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What is a Side Hustle, and Why Do I Need One?
There are many reasons people choose a side gig, but mostly, it’s to earn extra income. Side hustles bring in, on average, just over $1,000 a month — money that pays the bills…or even changes your lifestyle. Having a thriving side hustle can help you:
Get rid of that student loan debt for good
Travel the world (without maxing out your credit card)
Pay down a mortgage, vehicle or other debt
Finally start planning for retirement
Gain great financial freedom, so you can spend more time on the things you love
Sounds pretty great, right? The best part is, it’s all within reach. You can start a side hustle with very little upfront cash and just a few extra hours a week. Keep reading to spark some ideas and start living that hustle life!
Here’s Your Lightbulb Moment: Top Side Business Ideas
Getting started with a brilliant idea is as easy as flipping the switch on your creativity. Almost anything, done right, can become a side hustle. You just have to figure out what you’re selling, who you want to sell it to and how. Sounds overwhelming? That’s okay.
Become a Content Creation Whiz
You’ve got a lot to say, and there are people out there who want to hear it. Being a content creator is a great side hustle job, because the subject matter options are limitless and you get to position yourself as an expert. There’s also very little overhead to get started. Here are some of the types of content you can create:
A blog on a subject you know a lot about or something you feel passionate about
A YouTube series on anything that interests you and has something to offer
A podcast on your favorite topic, featuring an interesting lineup of guests
An Instagram influencer, documenting your passion, knowledge or just you
Go on a Shopping Spree, Then Sell It for Profit
Looking for easy side hustles that are also a lot of fun? Reselling is a hugely popular option for side hustlers. And if you’ve got a good eye, it can be very profitable. Wondering how and where to sell your treasures?
List vintage collectibles on eBay.
Set up a shop dedicated to retro jewelry or home decor on Etsy.
Restore and sell old furniture on Facebook marketplace.
Sell niche products on targeted resale sites, like Chairish, OfferUp or Poshmark.
Start Consulting or Freelance Your Way to Financial Freedom
Freelancers can earn big money, plus they benefit from amazing flexibility and the ability to work from just about anywhere. Offer your services on websites like Upwork, Fiverr or Freelancer.com. Here are some of the skilled services people are looking to outsource to qualified freelancers:
Copywriting and content creation
Graphic design
Photography
Editing
Get on Board with the Gig Economy
If you haven’t got the time to brainstorm an idea and put it to work, look to the gig economy, where the planning and process are already done for you. The income isn’t as high as in some other side business areas, but if you’ve got a few spare hours and enjoy running errands, it could be the right pick for you. Here are some of your options:
Driving for Uber or Lyft
Delivering food or groceries via Shipt, Instacart, Grubhub or DoorDash
Pet sitting through Rover
Babysitting or nannying via Care.com, Bambino or other similar apps
Share Your Expertise
What are you good at? Chances are, someone wants to be as good as you are and you’ve got a lot to share to help them learn. Best of all, sharing your knowledge can bring in a good amount of income.
Here’s how:
Coach a local kids’ sports team.
Give private lessons in swimming, tennis, horseback riding, etc.
Offer virtual tutoring services to school kids or college students.
Provide independent review/editing services for term papers, thesis papers or dissertations.
Offer tips for being a social media influencer that everyone wants to follow.
Offer tips for being a social media influencer that everyone wants to follow.
Get in the Property Game
Real estate is a booming business, but you don’t need to be a tycoon to get started.
Here are some ideas:
Rent out your home on Airbnb while you’re traveling.
Turn extra space (like a basement) into an apartment and become a landlord.
Offer your services as an independent property manager to local owners.
HOW TO START A
SIDE HUSTLE
MAKE IT LEGIT
Treat your side hustle like a hobby and you might earn a little extra pocket money. Treat it like a business and you might just have yourself a viable source of income that could change your financial outlook. To do that, you’ll need a plan. You’ll also need discipline, creative thinking and laser focus. If you’ve got the right mix of skills and determination, you can pull this off.
Treat your side hustle like a hobby and you might earn a little extra pocket money. Treat it like a business and you might just have yourself a viable source of income that could change your financial outlook. To do that, you’ll need a plan. You’ll also need discipline, creative thinking and laser focus. If you’ve got the right mix of skills and determination, you can pull this off.
But First, Consider This:
Many side hustlers give up some of their recreational time to make their side gig a success. Decide now how much time you’re willing to devote to this endeavor and what types of activities you’ll be willing to sacrifice (and for how long) to give it a go.
Prepping for Launch: Tips for Getting Your Side Hustle Off the Ground
Identify your online business’s unique selling points (USPs)
Whether you’re competing on features, price, quality, speed or something else, your USPs set you apart from competitors and encourage customers to come to you.
