In these moments, a stocked emergency fund can ease your stress and keep your finances healthy. Read on to learn what an emergency fund is, plus essential tips for building and managing your money reserves like a pro.

What is an emergency fund?

An emergency fund is a store of cash that’s earmarked for surprise expenses. You keep the money on deposit, but ignore it until something unexpected happens, such as: 

• Job loss 
• Work furlough 
• Illness or injury
• Sick or injured pet 
• Car accident
• Damage to your home 

Each of these circumstances comes with an income loss or increased expenses. If you lose your job, for example, emergency fund cash can supplement your unemployment income. That keeps the bills paid until you find a new opportunity. Or if your dog gets sick, you can pay the vet bills out of your emergency fund — rather than using expensive credit card debt.

More than 60% of Survey Junkie members already have an emergency fund, and saving more for one is their top financial goal, ahead of retirement saving, debt repayment, padding a vacation fund, and saving for big-ticket items. 

Why now is the time to save 

Generally, now is always the best time to save to an emergency fund. Why? Because bad financial surprises are unpredictable. And so you have to assume you may need extra cash at any moment.

But in today’s economic climate, there are added reasons to start saving now. These include: 

• High interest rates: Cash savings rates are stretching above 3% APY. You want to take advantage of those high rates because they won’t be around forever. Just a few years ago, you were lucky to get 0.50% APY on your cash deposits. 
• Looming recession: Many economists predict a mild U.S. recession in 2023. Recession increases the chances of job layoffs. You want to be prepared for that possibility.

The benefits of an emergency fund 

Having money available for unexpected expenses delivers serious benefits, including improved financial strength, peace of mind, and vital experience practicing financial discipline.  

Financial strength. First and foremost, you are stronger financially with cash on hand. When you have the money to absorb emergencies, you spend less on credit cards. That spares you from interest fees and other bank charges down the road. 

Peace of mind. You’ll also be confident you can handle a huge variety of financial situations. That peace of mind is priceless. Imagine facing the possibility of job loss. With no extra money available, you will also worry about losing your home or ruining your credit. A good emergency fund balance minimizes your stressors in those tough situations. 

Financial discipline. Building a reasonable emergency fund balance takes time and discipline. Flex those muscles long enough and they become a habit. And that habit of saving is the key to achieving any financial goal. 

How much money should you have in your emergency fund?

Experts recommend an emergency fund balance that’s enough to cover three to six months of your living expenses. If you don’t know your living expenses, start by adding up your annual net income. Divide that number by 12, and then adjust as needed. Common adjustments include:  

• Adding expenses you charge on credit cards. Credit cards allow you to spend more than you make. For a true sense of your living expenses, add back what you charged to your cards.
• Adding back expenses that are deducted from your paycheck. Retirement contributions and health care expenses are the big ones. 

If you make an average salary of $60,000 annually, you probably spend about $48,000 a year after taxes. In that case, you would target a minimum emergency fund balance of $12,000 to $24,000. 

Surprised by the size of that range? You’re not the only one. While 69% of Survey Junkie members contribute regularly to savings, more than one-third (38%) have less than $1,000 on deposit. Still, some are hitting and surpassing those balance thresholders. The table below shows the breakdown. 

Table data source: Survey Junkie.

How to build an emergency fund 

Knowing you need an emergency fund is one thing. Understanding how to create that fund is another. To get you going quickly on this new phase of your financial evolution, here’s an easy step-by-step plan for building up your money reserves.

1. Plan 

First, set a starting goal. This could be the three months of living expenses balance, but it doesn’t have to be. If you’re not in the habit of saving yet, set your sights on a lower number — say $1,000. 

Second, determine how much you can save. If you follow the 50/30/20 budget practice, 20% of your budget is allocated to savings and debt paydown. Most of that 20% is probably earmarked for debt paydown and retirement. Still, you might allocate 5% for your emergency fund. On a $48,000 annual budget, that’s $200 a month. 

The last step is to set a timeline. If your initial goal is $1,000 and your savings budget is $200, your timeline is five months. After you reach that first goal, set another one and repeat the process. 

Note that you don’t have to set a monthly savings goal. A daily, weekly, or annual goal may work better for you. It mostly depends on how often you get paid and your personal spending habits. Across the Survey Junkie community: 

• 8% set daily goals 
• 31% set monthly goals
• 13% set yearly goals 

Sadly, 48% of Survey Junkie members don’t set savings goals. 

2. Implement 

Implementing your plan is easy if you use automation. Set up automatic transfers from your checking account to your savings account. Time those transfers to happen the same day your employer deposits your paycheck. 68% of Survey Junkie members contribute to their emergency fund on a regular basis.

3. Increase your income 

Adjusting to your new savings practice is easier if you find ways to increase your income. A simple option is to join the Survey Junkie community. Do so to earn money for sharing your feedback on reputable brands and products you may already use. 

