Side hustling is on the rise and it's estimated that 4 out of 10 Americans are supplementing their primary incomes with side gigs and freelance work. Looking to the US millennial generation, it's estimated that 50 percent of this demographic have now joined the freelance and gig economy.
I've been side hustling for as long as I can remember. From working 3 jobs in high school, to selling on Etsy today, I've been able to build up secondary income streams in a variety of ways. When I tell people about my pursuits in passive income and side hustling, I'm met with a barrage of questions. Here are the most common that can help you overcome your hesitations and get started today:
1. How can I get started?
I've always loved making gifts for friends and always thought there was need in the market for funny quirky gifts when I was shopping. I began creating my own products for fun and to my surprise others wanted them too.
There are so many ways you can get started with a side hustle. Whether you pick up a second job for the weekends, or sell a product to consumers, there are many ways to generate additional income streams.
To get started, think about a skill that you have that provides value to others and see how you can turn it into a business. Are you an amazing pie maker? Sell pies to those in your community. Do you know how to code? On the weekends, use your skills to build websites for clients. The first step in side hustling is to take a step back to see what you're good at. Then you can figure out a way to monetize it.
2. What about taxes and licenses?
Taxes can be intimidating and prevent new entrepreneurs from ever getting started with their side hustle. Though I don't have a background in business logistics, I learned everything I needed to know about taxes and licensing from Google searches and talking to seasoned enraptures.
It might feel scary to wade into uncharted regulatory waters, you can find many digestible articles online that can help you break down the legalities of running a business. And you'd be surprised how easy it is to get started. In most states, you can form a sole proprietorship for around $50 or register an LLC for around $200.
While I did all of this myself, if you're still feeling hesitant about starting a business, a tax professional and consultant can often get you on the right track when you're just starting off.
3. What are some easy side hustles to start?
Some common side hustles that are easy to start including, writing, website creation, social media management, teaching a language, and selling products online. For my side hustle, I use print-on demand technology to sell a wide range of products from yoga mats to t-shirts.
Think about a skill that would benefit others or an activity you love doing. Then you can work backwards to think about what kinds of people would pay for the service and how it could provide value to others. From writing eBooks, to showing others how to organize, there are many ways you can turn your expertise into education that people would gladly pay for.
4. How can I find the time?
You don't need an entire day of the week to get started with side hustling. In fact, you can get started in as little as 10 minutes a day. Simply starting small and building over time can help you create lucrative future income streams.
For over two years, I worked on my store for 10-15 minutes a day when I was done with my client work. Now it's providing me a steady stream of income.
If you have time to watch Netflix, you have time to start a business. Get started today and reap the benefits tomorrow.