In 2017, freelancers contributed $1 trillion to the American economy, and with more than 57 million freelancers, that’s an average of $17,544 per freelancer. Imagine adding that to your annual income by working a healthy side hustle.
Do you have a passion for graphic design? Do you constantly critique ways you could improve a website either visually or analytically? Do you find yourself fixing typos or improving grammar in your head? Anything you have in your skillset can be a lucrative side hustle if you know where and how to start.
No one likes to talk about taxes, but if you have a side hustle that earns you more than $600 in a given calendar year, you’ll need to know a bit about taxes. The self-employment tax rate for the US is around 15%. You get taxed 7.5% as an employer and 7.5% as an employee.
Sometimes getting more money out of your side hustle means helping fellow freelancers. Suppose you’re a content creator, for instance, and you know someone great at graphic design and someone who’s a whiz at website coding. In that case, you can create a package deal for new businesses that will get them all three services for a nice flat fee.