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Alan R. Simon. Side Hustles For Dummies
Side Hustles For Dummies® To view this book's Cheat Sheet, simply go to www.dummies.com and search for “Side Hustles For Dummies Cheat Sheet” in the Search box. Table of Contents
List of Tables
List of Illustrations
Guide
Pages
Introduction
About This Book
Foolish Assumptions
Icons Used in This Book
Beyond the Book
Where to Go from Here
Getting Started with Side Hustles
Joining the Side-Hustle Game
Getting Clear on What a Side Hustle Is
WHEN WAS THE TERM SIDE HUSTLE COINED?
Knowing What You’re Looking for from a Side Hustle
Money, money, money … money!
CAN VOLUNTEER WORK BE A SIDE HUSTLE?
Extending your knowledge and gaining experience
Jumping onto a different career track
Profiting from a hobby or passion
Playing defense
Activating your financial emergency response plan
Seeing the Connection between Side Hustles and the Gig Economy
THE “GREAT RESIGNATION” AND SIDE HUSTLES
Recognizing That Side Hustles Are For Everyone
Surveying Your Options
Your Side-Hustle Topical Area
Running with Your Side-Hustle Idea
Contracting to perform a service
Selling products (and maybe making products as well)
Providing information
Monetizing yourself
Monetizing an asset for your side hustle
The part-time job side hustle
WHAT’S THE DIFFERENCE BETWEEN AN ASSET AND AN INVESTMENT?
Drilling into your side-hustle topical area
Taking Your Side Hustle to Market
Going to market on your own
Leveraging an online marketplace
Multilevel marketing organizations
Deciding Whether to Pursue a Side Hustle Related to Your Full-Time Job
Show Me the Side Hustle Money!
Your Side-Hustle Clock and Calendar
Figuring Out Whether You Need Special Skills or Licensing for Your Side Hustle
PAY UP!
Filtering and Finalizing Your Side-Hustle Short List
Determining Your Side-Hustle Personality
Understanding Your Personality
Extrovert or introvert?
How many balls can you juggle?
Can you give yourself that kick in the pants to get going?
Working past the point of wanting to stop
Painting your side-hustle picture
Collaborating (or not)
You hurt my feelings!
This fight isn’t over!
Shaking off failure
Sorry, not interested anymore!
The picture or the thousand words?
Personality, Meet Side Hustle
Creating and monetizing travel-related lifestyle videos
Making and selling craft jewelry
Finding the right gig in the gig economy
Getting Your Side Hustle Up and Running
Putting Your Plans Together
Starting with Free-form Brainstorming
Whatcha gonna do?
Who’s there?
Location, location, location!
Drafting your timeline
How now, brown side-hustle cow
Okay, but why?
Doing the brainstorming two-step
Transforming Your Initial Brainstorming into Your Value Chain
Risky Business
The Best of Times, the Worst of Times
Building Your Business Plan
A short overview and a really short elevator pitch
Your time commitment
Your schedule and major milestones
Key players in your side hustle
Your customers
Startup money, budget, and financial projections
How you’ll operate
Risks and mitigation
Taking Your Side Hustle for a Test-Drive
Questions, Questions, and More Questions
Establishing Success Criteria for Your Side-Hustle Test-Drive
How Much Fun Are You Having?
Deciding How Long Your Test-Drive Should Be
Checking Out Some Side-Hustle Test-Drives
Creating videos to monetize online content
Questions that Miguel needs to answer
Miguel’s test-drive success criteria
The duration of Miguel’s side-hustle test-drive
Is Miguel having fun?
Where does Miguel go from here?
Making and selling your own products
Questions that Sarah needs to answer
Sarah’s test-drive success criteria
The duration of Sarah’s side-hustle test-drive
Is Sarah having fun?
Where does Sarah go from here?
Doing delivery services
Questions that Lori needs to answer
Lori’s test-drive success criteria
The duration of Lori’s side-hustle test-drive
Is Lori having fun?
Where does Lori go from here?
Putting Your Side Hustle in High Gear
Your Side Hustle Is Cleared for Takeoff
Doing your preflight check
Marking the date
Telling the world!
