Having a “side hustle” can be a great way to build your financial safety net, expand your skill set, and even discover new passions you did not get to explore in your previous workplace. Here’s how to market yourself, find clients who need your services, and prepare to pay taxes on your additional income.
Take Stock of Your Skillset
If you’re struggling to decide what kind of side work is right for you, it’s time to evaluate your marketable skills. Consider which skills you’ve picked up in previous jobs, and which of your talents are in high demand right now. Which projects earned you substantial praise from management? What did coworkers always come to you for help with? Emphasizing these skills can help you secure side work.
Finding Opportunities
If you want to start up a side hustle and start earning some extra cash, you need to know where to find income-earning opportunities, and if you’re specifically seeking remote work, you can’t limit your search to your own community. Today, companies advertise openings for millions of work-from-home positions on online job boards, including Freelancer, FlexJobs, and Skip the Drive. You can find part-time remote jobs, freelance work, and projects for independent contractors on these platforms. Set up a profile on professional and sought after job boards like Employment Seeker to maximize your chances of securing work!
Make Yourself Stand Out
Now, it’s time to start landing clients or part-time positions. Spend an afternoon revising your resume, and create a basic website with a portfolio of your previous work if you’re looking for work in a creative field. If you’re offering local services, like dog walking or babysitting, see if you can advertise with businesses in your area.
As you prepare your applications for various openings, take the time to write cover letters that truly highlight your strengths. And get ready to shine during phone and video interviews! Try finding a quiet space to avoid distractions and smiling even if the interviewer can’t see you to keep the mood positive.
Paying Taxes
Paying taxes on the income you earn from side work can be confusing. According to MarketWatch, you’ll need to track how much money you make throughout the year, and you should also set aside approximately 25 to 35 percent of each paycheck to pay quarterly taxes to avoid incurring penalties. You may want to connect with an accountant to walk you through the process if you have lots of questions.
Expanding Your Business
As you land more clients and sharpen your skills, you should think about how you can grow and expand your business. And you don’t have to wait to begin researching business growth strategies - to prepare for the future, you can start planning today. For instance, in the age of COVID-19, you may want to investigate strategies for scaling up a virtual business, like digital marketing techniques and innovative ideas for online income streams. It’s also smart to consider how you can reach new customers during this recovery period while ensuring that your business complies with social distancing and public health regulations.
You should also spend some time learning about funding strategies and which forms of government assistance, grants, or loans will be available for your business if you fall on hard times. As many business owners have learned during this pandemic, it’s important to have resources on hand explaining where to turn for help well before a crisis hits!
Side work can help you regain a sense of security after job loss. Investing your time and energy in side work can also allow you to achieve your big financial goals sooner. You would be surprised by how much you can earn from a part-time venture! If you’ve seen your income drop during this pandemic, don’t despair - a side hustle could be the answer to your financial woes.
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