Other side hustle ideas include: 

• Freelancing on gig sites like Fiverr
• Selling handmade crafts on Etsy 
• Transcribe documents from home 
• Tutor remotely to students around the world 

You can funnel the extra income into your checking account. That will help relieve the sting of those automatic transfers into your emergency savings.  

4. Monitor progress 

Check your progress against your goal every three months. Even if you’re saving automatically, this check-in is important. Give yourself a few minutes to feel proud of what you’ve accomplished. Think of your growing financial strength and how it will benefit you going forward. 

If you’re falling behind on your plan, uncover why. It’s usually one of two things: bad luck or poor decision-making. 

Be honest with yourself here. You might have trouble controlling your spending. In that case, try working on a cash budget. Once your cash runs out, that’s your cue to stop spending money.

5. Avoid new debt 

While you are working to live into a new budget, avoid new debt. New debt masks overspending and makes it harder to save. Whatever funds you had budgeted for the emergency fund may have to go to the credit card company instead. 

Where to keep your emergency fund

The normal practice is to keep your emergency fund in a savings account where you earn a competitive interest rate. In the first half of 2023, a competitive interest rate is something more than 2.5%.

It’s also smart to keep the money in a savings account that’s not too accessible. You want it linked to your checking account — but consider using a different bank. This way, money transfers between your two accounts aren’t instant. If access to the cash takes a few days, you’re less likely to spend your emergency savings on an impulsive purchase.  

When to use your emergency fund

Plan on tapping your emergency savings for sudden, unexpected changes in your income or expenses. You might use the money to cover your rent after a work furlough. Or it might pay your insurance deductible after a car wreck.  

Once you have $10,000 or more saved to your emergency fund, you may want to use some of it to repay high-rate debt. Alternatively, you could pause your emergency fund deposits temporarily — and redirect that money to your debt accounts instead.

Do not use your emergency fund to take a nice vacation or buy yourself a new car.
Those items are separate savings goals. You can pursue them in the same way you save for emergencies — but using different funds. For example, you might budget $200 monthly for your emergency fund and, separately, $100 monthly for your annual vacations.

Ready for anything with emergency savings 

With money on hand, you can manage through financial upsets without lingering damage. Even better, the process of building an emergency fund teaches you critical money management skills. If you can set a goal and save over time to achieve it, you have the know-how to repay debt, save for a down payment on a house, send your kids to college, and retire comfortably. 

It’s exciting to have that know-how. Today you are saving for emergencies. And tomorrow? Who knows. You may be working towards retiring young with a full seven figures in the bank. 

The post Why Now Is the Time to Save for an Emergency Fund appeared first on Survey Junkie Blog.

So, let’s get you ready to change your finances for the better this year. First, we’ll walk through a few ideas for side hustles. Then, we’ll do a deep dive into smart ways you can deploy your newfound side hustle income. 

What is a side hustle?

A side hustle is part-time, income-producing work you do outside of your full-time job. Side hustles can be an in-person or part-time gig with set hours and taxed wages. Or, they can be more flexible work you do in your spare time. Either way, the usual goal is to make extra money. 

Examples of lucrative side hustle ideas

Side hustle ideas usually fall into two main categories. You can either perform independent tasks in your spare time for money. Or, you can deploy assets you own for passive income. These categories can overlap somewhat, too. Ridesharing is an example — you must actively do the driving, but you also need the car to do the job. 

Task-oriented hustle ideas 

• Online surveys: Join the Survey Junkie community and make money for sharing your opinion about products and services via focus groups and online surveys. 
• Freelance writing or graphic design: Promote your writing or design skills on gig websites like Fiverr and Upwork to land freelance projects. 

• Blog creation: Launch a blog and write about topics you enjoy. You can make money via advertising.  
• Yardwork: Network with your neighbors to make money for mowing lawns and pulling weeds. 
• Craft sales: Make unique crafts in your spare time and create your own business by selling them on Etsy. 

Asset-based hustle ideas

• Short-term rentals: List a spare room on Airbnb to secure short-term tenants. There are some 2.9 million hosts on Airbnb, making it one of the more popular hustle ideas. 
• Ridesharing: Make money giving rides for Uber and Lyft. 
• Selling used goods: Make money by selling your old clothes, tools, or furniture on apps like Mercari. You could also offer the same service to friends and family for a commission on every sale.
• Storage space or parking space rentals: Earn extra income by offering up empty space in your garage as a storage rental. You could also lease an unused parking space in your driveway.

Choosing a side hustle

Let your interests and your scheduling requirements guide you to the right side hustle idea. First and foremost, you must enjoy the work. If you don’t, you’ll have trouble staying motivated. Secondly, the hustle must fit into your lifestyle. If you can only work from home after you put the kids to bed at 9 p.m., for example, ridesharing isn’t an option. 

