Side-gigging may be a new, hip term, but the concept of working part-time, in addition to a full-time job is really nothing new. Once called moonlighting, taking on extra work in this fashion is an excellent way to save for a special need or want, but it is also a great way to start a business venture that could eventually become profitable enough to become your sole source of income. No matter which name you choose to call your own side gigging adventure, taking advantage of the following tips can help you enjoy a more successful experience.
1. Choose a side gig that you truly enjoy
The first tip is to choose a side gig with care to make sure that it is something you enjoy doing. While it is possible to find all types of good-paying side gig opportunities, choosing one that is not a good fit for your skills and interests will make it more difficult to morph into a full-time successful business. Instead, look for something that you find interesting and challenging so that you can continue to enjoy your business through the years.
2. Make your side gig work with resources you already have
It is also important to choose a side gig opportunity that you can make work with the resources you already have access to instead of having to purchase expensive tools and equipment or rent a commercial space to house it. If your home's zoning or HOA rules allow it, using your home or garage as a base for your side gig business will add convenience and eliminate the risk of high overhead costs.
If your home is located in an area where you cannot legally operate the business from your home, consider renting a friend or family member's garage to use as a work space. If you just need a place to store supplies or tools, an inexpensive mini-storage space is often a good choice.
3. Institute best practices for financial matters from the start
Even the most successful side gigs can be derailed if good financial practices are not in place. Good accounting recordkeeping services, such as those offered by a certified public accountant, will make it easier for an entrepreneurial side gigger to track profits, determine actual expenses, and make accurate tax filings on their business. In addition, a CPA can offer valuable advice for better financial management and eliminate much of the paperwork that must be done as the business grows.
For more information, contact a company like Burkhart Peterson & Company.Share