The ‘gig-economy’ has completely taken over employment in the U.S. According to a survey by CNN, 34% of the workforce has some sort of side-hustle or extra job. Additionally, as noted by Small Business Trends, 25% of millennials have a side gig as well. Yes, we’re in a time where everyone is trying to get a little bit extra, which if you play it right, can be an amazing experience.
While a lot of the gig economy is birthed out of a need for cash, it’s showed a lot of folks that they can make money doing what they love, or even just be their own boss. It’s an opportunity that when strategically done, can eventually become your full-time job. And although it’s going to take a lot of legwork, today I’m going to show you how to do just that.
How You Can Start
When selecting a side gig, you first have to think of which profitable skills you possess. This can range from creative skills such as writing or design to practical abilities such as driving for Lyft or delivering food. The goal here is to select something that you can do consistently on your own time that will also pay you what you’re worth. Remember, a side gig is essentially a form of self-employment, which means you’re responsible for dictating your worth based on the length of time you’ve been at this practice as well as the quality of the work you’re producing. Don’t sell yourself short, as it will make your time considerably less valuable than if you just got a regular gig.
Once you’ve found out where you fit, it’s time to start implementing a schedule that works consistently with the rest of your lifestyle. Keep in mind that you should begin easy, gradually working your way in to provide enough cushion for the unexpected. Furthermore, there’s no limit to the times you’re grinding as well, even in college. The overarching goal here is to make something that you can execute again and again that will benefit your financial well-being.
Where It Can Help
Having a side hustle can be an excellent way to set money aside for numerous things, from saving for a vacation to even in the event of a rainy day (for example, if you found out there was a collection on your credit report). Furthermore, you’d be surprised how fast this money can add up too, as putting it directly in savings and forgetting about it is one of the biggest beauties of the side-hustle. However, I’ll note the other portion that makes this helpful is establishing yourself for your talents.
It’s not often you get to fulfill your dream job, but when you create that gig yourself, the opportunities can become endless. This is the perfect time to start establishing not just a name for yourself, but a sense of self-worth for what you’re good at. While it’s going to be tough at first, marketing yourself, setting a price, and doing good work can take you to some pretty extraordinary places. Plus, you get to decide what your pay rate is going to be, which is a rare occasion in itself. Eventually, most of us want our side hustles to become a full-time gig, but that can come with a cost.
Expanding To A Full-Time Gig
The transition between turning your side hustle into your primary job is going to be met with a lot of growing pains. In fact, according to Compass, 73% of startup founders make an average of $50,000 or less. Granted, startups are structured a lot differently than sole proprietorships, but the basic principle is simple: you have to prepare for rainy days. There might be weeks or months where business is slow, which can be a scary place to be in. Additionally, there are other incidentals to think about as well, such as equipment failures, travel expenses, and the list could go on-and-on. This isn’t entirely doom and gloom, as these are both learning experiences, as well as tax write offs. However, the benefits of being your own boss will win every time.
I can’t stress enough the joys of taking your side hustle to the next level. You’re in a position to set your schedule, pay rate, and even workload. It’s an incredibly fortunate place to be, but it comes with the mentality that you own your own business, which means you might still need to get up for those early mornings and stay awake for those late nights. Overall though, once you’re there, you’re not going to want to trade it for the world. So, what’s stopping you from taking your side work into your real work?