Choosing Your Side Gig

Do you know which type of side gig is right for you?

It’s the fourth Tuesday of the month, which means it’s side gig, side hustle time.

Many of the other things we’ve already talked about like blogging, teaching or running an online store could be considered side gigs. It all depends on whether or not you’re doing it as a second job or if it’s your full time business and main focus.

I remember when it used to be called Moonlighting and I’ve had lots of those jobs, especially when I had to quit my job…you can read about that in an previous post.

The first thing to decide is whether or not you need the side job as a way to make some extra money to say, save for a vacation or add to rainy day fund. Or if it’s something that you’d like to do as way to launch your own business.

I’m guessing that if you’re just doing it as a way to make some extra cash you’ll be looking at it from a different perspective. There are jobs like driving for Uber or Doordash, or taking surveys

Side hustle leading to a full time business could be opening an online store. Maybe you start with a few items to do some market research about whether your product is a hit or miss and gradually work up to taking the plunge, quitting your day job, and becoming a full time entrepreneur.

There’s no right or wrong way but here are a few things you need to consider before you get started?

Time

How much time is this side gig going to take? If you’re tired after work you probably won’t want to head out and drive for Uber for the rest of the day.

Location

If you have children and don’t have anyone to look after them then you probably need to find something that you can do from home. For example, taking surveys online rather than running errands or delivery meals.

Fun Factor

I know side gigs are supposed to be about the money, but if you hate what you do, the chances of you quitting increases. If it’s something you know you’d hate from day one, go with something else. After all, there are plenty of choices out there.

Money

We can’t and shouldn’t ever forget to talk about the money. How much work goes into the gig and what’s the compensation for the hours you’ll work? Will there be tips and bonuses to factor in? And remember, you’ll probably be considered a contract worker so no taxes will be withheld from your check. Factor in about 30% of what you make will be needed to pay your self employment taxes.

Promotion

Some side gigs come with built in promotion, that being the company is large enough and with a brand name, that you don’t have to do anything to line up work. However, some gigs aren’t set up that way and you might have to spend time and yes, money, putting your i’m in business sign out for potential customers to even know you exist.

Learning Curve

Is this a gig you can do straight away or are you going to need to spend time and money learning a new skill?

Competition

Some side gigs are easy, some do have that learning curve factor. If it’s easy then it probably means lots more people are doing it and therefore you face more competition .

Hobbies

Do you currently have hobby that could turn into a side gig? It’s a great place to begin because there’s no learning curve and you already love doing it.

So, this week, sit down and think about such things as hobbies, what you’re good at, what skills you already possess, what time you have to devote to the side gig and brainstorm possible ideas.

Next month, we’ll be focusing on resources for side hustlers, and then in the coming months highlighting a particular side gig and look at its pros and cons.

In the meantime, do you have already have a side gig and would you like to be featured in an upcoming post? Contact me at budgetsmartqueries@gmail.com.

Talk again soon and remember to life the life you love.