The Side Gig Hustle


There comes a point in most of our lives that we need a little more…maybe more money, 
maybe more of a challenge, maybe something more to fill us up… In walks the “side gig”. 
It is more than common for us to have a second job these days, but that presents itself with multiple 
issues when it comes to conflicts with your primary job and even your home life.

More and more you are hearing about people -starting- their own side gigs that fit better into their lives. 
I, too, have my own side gig (well it's a tad larger than just a side gig). Starting your own little business
or becoming a freelancer has its perks, but you have to be prepared for this little venture. Here are 
some quick tips to consider!

Do your research. 

It can be really hard to know where to start. What even will you do? Some people have a passion they
chase, and others just want something that is going to make them a little side cash. Here is where
research is going to pay off...literally. You have to commit to finding something that is profitable for 
this to work, but what you don't want to do is buy into any promises. There are a ton of people selling
dreams out there. They use their income promises to get you to buy into programs. Just be careful here.
Side gigs and business in general do not offer any promises of out comes. It is a risk period. So be 
smart, do your research, and make good decisions. The entrepreneurial go to is...find a need and meet it. 

Pick what fits.

You may have a great idea to start, but if it doesn't fit your lifestyle then think twice. This is a side gig,
not a full-time gig. Keep that in mind. With all of your other responsibilities, is it something that is
going to work? If you have to be at events to sell your product, but you also have a young family of
whom you must pay childcare...does it make sense to the demands of your life? And does it net you a
profit? Many people don't consider the cost of doing business. You may only see dollar signs from the
sell of your product or service, but did you think about all the costs that went along with this? 

Don't invest too much.

Remember this is a side gig. If you don't intend going full force with this venture, you have to
keep it in perspective. Be smart with how you budget to start. Be creative on how you develop
your idea. And keep your investment proportional to what your anticipated profits will be. The
old saying, "you have to spend money to make money" is absolutely true, but spending more
than you have the potential to make is dangerous. 

Be legit.

Don't rush into starting something without the nitty gritty stuff done. File your business entity type
with the right agencies. Get a tax id number. Maybe even get a bank account. Not only does this save
you from backtracking later, it validates your business as you move forward and work with others. 

Know your numbers. 

You are in this to make numbers, well dollars...so you have to pay attention to that. Developing budgets,
tracking expenses, pricing things right, will pay off in the end. There are tons of nice little apps and
software out there to help you do this. Quickbooks is probably one of the most popular for number
tracking. 

And we aren't forgetting the elephant in the room...TAXES. Don't forget, if you are making extra
income, you have to account for that on your taxes. If you are selling a product, what about collecting
and remitting sales tax? These are the other nitty gritty aspects of the side gig. Even if you are just
selling a service, you can't ignore that you are making more money. The advantage to you to report on
your tax returns is that you can use it as evidence of your business if needed.

This is literally the tip of the iceberg when it comes to staring a business even if it is a side gig. If you want to know more on this topic, be sure to leave a comment!

2 comments

  1. YES to more of this discussion!! Cost of doing business... something no employee thinks about. Ever. lol. Is it profitable? Oh me, oh my. How easy THAT rabbit hole is to jump down and realize that you aren't even making money on your hard work?! Yes, yes, yes to all of this!

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  2. I like to think my side gig really found me- my wedding planning business is so much fun and the creative outlet that i really love!! My husband is trying to figure out his passion for his side hustle! xo, Biana -BlovedBoston

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