Once you land on the right gig, start planning the best uses for your new income stream. It’s fine to reward yourself a little at the beginning, of course. But you’ll want to buckle down and use your side hustle income to improve your finances. That way, you won’t always need a side hustle plus a full-time job to get by.  

Deploying your side hustle income 

Use the waterfall outline below as your guide to a richer future. Here’s how it works. You start by addressing the top priority, which is balancing your budget. Once you achieve that milestone, use remaining side hustle income to address the second priority. If you still have extra income left, move to the third priority, and so on.  

1. Balance your budget 

Your budget is unbalanced when you’re spending is higher than your income. The only way to survive with an unbalanced budget is to borrow to cover the shortfall. As a result, you’ll see your credit card balances gradually rise over time. 

To tackle this issue, sit down and analyze your expenses over the last six months. Find out where you’re overspending and by how much. Look for opportunities to cut back. 

Your side hustle earnings can raise your income to match your spending, but this is a short-term solution. You don’t want to depend on having two jobs forever. For that reason, you must also reduce your living expenses. 

Focus on your food, housing, and transportation needs. These areas can offer big savings opportunities, if you’re willing to change a few habits. Cook more and dine out less. Consider relocating to a smaller place. And, if it makes sense, downgrade your car or take public transportation more often. 

2. Knock down debt 

After your budget is balanced, use your side hustle income to pay down your debt. Credit card debt is particularly toxic to your finances. With low minimum payments and high interest rates, these accounts are difficult to repay. 

There are two primary schools of thought on how to repay debt. The cheapest approach is to make larger repayments on your highest-rate debt and minimum payments on everything else. This reduces your ongoing interest charges. 

It may be more motivating, however, to tackle the lowest debt balance first. In this way, you repay an entire account faster and eliminate one monthly payment. That frees up more money to make larger payments on the remaining accounts. 

Depending on the structure of your debt, one approach will stand out as the more sensible strategy. Whichever it is, set your plan in motion and stick to it. 

3. Build up your emergency fund 

A sufficient emergency fund balance protects you from charging up those credit accounts again. When a surprise expense pops up, you can cover it from your cash on hand. It’s only when you have no cash available that you must pull out the credit card. 

From a numbers perspective, it’s smart to put your side hustle income into an emergency fund only after you’ve repaid your high-rate debt. This is because you pay a higher rate on your credit card than you earn in a cash savings account. 

Also, if you’ve worked hard to pay down your debt, you’re in the habit of sending that money somewhere. Once your credit cards are repaid, it’s an easy transition to redirect the funds to a high-yield savings account.  

4. Invest 

You’ve repaid your debt and saved up enough cash to cover six months of your living expenses. Now what? This is where your real wealth journey begins. You’re ready to start investing. 

Different ways to invest money

When you invest, you are deploying money with the expectation of earning a profit. Investing is most associated with the stock market, but you have other options, too. 

1. CD Funds

You can get a higher yield on your cash deposits by agreeing to leave your funds untouched for six months or more. You do this by opening a certificate of deposit or CD. These are issued by banks and credit unions and insured by the FDIC or the NCUA.  

Shop around for the best rate and term. And once you commit, leave your CD funds on deposit at least until the term ends. You’ll pay a penalty if you withdraw the money earlier. 

2. Professional development

Famous investor Warren Buffett has said, “Investing in yourself is the best thing you can do.” 

Depending on your line of work, an investment in professional development could provide very strong returns. Could you improve your ability to make money at your full-time job with another degree or professional certification? Or, could added training help you turn your side hustle into your primary income stream? 

3. Exchange-traded funds (ETFs) 

ETFs are portfolios of investments that sell ownership shares to investors. Those shares trade throughout the day on a stock exchange. This is different from a mutual fund, which settles trades once daily. Also, many mutual funds have minimum investment amounts, while you need only to buy a single share of an ETF. 

ETFs are generally less risky than individual stocks because they are diversified. An S&P 500 ETF, for example, gives you exposure to 500 different stocks. In aggregate, those 500 stocks will be less volatile than any one single stock. 

If you’re new to investing, start with low-fee index funds that invest in large, well-established companies. Many of these companies pay dividends, so these ETFs often provide a new passive income stream, too.

4. Stocks 

If you have a financial background and enjoy research, you can invest in a portfolio of individual stocks. As with ETFs, it’s wise to stick with mature companies to start. You should also own at least 20 individual stocks at a time, so you’re not overly dependent on any one of them. 

With ETFs and stocks, you can invest a set monthly budget in the assets you choose. This is less risky than investing a large sum every six months or so. 

And, if you use a brokerage like Robinhood that supports fractional investing, your monthly budget can be very small — as low as $1 a trade. Rather than spending $100 on a single share of Amazon, you can buy one-tenth of a share for $1. In this way, you can build a diversified portfolio of stocks for as little as $20 monthly.

