If you’ve been thinking about starting a side hustle, you’re not alone. In fact, a 2018 survey found that 51% of millennials have engaged in an occasional (or more frequent) side hustle to earn extra cash. But with all the hype around hustling, it can be hard to know whether you’ll actually make money doing something on the side.
Here are a few tips to help make sure your side hustle is worthwhile:
1. Utilize your skills and passions to add value.
People will always be willing to pay money for something that brings them joy or makes their lives more convenient. If you’re a creative type, consider selling your art or offering lessons to people who want to learn your craft. If you’re super organized (you go, girl!), you could try being a freelance assistant. Identify a need that you can fill, and you’ll be saving up some extra cash in no time!
2. Consider your up-front costs of running the business.
Do you need to stock up on supplies before you start selling your ornate homemade crafts? Or do you need a storefront for your furniture restoration business? If so, how long might it take before you see a return on your initial investment? Create a budget and business plan before you move forward.
If you need a business loan to help get your operation running, schedule an appointment with one of our business development officers to talk options.
3. Remember that time is money!
Driving for a ride-share company is a pretty common way to make extra cash, but is the money worth your time investment? Do the math and figure out how much you’d have to make for side hustle to be worthwhile. If time is a constraint (which, TBH, it probably is), look for a side hustle that takes less time and can be done whenever it’s convenient for you, such as filling out surveys online or providing transcription services.
4. Manage your income like a boss.
Once you’ve got money coming in, what are you going to do with it? It’s always nice to have a little extra cash on hand, but there’s more you could be doing with that money. Consider depositing that money into a high-yield savings account, such as a money market account, where you can grow money even faster. You could also stow some of that extra cash in an Individual Retirement Account (IRA) like the girl boss you now are. Adulting FTW.
If you go about it the right way, a side hustle can give you a little financial boost and help you become your most boss self.
