College is expensive, and working part-time jobs and completing internships can often take a toll on your body. I recommend having a side hobby, or a side hustle, to help you financially. A side hustle is typically more fun than a job, especially when it’s a hobby that you love. I know plenty of you are probably confused on how to have a side hustle, and that’s okay!
My first tip is to figure out what kind of side hustle you would like to have.
My side hustle is blogging, and I do make some income from it. It’s a lot of work, but I thoroughly enjoy it. Choose a hobby that you love and wouldn’t mind investing time and money in. This could be baking, for example. If you love to bake, then turn that into a side hustle and sell your baked goods (with permission) on your campus. This side hustle could be opening up an etsy shop and selling crafts you’ve made. Whatever you choose, pick something you love doing.
My next tip for getting a side hustle is to invest some money and figure out your expenses.
Having a side hustle in the beginning can get pretty expensive. When I started my blog, I had a lot of expenses to pay. Once you pick a side hustle, then invest some money and figure out how much you’re going to need to spend on it. If you’re selling baked goods, then calculate the amount of money you will have to pay for the ingredients and packaging materials. If you plan on selling your artwork, calculate how much you’ll have to spend on art supplies. In order to make sure your side hustle pays off, you’ll have to invest some money in the beginning.
The next tip, which you may not have to worry about until later on once you make a steady income, is to learn about how to calculate your taxes.
Tax regulations are different in every state, so brush up on your state’s tax regulations. You don’t necessarily need to know everything, but this will remind you ahead of time to create receipts and keep them for tax purposes. I unfortunately didn’t learn about taxes until a year after I started blogging and making an income, so if you plan on having a side hustle in college, then learn about income taxes and withholding.
After you figure out your taxes, then you should figure out your rates, or how much you plan to charge.
It’s better to establish your rates early on so that you’re not put on the spot and taken advantage of when people ask or try to buy something from you. Know your worth. How much do you think your artwork should cost? How much do you think your cupcakes should cost?
My last tip is to stay patient.
The money will not come in overnight. You have to keep investing in your side hustle. You have to keep working at it and promoting yourself. You really must be patient. Rome wasn’t built in a day, so keep working on your side hustle and remain patient. Eventually, your hard work will pay off.
Having a side hustle can be really time consuming, but it’s not hard. You can definitely make a good income from it, but in order for it to work, you have to love what you’re doing. Hopefully these tips help you with starting a side hustle in college. Let me know in the comments below what other tips you may have to offer.