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TCALoans.com » Learning Center » Money Growth » Considering a Side Hustle? Here’s How to Choose One That Works for You

Considering a Side Hustle? Here’s How to Choose One That Works for You

Side hustle. Side gig. Work on the side. Whatever you call it, it serves a purpose. Some use it to pay the bills, while others use it as a chance to pursue something they’re passionate about.

The Covid-19 pandemic and it’s effect on the economy has left many unemployed or underemployed. To make money, many people are joining the growing gig economy.

With many people staying in, online shopping is roaring. Amazon and other online retailers are prospering. With the increase in online shopping comes a need for delivery drivers. An increasing number of people have turned to Amazon Flex or warehouse jobs as a side hustle.

If warehouse jobs and delivery driving isn’t for you, there are numerous other options. A side hustle can be anything. Before you hurry into starting a side hustle, investigate the dangers, the compensation, and other significant subtleties. Here’s how to choose a side hustle for yourself:

First, evaluate yourself

As you start looking for a side hustle, consider your experience, abilities, and interests. What are you comfortable doing?

Are you comfortable being in contact with others? Or would you rather do something that allows you to stay away from others? The responses to these questions will help you choose what kind of side hustle to seek.

If you’re not high-risk, you might be comfortable with a delivery job with a company like Postmates or Grubhub. If you aren’t comfortable with some contact with others, you should pursue an online side hustle like blogging or online tutoring.

Redefine ‘side hustle’

Side hustles or side gigs have become inseparable from a small bunch of occupations: food delivery, ride-sharing, dog walking. These aren’t the only options.

Have you considered teaching classes online? You can also be a virtual assistant. Another option to consider is selling things online. You can also do freelance work, like design or writing. There’s probably something that aligns with your experience or goals.

Work outside the gig economy can merit investigating, as well. Flexible scheduling and working from home is becoming more common in professional jobs. With an increasing amount of work needing to be done from home, the corporate world is becoming more accepting of the practice. Since March, the number of remote jobs has increased by 50% on the website FlexJobs. Many marketing jobs are being offered remotely, as well as project management jobs.

Take care of yourself and your finances

When you thin down your decisions, delve into the subtleties. Get a sense of each job’s requirements, what the prerequisites are, and the amount you’ll make.

Look into a company’s Better Business Department rating, peruse the fine print on its site, and looking at review sites like Indeed to get an understanding of the company and the role you’d play.

Suppose you’re keen on conveyance occupations, and you’re considering a job with DoorDash, Instacart, and Postmates. You need to take a look at each site and see how it’d work out financially.

Additionally, consider whether you’d have to pay costs like gas and insurance for your vehicle. In case you’re a rideshare driver, conveyance driver, or mover, your own accident protection insurance may not cover you for business risk. Some companies provide coverage for you, but some don’t. Talk with your insurance company to be sure you have the protection you need.

You’ll additionally need to see if you’ll be considered an independent contractor or an employee. This decides how your taxes are paid and whether you’ll be qualified for specific benefits. Independent contractors need to save a bit of their compensation for taxes themselves. If you’re an employee, your employer usually retains your income taxes. Also, employees typically have access to health care, 401(k) matching, and paid time off.

Remember to focus on safety. Ask about the protective measures a company has put in place. If you’re around people, don’t forget to take the proper precautions with a mask and gloves, for example. If you’re high risk, stick to online work.