Investing in ETFs and stocks is itself a side hustle — albeit a long-term one. Plan on keeping your money invested for at least five years. If you earn dividends, reinvest them unless you absolutely need the extra income. 

5. Real estate 

Owning real estate is also a side hustle, as well as a proven strategy to build wealth and make money. The most common approach is to buy property you can rent out. The trick is to make sure your rents will exceed your expenses, including the mortgage. That gives you another income stream you can reinvest elsewhere. The property should also appreciate over time, which increases your equity and net worth.  

5. Alternative assets 

You can also invest in various “alternative assets.” These include things like gold, bitcoin, collectibles, and private equity. Private equity is ownership in a company that is not publicly traded — like, say, the coffee shop your neighbor owns. 

Alternative assets are best suited for experienced investors. There are opportunities to make money, but these assets can be very unpredictable. For an example, look up how bitcoin’s value has evolved over the past three years. 

It’s also important to note that investments like collectibles and private equity have no pricing transparency. That means you don’t really know what they’re worth until you try to sell them. 

Side hustling right 

A side hustle you enjoy is a smart way to earn extra cash in your spare time. Choosing the right side hustle is your first decision to make. But a fast second decision is your best use for that new income stream. 

Balancing your budget, paying down debt, padding an emergency fund, and investing — in that order — are smart money moves. Imagine how much stronger your finances will be when you can accomplish those milestones. You will forever remember the day you decided to side hustle as the start of something big!  

The post How to Invest Your Side Hustle Income appeared first on Survey Junkie Blog.

Yes, those are big challenges. But they don’t have to hold you back. You can still make solid progress towards financial independence with the right mindset. Commit now to better finances ahead. Then make a plan and do the work. 

You won’t be alone, either. Some 85% of Survey Junkie members plan to change their lifestyle in 2023 to prepare for a potential recession. And 35% expect those lifestyle changes to be  “significant.”

If you’re ready to get started, here are eight money moves for the coming year that’ll put you on track for long-term financial success. These moves align with the top financial priorities for Survey Junkie members, which include raising income (28%), trimming spending (24%), and increasing savings (21%). 

1. Stick to a strict budget.

The best thing you can do for your finances is learn how to create a budget and stick to it. Master these skills and you can accomplish nearly any financial goal, big or small. 

If you’ve never created a budget, expect some trial-and-error as you define a process that works for you. You can start with a budgeting app, a spreadsheet, or the old-fashioned spiral notebook. 

Document where your money goes 

Whatever form your budget takes, the first step is the same: identify where you’re spending money now. Comb through your bank statements and categorize your expenditures into buckets, like groceries, hair cuts, gas, rent, utilities, insurance, etc. 

It’ll help, too, to note which categories are required expenses and which are discretionary. Also have line items for debt paydown, emergency fund deposits, and long-term savings. 

Compare your spending to your income 

Step two is to compare what you spend to your income. Your outbound cash might be higher than your income, or vice versa. Either way, if you want to improve your finances in 2023, you commit to spending less than you do today. The spending-to-income comparison mostly tells you how much less you should plan on spending in the year ahead.  

Set lower spending limits 

Now for the fun part. Review where your money is going today and identify areas where you can spend less. These tips will help: 

• Look for savings in your required expenditures first. Insurance premiums, utility costs, and grocery bills are good places to start. Shop for cheaper insurance, turn down your thermostat, and start planning meals around your store’s sale flyer.
  
• Trim your discretionary spending, but don’t zero it out. You could probably force your budget to balance if you never dined out again. The problem is, that strategy isn’t sustainable. Keep a budget for discretionary spending, even if it’s small.
  
• Be prepared to adjust. You might set limits that later turn out to be unworkable. Don’t throw in the towel. Just go back to your numbers and adjust.
  

Track your progress 

With budget limits in place, start tracking your expenses against those limits. This works best if you can set aside a few minutes daily to jot down expenditures. That way, your running totals are always up to date. This is important, because then you’ll be able to adjust if you’re close to overspending in a certain category.

2. Start a new side hustle for an additional income stream.

You can only get so far by cutting your expenses. To speed up your financial progress, you have to raise your income too. You can do that by getting a promotion or a second job, but you might prefer a more flexible side hustle instead. 

As an example, you could join the Survey Junkie community and share feedback on brands you know and use every day. This is a popular choice – 60% of Survey Junkie members would consider using survey-taking apps and services to increase their financial strength in 2023. 

You could also sell handmade goods on Etsy, transcribe for hire, or write as a freelancer. 

Once you start collecting on your new side hustle, direct that income to your most pressing financial goal. This might be debt paydown, shoring up the emergency fund balance, or starting an investing program. 

3. Leverage credit card and cashback rewards.

If you have good credit, you can secure a no-fee credit card that pays you 2% or 2.5% on every purchase. That saves you $0.02 or more for every dollar you spend. 

