Side Hustle – Personal Financial Goals 3 of 6
First things first…what is a side hustle? This is a trendy way of saying “something on the side, other than your main job or source of income.” You can sell a service or a product. A side hustle is a loose term that people use for many things. Generally a part time job delivering pizzas on top of your job as a retail manager is not considered a side hustle. A few great examples of side hustles are:
- Coaching or mentoring someone in something you know about
- Designing websites or other digital or graphic arts media for businesses
- Sell goods you make yourself…such as natural soaps or jewelry
- Advertise to walk dogs or wash windows
Turning A Side Hustle Into Your Own Business
For some people this is the plan from the start, and for others, it just happens. Sometimes a side hustle is more of a passion project. An example of this would be someone passionate about music, begins to give guitar and piano lessons. Sometimes a side hustle is born out of necessity. An example of that is being short on money, so you begin grooming dogs. You may not love grooming dogs, but you grow to love being in charge of your own schedule. You may also like other areas of the business such as marketing it or working with customers. If you like it much better than your day job, you may be inspired to open your own company.
How Do I Know What To Hustle?
Well for most people, this question is easy. What are you good at? What do you know how to do? Do you have skills that set you a part from others? What do you love and how do you love to spend your time? Asking yourself questions like these can help to direct you. On the contrary, there may be no soul searching necessary. Maybe you finally take a leap to open up your dream business or venture, something you have wanted for a long time.
No blog entry on side hustles or side jobs would be complete without a friendly reminder from your accountant. These side hustles count to the IRS and we are here to help answer all of your questions. This includes how to get started, what you should expect for filing taxes and what your financial obligations are.
