Embrace the Side Hustle Revolution - How Freelancing Can Transform Your Finances
Whether it’s refurbishing furniture, tutoring or offering rides to airport passengers, people are increasingly embracing the “side hustle” as a way to turn their passion projects into an additional source of income. And for good reason: Freelancers have more control over their income and expenses than salaried employees do, which can lead to better financial health overall.
But, as with any new venture, it’s important to understand the risks of a side hustle before you jump in headfirst. Among the most significant challenges is the fact that your income can vary greatly depending on when you receive a project, and your overall finances can be more complicated because you no longer have the safety net of an employer’s steady paycheck.
When it comes to budgeting, many freelancers struggle because they don’t have the benefit of an employer-provided expense report. Instead, it’s up to you to keep track of your own business-related costs and to identify deductible expenses (which might include supplies, equipment or even part of your home if you use it for your freelance work).
It’s also crucial to separate your business finances from your personal ones. This can help protect you against tax complications and make it easier to calculate your profit. Many freelancers choose to set up LLCs for this purpose, but even if you opt not to do so, it’s wise to open business checking and savings accounts, as well as a business credit card.
In addition to these steps, it’s essential to have a clear vision of what your ultimate goals are for your side hustle. This can serve as a motivational tool that helps you overcome any obstacles, especially when they’re financially related. For example, if your side hustle is helping you save for a future goal such as a down payment on a house or to retire early, keeping that in mind can keep you focused when the going gets tough.
Finally, don’t be afraid to collaborate with other side hustlers for mutually beneficial opportunities like marketing or client referrals. This can open up your potential audience and boost your growth. You might also be able to offer a discounted course rate to other freelancers or small businesses to entice them to join your program.
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