Launching a side hustle can be a great way to indulge a passion, earn extra income, or plan for a career change. Because of these benefits, as well as their inherent flexibility, side gigs are extremely popular.
If you’re one of the many Americans working a side gig, you may be wondering how to make it even more profitable (without it sucking up more of your time). The new year is the perfect opportunity to reevaluate your business and set new goals to take your gig to the next level. Whether you have a weekend side hustle or are growing a new business, here’s how to plan for a more profitable and productive 2020:
1. Establish a Purpose for Your Side-Hustle
Think about the purpose of your side gig income. Are you saving for a new home or car? Are you trying to branch into a new career? Are you simply trying to maximize your earnings each month?
Knowing exactly why you’re working can help you establish a concrete plan. Maybe you need to save $20,000 for a down payment on a home. Armed with this knowledge, you can break down how much you need to make from your side hustle each month to reach you goal in a reasonable time frame. Plus, having a purpose in mind can keep you focused so you aren’t tempted to spend your side-gig income on nonessentials.
2. Set a Goal for Your 2020 Earnings
First, review your earnings from 2019. If you used accounting software to track your income and expenses, you can look at your profit and loss statement. If not, you can calculate your income by looking at your bank statements. Once you know how much you made in 2019, you can use that information to set a new financial goal for 2020.
If you want to increase your income, set a goal with a specific measurement in mind. For example, you may decide to increase your side hustle income by 10 percent over the course of the year. If you made $1,122 per month in 2019, you’d need to make $1,234.20 per month in 2020, or $14,810.40 over the course of the entire year. Read more here…