Side Hustle Options/Suggestions.

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Thegame14
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Side Hustle Options/Suggestions.

Post by Thegame14 » Mon Sep 10, 2018 11:38 am

I would like to start a side hustle that I can do at night or weekends while my son is asleep to help save for baby #2 or to help pad my investments more.

The ideal seems to be Uber, but my car is too old (2000 Camry) to qualify, and I don't think it would make sense to try and buy a pre-owned car to then try to use to make money, but maybe that makes some sense.

I am a CPA, so ideally doing light bookkeeping might make sense, but Starting my own business and trying to get clients would take a while, and I would worry about insurance etc... Not sure people hire bookkeepers who wont work during the day.

I thought maybe I can deliver for one of all these new delivery services like uber eats, grubhub, seamless, etc, but I wouldn't think this is good money. They pretty much deliver for free, so you would be basically earning tips.

I have thought of babysitting as a parent I would be more qualified than a teenager and could prob make $20 an hour in cash, so good for taxes but then I feel like I am spending time with someone else's kids while mine is without me.

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JupiterJones
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Re: Side Hustle Options/Suggestions.

Post by JupiterJones » Mon Sep 10, 2018 1:07 pm

Yeah, I have a feeling that a lot of the side-hustles that require using your car don't really wind up being that profitable once you factor in gas, depreciation, etc.

On the other hand, having an older car can be an advantage for the delivery gigs, since the depreciation due to the additional mileage would be less. No way I would deliver in a new car, but a "beater" is perfect for it. Have you looked at PostMates? You do get a delivery fee for each run with them, I believe. Plus, they're not just food, which I would imagine would keep things from getting too boring.

Heck, if you have bicycle and live in a dense enough area, you might not even need to use your car. We have a couple of Jimmy John's downtown that use evening bike couriers for their orders. A few bucks hourly wage, plus tips, and you can drop your gym membership. 8-)

Some other ideas:

Use a site like Upwork or Fiverr to sell your accounting skills on a per-job basis. No need to "get" clients or anything.

Tutor accounting and/or math students. In person or via Skype. Or find a community college or tech college that might need a part-time nights/weekend instructor. Or put together a video course in accounting or CPA exam prep and put it up on Udemy (passive income!)

Any other skills where you could teach lessons? Music? Sports? Can you proof/consult on resumes? Troubleshoot computer problems? Teach a foreign language?

Does future baby #2 have their own room already, just sitting there unoccupied? You could AirBandB it. Or if it's currently your home gym, you could AirGym it.
Stay on target...

Freefun
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Re: Side Hustle Options/Suggestions.

Post by Freefun » Mon Sep 10, 2018 1:17 pm

I find Chris' podcast informative for side hustle ideas. My motivation is to be busy in retirement and keep the brain moving.

https://sidehustleschool.com/podcasts/
Remember when you wanted what you currently have?

Thegame14
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Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Mon Sep 10, 2018 1:22 pm

JupiterJones wrote:
Mon Sep 10, 2018 1:07 pm
Yeah, I have a feeling that a lot of the side-hustles that require using your car don't really wind up being that profitable once you factor in gas, depreciation, etc.

On the other hand, having an older car can be an advantage for the delivery gigs, since the depreciation due to the additional mileage would be less. No way I would deliver in a new car, but a "beater" is perfect for it. Have you looked at PostMates? You do get a delivery fee for each run with them, I believe. Plus, they're not just food, which I would imagine would keep things from getting too boring.

Heck, if you have bicycle and live in a dense enough area, you might not even need to use your car. We have a couple of Jimmy John's downtown that use evening bike couriers for their orders. A few bucks hourly wage, plus tips, and you can drop your gym membership. 8-)

Some other ideas:

Use a site like Upwork or Fiverr to sell your accounting skills on a per-job basis. No need to "get" clients or anything.

Tutor accounting and/or math students. In person or via Skype. Or find a community college or tech college that might need a part-time nights/weekend instructor. Or put together a video course in accounting or CPA exam prep and put it up on Udemy (passive income!)

Any other skills where you could teach lessons? Music? Sports? Can you proof/consult on resumes? Troubleshoot computer problems? Teach a foreign language?

Does future baby #2 have their own room already, just sitting there unoccupied? You could AirBandB it. Or if it's currently your home gym, you could AirGym it.
Wife wont allow me to Air BnB any rooms in our house. I have thought about a delivery service with my car, but didn't think it would be that profitable unless I was already ubering and would do that in between uber assignments. I like the idea of babysitting as I could get paid cash and save on taxes, but again, not sure wife would want me to babysit while leaving her alone with our son. But earning $100 cash for watching a child for a couple hours until bed and then watching TV til parents come home sounds like easy money to me. I did think of tutoring working for a company, but it was too many hoops and their schedule, and I think it was only like $15 per hour so it didn't seem worth all the hassle for that little money and always on their schedule.

