It was not that long ago that earning extra money meant taking on a part-time job. Back then, unfortunately, juggling a full-time career and a part-time job was no easy task, and many would-be moonlighters quickly found out.
These days, it is far easier to do that juggling act. The widespread availability of so-called side hustles makes it easier than ever to earn some extra money while still holding down a full-time job. But before you sign up for Uber, create an account at Upwork or print up your business cards, you need to think ahead.
If you want your first foray into side hustling to be successful, you need to think about how you will integrate your new activities into your current life and lifestyle. Here are some smart tips for integrating your side hustle into your current schedule.
Talk to Your Boss and Coworkers
You do not want your side hustle to put your current job in jeopardy, and trying to hide your moonlighting could backfire. Just think what would happen if you pulled up to the curb in your role as an Uber driver, only to discover your boss and his wife at a local restaurant.
You can avoid those uncomfortable situations and protect yourself by being open and honest about your side hustle. You do not need to make it a big deal, and you do not have to ask permission – just be sure your supervisor knows that you have a side hustle and that you will not let it interfere with your current job duties.
Talking to your coworkers is nearly as important, but it could be even more beneficial. Once your colleagues know about your side hustle, they may take advantage of your services. In fact, the people in your office just might be your first clients.
Identify Available Blocks of Time
The best thing about a side hustle is that you can do it virtually any time you want. If you want to drive for Uber in the middle of the night or first thing in the morning, you can. If you want to do some freelance writing or computer coding, you can do your work whenever it suits you.
Despite the flexibility of the side hustle, you will still need to block out time to do it. Start by analyzing your day and your current duties, then look for blocks of time where you can pursue your chosen side hustle.
Be Serious About Your New Business
You may think of your new activity as a side hustle, but it is actually a business. No matter how much or how little you make, it is important to view your side hustle as the business it is.
If your side hustle is successful and you start bringing in some serious cash, you will need to set money aside for taxes, and you may need to make quarterly payments to the IRS. It may also make sense to open a separate bank account for your business, so you can track your expenses, take advantage of tax deductions and maximize your earning potential.
Taking on a side hustle is a great way to bring in some extra cash, learn new things and expand your horizons, but integrating your new activities into your life is not always easy. If you want to succeed as a part-time entrepreneur and business owner, you need to take a proactive approach. The tips listed above can help you fit your side hustle into your life and lifestyle so you can earn more cash and enjoy a more independent lifestyle.