The Coronavirus changed the world in a matter of weeks with the impacts on businesses being devastating. Both large and small companies are struggling with many companies going out of business. People have seen financial ruin in some cases where they have lost a long-term job. Stimulus checks were not enough for most people especially for those living in areas with a high cost of living. The need for side gigs has skyrocketed as earning on a daily basis can help an individual pay bills like that of the mortgage or rent. Many financial coaches, celebrities and entertainment executives have also mentioned that all people should have a side hustle. The importance of having multiple streams of income can help in the case of losing a job. She has given some tips to allow you to find and maintain a side hustle that produces consistent income. Below are a few tips that she has given.
Honestly Assess Your Skills
A person that has a legal background might be able to make money from home writing up legally binding contracts. Without legal knowledge this would be impossible to do so take a look at the skills and knowledge that you currently possess. Freelance writers can make their side gig a full-time job in many cases if they hit deadlines and produce quality copy. Richardson mentioned that there are only a few questions that you have to ask yourself on Good Morning America. What do you do naturally? What are you skilled at? What are you passionate about? For a person that has human resources experience they can earn money helping others get a job. Once you have listed out all of your skills you have to see which skills are valued the most. A person that has writing skills but also web development skills can potentially earn far more by taking on web development projects. Companies are looking for freelancers constantly as it is often more convenient than having to hire a person for an in-house position.
Run Your Side Gig Like a Business
When you have a home-based business, and you run your business like a business and not a hobby, you get to write off things you use in your business that you would normally pay for anyway. The IRS allows for a number of deductions for a home-based business with some including utility bills. Cellphone service is also something that can be written off. The room that you operate the business out of will even save you money as you will have to input its square footage when compared to the rest of your home. For those without accounting experience, investing in a CPA to help with taxes is the right move as they understand all of the deductions possible. You do not want to make a mistake on your income tax forms as the last thing anyone wants is to be audited by the IRS.
Family Can Be a Huge Help
Having a large family can be a huge advantage when it comes to scaling up your home-based business. There are situations where you can hire family members as employees. Parents, grandparents, aunts, and uncles spend thousands of dollars each year on items for the children they love, money they can never get back. The kids can use that money to buy the things you were going to pay for anyway — tuition, activities, vacations, school clothes, and supplies, etc. There are restrictions so make sure to comply with the circumstances laid out by the IRS to make sure your business is running in a legal manner. Richardson notes that older children have an advantage when it comes to finding jobs. There are dozens of jobs for older children, [such as] filing, household chores, helping at events, social media, bookkeeping, graphic design, technical support on devices, customer service and many more. The importance of doing everything by the book cannot be stressed enough like that of writing up a job description, sending an offer letter, and getting payroll set up. Once you have hired your child you will have to do performance reviews and report their income to the IRS. Hiring a fresh out of college child that might have moved home can give them a sense of purpose and income while they look for a full-time job. The economy is not looking great for recent graduates to get jobs immediately.
You Might Be Paid Less Than You Think You Deserve When Starting Out
The truth is that you are going to have to establish yourself within the niche that your side gig is in. Freelance writers are likely going to charge far less per word until they have been established as a quality writer. Do not get frustrated as you will be able to pick up better-paying gigs . Platforms like that of Upwork allow clients to give freelancers ratings on the jobs that they have completed. Once you have a decent amount of jobs completed you can be considered a top-rated freelancer which will lead to far more interviews for gigs. The beauty of these platforms is that plenty of companies use them in order to try out people that they might consider bringing on remotely full-time. Being guaranteed payment is another benefit as there are those companies and individuals that refuse to pay freelancers even though a project has been completed.
A side gig is a beautiful option for people that are looking to earn supplemental income during this pandemic. Look into the variety of options that you can take on from home during this uncertain time. You might find that you can earn immense amounts from doing something that you genuinely enjoy. Lockdown is going to be a fact of life for a few months in certain cities. Being able to earn during this lockdown is the best usage of your time as there are only so many Netflix series that you can binge-watch.