Right now, there are few people who couldn’t use making a little extra money on the side. Indeed, more and more people are using side hustles to do just that. However, many people don’t make the most of their side hustles. With the right techniques, you can substantially boost your income through gig work and self-employment. MillsWay.com has created this guide to help you figure out how to get more out of your side job.
Approach Your Side Job as a Business
If you’re taking on work as a freelancer or contractor, it’s easy to think of yourself as an employee by another name. However, that’s simply not the case. When you work as a freelancer, you are essentially turning yourself into a business. You’re not performing an employee’s tasks; you are selling your services. It’s a fine and empowering distinction, and making that mental shift can help you go further.
Making the mental shift to be an entrepreneur can be the encouragement you need to take your online presence seriously. Businesses need to use the digital world to advertise themselves and draw in new clients and customers: You should do the same. This starts with a professional website and a social media presence that will boost your brand and build a following. Unsure where to start? Turn to an expert who can help you every step of the way, from designing a customized website to helping with your social media management.
Another step worth taking is to register your business as an LLC. This designation doesn’t make sense for everyone, but in the right circumstances, it can be a boon. Not only does it open you up to tax advantages, but it also creates a legal barrier between your business funds and your personal funds, keeping your assets safer.
Get Your Tax Situation In Order
When you work as a freelancer or small business, it’s important to remember that you’re in charge of paying your own taxes. The easiest approach to this is to use a payroll app like QuickBooks. It allows you to run reports, set up direct deposit free, and will create reminders so you never miss a payment to Uncle Sam. And if your business grows to the point that you add employees, you’ll have a system in place to transition smoothly.
Finally, the best way to boost your side hustle income is to recognize the value of networking. Want more clients, or need to find more opportunities? Let people in your network know. They’ll be more likely to think of you when they hear that a friend of a friend is looking for your skillset, and you’ll have better odds of finding those opportunities as a result.
If you don’t already have much of a professional network in your side gig field, you can build one by joining networking groups or using sites like Twitter and LinkedIn to get to know people in your industry. Remember, great networking goes both ways, so if you hear of a good opportunity for a friend, let them know, too. The best network is one that’s beneficial for everyone.
Side hustles are a phenomenal way to bring in extra cash. They allow you to set your own workload and schedule, play to your strengths, and try new things. Indeed, a successful enough side hustle may one day transition into a full-time career, all on your own terms.
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Special Thanks to June Duncan for writing the above article and sharing this good information with us.
“The definition of insanity is doing the same thing over and over again, but expecting different results”. By Albert Einstein. I would also say the definition of insanity is believing you can live a financial responsible life without tracking how you are doing, having a budget and goals. I like following others who track their finances to compare our also. I enjoy helping people with their finances and goals.
We want to give our boys the best chance to have their money last them thru their retirement years and have them reach their Financial Freedom goals. They need to live somewhat with a frugal mindset and spend less than they make so they can Invest towards their Financial Freedom goals.
Here are some positive quotes I like;
“Get your Money to Work for You… As hard as You Work for it.” By Napoleon Hill
“1. Make Money. 2. Use the Money to Make More Money. 3. Repeat the Process.” By Warren Buffett
“There is no way to happiness; happiness is the Path.” By Buddha
“Change Your Thoughts – Change Your Life” by Wayne W. Dyer
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Don’t give up on your dreams; don’t let others talk you out of your dreams. Make your dreams happen. Make it happen today.
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