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greg24
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Re: Side Hustle Options/Suggestions.

Post by greg24 » Mon Sep 10, 2018 1:28 pm

CPA/bookkeeping is a side hustle that may be harder to get started, but offer better monetary compensation and better work/life balance. It is also something that may eventually become your main occupation, while your uber hustle should never become your primary paycheck.

Thegame14
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Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Mon Sep 10, 2018 1:44 pm

greg24 wrote:
Mon Sep 10, 2018 1:28 pm
CPA/bookkeeping is a side hustle that may be harder to get started, but offer better monetary compensation and better work/life balance. It is also something that may eventually become your main occupation, while your uber hustle should never become your primary paycheck.
Yes that is a long term goal, but I think it would take a few months to get started and by then baby#2 will be born and wont have time for it. Long term I think it is a great side hustle to have with just 1-2 clients and then becomes a great retirement transition.

gretah
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Re: Side Hustle Options/Suggestions.

Post by gretah » Mon Sep 10, 2018 1:52 pm

What about babysitting in your home?

Parents would drop off kids at your place then pick them up later.

Could you offer weekend service for couples who want to get away for Sat thru Sun? This would be for only the kids you really like.

Thegame14
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Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Mon Sep 10, 2018 1:59 pm

gretah wrote:
Mon Sep 10, 2018 1:52 pm
What about babysitting in your home?

Parents would drop off kids at your place then pick them up later.

Could you offer weekend service for couples who want to get away for Sat thru Sun? This would be for only the kids you really like.
Id be worried about insurance for having other people's kids in my home. Don't want to lose my house because a 2 year old falls and gets hurt.

aristotelian
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Re: Side Hustle Options/Suggestions.

Post by aristotelian » Mon Sep 10, 2018 2:21 pm

I do online transcription after the kids go to bed. The pay is pretty terrible but I figure I am monetizing spare time that I would otherwise be wasting on TV or Netflix.

My wife teaches yoga. If that's not your thing, you could probably do classes for any random skill that you have.

Also, dog walking would be a nice way to monetize being outside and getting some exercise.

If you are worried about taxes, you can do a Solo 401k to reduce the hit, but you are a CPA so I don't need to tell you that.

Jack FFR1846
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Re: Side Hustle Options/Suggestions.

Post by Jack FFR1846 » Mon Sep 10, 2018 2:26 pm

If you are thinking of Uber, read the MMM blog on the subject. With a Nissan Leaf, I think he ended up yielding $5 an hour. Around my town, you can get triple that working for McDonalds these days.
Bogle: Smart Beta is stupid

Thegame14
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Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Mon Sep 10, 2018 3:09 pm

aristotelian wrote:
Mon Sep 10, 2018 2:21 pm
I do online transcription after the kids go to bed. The pay is pretty terrible but I figure I am monetizing spare time that I would otherwise be wasting on TV or Netflix.

My wife teaches yoga. If that's not your thing, you could probably do classes for any random skill that you have.

Also, dog walking would be a nice way to monetize being outside and getting some exercise.

If you are worried about taxes, you can do a Solo 401k to reduce the hit, but you are a CPA so I don't need to tell you that.
Yeah the idea would be that when little one naps I can quickly do something for an hour or when he goes to bed for half an hour, that is why UBER appeals to me it is easy to switch on and off and I choose when to work. Hard to find other things that easy of a setup.

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Alexa9
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Re: Side Hustle Options/Suggestions.

Post by Alexa9 » Mon Sep 10, 2018 3:15 pm

Estate/moving/garage sales, eBay, and craigslist. Re-selling can be very profitable if you develop a niche like electronics or antiques.

JoeRetire
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Re: Side Hustle Options/Suggestions.

Post by JoeRetire » Mon Sep 10, 2018 3:16 pm

Thegame14 wrote:
Mon Sep 10, 2018 11:38 am
I have thought of babysitting as a parent I would be more qualified than a teenager and could prob make $20 an hour in cash, so good for taxes but then I feel like I am spending time with someone else's kids while mine is without me.
I don't know anyone who would hire an unfamiliar adult male as a babysitter for $20/hour (or for any amount for that matter). Maybe things are different in your town.

Consider tax preparation services for your second job.

renue74
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Re: Side Hustle Options/Suggestions.

Post by renue74 » Mon Sep 10, 2018 3:19 pm

Amazon FBA, Upwork, TaskRabbit, Amazon Mechanical Turk.

BTW...an earlier poster who said dog walking....I just had lunch with my old business partner. He told me he knows a guy making $50K/year as a full time dog walker. #wth

Jags4186
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Re: Side Hustle Options/Suggestions.

Post by Jags4186 » Mon Sep 10, 2018 3:20 pm

For guaranteed no cost income I would focus on churning bank account bonuses, brokerage account bonuses, and credit cards.

