How To Make Even More Money From Your Hustle Side Personal finance
It’s a good idea to set a minimum hourly rate for yourself. This may be low when you are starting and growing your business, but should increase over time. Once you’ve got enough work, don’t take on any work below your minimum hourly rate, unless there’s a specific reason, like getting an important referral that could open many other doors for you.
2. Find out how to best organize your business
Many people by default work as a sole proprietor when earning income from a side gig. This means that you are simply reporting the income you earn as 1099 income when you file your tax returns.
But as you grow your business you may need to look at different business structures, such as an S corporation. Running your business as a corporation might give you more flexibility in how your income is taxed. and could help you open the door to more deductions. If this helps you save on your IRS bill, you keep more money in your pocket.
3. Refine your skills
Developing skills related to your side business can help you get better paying jobs and find more clients. You might want to take some classes, or you can just spend a lot of time networking and chatting with experts in your chosen industry about how they are maximizing their own earning potential.