Look at who your competitors are in the space
Having competitors is a good thing as it shows there’s a market, but if there are too many, you’re likely to struggle without a really good USP.
Understand your market
Clearly identify exactly who your customers are likely to be, where they hang out and how you’re going to reach them. This will be essential to your marketing, communications, sales and customer support.
Talk to clients
Speak with potential customers to understand what they want from your products and services, and validate this by asking if they would commit to spending real money on them.
Get involved with business communities and discussion groups
One of the great things about side businesses is that there are plenty of great communities and discussion groups. Get involved with them and learn the ins and outs of your chosen market before committing.
Don’t Push Your Business Plan Aside
Side hustles need the same careful planning as any other business. Even better, if you someday want to grow your side hustle into your full-time gig, having a strong business plan in place will make the process much easier to navigate. What makes a great side business plan? It should cover everything from how you’ll market your business, to how you’ll profit from it, to how you’ll continue to grow. While every business plan is unique to the hustle, all should cover the following key points:
An executive summary with the most important points from your business plan
Your goals and what you hope to achieve with your side business
A description of your side business, background information and contex
A market analysis and likely demand
An overview of how your side business is structured
Your online business model
How you will market and sell your offerings
Financial projections, revenue and profitability
Appendices
Right Business Structure
Protect Your Side Hustle with Legal Business Formation
If you’re operating solo (as a sole proprietor), you aren’t required to form a legal business entity. However, if something unexpected happens, doing it alone leaves your personal assets vulnerable to risk. Legal formation isn’t as overwhelming (or expensive) as it sounds, and it provides a shield between you and your business, so your assets remain protected. There are various types of business structures, but these are the most common:
- Limited Liability Company (LLC)
This is what we recommend for most side hustlers. LLCs usually have simple filing requirements (and minimal ongoing requirements), they’re often inexpensive and they offer all the benefits you need to keep your hustle (and yourself) protected. When you file a $0 + state fee LLC with Bizee, we handle the paperwork, so you can stay focused on running your side gig.
- S Corporation (S Corp)
An S Corp is a tax designation that allows owners to operate a corporation with the same pass-through taxation as an LLC. While it can save on taxes for some business owners, it’s not generally necessary for side hustlers. However, if you want to check, you can use our S Corp Tax Calculator.
- C Corporation (C Corp)
C Corps are the largest business entities and can work very well for bigger companies. However, for side hustles and smaller businesses, they are usually more complex than necessary.
- Still not sure?
Check out our Entity Comparison, and when you’re ready, read our Complete Guide to Starting an LLC.
Time to Do the Hustle!
You’ve got the idea, the plan, the strategies and the business entity. You’re almost ready for launch. But before your side hustle takes off, make sure you consider these business functions that will guide how you operate your hustle.
Software and Process
The right software can make running your side business quicker and more efficient. See our great list of the top apps at the end of this guide.
Marketing
If you’re in an online marketplace, you probably won’t need to do much marketing. It’s important to represent yourself in the best possible way and gather good reviews. For people with another type of side business, your marketing needs will vary depending on the specifics of what you’re selling.
Equipment
Just like the location of your business, the equipment you need will depend on the type of side business you’re running. In most cases a laptop and smartphone will be sufficient, although other types of side businesses may need more specialized equipment.
Location of your business
The location of your side business will depend on the type of business you run. In almost all cases, you’ll run your side business mainly from home, even if your main place of work is your car or property that you’re renting out. Remember that if you’re selling products, you will need space to store your stock.
Finances and Taxes
You will need a separate business bank account for your online business. You might also want to consider a business credit card. Additionally, you will also need to keep careful bookkeeping records and file business and personal taxes. Here at Bizee we can even help you file your taxes.
The Complete "Start Your Business" Checklist
A Clear and Comprehensive Guide to Starting Your Business the Right Way
Hustle Helpers Useful
Tools to Get You Started
There is a vast amount of tech tools, apps and services available to business owners to help them market and manage their business. But for side hustlers, you’re looking for something that’s quick to adopt, without a steep learning curve.
Collaboration
Social Media Management
Communication
Email Marketing
Advertising
Customer Relationship Management (CRM)
Customer Support
Human Resources
Website Development
Analytics
Hiring
Please note: This page contains affiliate links and we may receive a commission if you make a purchase using these links.
Ready to Get Your Side Hustle On?
Side businesses can supplement your income, help you pay the bills during a job hunt or inspire you to work toward becoming a full-time entrepreneur. You’ve gotten this far — now it’s time to take the next step and turn your side hustle into a legit money-maker. Form your LLC today with Bizee for $0 + state fee.
