Side hustlers are putting a significant amount of extra cash in their wallets in 2024. They made $891 per month on average, according to one report. Bankrate June 2024 Survey Of 2,332 American adults. Some brought in as much as $1,000 to $2,000 a month.
If you are one of the many people looking to add another Income stream in 2025There are some steps you can take first to set yourself up for success, says Angelique Rewers, CEO of the small business consulting firm Boldhouse.
Here's what she recommends.
Organize the tools needed for your hustle
First, make sure you… It is regulated” says Rewers.
“You should have a dedicated bank account,” she says. “You must have a designated credit card. You must make sure that Tax accountant Knows what you're doing.” You can create Excel spreadsheets to keep records of your clients — everything needed to keep your outside money-making activities organized.
If your gig takes off and you don't create custom tools related to it, “you'll lose control of the side hustle,” she says.
Make sure you're tracking your time.
Second, be aware of the commitment you are making. “Make sure you're not only tracking your expenses, but your time as well,” Rewers says.
It's easy to underestimate the number of hours you spend at work and work overtime without getting paid for it. Maybe you He told the customer A project might take five hours, and then they're billed for those five hours even though it actually took 10 hours, for example.
But “that's how a side hustle can go from being something really great to feeling a lot of resentment and not worth your time,” Rewers says. So be realistic about how long it takes and charge it accordingly.
“Pick up the phone and text people.”
Finally, be sure to let the people in your life know about your new job.
For people in your personal life, like your family and friends, “pick up the phone, text people, send them voice memos, and tell them what you're doing,” Rewers says. They can help you find clients or even hire you themselves.
Beyond that, create posts or profiles on Applications and platforms Such as Nextdoor, Facebook groups, Upwork, Fiver“Reddit,” she says, to tap into your external network and people you don't know. “Unless it's going to compete with your full-time job, you can definitely talk about it on LinkedIn, too,” she adds.
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