Can a Side-Hustle Make You Rich?
“Side-Hustle” is a phrase that gets thrown around quite a lot these days. It refers to the countless amount of people who have an online money-making side-gig, where you can aim to work on your own terms, doing a job that more often that not – you generally do enjoy.
If you actually like your salary paid job, a side-hustle can also be a great way to pull in some extra cash (if you need it). However, 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 even professionals looking to expand their existing portfolios.
You might start a side-hustle to cover some home improvements, or you may have short-term or long term financial goals which need an extra income to cover them. Whatever your reasons are, side-hustles come in all shapes and sizes.
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 most probably runs through your mind, is “can this side-hustle make me rich?” In short, the answer is yes – it can. It is, however, not easy and requires a lot of commitment, long hours and in most cases sacrifices – this can put some people off and is why most of the time they fail.
As exampled above – If you’re looking to get started as an online freelancer, or, if you’re looking for ways to start building a side-hustle into a career, below are some tips that could potentially assist you. Let’s jump in:
Unless you’ve got a really good idea, or have worked in a particular market where you understand how it works/has a gap you can fill – a good place to get started, in our opinion, is a website like Fiverr. Most of us are particularly good at something and have some sort of skill. On sites like Fiverr or People Per Hour you advertise your skill to people on a freelance basis. You can set prices at increments starting at £5, and you’ll be prominently displayed within the website’s search engine.
From here, potential clients will 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 a week or two.
If a potential client likes your work, they can also leave a review on your profile. The more reviews you have as a seller, the more incentive a buyer will have to purchase off you. It might start off slow, but don’t worry, this is the case for most when they first advertise their work.
There are a few alternatives you can utilise as well, to list a few – Toptal, UpWork, Jooble and Flexjobs. Just search for ‘freelance websites’ and you’ll find a list of them. They can work in slightly different ways for one to the other. But if you create a profile on as many as you can, this would expand your chances of getting as much work as possible.
Once you’re established as a seller, you might be wondering how you can turn your side-hustle into a full-time job, eventually making more money than the day job.
As with a lot of career paths, you can be wildly successful, but only if you’re willing to put in the work.
This does depend on your skill by the way, but, relying on middle-man sites that find your clients for you isn’t always the best for your profits. Branching out on your own, finding new clients for yourself and creating something of a brand deems an expectancy of higher service fees. If you can shift into the business to business sector and gain contracted work, it really does change the game.
Create A Website
In order to be seen by more people and appear to be more professional, you should have a website built. Building a website and buying a domain has become so much more cheaper and easier. You can host and set up a decent looking website with companies such as Wix etc.
When your website is live, you can use it as an online portfolio, a platform for people/businesses to buy from you and as an interactive business card.
Our best friend – the taxman.
Don’t think you can disregard this when you start out just because it’s a few quid here and there. If you meet a certain income threshold you need to be paying tax even if you’re pay tax through your salary job.
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 certain costs back.