How Bookkeeping Side Hustle Can Make You $500 Per Week
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How Bookkeeping Side Hustle Can Make You $500 Per Week
In today’s world, having a side hustle is not just an alternative, it is the only choice you have in maintaining your financial status and stability, and at the same time being able to enjoy the good things of life.
And one such side hustle with the potential for present and future growth is bookkeeping due to its flexibility.
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Depending on factors such as education, certifications, and years of experience, the average hourly wage for a Bookkeeper in the United States is $21 as of March 28, 2023, but the range typically falls between $18 and $23.
In the article, I’ll be sharing insights, on how you can tap into the rich field of bookkeeping as a side hustle and earn up to $500 per week.
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Key Highlights
🎯 You don’t need too much experience to make it into the bookkeeping world as long as you are willing to learn and have the drive to succeed.
🎯 Even as a certified accountant, you can still take bookkeeping as a side hustle and earn extra cash to enjoy the luxuries money can give.
🎯 Forbes listed bookkeeping as one of the top side hustles that will witness a massive increase in employment by 2025 with a potential pay rate of $30/hour.
🎯 Some of the skills you will need for your bookkeeping side hustle include the ability to provide professional record-keeping services, do bank reconciliation, year-end closing, and keep a detailed financial report and other related tasks.
🎯 To gain more visibility and attract more clients, you can advertise your bookkeeping services on popular social media platforms like Facebook, Twitter, LinkedIn, etc.
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🎯 Working as a virtual bookkeeper provides a lot of flexibility.
SEE ALSO: How a Certified Public Accountant Can Run a Successful Bookkeeping Business
SEE ALSO: How Accountants Can Start a Bookkeeping Side Hustle from Home
How a bookkeeping side hustle can make you $500 per week
Although it depends on your certification, level, and years of experience as a bookkeeper, you can earn an average rate of $21 per hour, if you play your cards well, you can scale up to $70 per hour with time by building more skills, and marketing yourself the more out there for more patronage.
So let’s do a bit of maths. If you start with $17 per hour, which is quite decent for a starter, and let’s say you work 4hrs per day, that is 17 multiplied by 4, which is about $85 per day.
Now let’s say you work for about 6 days a week you will earn a whooping sum of $510 per week.
It might not seem as easy as it looks, but the more you put in the effort, equip yourself with the necessary knowledge and skills, and keep showing up and reaching out to potential business owners both online and offline.
Chances are that you will earn even more than $500 from an ordinary side hustle like bookkeeping which many people often referred to as an old-school job for old-schoolers, which is not the case today.
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All you need to start a bookkeeping side hustle
Here are some of the essential skills you need to succeed as a bookkeeper;
1 Basic understanding of the fundamentals of accounting
You most definitely need to get yourself acquainted with some of the basic accounting principles as they are essential in starting a bookkeeping business. These include a knowledge of financial reports, financial statements, and transactions.
2. Skilled in using basic bookkeeping software
You must also get familiar with navigating and using popular bookkeeping software like QuickBooks which is one of the tools you will need to assist your clients to manage their financial records.
3. Organization Skills
Even though it is a side hustle and not your main job, you will still be responsible for keeping track of several financial records for different businesses and clients. And unless you are organized, your work can easily get messy and tiresome, resulting in the inability to meet deadlines.
4. Paying attention to detail
Accuracy in financial record keeping is one of the most critical aspects of bookkeeping, which is why being detail-oriented and precise in handling those financial records is a very important skill when you are starting in bookkeeping even as a side hustle.
5. Communication Skills
Communication is essential in any business or hustle and excellent communication is even more important when dealing with businesses and clients as a bookkeeper.
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And for you to be able to communicate effectively, you must be willing to listen actively. Only then can you build a solid long-term relationship with your potential and existing customers and clients.
6. Marketing Skills
To attract potential customers, you must know how to market yourself. It’s not enough to say you have expertise in bookkeeping or has vast knowledge about it.
You must be able to develop marketing strategies that target your ideal client and from there, build a solid online presence to showcase your expertise and knowledge on the subject matter.
7. Business Management Skills
You must have an idea of some of the basics of business management such as pricing strategies which you can get through practicing, attending networking events, etc.
With time and dedication, you will be able to master these essential skills and continually improve and develop new ones, which will not only help you attract new clients but also high-paying ones.
Some of the online markets you can find bookkeeping jobs as a side hustle include Upwork, Fiverr, and Freelancer.
A lot of bookkeepers are making a fortune from these sites and so, if you want more out of this side business, you must be able to pitch yourself in these areas and grab your share of the fortune there.
Final Thoughts
Bookkeeping is a business that has always been and would continue to be in existence in almost all spheres of life. And not only is it profitable but has the potential to grow even more and earn you extra cash while running your day job.
However, one major thing to keep in mind in starting a bookkeeping side-hustle job is to keep up with the latest trend in the industry as well as any change in regulations and policies which may affect the productivity of your side hustle in the long run.
Also, ensure you attend gatherings where you can network with other bookkeepers and potential clients.
Ensure that at every point in time, you are always expanding your network and improving your knowledge and expertise about the industry.
