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If you’re looking to start a side hustle this year, you’re not alone. Over half of Americans have started a side hustle as a way to increase their income, according to a recent survey by NEXT Insurance. But how much can you make, what are the risks, and how do you get started? In this article, we’ll cover everything you need to know about starting a side hustle.
Table of Contents
What is a Side Hustle?
Side hustles are a type of work or activity that can generate money in addition to your everyday job. Side hustles are typically flexible, allowing people to work on them in their free time, outside their regular working hours. People can start many different side hustles – from rideshare driving to delivering food, freelance writing, graphic design, and more!
Why do People Start Side Hustles?
People pursue side hustles for lots of different reasons, but the main reason someone may pursue a side hustle is to boost their income and cover additional expenses. A few other reasons include:
- Financial Goals: to earn additional income to cover expenses, save for goals, and increase savings.
- Passion Projects: to explore interests, skills, and passions that may not be used in an everyday job.
- Career Exploration: to try new fields or explore other business ideas with little risk.
In a recent survey by NEXT, 38% of respondents said that gaining income due to the economy was their main reason for starting a side hustle. With economic concerns and talk of a potential recession post-pandemic, it makes sense that people may be looking to increase their income with a side hustle.
How Much Do Most People with Side Hustles Earn?
If you’re looking to start a side hustle, you’re likely wondering how much you can actually expect to make. According to the survey, 62% of people made less than $1,000 a month with their side hustle.
Earnings can vary widely – with factors like time spent, overhead costs, experience and skill level, and market demand affecting how much someone can make. With record inflation, it makes sense that Americans may be interested in supplementing their income with a side hustle. But where does someone begin?
How Do I Start a Side Hustle?
Figuring out where to begin on your side hustle journey can be overwhelming, but we’ve got you covered. From side hustle ideas to walking you through how to start your own online business, Nichehacks has all the information you need to start making additional income today! Check out some of our featured articles below.
Wrapping Up
Starting a side hustle can be a smart way to boost your income, explore your passions, and even build new skills that may open doors in your career. With so many options available and the flexibility to work on your own schedule, side hustles can fit into almost anyone’s lifestyle. While it may take some effort to get going, the rewards can be well worth it, whether you’re earning extra cash or working toward bigger financial goals.
Frequently Asked Questions (FAQs)
What are the best side hustles for beginners?
Beginners can start with side hustles that have low entry barriers and require minimal upfront investment, such as freelancing (writing, graphic design), rideshare driving, delivery services, or selling products online. These options allow flexibility and can be scaled over time as you gain experience.
How much time should I commit to a side hustle?
The time commitment depends on your personal goals and the type of side hustle. Some people work just a few hours a week, while others dedicate evenings and weekends to maximize income. Choose a hustle that fits with your main responsibilities and doesn’t overwhelm your schedule.
Do I need to pay taxes on my side hustle income?
Yes, side hustle income is taxable. You’ll need to report any income earned from side gigs on your tax return, even if it’s cash or freelance income. Setting aside a portion of your earnings for taxes and keeping accurate records of expenses can help come tax season.
Do I need business insurance for my side hustle?
Only 27% of side hustlers have business insurance, leaving most without coverage. Interestingly, those with higher earnings are more likely to carry insurance, recognizing that even small side gigs come with risks. Having business insurance can protect you from potential damages or legal issues, regardless of whether it’s a full-time venture or just a part-time gig.
