How to outsource your side hustle — and maximize your time and money

With the majority of Americans living paycheck to paycheck, employees are embracing the now-legendary side hustle, aka, a second job that is usually part time or flexible in hours. In fact, according to recent research from Zapier, one in three Americans has a side hustle.

More Money, Less Time 

Though having a side hustle can significantly help one out financially, it can be a major time-suck.

“Having a side hustle may negatively impact your time management in terms of having less time for personal enjoyment, recreation and with family and friends,” said Vicki Salemi, Monster career expert.

But it’s not always so simple. In some cases, a side hustle actually helps one better focus their spare time.

“Conversely, (a side hustle) may positively impact your time management in terms of micromanaging your time,” said Salemi.  “You may spend less time squandering time scrolling online and be more intentional about spending the personal time that you do have wisely.”

It all depends on the person, Salemi notes, but stress that “adding a side hustle to your schedule usually implies you’ll have less time for another bucket in your life since time is finite.”

The answer to mastering both time and money while working a side hustle, could be to outsource some of your second job — meaning you pay another person to take on some of your side gig’s tasks/hours.

Filling In the Weak Spots 

At first, this may sound counterintuitive: Why have a side hustle if you’re not keeping the entire profits of the secondary gig? What’s the point if you’re paying someone else to do the job you’re doing primarily to earn bonus income? But outsourcing actually can be a smart — and financially savvy — move.

One perk, as we’ve hinted at, is giving you more time back; but outsourcing some of your side hustle may also help you better handle aspects of your gig that are cumbrous or not naturally in your wheelhouse.

“Perhaps billing and invoicing isn’t your strength and perhaps you are growing and need to hire a bookkeeper,” said Salemi.

Putting some of your side hustle dough into hiring a professional to handle your invoicing or other weak spots could be a savvy investment of both time and money.

Crunch the Numbers So You Still Come Out On Top  

“You can still make money by doing this by crunching numbers before you leap into outsourcing,” Salemi said. “Determine if it makes financial sense: Are you still profitable?”

In addition to focusing on profit, consider the big picture.

The upfront expense of, say, hiring a virtual assistant may diminish your side gig’s earnings such that you aren’t making much extra money, but hiring that virtual assistant could free you up to take on more clients, thus helping to grow your side business in a sustainable way.

When (and How) To Outsource Your Side Hustle 

“If you’re looking to start outsourcing your side hustle, calculate the amount you have to spend within the budget,” Salemi said, adding that you should ask yourself the following questions: “Is this sustainable? Is this strategic? Will it help ultimately boost your bottom line?”

Next, consider who you will outsource to, and define the necessities for their credentials.

“Tap into your network for word of mouth referrals,” Salemi said.

If you don’t get a decent referral from your network, your next step is to post the job online.

“Posting the job online is certainly one viable way to get candidates, but it’s also important to rely on this description as an outline for the job,” Salemi said. “This way, the person or organization you’re outsourcing to will have clear guidelines and deliverable expectations.”

Salemi advises to reevaluate the process as you forge ahead.

“This includes your budget, finding talent and also evaluating their work,” Salemi said. “How will you manage them if they’re remote? Will you be hands on or give them deadlines and let them run with them? Think about that as well as you tap into your management skills.”

Knowing You Can Outsource May Help You Jump In 

Simply knowing that you can outsource some, or aspects of, your side hustle, may help you overcome any concerns you have over taking the leap into nabbing a side gig — a move that could vastly grow not just your bank account, but your confidence and experience.

“Overall, in addition to earning more money, landing a side hustle could be a great way to try on a new job for size,” Salemi said. “Test it out, see if the organization is a fit, make connections and most importantly learn new skills. It may become a viable main career path.”

The post How To Outsource Your Side Hustle — and Maximize Your Time and Money appeared first on GoBankingRates

Original source: GoBankingRates

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