Making Money From Your Side-Hustle
Making Money From Your Side-Hustle: Tips For Modern Mums
A lot of us are having a hard time making sure that we can make ends meet at the moment. The last couple of years have had a real impact on our jobs and our finances, and many of us have faced a lot more uncertainty when it comes to our day jobs. If you and/or your partner were lucky enough to avoid being made redundant during the pandemic, then you may have faced the pay cut that came with the furlough scheme. You may have been forced to think about what would happen if you did lose your job.
In the face of rising costs and rising taxes, many of us looked for ways we could give our incomes a boost. But it is one thing to decide that you are going to branch out into a side-hustle, it is quite another to actually make money from it. We all know people who have announced that they are available for freelance work on job sites, but how many of those people are actually earning from it? Here are a few tips to help you to make sure that your side hustle is working for you.
You Need To Dedicate Enough Time To It
One of the most common reasons why side hustles never seem to get over the hurdle of making any money at all is that people treat them like a hobby at best or neglect them completely at once. You need to remember that things are incredibly competitive out there at the moment, regardless of what line of work you are in, and if you do not dedicate enough time to your side hustle, then someone who is working harder will overtake you.
Now, if all you want from your side hustle is a little extra cash and something to do in your downtime, this is obviously no problem at all. If you are counting on your side hustle to be the thing that helps you to make those bill payments at the end of the month, then you need to make sure that you are giving it the time it needs.
Get To Work On An Online Presence
It is not enough to simply announce that you have a side hustle on social media and wait for the offers of work to come rolling in. Before you get started, you need to have a think about how you can create a brand for yourself online. Do you need to create a social media channel strictly for your business? This could be an important step, particularly if your personal channels are not quite aligned with the professional tone that you want to convey.
You may not think that your side hustle needs a website, but it is always helpful to have an online portfolio of your work for people to look at. If you are unclear about how SEO works, then it is time to learn. Remember that written content that demonstrates your expertise can boost you up the search rankings, particularly if you use the right keywords, and you should keep up to date with the latest Google updates. But you should also think about how other media could make you stand out. Maybe a podcast is not the right fit for your side hustle, but what about regular video updates?
Give Yourself As Much Security As Possible
When it comes to your day job, you may well have a range of perks and other incentives to keep you happy and healthy. With a side hustle, however, it is your responsibility to make sure that you are covered in case of a rainy day. There are a few steps that you can take to make sure that you give yourself as much financial security as you can. The first is simple: work on creating a cushion that can carry you through any dry work spells that may occur. There will always be weeks or months where the work orders come in more slowly, and then, like buses, they will probably all come at once. If you are unsure about what you need to be paying in taxes and other legal responsibilities, talk to an accountant to make sure that you are covered.
However, while you may be able to plan for dry spells at work, it can be a little harder to make sure that you are covered in the event of illness or injury. Every freelancer and self-employed worker knows the stress that comes with suddenly finding yourself unable to work. Taking a sick day when you are self-employed feels like a huge gamble, but self-employed income protection can give you peace of mind. With one of these policies, you can be protected for up to 70% of your pre-tax income, and they can pay out from one week off work. You can also choose long term protection that will make sure that you covered up until your retirement. If you want to learn more about protection for self-employed workers, visit Drewberry. They have put together a comprehensive guide to how it works, and they can help you compare providers to find the perfect policy for you and your side hustle.
Do Your Research
When it comes to knowing how to stand out in such a competitive marketplace, one of the most important steps to take is finding out everything that you can about your competition. This can be easier if you are starting a side hustle in an area in which you have previously worked, as you will have some idea of the best ways to promote your business and the kind of costs and prices you will be working with. If you are starting completely from scratch, however, it can be a little trickier.
Make sure that you set plenty of time aside to avoid over or under-pricing yourself. If your side hustle includes materials and/or delivery costs, find out exactly what kind of costs you could be looking at and spend the time to find the best suppliers and partners. You should also remember that networking is going to be really important. Talk to friends and acquaintances who have gone on this journey before or work in a similar area for advice. There are plenty of pitfalls to fall into so don’t be afraid to ask for help.
Remember That It Will Take Time
With very few exceptions, there are very few side hustles that are massive successes straight out of the gate. We mentioned that you need to invest enough time at the start of this journey, but it is just as important to remember that success can be a long haul. Build up a professional network and foster relationships with repeat clients. Show that you can deliver quality work on time and on budget.
Remember that everyone makes mistakes when they are starting out on this journey and learn from them instead of letting one bad experience derail your side hustle. This is a particularly hard time and determination will be crucial. The more that you can demonstrate the value of your work, the more repeat business you will get, the more likely people will be to recommend you to other people in their professional network. If you can keep moving forward and keep your work to a high standard, you will make money from your side hustle.
Posted by: Sarah Dixon | Posted on: December 11, 2021 | Posted in: MAMA