way.
Do not be overwhelmed by the seemingly infinite choices in front of you. Break down the unknown by asking yourself four basic questions. Performing this thought exercise can help you start the process to find the side hustle that is the best fit for you.
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