Stick to the Plan, Stan!
Alert! Alert!
Paying attention to your technology
Having your backup supply chain on standby
Making sure you don’t get blindsided by social media
Bracing Yourself for Your First Side-Hustle Hiccups
Doing Your Three-Month Checkup
Running Your Side Hustle Like a Business
Choosing Your Side-Hustle Business Structure
Sole proprietorship: The path of least resistance
Partnership: Not going it alone
GIVING IT THE OLD SIDE-HUSTLE TRY
Limited liability company: Playing it safe
S corporation: Straddling the corporate world
Your Side Hustle by Any Other Name
Technology and Your Side Hustle
Your technology behind the curtain
Your side-hustle website
GOING BEYOND BASIC SOFTWARE FUNCTIONALITY
Your storefront
Social media
Playing It Safe on the Legal Front
Welcome to the side-hustle zone
Running a side hustle out of your home
Considering the rules of your apartment complex
License and side-hustle registration, please
Show Me the Money
Do’s and Don’ts for Your Side-Hustle Finances
Budgeting Basics for Side Hustles
Forecasting your revenue
QUICK: HOW MANY WEEKS ARE IN A MONTH?
THE SORT-OF-STEADY PAYCHECK
Separating your gross revenue from your net revenue for budgeting purposes
Planning your expenses
Raw materials
Tools of the trade
Outside services
Tech expenses
Marketing and advertising
Expenses for keeping your side hustle safe and legal
Vehicle and transportation expenses
Real estate and property
Travel expenses
Funding Your Side Hustle
Using your own money
Borrowing money for your side hustle
Hitting up your friends and relatives
Borrowing from the banks
Funding from alternative lenders
Once-in-a-lifetime (you hope!) lending programs
Bringing in outside investors
Money Coming and Going
Collecting payments
Paying your bills
WHAT ABOUT PAYING EMPLOYEES?
Keeping Track for You and Everyone Else
Accessing Your Side Hustle’s Foundational and Tax Documents
Quickly pulling information from documents
Have another helping of documents
Keeping Track of Everything
Your official side-hustle records
Your backup and catchup plan
Side-hustle record-keeping tools and tech
Digging Into Your Side Hustle’s Analytics
Taking Those Old Records Off the Shelf
How long should you keep your side hustle records?
Record-keeping for your real-estate side hustle
Pay Up: Side Hustles and Taxes
Income Taxes and Your Side Hustle: The Basics
Filing requirements based on your side hustle’s legal organization
Tax rules and forms depending on your specific side hustle
Everyone wants a piece of the tax action
Decision time
Staying Legal and Staying Honest
Business deductions for your side hustle
Taking your side hustle across state lines
Now for your next side-hustle tax trick …
Uh-oh — you goofed!
Filing Your Side-Hustle Income Taxes
Keeping the feds happy
Your state wants their cut, too
Keeping your tax money local
Calculating and Filing Estimated Income Taxes
I’M LATE, I’M LATE FOR A VERY IMPORTANT TAX DATE
Tracking and Reporting Payments You Made to Others
Sales Taxes and Your Side Hustle
Mastering the Side-Hustle Game
Avoiding Conflicts with Your Day Job
Trouble Ahead, Trouble Behind: Navigating Issues with Your Employer
Noncompete clauses
Conflicts of interest
Conflicts of commitment
GETTING INTO TROUBLE BY TRYING TO STAY OUT OF TROUBLE
BALANCING COMMITMENTS BETWEEN A SIDE HUSTLE AND THE U.S. AIR FORCE
Knowing Which Outside Activities Are Approved
Making Sure You Don’t Use Your Employer’s Resources for Your Side Hustle
Computers
Company Wi-Fi networks
TRAVELING LIGHT? NOT ME!
Audio/video resources
Company time
Company premises
MAKING SURE EVERYBODY YOU EMPLOY FOLLOWS THE SAME RULES
Dodging Employer Tricks and Traps
Side-hustle awareness begins even before you start a job
GIMME ALL YOUR MONEY!
They’re coming after you!
