Making money from your side hustle

Contrary to popular belief, there is plenty of it to be made. About Latest Posts. Plus, this list of the best side hustles goes a long way to making things happen.

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A big reason why Ben and I started Breaking The One Percent was to help people learn about different ways to make extra money. Obviously, earning extra money is something that can really change your life. Money can buy you freedom in more ways than one, despite what people may say. The purpose of this post is to serve as the ultimate source of ideas for you to make extra money. There is a ton of information on this page, so I suggest bookmarking it and coming back periodically. Companies are willing to pay money to get inside the heads of consumers.

What To Look For In Earning Potential

Starting a side hustle is pretty easy. Making money at it? That means making efforts to increase the money coming in as well as minimizing the amount going out. Here are 15 tips you can use to get any side hustle going so you can start pocketing some extra cash today. Filling out surveys might sound like an easy way to make money, but the rates these companies offer are so low that even fast survey takers will struggle to make minimum wage. Other side hustles to avoid include low-pay task sites and multi-level marketing schemes where you pay to become a distributor and buy products that you must in turn sell to others.

Our Picks Of The Best Side Hustles

Starting a side hustle is pretty easy. Making money at it? That means making efforts to increase the money coming in as well as minimizing the amount going. Here are 15 tips you can use to get any side hustle going so you can start pocketing some extra cash today.

Filling out surveys might sound like an easy way to make money, but the rates these companies offer are so low that even fast survey takers will struggle to make minimum wage.

Other side hustles to avoid include low-pay task sites and multi-level marketing schemes where you pay to become a distributor and buy products that you must in turn sell to. Choose your side hustle carefully and make sure the money you expect to get out of it is worth all of your hard work. Every side hustle has costs. Rideshare drivers must cover gas, insurance, and vehicle maintenance. Limit your business expenses to only what the customer can see whenever possible.

Business expenses are tax-deductible, which means that they reduce your taxable income in the eyes of the government. Taking advantage of these tax breaks can help you hold onto more of your side hustle income.

In order to count as a deductible expense, your purchase must be something you use solely or primary for business. You must also have receipts to prove the cost of all your business expenses. Not all business-related expenses are tax-deductible.

A meal here and there might not seem like much but it adds up over time. These expenses are a little more difficult to predict, but they eat into your profits nonetheless.

See if there are ways to cut back these expenses. Side hustles are supposed to be a source of income, not a source of debt. This means avoiding credit card debt as well as loans. Credit card debt is especially dangerous because the interest rates are so high and your balance can quickly spiral out of control.

Even if you decide to end your side hustle, the debt will still follow you and make it difficult to save for your other financial goals. While it might be helpful to start charging less and raise your prices as your reputation and experience grows, you also have your bottom line to think of.

Check to see how much others who are doing work similar to you are charging for their services. You can use this as a starting point and adjust it up or down as you see fit based on your experience and skill level.

Getting the word out about your business is crucial for drawing in new customers. But you could also print up flyers and post them in public areas, pay for internet advertising, or just post about your business on your social media channels. See if there are any online groups for people who are looking for services making money from your side hustle the ones you provide.

Weigh the cost of paid advertising before signing up. If you want to maximize your profits, you need a way to make yourself stand out from the crowd. There are different ways to do. You could offer a unique twist on an old product or win customers by emphasizing your quality or customer service. Make sure you work these differentiating factors into your marketing materials so prospective customers understand why they should choose you over a competitor.

Customer feedback can help you in several ways. If you sell goods online where customers can rate you, encourage them to do so to help attract other shoppers. In addition, feedback can help you learn about where your business needs work. It can also help you identify new growth opportunities that can help you take your business to the next level.

Customers will also appreciate that you care so much about their opinion. The more people you know, the more potential connections you have to new clients and customers. Attend local events in your area or connect with others interested in the services you provide through social media or online forums.

Some of the people you meet might become new clients or might know someone else that would be interested in your services or in helping you to grow your business. Be careful how you approach these networking events. This should be pretty obvious, but you need to actually work at your side hustle to get it going. But it also means keeping up the business end of things, including advertising, keeping track of income and expenses, and developing your business strategy.

Decide how much time you can afford to devote to the side hustle each week and schedule this time on your calendar. A regular schedule will make it more likely that you will actually stick with the business over time. For most people, a side hustle is only ever going to be a source of additional income and even those that want to turn theirs into a full-time business usually need at least a few years to get it to that point. If you lose your job, your side hustle might not provide enough income on its own to cover your living expenses and this can put you under a lot of stress — not to mention it could land you in debt.

Failing to do so could result in you losing your main job or possibly even getting sued by your former employer for violating your contract. Think about where you want your business to go and what steps you need to take to get it.

This might include stepping up your marketing, increasing the number of customers you serve a week, or hiring additional help. Write down each of your goals and break them down into smaller, more manageable steps.

Assign each task a due date to help keep you on schedule. Sometimes you might be better off hiring someone to help you rather than running yourself ragged. This is probably the smarter route if you plan to expand your business in the future. Growing any side business takes time and there will probably be some ups and downs along the way. But if you follow these tips and keep striving to improve, both in the services you market to your clients and your skills as a business manager, you can generate a nice little side income to put toward your future goals, like retirementor to spend on things you love.

The Motley Fool has a disclosure policy. Author: Kailey Hagen October 23, Continue Reading. Want to get your side business off the ground? Previous Next. Choose the right side hustle Filling out surveys might sound like an easy way to make money, but the rates these companies offer are so low that even fast survey takers will struggle to make minimum wage.

Keep your business expenses low Every side hustle has costs. Keep track of taxable business expenses Business expenses are tax-deductible, which means that they reduce your taxable income in the eyes of the government.

Watch out for indirect expenses Not all business-related expenses are tax-deductible. Advertise Getting the word out about your business is crucial for drawing in new customers. Get customer feedback Customer feedback can help you in several ways. Expand your network The more people you know, the more potential connections you have to new clients and customers. Devote regular time to your side hustle This should be pretty obvious, but you need to actually work at your side hustle to get it going.

Have a business plan Think about where you want your business to go and what steps you need to take to get it. Delegate to others when necessary Sometimes you might be better off hiring someone to help you rather than running yourself ragged. Stick with it Growing any side business takes time and there will probably be some ups and downs along the way.

1. Choose the right side hustle

October 13, Why not get licensed as a driving instructor? Facebook Twitter Pinterest LinkedIn. DoorDash makes money by charging the restaurants, not you! Virtual assistants are in high demand, but it only makes sense from an income standpoint if you have lots of free time and you’re very organized. Becoming a Virtual Assistant Tip: When starting this side hustle job, you can find clients on popular websites like Upwork. If you have the skills, there are people out there looking for help. If you play the piano, guitar or another instrument, consider teaching others in your local area. Take quality photos and write a good description and you’ll be in great shape. If you have a great idea for a non-fiction audiobook where you can teach a difficult skill like stock making money from your side hustle, foreign currency investing, accounting, online marketing or others, you can easily create a five-figure monthly income with the right volume of audiobooks. Keep in mind, this is pre-tax. Amazon is often a better place to sell. The Amazon Barcode Scanner app can help determine whether a book is worth buying to take home and resell or not. Become a professional house sitter and watch homes for people that go on vacation or have a second home and don’t spend much time. Rent out your car.