So, whether you’re already a fully paid-up member of the side hustle crew, or you’re hoping to become one, I’ve got a couple of pointers you need to know about. Here are some tips and tools that you can use to take your hustle and make it pay. Oh, and then we’ll look at some tax stuff.

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Top Side Hustle Platforms

Data Annotation: Tik-Toker Jaclyn Mitchell recently hit the headlines again for completing her challenge of earning $100 per day for 100 days. It’s worth pointing out that on many days of this challenge, she worked an additional three to four hours alongside her full-time job, so this isn’t a hustle for the faint-hearted. However, she put most of her success down to working remotely in data annotation.

You will need to pass a test to ‘qualify’ for this position, but you get paid either an hourly rate or a rate per task, making this an excellent way of achieving a guaranteed side hustle income.

Crypto Gaming: My first suggestion is a bit of a rogue one - but there are plenty of people who have found success with crypto gaming. So, let’s find out how to earn free Bitcoin through gaming. To begin with, you’ll need a crypto wallet and some cryptocurrency (Bitcoin is the most commonly used). After this, you’ll need to sign up to one of the play-to-earn crypto games.

Some games like Gods Unchained and The Sandbox will let you play the game for free first to learn the ropes, before you need to make your initial investment. This can be a good way to get the hang of a game and find one that you gel with, before risking any money. Importantly: this side hustle is not risk-free. You can end up investing more (significantly more) than you end up earning. However, if you choose a game, choose it wisely, and learn how to earn on the platform properly, it can be lucrative.

Investing: Many people (particularly readers of this site) use investing as a side hustle, making small investments and withdrawing when they reach a certain profit level. Like crypto gaming, you will need some funds to start your journey and there are no guarantees that you’ll make a profit. However, if you watch markets closely and follow experts, many people have seen great success.

Upwork & Fiver: These platforms are literally designed for the side hustler. They’re so efficient at connecting people with those that need their services that increasingly people are turning to these platforms for full-time employment.

There are pitfalls to watch out for. The most common being underpricing yourself to get chosen for gigs. Nobody wants to take part in a race to the bottom, so value your skills and focus on getting your pitch just right instead. With a good pitch, people will spot you and before long, you’ll be bagging clients.

Survey Sites: Surveys are an interesting one, I’ve never found them to be particularly lucrative - but maybe my opinion isn’t a particularly sought-after one! If you belong to a group that is under-represented in society, then you’ll often get paid more for your opinions.

Sign up to a couple of sites and see what comes your way. Research opportunities can pay incredibly well for people whose opinions aren’t as widely (or easily) available.

Tax Implications

Sadly, Benjamin Franklin said it best ‘…in this world, nothing is certain except death and taxes. I hate to be the bearer of bad news, but this famous quote rings true for side hustles too.

The tax threshold will vary depending on where you live, but most countries have it. If your total earnings (that includes employed work!) are below threshold, then you won’t have to pay taxes - yippee! However, if you’re working a full-time job and you have a side hustle, you’re practically guaranteed to be taxed.

Utilise Free Accounting Apps

You’ll need to file a tax return for your side hustle (self-employed) income. There are plenty of paid-for apps that can help you with your accounts, but there are dozens of free ones too. If you’re already in the business of side hustling, then I’d wager you like a bargain! QuickFile, GnuCash and Wave are all excellent options.

Once you’ve done your first return using a free app - remember to keep those receipts for expenses - you can decide whether it would be worth the investment to move to a paid platform. Of course, if things go really well, you might even hire an actual accountant!

 

(This article is part of IndiaDotCom Pvt Ltd’s Consumer Connect Initiative, a paid publication programme. IDPL claims no editorial involvement and assumes no responsibility, liability or claims for any errors or omissions in the content of the article. The IDPL Editorial team is not responsible for this content.)