Bookkeepers possess distinct abilities and skills, making them well-suited to various side hustles. There are various passive jobs, from accounting-related tasks to distinctive and inventive roles.
If you’re looking for a way to put your skills into a lucrative side hustle, you’re in the right place. In this blog, we will discuss a few side hustles for bookkeepers to consider if you’re considering expanding your income stream.
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Reasons for creating passive income
Personal income is the most effective wealth-generating tool, but it necessitates an individual’s involvement. Thus, even if a person has a full-time role, they would welcome additional income sources without necessarily having to sweat for it.
Building a way to make passive income streams offers many benefits. With the additional income, a person can broaden the wealth-building base, making it easy to retire early.
In addition, passive income is an alternate strategy if an individual loses their day job and provides an alternative if a retiree outlives their retirement savings.
Different ways to create passive income
There are numerous methods to build passive income. Here are a few:
1. Consulting
You can use your financial skills further by providing consulting services, particularly if you want a high-income side hustle. Working as an accounting consultant is an excellent opportunity to use your acquired expertise.
You can consult companies of all sizes, but startups will likely be the most interested in your expertise. They may need more resources or funds to employ a larger consulting firm.
There are many various ways you can consult for businesses. You can assist clients with their financial affairs, recommend tax planning, or assist them in setting up their own internal bookkeeping and accounting processes.
The options to make cash are endless, based on your particular areas of knowledge.
2. Freelance writing
You can use your writing abilities and accounting expertise to make additional revenue if you’re an excellent writer. Many companies need written content but more time or assets to do it themselves.
As an accounting professional, you likely have a lot of expertise and knowledge in personal finance, company finances, taxes, and investing. This makes you a perfect fit for writing about financial ideas and accounting-related subjects.
This is ideal because these subjects let you earn an excellent rate for what you offer. And if you’re an expert accountant, you can ask for higher rates because your knowledge appeals to clients.
3. Teaching or tutoring
Tutoring may be ideal if you’re looking for an extra, adaptable, and rewarding income.
As an accountant, you have a lot of expertise in mathematics and finance. And this makes you a perfect fit for tutoring students who require assistance.
You can help students in preparing for the accountant exam. Many individuals will pay for assistance to improve their chances of passing the examination.
Another similar choice is to work as a part-time educator. You could get a position as a visiting instructor at a local college or university and instruct an accounting class.
4. YouTube channel
Accounting professionals can make a great side hustle from managing a YouTube channel. You an do this in different ways, including creating videos about accounting topics for other accounting professionals to learn from, offering advice for small business owners on financial issues, or even running tutorials for accounting software.
An effective YouTube channel could become a full-time job if it receives enough popularity.
5. Podcast
Podcasts are an excellent means to share industry expertise and participate with your audience while producing extra revenue through advertising, merchandise, and donations.
One of the advantages of podcasting as a side hustle is that it is relatively simple to set up and necessitates minimal maintenance. You can make episodes at your own pace and profit from them through advertising or commercials.
6. Write a blog
Another potential side hustle involves starting a bookkeeping blog. If you are unsure where to start, setting up a content calendar can be useful. Look at major developments for the sector (e.g., as important tax dates), then add in any popular events like conferences or holidays.
With some blog posts planned, you’ll additionally have space to respond to trending topics, which can be an excellent method to attract traffic from search engines.
You can profit from your blog using Google AdSense as your traffic expands. AdSense matches ads to your website according to your information and visitors, and marketers bid on your ad spaces to advertise their goods or services.
Your amount will differ as marketers pay various amounts for different ads, but it’s an excellent means to monetise your content. Also, if you choose to develop a course or write an ebook, a blog can be a great way to promote this!
7. Online market research
As a bookkeeper engaged in online market research, you can use your analytical skills to collect and evaluate financial data related to business trends.
It includes executing surveys, polls, and interviews to gather qualitative data on consumer tastes and behaviours. Businesses can gain a thorough picture of their target markets by combining financial information with customer data.
Further, your ability to interpret economic metrics and ratios can provide valuable perspectives on market trends.
For example, identifying patterns in income sources or assessing cost structures can aid businesses in improving their advertising approaches or adjusting product offerings according to customer demand.
Your task extends beyond traditional accounting operations, enabling you to significantly add to strategic choices by bridging financial information with market insights.
Hire Bookkeeper
Work with a UK-based accountant for tax, accounting, payroll, & EIS/ SEIS needs.
Final thoughts
Having a full-time job as an accountant can be rewarding and profitable, and numerous individuals enjoy the stability of this type of career.
However, having a side business can be a great way to add additional income to your savings. Creating passive income involves using your skills and expertise to generate revenue with minimal ongoing effort.
