People take on side hustles for a variety of reasons. But too often they just end up causing people way more stress than they should. Here are some tips and important things to consider when starting up your side hustle, according to “CNET”.
- Understand how a side hustle will impact your taxes. You could be paying the government a hefty amount of taxes if you take on a second job. Plan accordingly and consult a CPA.
- Look out for noncompete clauses. Your current full-time employer may not allow you to work for another entity, including yourself, doing work that is related to your field. Every situation is different. Check with your signed contract or HR first to make sure you’re in the clear.
- Be realistic about how much time you have. Side hustles require time and energy. On top of a full-time job, you could easily be pulling 60 work weeks which eliminates any chance of a work-life balance. Determine what’s important to you and prioritize that.
- Promote your side hustle to your network. Building clientele is essential for any business. You might not have a ton of money to set aside for marketing so start with your inner network first.
- Give your money a mission. Decide what your end goal is for a side hustle – whether you’re trying to pay off some debt or transition into another career by building up your resume.