In the last couple of years, it’s become more and more common for working Americans to consider freelancing or self-employment as an alternative or an addition to traditional employment. Whether you’re driving for a ride-sharing service or delivering for DoorDash, selling your work on eBay or Etsy, or offering in-home services, there are so many different ways one can make money in a non-traditional way. However, it’s important to ask yourself the important question: Are you making actual money as a freelancer or someone who is self-employed?
The answer to that question can determine whether you should veer back into the traditional workforce, or simply find ways to make this new means of employment work for you. If you feel like you need a boost, here are a few tips to help you make actual money:
Consider the upfront costs of freelancing.
It’s true that you generally have to spend money to start making money, and this is no exception. If your freelance work is in sales, do you need a storefront or do you plan to sell remotely? Do you need to keep a regular stock of supplies? Before you start, make an estimate as to how long you’ll see a return on your initial investment, and you investments going forward. Creating a budget and business plan is key in taking this important initial step.
Understand the value of your skill set.
Not all self-employed people work in sales and merchandising; if you aren’t adept at creating and selling, there are plenty of other ways you can make money. If you’re good with animals, petsitting or dog-walking services can bring in good money, as pet owners want the peace of mind that their babies will be in safe hands. If you have sharp organizational and time-management skills, virtual assistant work is a great way to help out busy people who are willing to pay someone to manage daily, non-work tasks. Additionally, many freelancers are writers if you have that particular talent.
Plan ahead for your income and how you can live off of it.
Once you start bringing in actual money as a freelancer or self-employed person, it’s important to make sure you’re making enough to live comfortably. We encourage anyone interested in pursuing a non-traditional employment route to take full advantage of our financial services, including or Vantage Checking and Savings accounts, and our mobile banking services. If you have any questions for our team about your finances, we are always happy to help.