How to Sell or Freelance to Earn Income on the Side 20th Dec 2021

Article by Cherie Mclaughlin from Couchbasedbiz.com

If your finances have been strained recently, you might be able to ease the burden by earning some money on the side, either by starting your own small business or offering your services as a freelancer. You might be surprised to find how many opportunities there are for educators of color to earn a little extra cash, and the difference it can make for your financial well-being.

You might also be surprised to find just how marketable your skills and experience are. This may even be an opportunity to try your hand at something you’ve wanted to do for a while or turn a passion into profit. To learn more, read these tips courtesy of S Manju.

Start by evaluating what you have to offer.

Be realistic about your skills and abilities. This means walking a middle ground between undervaluing yourself and overestimating your abilities. So, for instance, if you are considering offering online courses, Kajabi suggests asking yourself whether you have sufficient credentials and knowledge to offer genuinely marketable material.

Simply having a passing interest in a topic such as finance or military history might not be sufficient. On the other hand, if you have dedicated time and have proven proficiency in a topic—perhaps you have published articles or done local presentations—you may have the credentials to offer your services even if you don’t have a degree. This makes it possible to start a business even while being in the classroom.

Operate like an entrepreneur

You need to master best business practices to be successful at your side hustle, especially if you are planning on growing it into a real company. This means prompt communication, professional customer service, and meticulous money management. To start, as part of your marketing strategy, creating a logo that makes you stand out from the crowd is important -- if not critical -- when it comes to branding and messaging.

Remember to always give your clients and potential clients your undivided attention. If you’re working from home that can be easier said than done, so be sure to invest in a headset or noise-canceling headphones to use on calls.

If you plan to hire an assistant, People Managing People suggests making sure you manage their pay correctly and on schedule. An automated payroll system will make it easier for you to keep up with scheduling, as well as calculate and file taxes. If you’re planning on running your business from a smartphone, be sure to invest in a system with a payroll app. You will need to keep careful financial records so you can stay compliant at tax time, too. Be aware that if you are running your side hustle as a business, tax law affects you a little differently.

Many entrepreneurs decide to outsource the more tedious tasks of operating a business so they can focus their time on managing and growing operations. Consider bringing on a freelancer or two who specialize in work that’s not quite up your alley, like website development or social media marketing. Also look into virtual receptionist agencies that take care of routing communications and conduct telemarketing work. Using a job portal like Upwork allows you to view pay rates and past client reviews so you can make an informed decision.

Analyze profitability.

Maybe you’ve collected a lot of antiques and have now decided to sell them in an online store. Before moving forward, do a little research into the actual market value of your items. Make sure it will be worth your while to set up your e-commerce shop, invest in a platform, and deal with shipping and handling.

Or if you are thinking of selling a craft or artisanal product you make, CraftProfessional.com says to be sure you can sell them at a high enough price to justify your labor and cover the expense of materials. If you are thinking of freelancing, do a cost comparison to find out what others are charging so you can offer competitive rates that will still earn profit

Consider diversity and inclusion.

The Diversity Council Australia notes that in today’s market, it’s important to prioritize diversity, even in smaller enterprises. From hiring to marketing to the nature of the products and services you offer, your business should reflect the diverse demographic you seek to serve. As an educator of color starting your own venture, emphasizing diversity can strengthen your company through both community perception and employee engagement.

Whether you’ve been out of work, lost work hours, or are experiencing financial hardship due to unexpected circumstances, selling or freelancing on the side can help you get through this difficult time. Sometimes a small side project can turn into a lucrative, ongoing business opportunity, too.

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