Level Up Your Side Hustle in 2020: 4 Goals to Set for a More Lucrative Year
3. Invest in Yourself
Learning a new skill or otherwise investing in yourself can inspire you to strive for more, mitigate burnout, and even increase your earning potential. Here are a few ideas for self-development in 2020:
- Attend a conference: At a conference, you can network with other professionals, learn the latest technology and trends, and pick up some new best practices to improve your business.
- Learn a new skill: Consider learning a new skill to complement the work you already do. For example, if you’re a freelance writer, you can learn basic graphic design and offer design services along with your copywriting work.
- Get certified: In some fields, obtaining a certification can increase your credibility and skills, allowing you to charge higher rates.
- Give customers a better experience: No matter your business, there are ways you can improve your clients’ experiences. If you’re a rideshare driver, provide passengers with phone chargers, mints, and water to increase your chances of getting a tip. If you’re a pet sitter, take pictures of your clients’ pets and send them to their owners while they’re at work to give them peace of mind.
- Launch a new website: A professional-looking website can be an effective marketing tool that helps new clients find you. You can start a website yourself with services like Wix or WordPress, or you can hire a professional designer to do it for you.
4. Use the Best Financial Products for Your Situation
Finally, it’s important to treat your side gig like a real business — because it is one! That means keeping your finances in order.
Keep your business and personal expenses separate by opening standalone checking and savings accounts solely for your side gig. For the savings account, look for a high-yield account so your money can grow faster.
You likely have some expenses with your side gig, such as fuel for your car, office supplies, or marketing materials. If that’s the case, you may want to apply for a business credit card. Using a business card to pay for those expenses can help you earn valuable rewards on your purchases. Just make sure you never use your business credit card for personal expenses.
Finally, purchase bookkeeping software if you haven’t already. Accounting software like QuickBooks or FreshBooks can make managing your side-hustle income much easier. It will also make doing your taxes much simpler.
While the year is winding down, you can use the remaining time to review your side gig earnings and plan for an even bigger year in 2020. By setting specific goals for your business in the new year, you can hit the ground running in January and take your side gig — and yourself — to the next level.
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