If 2020 is having a negative impact on your finances, starting a side hustle could be a great way to take back control. Millions of people have suffered a loss in income due to the COVID-19 pandemic, but there are ways you can generate another revenue stream. By launching your own side hustle, you can work the hours you choose and increase your household income. To get started, take a look at three ways you can launch your side hustle now:
1. Use Your Savings
If you have any savings, you may want to invest in yourself by using them to launch your side hustle. With a decent amount of planning and research, you might be surprised at how quickly you can earn your initial investment back and then begin making a profit on top.
Of course, not everyone is in a position to use their savings to start a new venture. If you’re tempted to use your emergency fund to launch a side hustle – don’t. There are plenty of alternative funding options available and having a little money set aside for emergencies will continue to give you peace of mind.
2. Take Out a Loan
A small loan can be a fast and effective way to access the funding you need to start a side hustle. As most side hustles can be started on a shoestring budget, you’ll be able to choose from a wide range of lenders, which means you could get a great deal. For more information on direct lenders and payday loans, take a look at this broker. With instant decisions, no fees and funds released in just 15 minutes, New Horizons makes it easy to access the funds you need.
3. Launch a ‘No Budget Side Hustle’
If you want to start a side hustle but you don’t have any funds to invest, this won’t necessarily stop you from generating income. There are a substantial number of side hustles which can be started without any investment at all. In fact, many platforms are dedicated to connecting freelancers and clients, and you can often sign up without paying any fees at all. Although you may need to pay a little commission on each payment you receive, you won’t have to inject any cash into your venture in order to get it up and running.
Who Can Start a Side Hustle?
Anyone can start a side hustle, which is why they’re such a useful way to generate extra income. No matter what your professional experience, you can use your skills and talents to boost your household revenue and replace any income you’ve lost.
However, do bear in mind that any income you generate will need to be declared. As a freelancer or business owner, you may need to submit your own tax returns and pay tax on extra earnings. Despite this, increasing your earnings can be an effective way to boost your income in 2020 and may give you the extra funds you need to overcome any financial challenges you’re facing.