Entrepreneurship and side hustles such as online businesses and freelance work are becoming more and more popular. From supplementing income, exploring a passion, or practicing skills for future ventures – these opportunities provide scheduling flexibility to fit around full-time jobs, offering multiple revenue streams as well as the possibility to grow into full-time small business enterprises.
Many of these ideas can be easily implemented. For instance, opening an Etsy shop to sell handmade jewelry, candles and tea towels at an affordable cost is one simple example of starting something on their own. Meanwhile, those with talent for writing can self-publish books through platforms like Amazon Kindle.
Depending on the nature of your side hustle, scaling it at first might or might not be easy. Some individuals make good livings from online survey completion while others can pick up several Uber passengers per day; food delivery services like Uber Eats and Postmates have become popular and relatively straightforward to scale.
Individuals can make money through affiliate marketing with apps like Grubhub, DoorDash and SkipTheDishes (Canada only). This form of promotion is easy to implement and could become increasingly profitable as its user base expands.
People with creative abilities can make considerable money through their craft, including baking, photography and painting. Individuals with an artistic bent can turn their creative work into cash by selling it on popular websites such as Etsy or opening a storefront on Squarespace; other options may include writing ebooks about travel or self-help for publication on Amazon Kindle.
Research by our team showed that workers with side hustles reported feeling more empowered and in control of their careers, especially when the side hustle matched long-term career goals. Furthermore, many skills learned during side hustles can be applied directly to main job jobs to strengthen overall careers.
With the rise of gig economy jobs, skilled freelancers and contractors are in high demand. Social media management or website design – freelance sites like Fiverr and UpWork allow individuals to advertise their services and find clients who require help.
No matter the form of side hustle you choose, it’s essential to remember that as a 1099 employee you must still pay taxes on earnings from it. Therefore, setting up a separate bookkeeping system and consulting with a tax professional are both recommended in order to avoid unexpected tax liabilities at filing time. When planning how best to use extra earnings towards meeting financial goals it may also be wise to put some aside into retirement savings or invest them into assets which produce dividends and capital gains over time – it’s up to each individual to determine their best use!
