There are some pretty terrible lists of side hustles on the internet. For me, a big attraction to a side hustle is that it can be on the side... minimal back end work, but to make a quick buck.
There are a lot of reasons why someone might want a side hustle- whether it's to turn it into full time, or its to fund your full time hustle dream, or just to make some quick cash for vacation. Today we're discussing our favorites and what to look for in a side hustle.
CreditLoan.com did a survey of 996 Americans who are doing a side hustle. 21% said they worked on their side hustle while at their primary job. Blegh. Not a smart idea unless there's a contract saying you can, and you own your work.
I realized that I have an inner turmoil when reading side hustle idea lists. I'll say this: Keep in mind the tax laws in your area, and in the country. The government does understand that you can make money from a hobby, but only to a certain point. We aren't tax professionals so we can't give advice here.
Personally, we got a business license about 6 months in. I realized this was a real thing, and I wanted to keep going and to run it like a business. You might find that if you don't get a business license, you'll hold yourself back from being too successful because you're scared of the tax implications. Guys, that's dumb. I did that, and it's so silly. Starting an actual real business on the books is scary, but it's really worth it. If I hadn't of made that leap, then it would never be our full time income today. Yes, taxes stink, but living in fear stinks too.
However, definitely dabble in an industry as much as you can before investing money in it.
But you have to keep some things in mind... like you can't just do everything under the table. Some things you need insurance for. Some things your insurance will forbid you from doing (rideshare anyone?)
Dog walking is cool, but what if a dog gets loose from you and gets hit by a car and has $3,000 in vet bills? Do you have insurance to cover that? Do you have a contract in place to cover yourself?
Lauren Greutman has a great list: 24 Awesome Side Hustles You Can Do While Working Full Time A lot of them center around what you're already trained to do, and then finding a way to do extra work on the side.
Entreprenuer.com has kind of a terrible list. I feel like a lot of them are gimmicky and take a lot of time for minimal income. Like, write an ebook or produce an audiobook. Or #32 "Open a Mobile Pet Grooming Service." This is more of a serious side business that needs a lot of attention to flourish and grow. And perhaps something you should be passionate about.. not just try your hand at it. But this list might give you a crazy idea that works well for you, so... it's worth a skim. Also, #41. Start a GoFundMe Page. Don't even get me started...
Remember, not every idea is a good one. Find one that sparks something inside of you.
Really fantastic article by Luxe Strategist. She shares extremely practical ways to make money on everyday things. And also talks about how some side hustles aren't worth it because of the time investment and low payoff.
What side hustles do you do?