But how do you get there? Well, one way is to focus on your side hustle. Gathering skills outside the conventional work environment is an excellent way to increase your income and generate value for other people.
But you need to do it right. In this post, we take a look at some of the ways to turn your side hustle into something ultra-lucrative. Here’s everything you need to know:
Find Your Unique Selling Point
The first step to transform your home-based side hustle into ultimate financial freedom is to discover your unique selling point. You want to find something about it that makes you unique.
It doesn’t have to be anything game-changing, but it should be clear to anyone looking for your services online. For instance, suppose you run a hair and makeup business from your home studio. You could add value by specifically offering services for models about to go to photoshoots instead of just run-of-the-mill bridal services.
Once you have a unique selling point, use it in your marketing. Use Google and social media to point out what you do differently from everyone else.
Set It Up In The Right Tax Bracket
The next step is to set up your home-based side hustle in the proper tax bracket. You want to ensure that you’re paying tax at the most efficient rate you can.
When setting up a business, you’ll need to start learning what an FEIN is and which type of company structure is best for you. If you’re not sure, you should go to an accountant and ask them. They can tell you the option that works best for you, given your projected income and industry.
Provide Exceptional Customer Service
The next step is to ensure you provide exceptional customer service. You’ll want to give your customers more value than anyone else, providing them with a superior option compared to the competition.
Providing exceptional customer service isn’t as challenging as you might think. Usually, it involves simply setting expectations relatively low and then exceeding them with the quality of your work.
Getting plenty of positive word-of-mouth recommendations is an excellent way to improve your business.
Continuously Improve
The next step is to constantly find ways to make your business better. When you first start, you won’t be very good. But over time, you’ll learn various strategies to enhance your performance and get more done.
You will also begin to see what it is that customers really want from you. In the beginning, this can be quite hard to figure out. Over time, though, that can change, and you’ll slowly gain insights that let you improve what you do.
Streamline Your Workflow
The next step is to streamline your workflow and look for areas for improvement. While efficiency isn’t everything, it can make a difference to your operations while you look for the next paradigm shift.
For example, you could improve your workflow by automating tasks with software and other technologies. Instead of running everything yourself, various online tools can do it for you, particularly in areas like marketing, scheduling, and managing remote workers (if you have them).
Track Your Income And Expenses
You’ll also want to track your income and expenses, particularly the latter category. When you first start a new business, you’ll notice that the amount you have to pay out each month is high. There’s almost always something you’ve forgotten to buy.
Knowing these expenses is essential because it reduces your taxable profits. The more you include, the less tax you’ll need to pay.
Tracking your expenses can be challenging. You’ll want to include everything, from the cost of running your computer to any software subscriptions you purchase. You can also include things like the cost of operating the lighting and heating in a home studio or paying for refurbishments or equipment.
If you use a vehicle, don’t forget to include depreciation. This expense can reduce taxes significantly and help you afford new vehicle purchases when the time comes.
Set Realistic Goals
Finally, you’ll want to set realistic goals. Financial freedom won’t come overnight. Instead, it’ll take some time.
However, putting the proper goals in place can give you milestones to shoot for. The more you can motivate yourself to get to the next stage, the easier it will be to achieve your ultimate objectives.
BY TECHIE MAMMA