Getting married can be an exciting and stressful process. Weddings can be expensive and paying for all of it may seem daunting, but one way you can finance your wedding is to build a side gig. Book a consultation with Lexi to see how you can have the wedding of your dreams — within budget!
Choose a Side Gig
You’ve decided a side gig might be a good idea, but how do you choose which is best for you? The initial idea is the first and one of the most important parts of starting a new hustle. You may want to first consider what your skills and interests are as well as what you would want to spend the most time doing.
If you’re not really sure what you want to do, there are lists of ideas that you can look at and see if any appeal to you, such as being a freelance editor, consultant, or photographer. Whatever your interests are, you’ll likely be able to turn them into something profitable.
Identify Your Marketable Skills
You may have a multitude of talents, but some of them may be more profitable than others. There are general categories of marketable skills, such as technical skills, interpersonal skills, or teaching skills. A technical skill, for instance, might include an ability to program, operate a computer, or engineer. An ability to teach would be useful if you want to pursue a side gig as an instructor.
Learn New Skills
If you feel you’re lacking in marketable skills, a way to earn them would be to go back to school. Fortunately, with the ubiquity of online education, learning a new skill is easier than ever. There is no shortage of marketable skills that you can learn online, whether it’s coding or video production. You can also earn a business degree online, which might be especially useful if you’re running a business.
Choose What Type of Business You’ll File As
When starting a new business, you’ll want to consider what type of business you’ll be filing as. You’ll need to decide on forming a sole proprietorship, corporation, or limited liability company. There are distinct differences between corporations and LLCs, the primary one being that an LLC is owned by individuals and a corporation is owned by shareholders. However, some types of corporations and LLCs are similar in one critical way: Both will protect your assets if your business runs into financial trouble.
Before filing your business, you’ll want to familiarize yourself with the different filing fees and requirements in your state. Additionally, be sure the name you want for your business is not already in use. There are more steps involved, of course, so refer to this startup checklist to stay on track.
Understand Your Corporate Taxes
Running a side gig means paying taxes. Depending on your business, your taxes will be structured differently. For example, an S or C corporation has different taxes than an LLC.
Regardless of what type of business you choose to file as, there are common types of taxes you will have to consider, such as income tax, self-employment tax, and employment tax. Before deciding what entity you will file as, make sure you understand the taxes related to each type of business.
Running a side gig can be a great way to help pay for your wedding. If this sounds like something you’d want to pursue, be aware of the processes involved in running a side gig so you can form a profitable new source of income.
Guest post by Jennifer Scott.
Featured image by Margaret Wrobleski Photography
