Yes, being self-employed and working from home means you have to structure your life in a different way to those who perform the nine to five tasks. But if you have just recently made a step into self-employment, and you have concerns about your finances, setting up a side hustle is one of those common approaches that many people undertake. But, how can you set up a sufficient side hustle, but without it compromising your goals in working for yourself?
Save The Funds
It’s best to get this out of the way, you need to save money before you go self-employed! So, for those who are considering venturing into self-employment, make sure you’ve got a decent cash buffer, or be sure you’ve got the contacts ready and available so that you hit the ground running. Real estate could be a decent choice, and you can browse real estate options for your budget online. If you have some cash set aside, invest in a property that you can rent out, or be a live-in landlord. This is a good way to keep the cash coming in if your self-employed venture isn’t doing so well. Real estate is a popular side hustle, but being a live-in landlord is slowly creeping up the ranks. The other benefit of purchasing a property is that you’ve got a roof over your head should issues arise in your self-employment situation.
Look For Simple Tasks
Developing a side hustle is quite complicated when you are spending most of your time pushing yourself with your main task. Looking for jobs that you can do from time to time will help to keep that cash flowing. There are sites like Appen, who hire people remotely to complete basic administrative tasks, and the benefits of these tasks are that they can be completed around your free time. Some of them are typical 9 to 5 jobs, but if you are working from home on your self-employed venture, you could do this between 9 and 5, and work on your self-employed venture in the evening. This will drastically reduce commuting time and other life annoyances.
Goals are vital when you are self-employed because you need to consider how to juggle your new venture with a side hustle. So, assess what you want out of your side hustle. Is it to provide you money in the short-term? If so, setting a one-year plan, to ensure that you are self-sufficient in your self-employment will give you that focus to give up that side hustle, and focus on what you really want to do.
Structure Your Life
Take the lead from the entrepreneurs you admire. They structure their lives down to a T. And if you are going down the self-employment route, either by starting your own business, or being an independent contractor, and running a side hustle at the same time to ensure that you are in the black, you had better make sure that your diary is full so you stay on track. If not, you are going to struggle. This is a fact of life, so make sure that every aspect of your life is finely detailed. This is how you will get ahead, and this is how you will gain supreme focus to run a side hustle while being self-employed.