Note that some cards advertise cashback rates as high as 5%. Usually these high rates are for only one category, such as dining out. Most people will make more by earning a lower percentage on every purchase. 

You can apply those accumulated cash balances to your card balance. Alternatively, some cards will also deposit your cashback rewards into a linked savings account. 

Whichever option you pick, don’t let the rewards balance sit there for too long. It can be tempting to “save up” your rewards, but you’re better off cashing out frequently — especially if you put the funds in a savings account. Your savings account earns interest, while your cashback balance does not. 

4. Take advantage of a high-yield savings account.

Speaking of earning interest, have you checked the APY on your savings account lately? Thanks to historically high inflation, the best savings account yields are higher than 3%. Even so, the FDIC reports that the national average savings yield is only one-tenth of that, or 0.30%.

If you’re still earning less than 1% in a traditional cash account, it’s time to make a change. On a $5,000 balance, increasing your yield from 0.03% to 3.50% raises your annual interest income by $160. Even better, this is passive income — once you move your money, there’s no action from you required. 

5. Prioritize your debts amid rising interest rates.

Unfortunately, higher cash yields go hand-in-hand with higher interest rates on your credit cards. And since there’s no telling when interest rates will dip back down, it makes sense to ramp up the payoff of your credit cards and other liabilities. 

If you’re following your budget, you shouldn’t be racking up new charges. That’s good: No new debt makes it easier to whittle those balances down to zero. There are two primary approaches you can take: 

1. Start with the highest-interest account. Budget a high monthly payment on your most expensive account. Make minimum payments on everything else. This approach makes the most sense on paper, since it limits your total interest expense.
   
2. Start with the lowest-balance account. Budget a high monthly payment on your lowest balance account and make minimum payments on everything else. This approach can be more motivating, if it allows you to pay off an entire account faster. That eliminates a monthly payment and frees up more cash to pay down other accounts.
   

Choose the option that’ll work best for you and stick with it. 

6. Raise your emergency fund savings balance. 

A lot of people try to skim buy without an emergency fund. You can get away with this temporarily — right up until something bad happens. Big, unexpected expenses are hard to manage without any cash on reserve. You may have to pull out the credit card or, worse, take a hardship withdrawal from your 401(k). 

The usual guideline is to have enough cash on hand to cover six months of your living expenses. But the right emergency fund balance for you might be more or less than that. Some factors to consider when planning your ideal cash fund balance are: 

• Your job security. If you work in an industry that’s subject to layoffs in an economic downturn, more cash is better.
  
• Your insurance deductibles. Your emergency fund should always be at least enough to cover the deductibles on your car and homeowners insurance.
  
• The difference between what you make and what you earn. If you are living paycheck-to-paycheck, a big emergency fund balance is critical. Unfortunately, you can’t afford to save much in this scenario. Consider a side hustle, at least temporarily, to remedy that problem.
  

7. Cut back on big expenditures.

While you’re transitioning to a better financial future, hold off on buying a new car, remodeling your home, or taking a bucket-list trip to Europe. You can revisit these big expenditures once the economy is on surer ground.  

8. Start investing.

If you aren’t investing today, it’s time to start. This could be as easy as contributing to your workplace 401(k). If you don’t have a retirement plan at work, open a low-fee IRA and make tax-deductible contributions there. 

401(k)s are effective savings vehicles because they collect regular contributions straight from your paycheck. You can mimic this system outside of work. Simply open a low-fee brokerage account that accepts automatic deposits and investments. Even if you start with a small investment of $50 monthly, this is a habit that will repay you well over time. 

A richer 2023 

With dedication and discipline, you can make 2023 the year you break out of a financial rut. Lay the groundwork by creating and sticking to a budget — one that doesn’t include any big, voluntary expenditures. Then raise your income with a side hustle, credit card rewards, and higher yield on your cash savings. Use the extra cash to pay down those credit cards, plump up your emergency fund balance, and fund an investment account. 

You can do this. Just think about how thrilled you’ll be in 12 months, when you can embark on another new year from a much stronger financial base. 

The post 8 Money Moves to Boost Your Financial Success in 2023 appeared first on Survey Junkie Blog.

That’s why we’ve put together an insider’s guide to help you make the most of your Survey Junkie experience. Between fun monthly promos and social giveaways, there are so many ways to participate and reach your earnings goals. We also have some advice for how you can minimize common survey-taking frustrations, like disqualification. 

Whether you’re a long-term member or simply looking for a new side hustle, we’re here to help you earn the most with Survey Junkie.  Your opinion really does matter to companies and they’re willing to pay for it, so let us help make that happen. 

1. Take advantage of the onboarding points.

Did you know that you receive points just for signing up and completing your Survey Junkie profiles? Get yourself up and running on Survey Junkie, and you’re already 160 points closer to your first redemption of $5 before you even take your first survey. Here’s how:

• Sign up (+25 points) 
  
• Confirm your email address (+25 points) 
  
• Complete your general profile (+50 points) 
  
• Complete your category-specific profiles (+60 points)
  

As you get yourself set up, here are a few other things to keep in mind:

• The email you use to sign up is permanently locked into the platform for security purposes. You must create a new account if you change your email in the future.
  
