5 Ways To Maximize Your Earnings With a Side Hustle

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A side gig, which can range from dog walking to freelance writing, can be a fantastic way to earn money and pull in extra passive income streams. Whether you want to invest just a few hours a week or have plans to turn your side hustle into a larger operation or full-time job, the additional income you bring in could make the difference between living paycheck to paycheck or funding a healthy retirement savings.

Side gigs come in all shapes and income sizes, so finding the right fit for how you spend your spare time is important. No matter if you are selling products on Facebook Marketplace, dabbling in affiliate marketing on YouTube or just dipping your toes into social media management, your next income source could be just around the corner.

Here are five ways you can maximize your side hustle earnings.

Review Your Skills

If you want to maximize your earnings for your side hustle idea, start by identifying your skills and talents that others would find valuable. Maybe you’re a gifted photographer with experience taking pictures or selling digital products for a former employer. 

Or perhaps you have a green thumb and an eye for design that you could put to work by offering gardening and landscaping services to local homeowners. Whatever your skills are, you can run with them and let your budding business grow by word of mouth alone.

Choose Your Side Gig Wisely

Freelancing work is highly competitive, but that doesn’t mean you can’t earn great money online working for yourself on your own time under what is essentially your own small business. However, it does mean that you need to carefully choose the type of work you want to do and where you offer your services or virtual assistance. 

Whether it’s Upwork, Fiverr or some other freelancer platform, there are ample opportunities. Here are the top five highest-paying single-day gigs according to NetCredit, and their average pay includes: 

1. Marketing strategy: $150
2. Website designer: $130
3. Landing page designer: $125
4. Video Creation: $120
5. Social Media Marketing: $120

Keep in mind that these rates are for single-day gigs with a 24-hour turnaround. If you specialize in one of these side hustle types and work to develop relationships with recurring clients, you could potentially make much more.

To encourage clients to repeatedly use your services, focus on delivering quality work and always deliver your work on time or even ahead of schedule. A reliable contractor is a valuable asset to many businesses, and by doing your work well, you could gain more gig opportunities. If you do a great job, clients may even start to refer you to other potential clients.

Work With Your Schedule

While the above single-day gigs are higher-paying options, you can maximize your earnings in other side hustles, too. Driving for Uber, DoorDash or Lyft can help you make use of your downtime, and these gigs allow you to work here and there as your schedule permits. 

Pet sitting, focus groups or online or local tutoring can be a good way to earn extra cash on the weekends or afternoons. There are also plenty of other side hustle opportunities to explore, like offering up handyman services or creating craft items to sell. 

Think about your schedule and your time availability to decide what type of gig works best for you. If you can combine your skills with work that you enjoy that also fits into your schedule, you could quickly be running a profitable side hustle.

Raise Your Prices

When you’re just starting, you’ll need to price your services or products competitively. Once you gain some experience and develop a portfolio and references, consider raising your prices to effectively reach your long-term financial goals. Raising your prices as often as once a year can help you keep up with increases in supply costs, and it can maximize your earnings. 

Maximize Earnings Without Burning Out

It’s exciting to build a profitable side hustle, and you may want to put a lot of time and energy into growing your business. But it’s important to maintain a good work-life balance, or you could burn out and not want to pursue that side hustle anymore. 

As your side hustle starts to take off, be sure to schedule personal time so your business doesn’t start to take over all of your free time. Schedule your side hustle working hours just like you maintain a schedule for an employer or more traditional job.

Putting this effort into preserving your personal time can help to keep you engaged in your side hustle, so you can continue to build that hustle and maximize your earnings.

Paige Cerulli contributed to the reporting for this article.

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