Are you fresh out of school? In a job where you don’t feel like you’re using your skillset? Need to make some extra cash to save up for a big purchase? If you can answer “yes” to any of these questions, then it’s time for you to start thinking about a side hustle.
For those of you who aren’t familiar, a side hustle is doing something outside of your normal 9-5 job in which you make extra income. Freelancing, driving Lyft, or nannying are all examples of side hustles.
So why all the fuss and why now? There is no better time than 2020 to get in on the side hustle game. I got into it soon after I finished college with my creative consulting firm, Bright Eyes Creative, and it’s been nothing but great the last few years. I’ve been able to make a nice chunk of change that has all been going directly to savings, and not to mention, it’s a great thing to aid you during tax season.
In the age where cost of living has gone up and there has been no significant wage growth, it doesn’t hurt to make a little extra cash on the side. Plus, it’s something for you to do after work that isn’t spent on the couch binging the latest Netflix series. There are so many entrepreneurs out there who have turned their side hustles into their full time gig, which I totally admire. So it is possible to do something you love and make it your full time job.
You might be thinking, “this all sounds great but how do I start”? The first thing you need to figure out is what you want to do. Maybe you’re passionate about photography and want to start a photography business. Maybe you want to help people with their social media presence. Whatever it is, you need to decide what your side hustle will be. Next, you need to name it. Whether it’s “insert name here” “insert service here” like Alexa Phillips Photography, or something a little more creative, you need a name. Of course, this step is not necessary if you have chosen to drive for Uber or Lyft.
Once these two components are in place, an optional third step is turning it into a business by way of a sole-proprietor LLC. Depending on whether you want to turn your side hustle into an official business or not depends on how urgent it is to get an LLC. It’s not a hard process; at least in the state of Colorado, it costs $50 with a $10 yearly renewal fee.
Then, you need to go out there and market yourself. A website, social media, ads, or whatever you can think of will help you get the word out about your business. It’s the most exciting feeling when you sign your first client and ready to dive right in. I do recommend setting aside some time for you to work on it each week, whether it’s one night during the week or on the weekend. What you put into it is what you’ll get out of it. If you are putting 110 percent into it, then chances are it might one day be your full time gig.
For me personally, I decided to start my side hustle as more of a freelancing business during the post-grad job application process. I continued it when I got my job as a means to gain experience, make some money, and grow the company. My goal is to eventually get it to become my full-time gig down the road. And trust me, I’ve definitely had my share of trials and tribulations along the way. I’ve learned a lot, gotten to work with some awesome people, and taken the business where I want to go.
So if you are looking for something where you can do an activity you are passionate about and make some extra cash, I highly recommend starting a side hustle. It may take some time to start up, but it is so worth it in the long run.