• The bank account information you provide for redemption can only be updated through our Member Support team once, in exceptional cases.
  
• Your PayPal email and bank information cannot be used for multiple accounts, even if there are multiple people in the same household using Survey Junkie. 
  

Get started now, here.

2. Update your general and category-specific profiles regularly.

Your Survey Junkie profiles are key to optimizing your earnings. They’re used to match you with surveys that align with your lifestyle and interests, so we recommend keeping them up to date.

Why does this matter? Brands often need input from a particular type of person based on who they are trying to reach or sell their product or service. 

It is important to note that brands may have additional criteria beyond what is included in your profile so just because you’re an initial match for a survey doesn’t mean you will qualify for that survey. But complete and updated profiles will optimize your survey matches and overall success.  

3. Maximize your earnings with monthly Rewards Boosts.

Survey Junkie is always looking for ways to help you earn more. We offer monthly Rewards Boosts that allow members to earn bonus points for completing a set number of surveys daily within a dedicated time frame. The points and time frames for each Rewards Boost will vary so be sure to read the rules carefully. 

These opportunities are a great way to boost your earnings while participating in a fun challenge. 

4. Take your time with surveys and answer honestly to minimize disqualification. 

Survey responses can only yield value for brands if they are accurate and honest. While it may seem like a good idea to speed through a survey for fast points, Survey Junkie has systems in place to detect this type of activity and disqualify survey participants. Additionally, if you answer questions differently within a survey than you did in your general profile, this will lead to disqualification as well. 

Because brands often need input from a particular type of person, someone with specific life experiences, not everyone qualifies for every survey. The information you provide within your general profile is used to match you with surveys, so it’s important to ensure your profile is accurate and up to date.  

In addition to a specific audience, brands and organizations require a specific audience size. Once a survey reaches the required number of survey completes, the survey will close.

It’s possible for a survey to fill up while you are taking it because thousands of people are on the platform taking surveys at any given moment. 

Disqualification can be very frustrating, especially after you’ve spent time on a survey so make sure you take your time and answer accurately to minimize the possibility. It will pay off in the long run.

5. Keep track of survey details.

Your time and opinions are extremely important. That’s why we highly recommend keeping track of survey details, especially those with higher point values and time commitments. Take note of Survey IDs and the survey provider as you’re taking surveys. And when relevant, take screenshots of any survey errors that you encounter in the process. 

Keeping track of these items will ensure that you get compensated for your time and efforts on a survey, should you ever experience an error or technical difficulties with a survey. If this happens, please send details to support@SurveyJunkie.ca so that our team can look into the issue. 

6. Turbocharge your earnings by sharing digital activity through Survey Junkie Pulse.

Your opinion is valuable, and connecting it with your online activity can be even more powerful. Opting in to share your online activity through Survey Junkie Pulse is the way to turbocharge your earnings by way of guaranteed monthly points and exclusive surveys.

Once you’re a Survey Junkie member, you can opt in to Pulse via desktop or mobile device:

• Install Pulse on your desktop or mobile device, or both if you like!
  
  • On desktop (Windows or Mac), go to the left bar on your dashboard, click “Add Desktop App” and follow the prompts.
    
  • On the Android mobile app, click “Mobile Pulse” at the bottom of the screen and follow the prompts.
    
• Remain active on your device/s for a minimum of five online sessions monthly – you probably do that daily anyway!
  
• Keep an eye out for your Pulse-exclusive surveys.
  

Your monthly points (50) are rewarded after 30 days of installation. If you keep Pulse installed for one full year, you can earn 750 points on Pulse desktop and 600 points on Pulse mobile, or 1350 points on both devices – with your monthly points alone. 

Automatic monthly points. Exclusive surveys. Unmatched brand influence. Pulse comes with perks, get yours today! For more details, see here.

7. Follow Survey Junkie on Facebook to be the first to hear about our 1000-point giveaways.

Survey Junkie offers limited 1000-point ($10) giveaways on our Facebook page providing an additional way for members to earn points and have some fun with fellow members. Our giveaways feature timely and trending topics, giving members an opportunity to join the conversation and maybe even score 1,000 points. Be sure to follow Survey Junkie on Facebook to stay in the loop on the latest giveaways.

8. Get acquainted with your verification options.

Survey Junkie takes pride in the integrity of our platform, and the security of our members. To maintain this high standard and prevent fraudulent activity, members must undergo a verification process before redemption to ensure honest and accurate information. 

• Online verification: Members provide their full name, address and phone number; they must enter the verification code they receive on their phone via text or call.
  