For someone who hasn’t done anything yet you should be able to make $10k-$20k over 2 years if you take it seriously.

Thegame14
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Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Mon Sep 10, 2018 3:24 pm

Jags4186 wrote:
Mon Sep 10, 2018 3:20 pm
For guaranteed no cost income I would focus on churning bank account bonuses, brokerage account bonuses, and credit cards.

For someone who hasn’t done anything yet you should be able to make $10k-$20k over 2 years if you take it seriously.
Please teach me.... Only issue is my company is small, no Hr department or person, so changing direct deposits maybe not be as easy as others, but shouldn't be impossible.

mrmass
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Re: Side Hustle Options/Suggestions.

Post by mrmass » Mon Sep 10, 2018 3:37 pm

You mentioned worrying about insurance if you accounting on the side-doesn't handling children worry you? I'd stay with accounting type work.

bhsince87
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Re: Side Hustle Options/Suggestions.

Post by bhsince87 » Mon Sep 10, 2018 5:35 pm

Retirement: When you reach a point where you have enough. Or when you've had enough.

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ClevrChico
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Re: Side Hustle Options/Suggestions.

Post by ClevrChico » Mon Sep 10, 2018 5:36 pm

How about tax prep?

Jags4186
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Re: Side Hustle Options/Suggestions.

Post by Jags4186 » Mon Sep 10, 2018 6:12 pm

Thegame14 wrote:
Mon Sep 10, 2018 3:24 pm
Jags4186 wrote:
Mon Sep 10, 2018 3:20 pm
For guaranteed no cost income I would focus on churning bank account bonuses, brokerage account bonuses, and credit cards.

For someone who hasn’t done anything yet you should be able to make $10k-$20k over 2 years if you take it seriously.
Please teach me.... Only issue is my company is small, no Hr department or person, so changing direct deposits maybe not be as easy as others, but shouldn't be impossible.
There’s a thread around called the definitive broker transfer bonus thread and you can find out anything and everything about banks and credit cards at doctorofcredit.com. Just start at the “best current bonuses page”.

Ron Ronnerson
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Re: Side Hustle Options/Suggestions.

Post by Ron Ronnerson » Mon Sep 10, 2018 6:38 pm

Jags4186 wrote:
Mon Sep 10, 2018 6:12 pm
Thegame14 wrote:
Mon Sep 10, 2018 3:24 pm
Jags4186 wrote:
Mon Sep 10, 2018 3:20 pm
For guaranteed no cost income I would focus on churning bank account bonuses, brokerage account bonuses, and credit cards.

For someone who hasn’t done anything yet you should be able to make $10k-$20k over 2 years if you take it seriously.
Please teach me.... Only issue is my company is small, no Hr department or person, so changing direct deposits maybe not be as easy as others, but shouldn't be impossible.
There’s a thread around called the definitive broker transfer bonus thread and you can find out anything and everything about banks and credit cards at doctorofcredit.com. Just start at the “best current bonuses page”.
You may not need to make changes to direct deposits from your employer to earn these bonuses. Sometimes ACH transfers will count to earn bonuses. Jags is correct that $10k-$20k is possible in a couple of years. Between brokerage, credit card, and bank bonuses, I've been earning around $10k/year for the past few years. It is a much higher rate than Uber, walking dogs, or baby-sitting. I'll second the recommendation to read Doctor of Credit.

Here's a direct link about what counts as direct deposit at various banks: https://www.doctorofcredit.com/knowledg ... -deposits/

This one's for info on brokerage bonuses: http://www.hustlermoneyblog.com/best-brokerage-bonuses/

For credit card offers, I would suggest starting with Chase Bank. They have excellent cards with excellent bonuses and benefits.

Make sure to read the fine print carefully.

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Will do good
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Re: Side Hustle Options/Suggestions.

Post by Will do good » Mon Sep 10, 2018 6:46 pm

I would think sticking to your profession skill set (CPA/tax etc) would make you more income than going to a side hustle that anyone can jump in with not much barrier. Yes it may take you some time to get those first few clients but in my opinion it's worth it.

I freelanced throughout my entire career and was able to make 25-50% of my income. When I was layoff after 25+ years at my mega corp job, I was able to jump right in to started my own business because I already had professional contacts as well as knowing how to bill for my time and run a business. I early retired 2 years ago and couldn't be happier to had done freelance work in my profession the whole time.

Good luck.

billern
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Re: Side Hustle Options/Suggestions.

Post by billern » Mon Sep 10, 2018 6:58 pm

You mentioned that you are a CPA. I'd think you could earn substantially more using your experience and professional designation in your spare time, if it does not conflict with your day job. Don't do something that specifically violates your employment agreement or would make your performance at your day job suffer.

