More and more people are starting their own side hustles. In 2019, a reported 45% of Americans were reported having their own side hustles, and this number is only growing. However, with so much competition, only the best side hustle tips will help you stand out.
Whether your goal is to earn extra money on the side, advance your skills, or even take your side hustle full-time, it’s important to treat this gig as a business. In this digital world, it’s never been easier to push your side hustle even further.
Yet, with so much pressure on hustling and success, it’s easy to experience burnout, debt, or other problems down the road. Here are the best side hustle tips all entrepreneurs need to know.
1. Find the Right Hustle for You
There are thousands of ideas out there about the best side hustles. However, they’re not all a good fit for you and your skills. With a growing number of tech side hustles and high paying niches, it’s simple to follow the most popular thing without considering your own opinion.
In reality, you want to choose something that aligns with your skills. This is the most important of the side hustle tips since it affects your ability to get the job done right. Ask yourself these questions:
- What are you good at?
- What unique skills can you offer?
- What’s something you love to do?
From there, choose something that aligns with your interests, skills, and goals.
2. Create a Schedule
If you’re starting a side hustle, odds are you’re working from home. This comes with a lot of challenges. When you’re working for yourself, it’s easy to slack off and focus on the wrong things.
Instead, create a schedule and stick to it. If you want your business to grow, you need to give it the time and attention it deserves. Depending on your other employment, consider putting aside a few hours each day or week for your hustle.
3. Don’t Quit Your Day Job
Throwing yourself head-first into a new project is a key part of the entrepreneurial mindset, but it’s not always a smart move right away. In other words, don’t be too quick to quit your day job.
Your side hustle might eventually become a replacement for your traditional 9-5, but take your time getting there. You’ll need to ensure you have a financial safety net and stable income before you leave that world behind.
4. Don’t Waste Your Profits
When you’re starting small, it’s tempting to invest in the best tools you need to push your business forward quickly. While these can be a great asset, don’t put too much money on the line right away.
New income means new expenses, but you’ll want to choose what you spend this side hustle money on wisely. One of the best side hustle tips is to invest only in things that add value to your business and save you either time, money, or trouble in the future.
5. Keep Your Expenses Separate
Speaking of profits, it’s important that you keep your business and personal life separate. If you’re working alone for yourself, it’s easy to get relaxed when it comes to money.
While this might work temporarily, it’s a bad long-term strategy. You’ll likely be paying specific taxes related to your side hustle, and keeping your money separate is the best way to ensure you’re not confused during tax season.
6. Set Aside Money for Taxes
As we just mentioned, taxes and business go hand in hand. It can be confusing at first to understand just what you owe and when, but it’s essential that you figure this out for your particular state.
When in doubt, talk to a professional. There are also a number of apps and services built specifically for small business owners that simplify this process.
7. Never Stop Learning
You’re a business owner. Part of this mindset shift means that you’re always learning. You don’t have to go back to school to stay on top of your field, even if it’s all new to you. The best ways to learn are often free.
Read industry blogs, listen to entrepreneurial podcasts, and read the best books about business. These steps might seem small, but they have a big impact.
8. Take Downtime Seriously
Last but not least, be serious about your downtime. Especially in the first few months when everything is new and exciting, you might feel pressured to always be working.
While this might seem productive, it eventually has the opposite effect. Burnout is very real in the business world, particularly amongst those with a side hustle. The ultimate side hustle tip is to schedule some downtime for yourself each week to unwind.
Are You Starting a Side Hustle?
There’s a reason side hustles are so popular nowadays. This is one of the best ways to earn a side income for yourself without worrying about any of the more complicated parts of becoming a business owner. It fits into your schedule and lifestyle seamlessly.
However, don’t fall for the glamour. This isn’t as easy as it looks, so pay close attention to these side hustle tips above if you want to succeed.