The idea came into your head and now it won't go away. Maybe you saw the hustle side of someone and thought I can do this . Or maybe you imagined a new version of an old product that could help a lot of people. Now what? Table of Contents 6 Questions to Ask Yourself Tip #1:Understand Money vs. Value Tip #2:Get an Accountant Tip #3:Consider the Pros and Cons of Debt. Smart money quizzes must be challenging. There are tons of hustles that require very little effort or money to get started – especially the already established hustles such as dog walking, house sitting, or virtual teaching. But if you're new to the side hustle game, start here. You will need to ask yourself a few questions. You will need to do a bit of planning. You'll have to make sure that's what you want. While side hustles are notoriously low-risk (that's the point, right?), you still need to lay the groundwork and decide your level of engagement. Ready? What makes a successful secondary hustle? Success is a relative term, and it's important to define the word for yourself. Here is our definition:A successful secondary hustle forms at the intersection of passion or interest, skill or talent, and societal need or demand. For example, if someone wants to launch a personal chef brand, but they don't like food preparation, then the idea is lacking. Perhaps the best hustle is supervising recipe development or consulting menus. It might be as simple as hiring a sous chef and including them in your cost analysis. What are you willing to put in your hustle? A secondary hustle should never take precedence over your primary obligations, such as your main source of income, family, self-care time, etc. That being said, you need to put a number on your level of engagement. Some side hustle requires more work up front to turn the wheels. If you're looking for a laid-back gig when I feel like it, there are established options for that as well. What is your ultimate goal? Your secondary goal doesn't have to be lofty, and it's probably best to start small anyway. Maybe you like new challenges. Maybe you want to master a new skill. Maybe you want to fund your daughter's dance competitions. Understanding the reasons for your new venture helps you avoid getting lost in well-meaning advice from friends and family. Not all businesses need to grow. Not all side hustles have to yield six or seven figures. Stay on your course and enjoy the ride. What is your financial personality? Are you a saver or a spender? Do you prefer buying new things or fixing old things? Do you often have buyer's remorse? Do you struggle to take responsibility when it comes to money? None of these traits are inherently good or bad, but it's important to identify your relationship with money so you can prepare for how it might affect your secondary restlessness. “Think about what money was like growing up in your home,” says Anthony ONeal, money coach and best-selling author. “Did your parents talk about money? Have you worried about money or never had to think about money? All of these factors affect how you manage your money today. » Consider sitting down with family and trusted friends to assess your financial habits. Often we cannot see ourselves as clearly as a spouse or friend could. Now is not the time to judge; it's just part of the planning process to get your team off the ground and get bigger profit margins. "[Self-analysis] will help you understand why you might be tempted to go shopping when you're stressed or why you feel the need to keep every dollar you earn and feel guilty about spending money," says ONeal. How will you budget for unpredictable dips? While a six-month salary emergency fund sounds great, many Americans weren't even there before this spring's financial crisis. Regardless of your financial situation, it's important to be prepared for drops in income, especially in the side-hustle game, which can be unpredictable. Start by living below your means, says ONeal. “People who live below their means may not live a flashy lifestyle, but they live with intentionality and freedom,” he says. “They tell their money where to go every month instead of wondering where it went. It's the way to live, and it's the way to create wealth. And if that fails? A chance of failure is never a reason not to try. But it's important to be emotionally and mentally prepared for the tough sides of business. Sit down with trusted friends and family members, especially if they have entrepreneurial experience, and explore some possible failure scenarios. How would you pivot if a competing business popped up in your target market? How would you handle it if your manufacturer filed for bankruptcy and you had 1,000 orders to fulfill? Do not think about it too much and risk worrying until paralysis. It's a fine line to walk between preparation and unrealistic worry. For many people, the side hustles are about creating financial freedom in their lives. Your motivation for starting an agitation can be as simple as, I want to make more money . Even then, it's important to check with yourself before starting the fuss. For example, is that extra money worth the stress of working an extra four hours a day after your 9 a.m. to 5 p.m. shift? Anthony ONeal, financial coach and best-selling author of Debt-Free Diploma and The Graduate Survival Guide , recommends exploring some of the emotional connections we have with money. Every decision has a cost, so before you go the extra mile, consider the value it will bring to your life and compare it to the extra money it brings. “Would that extra money allow you to do things like get out of debt and save? Said ONeal. “If so, maybe that’s something you need to consider. If you're married, talk with your husband or wife and see if there are things you can do around the house to make room for the occasion. Taking on a side hustle of any size is a commitment. If you have a spouse or family, this commitment increases. Host a family meeting to share your plan and discuss how it might change various family responsibilities. Make sure your goal for secondary hustle is worth the cost, financial and otherwise. "If you're financially stable and don't need extra cash, you need to assess other factors," says ONeal. “Having flexibility and time with your family is also worth something. Success is different for everyone, and money isn't the only thing that adds value to your life. No matter how big your business, hiring an accountant can give you peace of mind and often save money – if it's not on your tax return, then definitely on the time spent doing a task in which you are not competent. But hiring an accountant is not an easy task. If you're hesitant to hire an accountant and might not feel like your tax situation is complicated enough to outsource, consider this:"Think about how much time you'll spend trying to figure it out," says Eric Nisall, a New York-based accountant specializing in online entrepreneurs. “If you spend that time working on billable items, you're going to earn more than it will cost to outsource those taxes. Here are his best times to hire and work with an accountant:No one specializes in everything. A one-stop-shop tax preparer, auditor, money manager, and retirement broker sounds great, but beware, it may sound too good to be true. Know who manages your account. The accountant with whom you have signed a contract is not always the one who takes care of your taxes or your accounting, especially in large companies. Get a cost estimate. Don't accept a "it depends" answer. "If you have an S Corporation, you're going to have a W-2 and a K-1," Nisall says. “I can tell you within a 5% range depending on what you tell me…. You should be able to get a reasonable estimate. » Never sign the return. As a paid preparer, your accountant should always sign the tax return because the responsibility then lies with him, not you. Ask about their compensation practices. Work with someone who is salaried, unpaid, or paid in return. “A tax return is not about reimbursement,” Nisall says. "It's a matter of precision." Business loans and credit cards are common in the entrepreneurial space. Depending on who you talk to, debt is either a smart financial tool or your worst mistake. There's no one-size-fits-all financial advice, but when it comes to your new side hustle, less risk is often better in the beginning. After all, if your side hustle fails but you still have a business loan to pay off, that money will come from your main source of income and family and daily responsibilities. "I see so many people using debt to fund a lifestyle they can't afford, and it's making them stressed," says financial coach Anthony ONeal. “Every paycheck that comes in pays for your past when you should be focusing on your future. Don't spend money you don't have. What is your financial IQ? Cecilia Meis + posts Cecilia Meis is the built-in content editor for SUCCESS magazine and Moyens.net. She recently earned a bachelor's degree from the Missouri School of Journalism. Originally from Kansas City, Cecilia loves sand volleyball, new stationery and a plate full of burnt bits. 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