Some suggestions:
1) assist with monthly / quarterly close of company's books (things bookkeepers generally don't understand and is much more valuable than doing data entry)
2) tax return preparation
3) payroll tax / sales tax filings (personally, I think this has too much liability and just isn't fun)
4) teach evening or online accounting classes (many junior and community colleges allow CPAs to teach without a masters degree)

I'd also suggest that you consider ways to earn more at work. CPAs get paid pretty well and there is potentially for earnings to increase substantially as you advance and/or switch companies.

mountains
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Re: Side Hustle Options/Suggestions.

Post by mountains » Mon Sep 10, 2018 7:15 pm

Does Amazon have Amazon flex in your area (Deliver amazon packages with your car)? No clue if it adds up after taking car cost into account. I think you get a load of packages and deliver them in one go so unlike doordash there isn't a downtime between deliveries.

But as others have said, you might make easier money doing CPA work on the side rather than driving.

SoAnyway
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Re: Side Hustle Options/Suggestions.

Post by SoAnyway » Mon Sep 10, 2018 7:17 pm

OP, since you're a CPA:

1. In your accounting practice, are you on the audit side or tax side? I'm guessing audit, given the next question...
2. Not to ask a stupid question, but why would babysitting income NOT be reportable to the IRS?
3. When it comes to "side hustles"/career changes/whatever, the most promising and lucrative opportunities for the time invested tend to be in the "adjacencies" to your already developed knowledge base/skill sets. To put it another way, we're all good at what we've done a lot of.
4. If you want more info on "churning bank account bonuses, brokerage account bonuses, and credit cards", enter the terms into the search box on this forum and/or the google search box. There are LOTS of posts that will teach you. ; )

Best wishes, and Congrats on your upcoming #2!

cmb16
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Re: Side Hustle Options/Suggestions.

Post by cmb16 » Mon Sep 10, 2018 7:59 pm

I was an accountant that switched careers (firefighting), which cut my pay but gave me a schedule that allowed me plenty of free time to work other jobs. I tried bookkeeping as an employee (which I hated as much as when I was an accounting employee), then thought about learning coding or doing any number of other things.

Quickly figured out I already have a skill set I can use to make money. Started a bookkeeping business, with clients billed monthly at flat rates, and transitioned into tax prep and tax representation work. I make way more than by driving an Uber, and can work early in morning or late at night.

Long story short, you have a great skill set for making some good 100+/hr money, or well beyond if you do it right. Don't waste your time driving for Uber or trying to learn a new skill. And if you don't want to do more accounting on the side after doing it for 8 hours in the office, all the more reason to do it. Working for yourself is awesome and you could easily make it a full-time business if you apply yourself and build it slowly over a few years.

Thegame14
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Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Tue Sep 11, 2018 8:18 am

I do not do taxes at all, except my own personal taxes, but I wouldn't want to do anyone else taxes or a company's taxes.

I work in corporate accounting so mainly month end close, quarter close, year end close, budgeting, forecasting, cash flow analysis, account rec type work.

I wouldn't mind doing this type of work, but don't know too many companies that will be fine with me working at my own pace and only nights and weekend. I wont be taking on additional stress of new clients with their deadlines, with an already stressful job, a sick pregnant wife and a toddler at home, that is why uber has a lot of appeal to me even though it really isn't an option with my car too old, it is low stress, make your own schedule and quick to start and stop.

TroyMcClure
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Re: Side Hustle Options/Suggestions.

Post by TroyMcClure » Tue Sep 11, 2018 8:32 am

I think OP was asking about a side hustle, not about quitting their job for something else. There's an important difference in terms of pressure to succeed: you keep your job and income whilst you create a second income stream. And it's diversification. Of course if the side hustle takes off you can make it a full time occupation later down the line if that's what you want.

The way I see it the gig economy is likely not going to do it for you because of low profits: how much is your time worth? Your hourly income should definitely not be less than your day job, and you're not going to get there with Uber or couriering, etc. Other platforms like Upwork and Fiverr may be an option to start, but you'd need to quickly get a clientele ready to pay more than the basic options of these platforms.

Someone recommended Chris Guillebeau's Side Hustle School podcast which is great for inspiration, there is a companion book that is useful (I forget the exact name but it’s something like Side Hustle from idea to income in 27 days). I totally agree with his approach which is mostly based on observation for ideation:
- Introspection of yourself: What are you interested in? What are you good at? What skills do you have (professional or other)?
- Observation of daily life: What are the current trends? What problems am I and other people regularly facing, and can I think of a solution? Is there anything niche / original that other people are interested in? Etc.
Sit down and really think about it. Write it down. Take notes. Rank ideas by complexity, feasibility and profit potential. It really helps.
It may take a while to come up with something but it’ll be much better than “standard” ideas like night shift Uber, babysitting, etc. I would also say it's not necessarily a good idea to look at having a side hustle based on one's profession, especially accounting. It may work with some creative jobs, but doing accounting on the side of accounting is probably not the best. A side hustle is an opportunity to get creative and use one's brain in a completely different field. Another interesting thing is that you might end up picking up some skills in your side hustle that you can then use in your corporate job too.

