Opinions expressed by ukbusinessupdates.com contributors are their own.
Everyone wants a side job or two these days. Not only is there little money, but there are such great opportunities; spurred on by the convenience of online culture and the gig economy, it seems like a good idea to take advantage of it. If you are reading here ukbusinessupdates.com, you probably already have a side job or you have a great plan. 2022 is behind us, so it’s time to think about what you want to achieve in 2023. Why not plan to make your sideline more profitable, or even turn it into a full-time gig, become your own boss, or start your own business?
Last year, my freelancer friend, who had already turned her side job into a full-time job she loved, decided to forgo the usual “lose weight, eat healthy, exercise more” resolutions and instead plan to take her freelancing to the next level. level in 2022. She became an LLC and now owns a small business (with some tax benefits), with both new and returning clients, numerous projects ahead, and an employee. Breaking down the steps month by month allowed her to accomplish all of this without feeling bombarded by the to-do list.
Let’s see what you can do with your sideline in 2023.
Related: Start an Amazon Side Hustle and Make Extra Money
Make it a full-time business
This is a big step that you probably can’t dive into right away. We don’t want to jeopardize your finances or rush you to the lions. But that’s what resolutions are for. It’s not about switching from a side hustle to a business owner overnight; your resolution may include starting (or finishing) the steps necessary to make that business dream a reality over the next few years. Consider:
- Do you really want to start a business? Do you like this job enough to do it every day? When I started my business, Hollywood Sensation Jewelry, my “why” — offering affordable, beautiful jewelry to inspire confidence in women — kept me going. Decide to find the “why” behind your goals to see if it’s powerful enough to drive you to business ownership.
- Can you earn a living with it? Take a good look at your finances, including perks like vacation time and health insurance, and make sure your sideline activities can ultimately cover that base. Drawing up a business plan is a good idea.
- Are your finances in order? If you’re looking to transition into a full-time freelancer or small business, you’ll need to thoroughly understand your financial situation before taking on the second level of fiscal responsibility. Resolve to get your finances in tip-top shape, pay off troublesome debts, or create a monthly budget so you know where all your money is going.
- Can you upgrade your side job to the point where you can earn a living from it? You may need to strengthen your skills and training. That’s an excellent resolution: promise to take a course or obtain an accreditation or certificate.
- Are there networking opportunities that will build your customer base? Join associations and online groups, brush up on your LinkedIn profile, and decide to make a certain number of connections each week or month.
- How can you promote your freelancing? Join an online freelance service like Fiverr or Upwork and build a portfolio of projects and clients who know you do great work. It can take several months to build your brand on such a site, and in the beginning making money is second to reputation, so it’s a good idea to start long before you make the jump from side job to full time. Making a few excellent connections can lead to great things. Solution idea: join a service, build a profile and apply for a certain number of vacancies every day.
Related: 8 easy virtual side hustles for extra cash
3 ways to make your side income more lucrative
Maybe you love your full-time job, and your side hustle is just that. That’s fine! You can still increase profitability and enjoy the increase in that additional income stream. Bonus: These tips also work for anyone planning to work full-time, freelance, or run a small business.
- Learn to market yourself. I can’t stress enough how important it is to build a brand from scratch, but it doesn’t have to cost you anything. Marketing scales to size, and there’s a lot of great, free advice out there. Go online and make sure your website and profiles are current and catchy. Take advantage of all the bells and whistles available, such as linking videos of yourself so customers can get to know you. Ask your current customers for reviews. Create a YouTube channel, connect on LinkedIn and network. You will be amazed at how well people respond when you put your personality in your profile. Solution ideas: Update your profiles weekly, create an introductory video, or regularly contribute to relevant discussions.
- Learn to manage your time. We’re all guilty of time wasting activities (binge-watching, anyone?). If you’re serious about improving your side hustle, start with a resolution to figure out how much more time you could spend on it. This can be difficult; it means writing down what you do throughout the day and for how long, and then being honest about how much you can change. Then take it easy. Make a commitment to spend a certain number of hours each week on your hustle, and then try to increase that number by one more hour each week. Keep your health and sanity in mind – nobody expects you to work 24/7. This is about spending your time wisely, and if you like your hustle, those extra hours can really feel great.
- Look at increasing passive income. That’s the pot of gold at the end of the rainbow. Passive income can come from simply renting out property or space you own, or it can mean you’ve done your share of the work but the profits keep coming. Does your hustle offer an opportunity like this? For example, if you have the expertise, you could write a book, create an online course, or post a series of instructional videos online that will attract enough viewers for advertisers. This is an exciting area where creativity is welcome, so decide to find out where your passive income streams lie.
I hope this has inspired you to use the tradition of New Year’s resolutions to jump-start the next important steps of your hustle. I wish you a happy, healthy and vibrant New Year!