• Call verification: Members undergo a brief 1-2 minute call with our Member Support team to answer standard questions. These calls are conducted Monday – Friday between 8am – 5pm PST in the US, or at an appropriate time zone outside of the US.
  
• ID verification: Members must submit standard photos of the front and back of their government-issued ID to confirm their residence in the country they’ve listed on their SJ account, along with a current selfie to compare with the ID photo.
  

The standard online verification is instantaneous on the Survey Junkie platform. However, members may be subject to call verification or ID verification to confirm their identity in the future for security checks. 

We recommend getting familiar with these options early so that you don’t experience any delays in the future.

9. Keep an eye on your earnings.

We want to help you rack up those points! As your points grow, please be aware that U.S. residents earning over $600 within the same calendar year on Survey Junkie must fill out a W-9 form so that we can issue you a 1099 document. To prepare for this, we require you to complete your W-9 once you reach 55,000 points or $550. 

The W-9 form can be accessed here and sent back to support@SurveyJunkie.ca once you reach the 55,000 point threshold. If you reside outside of the United States, please check your country’s requirement for earning and reporting income. 

For security purposes, members who earn over 5,500 points ($55) must also go through a manual withdrawal process. This typically entails a brief phone call with our Member Support team to confirm details. We recommend cashing out before you reach that threshold to avoid any delays.

If you reach either of these thresholds (or both!), it’s a good thing – and means you’re well on your way to making more with Survey Junkie!

10. Fit Survey Junkie into your lifestyle, anywhere you go.

The beauty of Survey Junkie is that members can choose what, when and how they share, earning rewards in a way that suits their unique schedule. Once you download the mobile app, you’ll have money-making opportunities everywhere you go – in line for morning coffee, on the commute to work, or even picking up your child from school. Survey Junkie helps you take advantage of them!

Survey Junkie is available via the Google Play and Apple app stores. Navigate to the Survey Junkie app page and download the application. You will be able to create an account or login with your existing account information if you’re already a member. 

Find a time of day that works for you, and start taking surveys. Share more, earn more and make it worth your while.

11. Familiarize yourself with each redemption method.

Survey Junkie members can cash out beginning at 500 points or $5 for valuable rewards including cash through PayPal or bank transfer, and gift cards for Amazon, Target, Walmart, Sephora, Starbucks, Visa, Apple, and more. The best part is you can choose what option best suits your earning needs.

Below is an overview of each option and its availability for members, so you can determine which is best for you:

• Bank transfer is only available for our U.S. members. Members must first verify their address and phone number before they can add their unique bank account and routing number.
  
• PayPal is available for all members globally and is the only payout option for non-US members. Some members will have to verify their Survey Junkie account through Photo ID verification to redeem with PayPal. Please confirm your PayPal email address on Survey Junkie, and verify your account on PayPal before redeeming.
  
• Gift cards are only available for our U.S. members. Some members will have to verify their Survey Junkie account through Photo ID verification. Please confirm your email address for receiving your gift cards on Survey Junkie before redeeming.

12. Keep an eye out for Survey Junkie emails to be the first to take surveys.

We send surveys to members via email as soon as they become available on our platform. Monitor your inbox for updates so that you can take advantage of surveys before they fill up. At any given time, thousands of members are taking surveys so getting ahead of the surge will help set you up for success. Survey Junkie also sends updates about promos and giveaways via email, so keeping track of your inbox is the best way to stay in the loop.

13. Make survey-taking part of a consistent routine to earn more over time.

You won’t get rich taking surveys and it’s not meant to take the place of a full-time job. But if you’re consistent, Survey Junkie can give you a little extra income to cover unexpected costs, chip away at monthly expenses or set aside some cash for extracurricular activities.

Your individual earnings depend on the time you choose to commit, the ways you participate and your earnings goal. Complete three surveys daily and earn as much as $40 monthly. It may not seem like a lot, but it can add up in the long-term!

14. Check both your desktop and mobile app for different surveys.

Most members don’t realize that there are actually different survey opportunities for mobile and desktop devices. If you’re not seeing any surveys on one platform, be sure to check Survey Junkie across all devices to access the most surveys and earn more. 

Follow these tips and you’ll be well on your way to making the most out of your Survey Junkie experience. If you have any questions, please don’t hesitate to reach out to us at support@SurveyJunkie.ca.

The post Your Insider’s Guide to Survey Junkie Success appeared first on Survey Junkie Blog.

Now that the season’s biggest sales are behind us, you might still be looking for other ways to cover costs. Fortunately, there’s a wealth of ways to save money or earn a little extra this holiday season so that your gift list doesn’t swallow your savings. And you’ve come to the right place for them!

Through these little-known ways to cover holiday costs, you can cross off the last item on your gift list with confidence and spend your holiday season with a little less financial stress. 

1. Download Cashback and Coupon Apps

With cashback and coupon apps, you can reduce your bill while placing a little money back in your wallet . You’ll rarely find yourself paying full price for gifts. Here are a couple you might want to check out.

