Do you have a side hustle to supplement your income, or are you considering starting one? Millions of people are finding secondary gigs that they are passionate about. A side hustle is not always an every-so-often freelance commitment, though; sometimes it becomes a business in itself, and it has the potential to grow into something full-time. Whatever your reasons are for working a second job, whether it is purely financial or you are discontent with your day job and need something fulfilling, it’s wise to take it as seriously as you would an established business—so here are some solutions to help you in your endeavor.
Keep your books up to date
Rather than keeping all of your side hustle money to yourself, it is practical to reinvest some money back into it. If you keep your records straight, you can manage how much cash you have to buy new resources our outsource skills you do not have. There are free online tools such as Freshbooks that can help you manage invoices, payments, revenue, and more. It’s also crucial to stay on top of taxes even though your side hustle money is not coming from your day job.
Capital One advises:
Whether you file taxes yourself or enlist a CPA for help, it’s important to carefully record all the money that goes in and out of your business and set some extra cash aside for tax payments down the road. Keeping good records helps you take full advantage of available tax write-off and small business tax credits. And setting money aside for taxes ensures that you may have plenty of cash on hand when it’s time to pay the IRS.
What if you have a secondary gig that makes it difficult to do this, though, like a tip-based position? Tools like Google Sheets and YouNeedABudget.com are available to help you track your income, as well as phone apps including PocketGuard and Wally.
Work with reliable partners
You cannot do everything, so if you want your side gig to grow into something bigger, you will need to work with people who can fill in your skills or experience gaps. Deluxe Small Business Services, for instance, offers a resource center that teaches visitors how to start a business, market themselves, and manage their finances. It can also help you create an eye-popping logo to serve as your brand’s face, generate a top-notch website, oversee your social media channels, and even manage your payroll services for when you have employees or work with contractors.
Deluxe also offers different payment methods, like electronic checks. Your secondary gig will probably take up a lot of your time, so dealing with payments is always an unwanted but necessary hassle. Echecks, however, work like standard paper checks—but you email them, saving time and reducing the potential for payments being lost in the mail.
Foster a community
One of the reasons people engage in secondary gigs is because they have a hobby or passion they want to monetize, something that their day job does not allow them to explore. This interest may have a rather niche audience—but that’s perfectly acceptable, because thanks to the internet, you can still reach them.
Any business needs an online community. Many utilize existing tools like Facebook, Instagram, Twitter, Pinterest, and Telegram to promote themselves and instigate discussion about certain topics. Platforms like Ning and , however, enable you to build your own social networks, complete with in-platform messaging, forums, customizable design, and opportunities for monetization. You can construct an online place for people intrigued by the same things you are—and then convert them into clients or customers once they’re engaged.
Monitor the internet
While on the subject of digital communities, people are probably discussing your favorite topics online already—they’re just scattered. Tools like allow you to monitor the internet for mentions of your passions so you can find the right people and learn what their thoughts are. Once your business is up and running, you can also check to see what people think of you, even if they are not telling you directly. This way, you can address people’s complaints and increase your chances of being recommended.
Between your side gig and your day job, your day is probably full. Automate what processes you can to save time. that you track leads and conversions with Quick Base and manage inventory with Unleashed.
Your side hustle may not be your full-time job, but that does not mean you have to do everything alone. There is an abundance of resources waiting to help you—and if you are passionate about your pursuits and manage yourself wisely, it may grow to be more than a secondary endeavor.