We are living in a difficult economic climate right now. The cost of living is rising almost daily, and in the US, inflation is running at the highest rate in 40 years. Experts are warning that the country is on the brink of a cost-of-living crisis, and many families are already struggling to pay the bills.
If you’re in that situation, it is worth considering the idea of starting a side gig. Earning a bit extra on the side of your main job needn’t use up all of your spare time, and the additional money will come in very handy at the end of the month when all the bills start arriving.
How Easy is Starting a Side Gig?
Working on the side is relatively easy if you can spare the time. Even if you can devote 5-10 hours a week to your side gig, it will make a difference to your monthly income. However, be realistic about how much time you do have available. If your main job is very stressful or you already work long hours, don’t make the mistake of driving yourself into the ground in pursuit of cash. It’s probably better to try and cut your living costs instead.
What Are Your Options?
There are loads of things you can do if you need some extra cash. The internet has made it super easy for people to work in the gig economy. You could drive for Uber or Lyft, write articles for websites, or build websites for small businesses. Work with your talents and look for gigs that pay enough to justify spending your time on the project or job.
Sites like Upwork and Freelancer are very popular with people hunting for gig work, but there are others, including TaskRabbit, Fiverr, and FlexJobs.
Sign up for a few and create a profile. List your skills and upload a resume, so people can see what you have to offer. To start with, you may have to bid for jobs at a lower rate but once you have some positive feedback, it becomes easier to win jobs. Don’t be tempted to work for too low a rate; if you don’t value your time and skills, nobody else will.
Invest in Equipment
Depending on how much you expect to earn from your side gig, it might be worth investing in essential equipment, such as Lenovo 3D modelling laptops if you plan on doing digital illustration work, or a sewing machine if you want to make garments to sell online. Anything you buy can be offset against future income when you file your taxes.
Don’t Forget to Pay Your Taxes!
Speaking of taxes… gig workers must pay tax on self-employment income, so you must report anything you earn in addition to your main job to the IRS. Seek professional advice if you are not sure about the tax implications of a second job.
Working in the gig economy part-time can be a great way to earn some extra income. Why not give it a go?