Side hustles can have short-term or long-term goals in 2021. For example, starting a side hustle can help you get that next job and save up for that dream home (or car). Luckily, there are a few steps you can take to get started — even if you have no interest in supporting yourself with side hustles. First, think about how your day job helps pay the bills. Now, think about how that same job could support you if you took on some additional responsibilities. Maybe it's a small start-up requiring only a few hours a week – but the extra hours you're putting in could easily lead to more money coming in and more responsibilities coming down the pike!
Whether you're employed full-time or part-time, saving money can be difficult. When we was unemployed for more than a year, we felt like we were living paycheque. But if you save money on your basic expenses (rent, utilities, groceries), you have more money to spend on things that will help you get more out of life. Also, when you start a side hustle from home, your money's no longer being tied up in an employer. So, the options are unlimited: new projects, new experiments, new ways to improve yourself and your life. Yep, side hustles can be quite rewarding.
Do you work from home? Are you sick of thinking there is more to working from home other than Zoom meeting? Chances are you could use some extra cash. And if you go about your week-by-week attempts at saving with varying degrees of success, what could be better than seeing some additional improvement on your bank account? Find out how to maximize your savings, no matter where you work from. This week on "How to Save Money," I'll take you through all the different ways you can get more money in your pocket without busting your butt at the office. Just remember: Your normal weekly paycheque doesn't function as your primary goal.
Advantages of Working From Home
Today, We see working from home as a realistic way to achieve all these goals and more! Imagine how much more you could accomplish if you weren't spending all your time worrying about money and planning your retirement. Imagine if you could get lots of done in your free time, whether that's playing board games or gardening, or just relaxing on the couch with a book or a magazine. Working from home provides some advantages that no other job can match: Schedule your days to suit yourself. Use your laptop or cell phone for extra communication if necessary. Set your schedule and modify others as needed (coming to work early doesn't mean you have to stay late). Learn new skills and apply them to tasks outside your office job outside of commuting.
How does working from home help you achieve financial freedom?
We've always believed that you can accomplish anything if you give up your job for a specific purpose. When it comes down to it, if you're willing to sacrifice some comfort and income to accomplish something important (such as saving up for your future education or home purchase), then your motivation will be high. And motivation is needed to work hard and succeed in any endeavour.
What are some of the benefits of working from home?
When you're working from home or work from anyway, this can be helpful when you're just starting or having a tight schedule at home and need something extra for the week. You can make tons of money, live where you want, and usually work on projects that interest you. The problem is that not every job is created equal. Some jobs require certain qualities and not others. Nevertheless, it's entirely possible to make a decent living as a home coworker if you know what you're doing and are willing to invest the time necessary.
1. You are in Control: As an entrepreneur, you control how much you make. It's up to you to decide how much to work, where to put your time, and how much risk you're willing to take. There is no fixed amount of money you have to work with. When you're an entrepreneur, this control is one of the greatest things you have. You have the freedom to make decisions in your own best interest without being told what to do by anyone else.
2. Greater Comfort: is key when it comes to working remotely from home. Co-working spaces are becoming more and more popular with companies and freelancers alike. Work from home offices or satellite offices can offer great benefits to both parties: more freedom to choose where you want to work, as well as an opportunity to set your schedule. The key to making work from home comfortable is finding one that suits your needs and fits within your budget.
3. More Time With Family: More time with family and friends is one of the greatest advantages of working from home. You aren't always connected 24/7, so needing to be connected means almost nothing compared to the benefits it affords you. In addition, work from home can help manage stress and keep you motivated by giving you the freedom to set your own schedule.
4. Save Money: Working from home can save you money. Travelling costs. When you live outside of urban areas, it's difficult to find places that allow employees to wear uniforms. You could buy a mask and a tie for your employee when they go to another location for work out of town. But why would you want to spend your hard-earned cash on such things when you could instead invest it in younger generations? That's why I've compiled a list of ways you can save some cash and get the best of both worlds:
5. Pay Off Debt: There are so many ways that working from home can improve your quality of life. You can work from home and save money on rent or buy an inexpensive home. You can get more done with your loved ones. Most importantly, you can set up your own schedule and take care of yourself physically and emotionally. Working from home gives you the freedom to pick a beginning and endpoint for each day. It means you're less stressed out than finding jobs that allow you flexibility in hours and places where you can be (furnished or unfurnished).
6. Increased Productivity: The desire to be more productive, less burned out, and more focused on results. We take a lot of pride in the work that we do. When you start something new, you often have high expectations and set a high bar for reaching those expectations. As you run through the regular tasks in your business, you are setting yourself up to fail if you aren't pushing yourself to reach new heights.
City of Toronto Programs and Resources
- BusinessTO Support Centre: BusinessTO supports entrepreneurs by providing one-on-one virtual consultations to help prepare and restart your business following a closure or merger.
- Digital Main Street: Digital Main Street supports local commerce through a variety of digital tools, services, and resources. These include information on self-service checkouts at stores, reviews of local businesses from Yelp and Facebook, product finding tools, and networking events where entrepreneurs can meet potential customers face-to-face.
- Business AdviceTO: You can join Business Advice TO for FREE and discover how you can network with like-minded business owners and leaders from all over the world. You'll get access to the most comprehensive resources for small business growth and building a profitable business. The content on this network is very practical and actionable - it can help you succeed no matter where your business is currently located.
Financial Support and Resources
- Federal and provincial government financial supports:
- Ontario-Canada Emergency Commercial Rent Assistance Program
- Canada Emergency Wage Subsidy (CEWS) program
- Canada Emergency Business Account (CEBA) program
- Support for Indigenous Businesses
- Business Credit Availability Program
- Regional Relief and Recovery Fund (RRRF)
- Business Resilience Service
Learn how to get into the right mindset to start an online side hustle or business. At the end of this guide, you should have a better idea of where you are in your journey of entrepreneurship and take the next step.
Let's get sh*t done, together!