In recent years as the minimum wage in the USA has failed to keep up with the inflation rate, tens of millions of Americans have found themselves looking nervously at their bank balances. This has led to a rise in the number of people taking up side hustles – last year there were 44 million Americans working one.
If you’re struggling to get by and need an extra avenue of revenue or, if you’re an entrepreneur looking to raise extra funds, we’ve got you covered with this complete guide to side hustles.
What is a Side Hustle?
Quite simply it’s something that you get paid for in your spare time, away from the job that provides your main source of income.
Common Side Hustles
Side hustles come in all shapes and forms, but some of the most commonly held ones in the USA are:
- House Cleaning
- Amazon Selling
- Taxi Driving
How Much Side Hustles Pay?
Ultimately that comes down to you. How much time are you willing to dedicate to your side hustle? Are you willing to do the necessary training to get a side hustle that pays more than average?
In general though, a side hustle can pay anywhere from $100 a month to $500 a month. However much you earn will then be subject to tax, so don’t forget to factor that in when working out if you’re new side hustle is viable.
Head to QuickBooks to find easy to use tax forms to help report your extra earnings.
Why Side Hustle?
Over 80% of the 44 million Americans who have a side hustle have one to make ends meet and pay their bills. This may well be the case for you too, but if you’re already doing well financially why side hustle?
For entrepreneurs the answer is simple – it’s an extra source of capital. In recent years America’s traditional bank loans to small businesses have dried up. A side hustle could therefore be your best bet of raising the money needed to start up your own independent business.
Side Hustle Tips
Setting up a side hustle isn’t as simple as deciding you want one and then starting it overnight. There are steps that you need to follow. Below are a few tips and tricks that should help you on your way:
Research: The first 10 hours of your side hustle are going to be unpaid. That’s because these hours should be dedicated to researching your new source of revenue.
How do you get into your area of interest? How much are people willing to pay for what you’re offering? Is there any training you need to complete?
Network: The easiest way to attract new customers is through a flashy advertising campaign. That’s not an option for you and your side hustle though so you’ll need to think outside the box. Start networking. Speak to people in your area of interest.
Reach out to customers, get your name out there and build a network. You’ll soon start to get recommendations by word of mouth which will lead to a sustainable model of growth.
Budget: We’re not talking about bank balances and spreadsheets here. We’re talking about something much more valuable than money – your time.
Budget your time. Work out how much you can dedicate to your side hustle and don’t go over it. If you do your work will suffer both in your full-time role and your side role and could end up costing you both!