JBTX
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Re: Side Hustle Options/Suggestions.

Post by JBTX » Tue Sep 11, 2018 8:50 am

cmb16 wrote:
Mon Sep 10, 2018 7:59 pm
I was an accountant that switched careers (firefighting), which cut my pay but gave me a schedule that allowed me plenty of free time to work other jobs. I tried bookkeeping as an employee (which I hated as much as when I was an accounting employee), then thought about learning coding or doing any number of other things.

Quickly figured out I already have a skill set I can use to make money. Started a bookkeeping business, with clients billed monthly at flat rates, and transitioned into tax prep and tax representation work. I make way more than by driving an Uber, and can work early in morning or late at night.

Long story short, you have a great skill set for making some good 100+/hr money, or well beyond if you do it right. Don't waste your time driving for Uber or trying to learn a new skill. And if you don't want to do more accounting on the side after doing it for 8 hours in the office, all the more reason to do it. Working for yourself is awesome and you could easily make it a full-time business if you apply yourself and build it slowly over a few years.
Curious how you went about doing this.

1. What sort of platform do you use for bookkeeping? Do you keep the books locally on your own software, or clients software?
2. How did you go about getting clients? How big is your typical client?
3. How many clients do you have? Whats an average annual billing per client, assuming $100/hr?
4. Do you have any E&O or prof liability insurance?
5. Do you do books or tax also?

This is something I could theoretically do - but starting it up and getting it going is the hardest part.

GmanJeff
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Re: Side Hustle Options/Suggestions.

Post by GmanJeff » Tue Sep 11, 2018 9:08 am

Since the issue is a desire for more income, perhaps consider studying for a degree or certificate which might enable you to eventually find higher paying primary employment, whether in your current field or doing something else. You appear to be willing to work outside the home, and one way to have a part-time income while working in a position which often can provide time for studying and school work is to become a part-time security officer. During business hours such jobs are often too visible to allow time to be spent on school work, but nights and weekends can provide extended periods of time within which attention can be divided between monitoring CCTV and alarms, patrolling, and doing schoolwork.

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pondering
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Re: Side Hustle Options/Suggestions.

Post by pondering » Tue Sep 11, 2018 9:15 am

If your hurdle rate is 15 an hour most side hustles will not be attractive.

Is risk more of an issue than amount per hour?
--Robert Sterbal | 412-977-3526 call/text

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wabbajack
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Re: Side Hustle Options/Suggestions.

Post by wabbajack » Tue Sep 11, 2018 9:25 am

renue74 wrote:
Mon Sep 10, 2018 3:19 pm
BTW...an earlier poster who said dog walking....I just had lunch with my old business partner. He told me he knows a guy making $50K/year as a full time dog walker. #wth
When my dog was under 1 year old, I paid $10 every day to a grad student to walk him every afternoon on weekdays. When I'm away for long weekends or vacation, the dog stays at a private residence that charges $25/night. I'd imagine there are people who have optimized this business so that it works out to $40k - $50k a year for them.

OP, if you are staying home on weekends, you could look into turning your house/yard into dog boarding. Your family will have to decide whether this makes sense, along with whether you're good with (other people's) pets.

mw1739
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Re: Side Hustle Options/Suggestions.

Post by mw1739 » Tue Sep 11, 2018 10:13 am

wabbajack wrote:
Tue Sep 11, 2018 9:25 am
renue74 wrote:
Mon Sep 10, 2018 3:19 pm
BTW...an earlier poster who said dog walking....I just had lunch with my old business partner. He told me he knows a guy making $50K/year as a full time dog walker. #wth
When my dog was under 1 year old, I paid $10 every day to a grad student to walk him every afternoon on weekdays. When I'm away for long weekends or vacation, the dog stays at a private residence that charges $25/night. I'd imagine there are people who have optimized this business so that it works out to $40k - $50k a year for them.

OP, if you are staying home on weekends, you could look into turning your house/yard into dog boarding. Your family will have to decide whether this makes sense, along with whether you're good with (other people's) pets.
My wife is a SAHM, but recently got into this after offering to periodically walk a neighbor's dog. They no longer have to take him to daycare at $25+ a day and I think they pay my wife $10/day. It's easy money - I've encouraged her to look for other neighbors who might benefit from this service.

SelfEmployed123
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Re: Side Hustle Options/Suggestions.

