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<p><em>People are talking about an upcoming recession after a pandemic that had several consequences on entrepreneurs. After cleaning up your expenses, how can you ensure enough to pay all invoices? Did you think of increasing your revenues? Why not try to get a side hustle?</em></p> <p></p> <h3>Why a side hustle could be a relevant option for you?</h3> <p>In the latest months, we saw more and more people get a side hustle to supplement their income. Since mortgage rates and the general cost of living have significantly increased, it could be a relevant solution to help you keep your head above water.</p> <p>What is great about side hustles is that you can use your interests and skills to earn money. There are many options available and exciting business opportunities. You are the one who knows what would be best for your situation.</p> <p></p> <h3>What type of side hustle could I get?</h3> <p>Do you need ideas for finding a side hustle? Start by defining what you like and your strengths. Let us give you a few suggestions that work well with the reality of a freelancer.</p> <p></p> <p><strong>Sell products</strong></p> <p>If you are skillful and resourceful, why not make and sell products? You surely have something to sell, whether earrings, candles, art, or digital tools. Moreover, several selling platforms like Etsy can help you.&nbsp;</p> <p>A passive or digital product could be an interesting way to <a href="https://www.momenteo.com/blog/6-ways-to-diversify-your-revenues-when-you-are-a-freelancer" target="_blank">diversify your revenues</a> if you are a freelancer. It can be a digital tool that can be printed, a checklist, or a complete training course.</p> <p></p> <p><strong>Sell services</strong></p> <p>Similarly, you could decide to sell services as a side hustle. Let us say that you already have a job as a graphic designer or a photographer. Nothing prevents you from offering your services as a freelancer on evenings and weekends.</p> <p>Regarding this, more and more women have decided to <a href="https://www.momenteo.com/blog/interview-with-a-virtual-assistant" target="_blank">become virtual assistants</a>, full-time or part-time. The offered services may vary from one professional to another. One can provide accounting services, while another is an expert in social media content.</p> <p></p> <p><strong>Start a YouTube or Twitch channel</strong></p> <p>Whether you are an expert in your field or not, you likely have something to explain. If you have the necessary skills and materials, it could be relevant to start making videos. Indeed, online platforms like YouTube and Twitch can help you earn a supplementary income.</p> <p>On YouTube, you can have access to video monetization after a while. On the Twitch side, you can get subscriptions and donations when a certain number of people follow you.</p> <p></p> <p><strong>Provide tutoring services</strong></p> <p>More and more parents are looking for tutors to help their children with some school subjects they have issues with. Therefore, it can be a relevant source of income during the school year.</p> <p>For example, if you are a translator or a professional proofreader, you could offer tutoring help for English. You can also be a substitute teacher if you have a flexible schedule. Do not hesitate to contact the nearest schools if it is something that could interest you.</p> <p></p> <p><strong>Taking a part-time job</strong></p> <p>If you need to increase your revenues, the solution might be to take a part-time job until your financial situation improves. We know that several freelancers do it during off-peak seasons or when they face challenging problems.</p> <p>It can be to work a few hours at the local coffee shop or library. You could also apply for jobs in your field of expertise. It is not because you work a few hours for someone that you must put aside your business.</p> <p></p> <h3>Traps to avoid when getting a side hustle</h3> <p>Side hustles have advantages and disadvantages; therefore, we have listed three traps to avoid when you need to juggle two different sources of income.</p> <p></p> <p><strong>Do not exceed your limits</strong></p> <p>First, knowing and respecting your limits is essential, even when having a side hustle. To work optimally, you need to take pauses and some days off. To help you, consider defining a maximum number of hours and respect it as much as possible.</p> <p></p> <p><strong>Have a sufficient rate</strong></p> <p>We know that it can be challenging to <a href="https://www.momenteo.com/blog/5-ways-to-find-new-contracts" target="_blank">find contracts</a> and clients. A mistake made by many new freelancers is wanting to offer a low rate to ensure they get projects. Unfortunately, besides harming your profession, it will be difficult to stand out and increase your rates afterward.</p> <p></p> <p><strong>Calculate the taxes</strong></p> <p>Moreover, having a side hustle can have a negative impact on your taxes. As explained by Dr. Helene-Sarah Becotte, a significant percentage of your revenue will be eaten by taxes since you must pay social security charges. The imposition level is also higher when you are a freelancer. Take this into consideration.</p> <p></p> <p>In conclusion, side hustles can be a relevant solution to earn more money. Whether you sell creations, work a few hours at the local restaurant, or offer your services as a freelancer, you have something to offer. The important things to remember are to prepare for taxes, respect your limits, and have a reasonable rate.&nbsp;</p> <p><br /> &nbsp;</p>