The side hustle can be a unique and fun way to earn some extra cash. If you have found just the right fit for you then by all means, hustle! People do all sorts of extra things for cash. You can walk a dog, drive for Uber, make awesome crafty items, or sell extra produce from your garden at the local farmer's market.
Just remember to keep track of what is coming in and what is going out of your pocketbook. Here are some ways to help yourself stay organized so you can focus on your new adventure.
- Set up a separate bank account. It may seem like a hassle and unnecessary but if you are going to keep your hustle going, you will need to ensure that the money made is accurately accounted for. A separate bank account will be an easy way to do just that.
- Get licensed! It is important that you understand the rules that govern side gigs and small businesses in your state. Be sure to obtain a business license if necessary and any other state or federal identification numbers that you may need.
- Keep track of those expenses! Expenses add up and need to be managed. Take som e time to think about all of the ways you may incur expenses for your side gig. Do you need to log your mileage? Did you subscribe to a service to generate leads or just purchase supplies? Depending on the industry you are in, you will need to track and budget these types of things.
- Do some planning! The last think you want, is to end up owing taxes to your state or the IRS. With some help, you can adequately plan for future growth or increases in revenue. It may also be necessary to plan for estimated tax payments.
This is not an exhaustive list but it will give you a good start in the right direction. Remember if you need help or just want to make sure you are on the right track, give us a call or drop us an email! We would love to help you out!