Planning to hustle is all about knowing what you want to do and how you can make money doing it. Sometimes your hustle will be something that you already do for free or for pay, but on a larger scale. Other times your hustle will be something that is brand new to you, but you have a keen interest in. Either way, it NEVER hurts to brush up on your knowledge and develop a plan for whatever you want to do.
An old saying that rings true is "it takes money to make money." And a reality when it comes to making money is that you will have to invest in yourself and your hustle in some way. Whether it is to learn a skill like using Excel spreadsheets or Adobe Photoshop, or maybe taking licensing classes to be a realtor, or paying fees to establish an LLC, all of these "costs" should be seen as investments in your future. However, it is always a plus when you can find good deals on gaining new skills or knowledge.
For some things, you can utilize awesome resources like Udemy or StackSkills to learn new skills and information that will help you ready yourself to be your own boss. For other hustles, you may need to understand what it takes to do business in a given industry in your state. Ultimately, research and the internet is going to be your friend.
Depending on how much money you plan to make per year, you need to understand tax laws and requirements. You also may need to leverage the skills of a Certified Public Accountant (if you plan to hustle until the wheels fall off, LOL!). With understanding the taxation implications for your hustle and planned income, you may also need to understand the best business structure for your operation as well. Being a sole proprietor is great until your income is so large that you need to benefit from tax breaks provided by various business structures.
So what I have done here is given you a head start on side hustle planning with the links provided on the right side of this page. It is important that you take time to think about your goals related to your hustle and what you foresee needing down the road so that you remain profitable and successful. Check out these resources, from side hustle education to information services, and start putting them to work!
What is an Independent Contractor?
Best Business Structure For You?
SBA (Small Business Association) Business Plan Template
Bplans - 500+ Free Business Plans
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This step-by-step guide covers all the important aspects of having a side hustle. Find out how to start a successful side hustle or make your current one even better!