This article provides tips from Angelique Rewers, CEO of a small business consulting firm, on how to maximize the success of your side hustle in 2024. It emphasizes the importance of financial organization, time management, and communication with personal and professional networks.
Side hustlers put a considerable amount of extra cash into their wallets in 2024. They made $891 per month on average, according to a recent survey. Angelique Rewers, CEO of small business consulting firm, says there are a few moves you can make first to set yourself up for success. Rewers advises, 'You should have a dedicated bank account. You should have a dedicated credit card. You should make sure that your business is structured correctly.
' You can build excel spreadsheets to keep records of your clients — whatever it takes to keep your external moneymaking activities in order. If your gig takes off and you haven't created the relevant dedicated tools for it, 'you're going to lose control of the side hustle,' she says. Second, be aware of the commitment you're making. 'Make sure you're not only tracking your expenses but that you are tracking your time,' Rewers says. It's easy to underestimate the number of hours you're spending on your hustle and work overtime without getting paid for it. Maybe you estimated a project would take five hours, then billed them for those five hours even though it actually took 10, for example. But 'that's how a side hustle can go from being something that's really great to do to having a lot of resentment and it not being worth your time,' Rewers says. So be realistic about how long it takes and charge accordingly.Finally, make sure you're letting the people in your life know about your new gig. For those in your personal life, like your family and friends, 'pick up the phone, text people, send them voice memos, let them know what you're doing,' says Rewers. They could help you find clients or even hire you themselves. Also, tap your outer network and people you don't know on platforms like Reddit, she says. She adds that, 'unless it's going to compete with your full-time job, you can certainly talk about it on LinkedIn as well.
SIDE HUSTLE BUSINESS FINANCE TIME MANAGEMENT COMMUNICATION
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