How to Squeeze More Money Out of Your Side Hustle in 2023

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  • If you're going to work a side hustle, it might as well be very profitable for you.
  • With the right strategy, you can boost your side gig earnings and enjoy the benefits that come with that.
  • Look at working more hours, adding to your client load, or raising your rates.

With the right moves, you can make your side gig even more lucrative.

There are plenty of good reasons to hold down a second job. Maybe higher living costs have been driving you to the edge of debt, and you need the income from an additional job to avoid having to carry a credit card balance forward. Or maybe you have different goals your side hustle is helping you meet, like building an emergency fund or saving up for a down payment on a house.

Working a side hustle could also make it possible to spend more on the things you enjoy. Love dining out? If you're earning extra money from a second job, you may have the option to join your friends at a nice restaurant twice a week without having to worry about the cost. And if you're big on traveling, your side hustle could help you nicely pad your vacation budget.

But if you're going to put in the time to have a side hustle, you might as well try to earn as much money from it as you can. And these tips could help you eke out more income from your second gig in the new year.

1. Increase your hours

You might spend eight hours a week on your side hustle right now, and that's impressive in its own right. But if you're able to ramp up from eight hours a week to 10, you stand to boost your income even more. So take a look at your schedule and see what's feasible. If you're wrapping up a big project at your main job, you may not have to put in as many hours there, leaving you free to increase your side hustle hours.

2. Raise your rates

Maybe you get paid hourly for your side hustle as a pet sitter, tutor, or house cleaner. If you raise your rates, you'll boost your income without having to do extra work. Of course, your clients may not be thrilled with the idea of having to pay more for the same services. But if you have a solid, long-standing relationship with them, you can explain that inflation is driving your expenses up just like everyone else's, and you need to raise your rates to keep up.

3. Find a better way to get clients

If you currently spend several hours a week trying to market yourself as a gig worker, that's time you could be spending working and earning money instead. Rather than spinning your wheels, try to find ways to more easily drum up business. That could mean boosting your social media presence or asking existing clients to refer you to other people who might need your services.

4. Get more efficient at what you do

The better you get at your craft, the more money you might make from your side hustle. Let's say your second job involves selling homemade jewelry or updating websites. If you find ways to do that work in a shorter amount of time, you'll be able to take on more work -- and earn more money.

A side hustle could do a lot of great things for your finances. Follow these tips to make yours even more rewarding.

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