Before you start a side gig, here are some questions to ask yourself.
1. How much money would you like?
Before pursuing a hustle, consider whether or not you are trying to replace your full-time income or simply raise money. Decide, how much money would you like to earn? Is there a deadline for reaching this goal?
By setting goals and giving yourself tangible outcomes to achieve, it may be easier to stay motivated. Knowing your target dates and how much you want to earn can also help you decide which type of side hustle is best for you.
2. Is it against the rules?
This may seem like a silly question, but in other words will your primary job allow it? Believe it or not, some employers won’t permit their staff to work other jobs. While others have strict rules or may have employees sign non-disclosure agreements to protect company information.
For instance, most people in sales positions are restricted from working with direct competitors. So if you’re not sure about the rules at your job, talk to Human resources or review the employee handbook. Please take this seriously, otherwise it could cost you your job.
3. How much time is required?
When looking for a side gig—in addition to working a part-time or full-time job—that means your time is limited. Therefore, you’ll have to identify what schedule fits your lifestyle.
How much more time are you willing to dish out? How much responsibility is involved? The nice thing about most side hustles is flexible work hours. Side gigs are supposed to be fun and done on your own terms. Which is why it’s important that you’re honest with yourself in answering these questions. Think about your answers to avoid burnout and maintain work/life balance.
After all, for a person who thrives in a high-stress environment, he/she might do well working full-time with a demanding side gig. For others, you may want a side gig where you select daily work assignments based on business need. Jobs like delivering groceries or mystery shopping offers you freedom & flexibility.
4. Can you turn a side hustle into a career?
The answer is…YES! Some of the coolest side gigs come from a person’s special interest or natural talent. These jobs can be rewarding especially if the work is easier for you and it’s something you’re passionate about.
Many people have found their passions performing tasks like drawing or auto detailing. Once you start getting the work done faster than others, you’ll stand out from the competition. This could turn into more hours, increased wages or referral business. From there new ideas blossom which may include furthering your education, pursuing a full-time job or becoming self-employed. Honestly your career options are endless! In other words, if you enjoy doing the work, it could become your new career. Why not get paid doing what you love!
5. Did you pay Uncle Sam?
Side gigs are a great way to make extra money but don’t forget to pay Uncle Sam. Keep an eye on your paycheck and save a percentage of your earnings. This is a common mistake people make when supplementing their income. Many companies who offer temporary jobs or project work don’t recognize gig workers as regular staff. They hire people as freelancer or independent contractors.
A good way to distinguish if you have been assigned to regular employment or an independent contractor position is looking at your paycheck. Employers who do not withhold federal taxes from your earnings may consider you as an independent contractor. In most cases this means you’re responsible for paying State and federal tax each year.
Check with a tax professional to determine how much money you should be saving from your side hustle.
Are side gigs right for you?
Working a side gig can be a great way to make extra money and reach your financial goals. However only you can decide whether it’s the right for you. We recommend taking some time to reflect on the questions and make you’re your decision fits well with your lifestyle and career goals. And remember nothing is permanent. Keep researching different side gigs until you find one that fits!
As always, you are welcome to post your questions and comments below. Feel free to let us know your experience with starting a side hustle or recommend employment apps.
Have a great day!