Post by SelfEmployed123 » Tue Sep 11, 2018 10:29 am

Thegame14 wrote:
Mon Sep 10, 2018 1:44 pm
greg24 wrote:
Mon Sep 10, 2018 1:28 pm
CPA/bookkeeping is a side hustle that may be harder to get started, but offer better monetary compensation and better work/life balance. It is also something that may eventually become your main occupation, while your uber hustle should never become your primary paycheck.
Yes that is a long term goal, but I think it would take a few months to get started and by then baby#2 will be born and wont have time for it. Long term I think it is a great side hustle to have with just 1-2 clients and then becomes a great retirement transition.
OP: If it is going to be hard to start a business when you have your 2nd child, when is it ever going to be a good time? Unless you really need the money, I think your time would be better spent organizing a side bookkeeping/accounting business for yourself. You can keep expenses very low in the beginning. Work from home. Advertise by networking with your personal contacts or distribute business cards/mailers. Find a niche you would be specializing in serving and eventually your clients will refer new business to you. Also, it's really easy now to advertise online. Get through the start up phase and you'll have a valuable side business for your whole career. Good luck!

Thegame14
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Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Tue Sep 11, 2018 10:52 am

I have seen someone advertising a course on how to start a home based accounting business, but the price was like $1,300 around Christmas, but has now been updated and costs $1,999. I was debating paying for it and trying to get two clients a month that pay $300 each, and the course pays for itself in a few months, but the upfront cost seemed too high. I have a laptop, can purchase quickbooks online and watch youtube videos for how to use it or buy a book on how to use it.

SelfEmployed123
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Joined: Sun Apr 15, 2018 8:57 pm

Re: Side Hustle Options/Suggestions.

Post by SelfEmployed123 » Tue Sep 11, 2018 11:02 am

Thegame14 wrote:
Tue Sep 11, 2018 10:52 am
I have seen someone advertising a course on how to start a home based accounting business, but the price was like $1,300 around Christmas, but has now been updated and costs $1,999. I was debating paying for it and trying to get two clients a month that pay $300 each, and the course pays for itself in a few months, but the upfront cost seemed too high. I have a laptop, can purchase quickbooks online and watch youtube videos for how to use it or buy a book on how to use it.
Do you have any friends from your program who have started their own business that you can get advice from? How about looking for books on amazon about it? $1999 seems ridiculous to me.

Just a quick Amazon search:

https://www.amazon.com/Start-Run-Bookke ... 155180641X
https://www.amazon.com/Start-Home-based ... Src=detail

Thegame14
Posts: 189
Joined: Mon May 07, 2018 11:53 am

Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Tue Sep 11, 2018 11:22 am

SelfEmployed123 wrote:
Tue Sep 11, 2018 11:02 am
Thegame14 wrote:
Tue Sep 11, 2018 10:52 am
I have seen someone advertising a course on how to start a home based accounting business, but the price was like $1,300 around Christmas, but has now been updated and costs $1,999. I was debating paying for it and trying to get two clients a month that pay $300 each, and the course pays for itself in a few months, but the upfront cost seemed too high. I have a laptop, can purchase quickbooks online and watch youtube videos for how to use it or buy a book on how to use it.
Do you have any friends from your program who have started their own business that you can get advice from? How about looking for books on amazon about it? $1999 seems ridiculous to me.

Just a quick Amazon search:

https://www.amazon.com/Start-Run-Bookke ... 155180641X
https://www.amazon.com/Start-Home-based ... Src=detail
What program? My undergrad or Graduate degree programs? I didn't sign up for the facebook program that cost $1,999, because I felt is was too high, and was worried much of the information would be about how to do the work, which I clearly know how to do. I am more worried about set up, getting clients, billing clients, and mostly managing clients expectations, like NEVER call me during my work hours, do not bug me about when will I be done, the work you are paying for is XXX I am not your full time employee or advisor, I just do the books.

Thegame14
Posts: 189
Joined: Mon May 07, 2018 11:53 am

Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Tue Sep 11, 2018 11:25 am

SelfEmployed123 wrote:
Tue Sep 11, 2018 10:29 am
Thegame14 wrote:
Mon Sep 10, 2018 1:44 pm
greg24 wrote:
Mon Sep 10, 2018 1:28 pm
CPA/bookkeeping is a side hustle that may be harder to get started, but offer better monetary compensation and better work/life balance. It is also something that may eventually become your main occupation, while your uber hustle should never become your primary paycheck.
Yes that is a long term goal, but I think it would take a few months to get started and by then baby#2 will be born and wont have time for it. Long term I think it is a great side hustle to have with just 1-2 clients and then becomes a great retirement transition.
OP: If it is going to be hard to start a business when you have your 2nd child, when is it ever going to be a good time? Unless you really need the money, I think your time would be better spent organizing a side bookkeeping/accounting business for yourself. You can keep expenses very low in the beginning. Work from home. Advertise by networking with your personal contacts or distribute business cards/mailers. Find a niche you would be specializing in serving and eventually your clients will refer new business to you. Also, it's really easy now to advertise online. Get through the start up phase and you'll have a valuable side business for your whole career. Good luck!
I agree that it is the most logical and lucrative, and could lead to many opportunities not just with clients and new clients, but I have heard scenarios, where you do the books for a small business and owner passes away, kids don't want the business, and you can but it for a good deal as you know the profit levels.

