Starting A Side Hustle in 2024

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Starting a side hustle is an exciting adventure into doing something you can get real enjoyment from. If successful, it can become a full-time business as you live the dream. But there are some things you need to know about what it requires and how you can support it moving forward.

You Will Need to Pay Tax

For a while now, side hustles have flown under the radar somewhat when it comes to taxes. But 2024 has brought in some changes that mean all side hustle income must be declared in the US and UK. Even PayPal can report income to tax departments. You may need an EIN number for your business, though. See how to cancel an EIN number before requesting a new one, as the IRS cannot give you a new one if you still owe tax returns or payments on an old one.

Time and Dedication is Required

A side hustle is a job like any other. Maybe you aren’t held down by strict timekeeping and office rules. But there is a certain amount of dedication it requires to be successful. From freelancing as a writer to crafting art, it helps to treat it like a job. A certain amount of time must be set aside for doing what the work needs, liaising with clients, managing tasks such as uploading work, and even recording income and expenditure for filing your tax returns when the time comes.

Learn to Blog when Starting a Side Hustle

Finding customers and clients is a top priority when it comes to making money from a side hustle. There are platforms such as Fiverr and Upwork for online work like writing, coding, and web development. And there are specialized services for SEO. A blog can help attract the right kind of people such as for a skincare business, who need what you offer. A blog with consistent content, relevant articles and products, and solid SEO will bring in traffic as potential customers.

An Investment is Needed

Some side hustles can be started with very little money, and there have been some amazing success stories. There are people earning six-figure salaries after starting with $50. But these are very rare. According to GoDaddy, the average side hustle earns around £23,000 for workers in the UK. However, many earn much less, and the startup costs can be larger than the income. An investment of money and time is needed to keep a side hustle going until you make a profit.

Finding a Niche is Critical

Finding something you enjoy and are good at is essential for a reliable side hustle. This can also help when developing a blog. But a niche audience means you may have a steady stream of customers. Without a niche you enjoy and can cater to, you run the risk of becoming bored with your chosen side hustle. As a result, you will lose money and waste time. However, if you embrace a niche, you can become a popular choice for people looking for just what you sell.

Summary

Remember, you will need to pay taxes when starting a side hustle. There is also a requirement of time, dedication, and money. Finding a niche you love keeps you and customers interested.

Disclaimer: This is a collaborative post and may contain affiliate links.