A little paranoia never hurt anyone
The employer strikes back
Spinning Off Your Current Side Hustle into a New Side Hustle
Spinning the Side-Hustle Web That’s Right for You
All aboard the synergy train
Building a balanced side-hustle portfolio
Passing the side-hustle baton
BE CAREFUL ABOUT SIDE-HUSTLE CONGLOMERATES
Putting Together Your Side-Hustle Jigsaw Puzzle
Making sure you have enough time available
Checking for conflicts
Balancing your side-hustle checkbook
Other People and Your Side Hustle
Give That Side Hustle Proposition the Once-Over
Gathering your team of advisers
Deciding what to share and with whom
Howdy, Partner!
What does a potential partner offer?
How do the two of you get along?
How does a potential partner get along with other stakeholders?
What are this person’s weaknesses?
WITH FAMILY LIKE THIS …
What other alternatives do you have?
How will the financial picture of your side hustle change?
How will the voting and ownership of your side hustle change?
Joining Someone Else’s Side Hustle as a Partner
Why are they asking you?
What do you offer?
How will the compensation and ownership be set up?
Can you be kicked out?
Can you wind up on the hook financially?
Your Side-Hustle Supply Chain
Interacting with Your Side-Hustle Customers
Divvying Up Your Side-Hustle Workload
Deciding When to Change Directions or Pull the Plug
Sign, Sign, Everywhere a Side-Hustle Sign
Changes in your customers and markets
Supply-chain changes
Climate change, the side-hustle version
Don’t look now, but you’ve got company!
The Biggies: Time, Money, and Fun
Time is — or isn’t — on your side
Checking the cash register
A great time was had by all
Roll with the Changes
Musical chairs
Addition by subtraction
Addition by addition
Turn Off the Lights, the Party’s Over
Cleaning out your closet
Saying your goodbyes
Tidying up the financial side
Deciding What to Do If Your Side Hustle Gets Really Successful
Is Your Side Hustle Ready For the Big Time?
More time!
You have your money bases covered
Get me out of here!
Your Side-Hustle Business Plan, Take 2
Letting your brain storm again
What’s new?
Who will be involved?
Spreading your side-hustle wings
Your side-hustle calendar: Spring ahead
YOUR JOB AND CAREER MILESTONES
YOUR SPOUSE’S OR PARTNER’S CAREER MILESTONES
PERSONAL AND FAMILY SITUATIONS
Shuffling your side-hustle deck
One more time: Why?
Updating your side-hustle value chain
High hopes versus dashed dreams
Looking at Key Financial Considerations
Leaving No Going-Full-Time Stone Unturned
The Part of Tens
Ten Tips on Earning Passive Income from Your Side Hustle
Remember That “Passive” Does Not Mean “No Work Required”
Watch Out for Get-Rich-Quick Schemes
Recognize That Some Side Hustles Are Mislabeled as Passive Income
Know the Difference between Investment Ideas and Passive-Income Side Hustles
Pay Attention to Your Fans
Weather the Storm of a Failed Side Hustle
Find the Right Flavor of Passive-Income Side Hustle
Be Prepared for the Financial Ups and Downs of Passive-Income Side Hustles
Calculate Your Passive-Income Side-Hustle Life Span
Stack Your Passive-Income Side Hustles
Ten Leading Gig Economy Platforms
Angi
Fiverr
FlexJobs
Freelancer
Guru
99designs
TaskRabbit
Toptal
Upwork
ZipRecruiter
Ten Signs That You Need to Adjust Your Side-Hustle Strategy
You’re Not Making Any Money
You Don’t Have Enough Time
The Overall Environment Is Shifting
You Experience a Major Life Disruption
An Even Better Side Hustle Has Surfaced
A Key Supplier Can’t Deliver
You’ve Achieved Your Goals Sooner Than Planned
A Business Partner Has Let You Down
Your Early Test Phases Don’t Prove Out
You’re Not Happy
Index. A
B
C
D
E
F
G
H
I
J
K
L
M
N
O
P
Q
R
S
T
U
V
W
Y
Z
About the Author
Dedication
Author’s Acknowledgments
WILEY END USER LICENSE AGREEMENT