I just worry about it interfering with my regular job and clients being too demanding.

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pondering
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Location: 412-977-3526, originally 718-273-2422

Re: Side Hustle Options/Suggestions.

Post by pondering » Tue Sep 11, 2018 11:42 am

Would you give up 50% of the revenue for a partner who would handle the business end?
--Robert Sterbal | 412-977-3526 call/text

Thegame14
Posts: 189
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Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Tue Sep 11, 2018 11:45 am

pondering wrote:
Tue Sep 11, 2018 11:42 am
Would you give up 50% of the revenue for a partner who would handle the business end?
I don't know, I haven't thought about a partner. My main concerns are time to get it started and properly insuring myself. Then client demands when I already have a full time job. Id want to do bookkeeping only, not taxes at all and I don't want them paying for bookkeeping and calling me asking for advise all the time and to basically be at their beckon call.

JBTX
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Re: Side Hustle Options/Suggestions.

Post by JBTX » Tue Sep 11, 2018 11:47 am

You can actually advertise small business services, such as cpas, on Thumbtack.

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Alexa9
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Re: Side Hustle Options/Suggestions.

Post by Alexa9 » Tue Sep 11, 2018 11:48 am

I would get a CFA (difficult) and/or CFP (fairly easy) if you want to maximize the use of your CPA in closely related fields and improve your resume.

Thegame14
Posts: 189
Joined: Mon May 07, 2018 11:53 am

Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Tue Sep 11, 2018 11:54 am

Alexa9 wrote:
Tue Sep 11, 2018 11:48 am
I would get a CFA (difficult) and/or CFP (fairly easy) if you want to maximize the use of your CPA in closely related fields and improve your resume.
I have thought about getting my CFP, but wouldn't help my current career, but could help for a retirement second career.

SelfEmployed123
Posts: 164
Joined: Sun Apr 15, 2018 8:57 pm

Re: Side Hustle Options/Suggestions.

Post by SelfEmployed123 » Tue Sep 11, 2018 1:15 pm

Thegame14 wrote:
Tue Sep 11, 2018 11:22 am
SelfEmployed123 wrote:
Tue Sep 11, 2018 11:02 am
Thegame14 wrote:
Tue Sep 11, 2018 10:52 am
I have seen someone advertising a course on how to start a home based accounting business, but the price was like $1,300 around Christmas, but has now been updated and costs $1,999. I was debating paying for it and trying to get two clients a month that pay $300 each, and the course pays for itself in a few months, but the upfront cost seemed too high. I have a laptop, can purchase quickbooks online and watch youtube videos for how to use it or buy a book on how to use it.
Do you have any friends from your program who have started their own business that you can get advice from? How about looking for books on amazon about it? $1999 seems ridiculous to me.

Just a quick Amazon search:

https://www.amazon.com/Start-Run-Bookke ... 155180641X
https://www.amazon.com/Start-Home-based ... Src=detail
What program? My undergrad or Graduate degree programs? I didn't sign up for the facebook program that cost $1,999, because I felt is was too high, and was worried much of the information would be about how to do the work, which I clearly know how to do. I am more worried about set up, getting clients, billing clients, and mostly managing clients expectations, like NEVER call me during my work hours, do not bug me about when will I be done, the work you are paying for is XXX I am not your full time employee or advisor, I just do the books.
You mentioned you are a CPA. Do you have any friends from your training who went into business for themselves that you could talk to? Alternatively, you could try checking in with existing CPA firms to see if they have side work. The income would be lower if you work for someone else, but it could help you learn more about setting up your own business. If you go that way just be wary of signing any noncompete agreements.

Thegame14
Posts: 189
Joined: Mon May 07, 2018 11:53 am

Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Tue Sep 11, 2018 2:48 pm

no, the ones I am close with went into private business, mostly hedgefunds, or Big 4 and we have lost touch. I did try calling a few local CPA's a couple years ago to ask about side work and no one called me back. The ideal situation if I went this route would be to find local small business owners who just need someone to do their monthly books, would give me access online to their banking information, and I would do a monthly bank rec and set of books based on information that they give me and charge them a monthly fee. Then depending on how long each client takes per month adding more clients as possible. I have then thought about maybe farming the grunt work out to phillipines, I have heard people do this and I just do the supervision and client interaction, and then have a small income per month coming in steadily, and then like I was saying if one of the businesses owners pass away eventually I could end up buying a small business of my own. Eventually retire and have this as a retirement job to keep busy and pass along to my kids. So it is a great long term idea, just not sure how to start and do I need to incorporate and start a webpage, facebook page, etc... then it seems like all these things will take time and money and by then Baby #2, ie Anthony will be born and I wont have to time or motivation to start something new, and I don't want to pay upfront if there is no payback as my main issue is worrying about how to pay for two kids in daycare, so spending money to maybe make money, I am leary of.

tesuzuki2002
Posts: 491
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Re: Side Hustle Options/Suggestions.

