Can a side-hustle make you rich?
“Side-Hustle” is a very 2019 phrase. It refers to the countless amount of people who have an online money-making side-gig, where they can work on their own terms doing jobs they generally enjoy.
A side-hustle can be a great way to pull in some extra cash. The benefits of being able to set your own hours and work at your own pace are extremely inviting to people who work full-time hours, students, or professionals looking to expand their portfolios.
Whether you’re looking for some extra cash to make sure you’ve covered your bad credit loan, or if you’re looking for a way to have access to short-term finance without the need for a payday loan, a side-hustle can be great.
Maybe you’re an artist. You could be a web developer. Perhaps you’re a voice actor; regardless of what your skill is, you’ll be able to market it online through freelance websites such as UpWork or Fiverr.
One question that many of us have, especially if we’re new to the scene, is “can a side-hustle make you rich?” In short, the answer is yes: it can. It is, however, very hard, and requires a lot of hard work, long hours and commitment – this can put some people off.
If you’re looking to get started as an online freelancer, or if you’re looking for ways to start building a career of it, you’ve come to the right place.
Let’s jump in:
The best place to get started, in my opinion, is a website like Fiverr. You can set prices at increments of $5 (unfortunately not in £ yet!) and be prominently displayed within the website’s search engine.
From here, individual clients can reach out to you. Once you’ve signed off on the work, and both parties are happy with it, you’ll receive the payment in 2 weeks – that’s still a fairly long time, so if you do need urgent money, maybe it’s time to consider a small short term loan?
If a client likes your work, they can leave a review. The more reviews you have as a seller, the more incentive a buyer will have to work with you – it might start off slow, but don’t worry; you’ll get there.
There are alternatives to Fiverr, search as eLance, People Per Hour and UpWork, though these do work in slightly different ways.
Once you’re established as a seller, you might be wondering how you can turn your side-hustle into a full-time job, eventually getting rich. After all, we’ve all heard stories of voice actors making millions in a year – why can’t you?
As with any other career path, you can be wildly successful, but only if you’re willing to put in the work.
You can’t rely on middle-man sites that find the clients for you. You’ll need to branch out on your own, finding new clients for yourself. If you’re operating on your own, without the assistance of another website, you don’t need to worry about losing a cut of the profits, so there’s more potential to earn.
Getting a website
In order to be seen by more people and appear to be more professional, you’ll need to have a website built. The problem here is that building a website and buying a domain can get very pricey. As they say – money makes money, though, and the investment will pay off.
When your website is live, you can use it as an online portfolio as well as an interactive business card.
Our best friend: the taxman.
Don’t think you’ve escaped him just because you’re working for yourself. If you have an income, you need to be paying tax, even if it’s just a side-hustle earning to begin with.
HMRC will catch on to any additional earnings you have, so it’s best to be smart and let them know as soon as you know you’ll be making at least £1,000 a year.
Tax is a tricky subject, so it’s strongly advised that you seek guidance from an accountant. A good accountant won’t just keep your accounts in order; they’ll save you money, and tell you exactly where you could be claiming costs back.
As you advance your skills and become more professional, you’ll become much more visible to business leaders around the world. In turn, you can increase your costs, add additional benefits and collaborate with others to begin pulling in more cash every month.
It’s not overnight, but it’s definitely doable. You certainly can get rich from your side hustle, it’s been done by plenty of people.