- Working from home brings in extra income but it takes dedication and discipline
- If it is a side-hustle, invest the extra money so that you actually make more from your extra work
- You may need to pay taxes, so track your expenses for deductions
- The business structures and what you will need to get started
- Some ideas for making extra money; child minder, taking surveys, virtual assistant, book keeping, user testing, selling online, or secret shopper
Working from home is an ideal opportunity for people that have some free time on their hands or need to work their own hours. It can provide extra income or even become a full-time position. However, it takes dedication and discipline as it can be easy to say to yourself – I’ll start working on this once I clean the kitchen, or take the dog for a walk, or whatever other reason we find to procrastinate.
Working from home should be treated like any other job, except that you decide what hours to work. Try to pre-determine what hours you will work in the week and then stick to that schedule. If you do get distracted with something then make up the time later on in the day or another day in that week. This is the only way to be consistently productive.
Of course, working from home could be something that you do on the evenings or weekends for some extra income. If you do this, I would recommend that you invest all of the extra income that you earn, in order to get to financial independence even faster. See my blog on stock market investing to see how to get started doing this. The extra hours that you put in will produce even more money than you were initially paid.
Before you start working from home, speak to an accountant or financial advisor to determine if you need to pay taxes. If you do need to pay additional taxes, find out what percentage of your income will need to be set aside to cover those taxes. You don’t want to end up with a large tax bill at the end of the year. I would recommend that you get some accounting software to help you track your expenses and income; Quickbooks is easy to use and not too expensive.
Some of the ideas below may require you to setup a business structure; normally a sole-trader structure is sufficient but again, I would recommend that you get advice on this. You will need the following to run a business:
- Website, you could use WordPress for this, this is something that you can do yourself or get some coding lessons here. Just buy a theme and start writing your web pages.
- Buy a domain name, www.yourcompany.ie or .com
- Hosting for your WordPress site
- Accounting Software; Quickbooks seems to be the goto software for this
- Accounting and possibly legal advice at the beginning
- Some marketing skills; you may need to get out of your comfort zone and start cold calling or knocking on doors.
- Office space – if you need office space, I would recommend that you look into shared spaces
Fiverr is a great place to find people to do some of the above services at a good rate. On Fiverr, you can find freelancers for graphic design, content writing, graphic design, and even logo creation. I would highly recommend getting an account on there to see what is on offer.
Here are the some of the best way to make extra income in Ireland
Do you know how to be a virtual assistant, how about giving relationship advice, graphic design, or even creating jingles for ads. Use your skills to make extra money in your spare time. You can charge as little as $5 for some job or up to six figures, it’s up to you. You set the price and buyers will come to you. Try fiverr today
You can earn up to €15,000 per year tax free for taking care of up to three children in your home. As this is tax-free, it would be equivalent to earning €18,750 in taxed employment. However, be careful if the earnings go over €15,000 in a year then tax is due on the whole amount. Of course, there will be some regulations to abide by for this. Please do your due diligence.