Whether they’re waiting tables, renting a spare room or consulting, one in three full-time workers
has a part-time gig on the side. It’s more than a hobby—it’s an
income-generating project to help pay bills, pursue passions or develop
skills. In fact, seven in 10 surveyed giggers don't want to quit their
day jobs.
Managing this kind of life is a balancing act. For those considering
ancillary income, here is some expert advice on how to cash in without
paying up financially, socially or mentally.
Plan For Financial Fortitude
Profit is the goal—or else you’d call this a passion project. With
your limited time, be sure to offer a skill that’s both lucrative and
enjoyable. Social media strategy? Graphic design? Writing fish tank reviews? The options are endless.
1. Budget for expenses. An Internet-based business
is probably your best bet, as startup costs like web hosting and
securing a domain name can total less than $50. According to Side Hustle Nation's
Nick Loper, the biggest unexpected, or “gotcha,” expenses can be
self-employment tax or franchising fees, which vary from state to state.
On the bright side, being a business owner allows you to claim
deductions not available with your W-2 income.
2. Pick a platform for your product or service.
“Starter platforms” like Etsy or Fiverr are good options, despite their
cut of revenue. “The cash is already flowing,” says Loper. “You’re
trading a bit of that revenue pie for a lot of infrastructure, marketing
power, payment processing and conversion-optimized landing pages.”
3. Be your own boss. Uber prides itself on flexible
hours: Pick up passengers whenever you’re free from wherever you are.
This option, however, is similar to clocking in at a coffee shop in that
you’re constrained to certain hours and wages. Side Hustle School
founder Chris Guillebeau, who has built a career on advising and
inspiring side hustlers, encourages choosing profitable projects where
you control your time, price, and asset.
4. Set a profit goal. While your income will vary
depending on the nature of your work, Loper suggests side giggers set
their sights low at the outset. Perhaps the first month's goal is just
$60 to cover your gym membership. As business picks up, increase the $60
to include covering your cellphone bill, car payment and so on. “How I
like to frame it is to call it the ‘side hustle snowball,’” Loper says.
“Slowly build up income streams to replace these different expenses.
Position yourself for more mini victories.”
Don’t Relegate Social Relationships
Tacking hours onto your 9-to-5 will inevitably cut into your social
life. Whether it’s your kids, spouse or friends, be sure your extra job
doesn’t create stress for the most important people in your life.
1. Plan your time. Before committing to another job, FlexJobs founder and CEO Sara Sutton Fell recommends conducting a self-audit. Pen and paper or apps like Toggl and Remember the Milk
can help you honestly assess how many hours per week you can block.
Consistency spurs progress, so try committing 30-60 minutes each night
to your business.
2. Safeguard relationships. The best way to ensure
you’re not cheating the people closest to you is to avoid multitasking
and involve them in discussions about your extracurricular venture. “Let
them know why you’ve decided to do it, how you think it might impact
them,” Sutton Fell says. “And you can ask them for input on ways to
maintain and strengthen your relationship.”
With kids, use age-appropriate terms to explain your extra hours. “If
they understand why, they’re surprisingly logical and resilient,” says
the mother of two.
Be Mindful Of Mentality
Don’t forget yourself on your journey to a thriving side venture.
When you take on new responsibilities, work-life balance is easily
disrupted and your mental health can be put at risk.
1. Know your needs. “Many of us live under the
delusion that if we find a great career, then we must get all of our
needs met professionally and emotionally from that career,” says
Chicago-based psychotherapist Jeffrey Sumber,
who knows first-hand the benefits of a healthy side hustle. When he’s
not counseling married couples, Sumber officiates weddings—a boost for
his mental health and his primary business. Sumber suggests seeking an
extra job that will fulfill unmet needs. If your profession is product
design, teaching hula hoop could satisfy exercise and interpersonal needs.
2. Maintain boundaries. Additional professional
duties can easily become overwhelming. Balance your schedule to avoid
burnout in your full- or part-time commitment. Sumber prevents crossover
stress by counseling on weekdays and officiating on weekends.
Guillebeau encourages creating an asset that doesn’t demand constant
attention and can “work for you.” A niche blog, for example, can
generate revenue without your presence. If you’re providing a service,
set up an automated message telling clients you’ll answer requests
within 24 hours.
Once you master the side hustle juggling act, your extra work will transform your life for the better. Take Sarah Hannington, who crafts custom-printed candy hearts
when she’s not working as a marketing executive. As her side earnings
have grown, Hannington’s boss has given her greater flexibility and pay
as incentives to stay.
“They give people more control over their lives, allow them to make choices and forge their own destiny,” says Guillebeau.
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