Guest post by Cherie Mclaughlin of Couch Based Biz
If you’re wishing you had a little extra cash these days, you’re not alone. More and more workers are taking on extra jobs or getting creative with income sources — on the side. The trick is in figuring out how to make extra money without burning yourself out. It helps if you can find some way to capitalize on skills you already have or turn what you love into a money-making venture. Whether you’re out of work, having difficulty making ends meet, or just want a little money to have fun with, here are some suggestions for filling the financial gap.
Set up a passive income stream.
Establishing a passive income source is ideal, especially if you are already working and don’t have a lot of time. What is passive income? It just means that once you’ve done the initial work of setting it up, it keeps the money coming in. Some examples of passive income include rents and investments, but if you don’t have a lot of capital, there are plenty of options with far lower overheads. Selling a digital product or service is probably the easiest and least costly option. E-Books, design themes, and audio content are just a few types of digital content that you might be able to create. Just keep in mind: Not all passive income efforts pay off quickly, so be cautious and do your research before you start.
Offer your services as a freelancer.
If you have marketable skills and experience but no one seems to be hiring in your field, don’t despair: You may just be able to create a job niche for yourself. For instance, many academics with higher degrees are opting to offer their services as consultants and teachers outside the university setting. Or, if you can’t find work as a copyeditor (for instance), hire yourself out independently. Here are some other ideas for potential freelancers, as well:
- Web design
- Graphic design
- Social media management
- Video editing
- Content writing
- Software development.
As you can see, much of the work you might do as a salaried hire you could also do as a freelancer, so you can make extra money while setting your own terms and conditions and enjoying the freedom to determine your own schedule.
Start a home business.
Isn’t starting a business a lot of work? Doesn’t it take tons of capital? Not necessarily! You don’t have to start a large home business, or even worry about a lot of overhead. Some home entrepreneurs have found great ways to up their earning potential without having to do much more than set up an office, register their company, and open a bank account. You could take your passive income ideas or your freelance services and turn them into a business. But there are plenty of other home business ideas, depending on your interests and skills. From baking to dog-walking, landscaping to personal wellness and fitness training — nearly any talent or hobby could potentially morph into a business.
A few other things to keep in mind
When you create an additional income source, make sure you keep detailed records for your taxes, since you won’t be getting tax statements from an employer. If you go ahead with a freelance or home business idea, you may even want to start working with an accountant to help you avoid making errors and make sure you get all the deductions due to you. If you’re thinking of hiring employees or other freelancers and are worried about how to stay on top of finances, consider using a payroll platform that will help you manage tax filing, accurately calculate benefits and deductions, and automatically make deposits on schedule. This way, you keep your staff happy and avoid costly penalties.
If you can figure out how to take what you already do and make it into an income source, this makes for a less strenuous planning process. It can even keep your extra work feeling a little more like play. If you’re uncertain about what kind of side hustle will work with you, go ahead and start small, try it out, and see what you like. Who knows? A small side project may even become the basis for a whole new business venture. When you’re reading to make the move to entrepreneurship, Steady Radiance Design can assist you with your branding, graphics, and more. Get in touch today.