Post by tesuzuki2002 » Tue Sep 11, 2018 4:42 pm

Thegame14 wrote:
Mon Sep 10, 2018 11:38 am
I would like to start a side hustle that I can do at night or weekends while my son is asleep to help save for baby #2 or to help pad my investments more.

The ideal seems to be Uber, but my car is too old (2000 Camry) to qualify, and I don't think it would make sense to try and buy a pre-owned car to then try to use to make money, but maybe that makes some sense.

I am a CPA, so ideally doing light bookkeeping might make sense, but Starting my own business and trying to get clients would take a while, and I would worry about insurance etc... Not sure people hire bookkeepers who wont work during the day.

I thought maybe I can deliver for one of all these new delivery services like uber eats, grubhub, seamless, etc, but I wouldn't think this is good money. They pretty much deliver for free, so you would be basically earning tips.

I have thought of babysitting as a parent I would be more qualified than a teenager and could prob make $20 an hour in cash, so good for taxes but then I feel like I am spending time with someone else's kids while mine is without me.
Some friends I know working the various platforms, ubereats, grubhub, postmates etc... tell me they are averaging around $20 an hour after expenses... for what it's worth..

Thegame14
Posts: 189
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Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Tue Sep 11, 2018 4:57 pm

tesuzuki2002 wrote:
Tue Sep 11, 2018 4:42 pm
Thegame14 wrote:
Mon Sep 10, 2018 11:38 am
I would like to start a side hustle that I can do at night or weekends while my son is asleep to help save for baby #2 or to help pad my investments more.

The ideal seems to be Uber, but my car is too old (2000 Camry) to qualify, and I don't think it would make sense to try and buy a pre-owned car to then try to use to make money, but maybe that makes some sense.

I am a CPA, so ideally doing light bookkeeping might make sense, but Starting my own business and trying to get clients would take a while, and I would worry about insurance etc... Not sure people hire bookkeepers who wont work during the day.

I thought maybe I can deliver for one of all these new delivery services like uber eats, grubhub, seamless, etc, but I wouldn't think this is good money. They pretty much deliver for free, so you would be basically earning tips.

I have thought of babysitting as a parent I would be more qualified than a teenager and could prob make $20 an hour in cash, so good for taxes but then I feel like I am spending time with someone else's kids while mine is without me.
Some friends I know working the various platforms, ubereats, grubhub, postmates etc... tell me they are averaging around $20 an hour after expenses... for what it's worth..
I have talked to uber drivers when I take uber and they tell me it is about the same $20 per hour, so to me that is not bad to just drive people around, low stress, easy to stop start, just doesn't work since my car is too old, a 2000 camry

mary1969
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Joined: Sun Jul 01, 2018 3:34 pm
Location: IL

Re: Side Hustle Options/Suggestions.

Post by mary1969 » Tue Sep 11, 2018 5:07 pm

sports referee. basketball, volleyball, and lacrosse are good. get exercise etc...

the money is made on the weekends though. b-ball on the weekends in the winter is o.k. here in chicago though. gets you off the couch on cold winter days.

a lot of people don't claim this income as long as you don't get a 1099. of course, you have to deal with the coaches and fans....

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jharkin
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Location: Boston suburbs

Re: Side Hustle Options/Suggestions.

Post by jharkin » Tue Sep 11, 2018 7:36 pm

You have infants at home and your going to spend your precious sleep time working minimum wage jobs.???

If you really need the money, spend the time on night classes, get a graduate degree and earn a promotion in your day job. You have a degree and a skilled profession, Don’t give up precious irreplaceable family time on low ROI unskilled labor.

Thegame14
Posts: 189
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Re: Side Hustle Options/Suggestions.

Post by Thegame14 » Tue Sep 11, 2018 9:46 pm

jharkin wrote:
Tue Sep 11, 2018 7:36 pm
You have infants at home and your going to spend your precious sleep time working minimum wage jobs.???

If you really need the money, spend the time on night classes, get a graduate degree and earn a promotion in your day job. You have a degree and a skilled profession, Don’t give up precious irreplaceable family time on low ROI unskilled labor.
I already have an MBA, and my CPA license, there is no other degree that increases my skills or will lead to a promotion, I am the #2 finance person at my company so until CFO retires, only way to get promoted is a new job. Also with the economy years ago I got laid off from MEGA retail corp and had to bounce around at startups which also two of them failed and I was laid off, so my resume reads as a job hopper even though the hops were not by choice, so I really need to stay at current job for at least another 18 months, then I will have 3 years in and then my resume would look a lot better to change jobs.

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