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Alternative Ways to Make More Money

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The number one way to get out of debt is to spend less than you make, and for me, that means, I must make more money!

My steady clientele is slowly growing. My plan is to contract out 30 hours per week to a stable of clients. These leaves me with 10-20 hours a week for project work and additional hours from clients.

In addition, I’ve been looking for “side hustles” to make some extra money. No MLMs or things like that, been there, failed at that.

This is what I have come up with so far. Do you have any ideas to add?

Side Hustles

  1. Sell items I have around the house we no longer need or use.
  2. Selling crafts created from supplies we have on hand.
  3. Making and selling homemade dog food. (This is a new idea after hearing about a need here locally.)
  4. Selling the soap I make here at home, again with supplies I have on hand.
  5. Substitute teaching when school starts back up. (I have already applied, but haven’t heard anything yet.)

I am specifically looking for opportunities that cost no money, use things already have on hand, are not tied to my consulting business and are not labor intensive.

I’ve also been given the opportunity to work as a commission based salesperson for a local friends company. She is going to split the profit for any sales I make, giving me 90% and she will keep 10%.

More on that opportunity soon…

What other ideas do you have for me? Do you have a side hustle that you love?

 


Accounting for Service Fees

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As you know I am laser focused on building my virtual assistant consulting business. Today I am here with a question for the BAD community about the service fees I incur.

Little Background

When I began twelve years ago, I was able to build my business using to primary methods.

First, I advertised in local business focused magazines and newspapers. My first client found me through a newspaper that came to his wife’s law office. He ended up hiring me as customer service for one company and tech support for another.

Second, I applied for project based jobs on Guru.com. This is how my longest running client found me. I started as a part time marketing assistant and moved up to customer service and product manager over 10 years with them.

guru logo

Now Today

I thought as I began to focus on rebuilding my consulting business that I could go about things in a similar manner. But time has changed things a bit. Virtual Assistant is now a common term. And I am competing with a worldwide workforce.

Tim Ferris’ book Four Hour Work Week brought using an international workforce to the forefront. Highlighting the opportunity to hire a quality, low cost support staff. It made competition in the virtual assistant world fierce.

My Question: Service Fees

As a result of all of this, I am changing direction. Or at least the platform and proposals I am using.

I am now focusing on Upwork.com and taking advantage of their detailed filter options for finding work. I specifically like the option to limit your search results to projects seeking US Based Workers only. This is huge for my particular industry.

upwork logo
In addition to the standard price, time frame and keywords, you can limit search results by skill level sought and number of proposals already submitted and more.

Here’s my question: each of these platforms charges a service fee to the contractor.

The service fee comes out of the contractors pay depending on what level of membership the contractor has. I am charged 8.95% of any pay on Guru and 20% for the first $500 earned per client and 10% up to $10,000 with a client on Upwork.

How do you account for the service fee when it comes to tax time?

 


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