If you’re saving for a wedding and your day job can’t quite cover the costs then it might be time to consider taking on some part-time work. A side gig can supplement your regular income to help pay for flowers, photographers, catering, and more, but there are a few things to consider before you make any major commitments.
Time Constraints
The first thing you need to take into account is your free time and how much of it you have to spare. A side hustle can quickly consume the quality hours you would otherwise be enjoying with friends and family –surveys show the most common amount of time people spend on their side hustles tends to range between 11-20 hours per week. With this number in mind, make sure that by taking on the extra work you aren’t sacrificing time with the person you’ve committed to in the first place.
Marketable Skills
If you’ve decided to dedicate yourself to extra work, the next step is to review your marketable skills. You can generally sort these into either hard or soft – relating to either your specific, measurable experience within professional settings or the less measurable, more personality-based traits that inform your interactions with others. Some roles require a clear set of hard skills (e.g. tech-based jobs) and some favor those who are more personable and comfortable dealing with others (e.g. events jobs). By identifying your stengths, you can find a part-time role that will suit your strengths and require less time learning new skills.
Finding Work
Actually finding part-time roles is easier than ever since the popularization of remote working. You can now use freelance platforms, job boards, and social media to reach out to employers, potential clients, or collaborators. It’s important, however, to first refine all of your application materials before you begin to send applications – these include your CV, cover letter templates, samples of work, and references. It often helps to have all of these in one place on your own domain (this can be done easily using one of the site-building platforms).
Your Own Company
Some freelancers find it advantageous to form their own company with a distinct name, social media presence, and business structure. It’s important, when forming your own entity, to ensure that the name you are using is not already in use. You should also familiarize yourself with the filing fees and requirements as these can vary depending on your locale. If you’re serious about expanding your own enterprise, it’s worth taking the time to carry out a market analysis, calculate financial projections, and write a solid business plan – this will help you to streamline your operations and attract investment in the future.
Finances
Before you take on any extra work, it’s also important to weigh up the financial trade-off. You may, for example, have to pay taxes on your earnings. Depending on how much you earned, these could add up to 20-35% of your income. It’s also important to get to grips with the concept of business expenses as these can be used to offset any overheads (such as stationery, transport, etc.) – make sure to save any receipts and bank statements to prove what you have spent.
For some, a side gig is necessary to have the wedding you and your partner have always dreamt of but it’s not always as straightforward as just getting to work. If you want to maximize your earnings and minimize stress, it’s important to carry out plenty of research and venture forward armed with the right knowledge.
Since 1976, Petals and Promise Bridal, a family-owned and operated bridal boutique, has been dedicated to creating an unforgettable experience for every bride. From the moment you walk through our doors, we want you to feel comfortable and at home. Learn more about our services, at: petalsandpromisesbridal.com
Brittany Fisher
Creator and Head Writer at Financiallywell.info
Image by Pexels