Gone are the days of coupon clipping, but Coupons.com comes with an app where you can essentially link your store loyalty program to their coupons. They manage the grocery store coupons for you so that you’re done with paper. It’s that easy!

RetailMeNot is another great coupon finder when you are shopping online or in-person. I use their app all the time while holiday shopping. Not only can you unearth 20% – 30% coupons, but you can also get larger and more expensive free gifts with purchases at stores like Sephora. 

2. Take Paid Surveys

Another way to earn holiday savings for your family gift list, get-together groceries or train tickets is to join a survey site. These companies pay you to take surveys for them and your answers serve as market research for some of the world’s most popular brands and products..

To ease the stress of holiday spending, try Survey Junkie. It’s one of the most trusted brands for paid surveys and has a community of more than 20 million members. While people rely on Survey Junkie to earn extra cash and gift cards all year long, many members use their rewards to cover holiday expenses. 

It’s free to join and all you need to do to get started is create an account and fill out your profile with your demographic information. Your daily survey matches appear on your dashboard.  

You can earn as much as $40 monthly if you complete three surveys daily, adding extra cushion for your holiday shopping. You can redeem for cash via PayPal or bank transfer, or get paid via gift cards to major retailers like Amazon, Target, Walmart, Sephora, and more to buy presents for your family. 

Taking paid surveys in your spare time is a great way to earn extra cash for holiday expenses.

3. Buy Gifts in Bulk

If you keep an eye out while shopping, you can spot amazing deals, many of which come in bulk. I just bought three packages of five hand lotion tubes at Costco for $11 each with a great coupon deal. That’s almost $2 per tube.

And I’m not alone. The majority of Survey Junkie members with wholesale club memberships (71%) said they’re planning on using their membership perks during the holiday shopping season to save money.

Here are some bulk items sure to come in handy during the holiday season:

• Candy
• Hand lotions
• Soaps
• Crafts 
• Ornaments
• Snacks
• Socks
• Candles
• Tea
• Lip balm
  

While not exactly the kinds of gifts you’d wrap up with a big bow and give to your spouse or children, these items make great stocking stuffers. These items are also great for last-minute gift bags you may need to whip up for coworkers, your mail person or a neighbor.

4.  Leverage Brand Loyalty Programs

There are actually companies that will reward you for a membership or for spending money with them. Your brand or store loyalty means a lot to them.

Yet even though 81% of people are in brand loyalty programs, less than one third of consumers plan to use these programs to save money during the holidays. It could be that they’re unaware of the savings and deals available through these programs. Whatever the case, now is the perfect time to check the websites and apps of your loyalty programs to learn how you can take full advantage of your membership. 

I recently got a $35 off coupon card for any pair of shoes under $50 at DSW. That means I can get a pair of shoes for $15. That’s a major steal!

Here are some great companies that offer loyalty programs:

• Sephora Insider
• Costco
• Starbucks Rewards
• Amazon Prime
• Kohl’s
• Reebok
• Dick’s Sporting Goods
• Apple
• Disney
• Bed Bath & Beyond
• Baskin-Robbins
• PetSmart

If you would like to keep your holiday expenses down, consider devoting your entire gift budget to one store to maximize the benefits of their brand loyalty program!

5. Sell Items in Your Home

It turns out, your own home may be a treasure trove of extra cash to help with the many expenses of the holidays. Unused or lightly used items that you no longer need may be of great value to someone else. You can sell these items to raise extra cash for your holiday shopping.

Here are some items you might sell for some profit:

• Books
• Instruments
• Clothes
• Shoes
• Jewelry
• Home decor
• Bikes and trikes
• Camping equipment
• Electronics
• Exercise equipment
• Pet supplies
• Furniture

List them on Craigslist, Facebook Marketplace, OfferUp, and/or eBay with thorough descriptions and well-lit pictures. 

Decluttr or Amazon Trade-In are also excellent websites to trade your used electronics for cash or an Amazon gift card. You can get the valuation of your items instantly online, and print a free shipping label on their websites.

6.   Earn with Credit Card Rewards

Most credit cards offer rewards and they can help you get a bit more mileage out of your holiday budget. Two highly rated credit cards for cash back are the Wells Fargo Active Cash Card and the Chase Freedom Unlimited. 

The Wells Fargo Active Cash Card has a rewards rate of 2% with an intro offer of $200, while the Chase Freedom Unlimited card gives 1.5% – 6.5% back. If you do a lot of holiday shopping on Amazon like I do, you can earn 3% on all your purchases on Amazon with Amazon Prime Rewards Visa Signature Card.

7. Make Your Own Gifts

If your budget doesn’t allow for gift-shopping this holiday, consider giving gifts that you can make yourself. You can save money by shopping the sales or buying your supplies in bulk. Here are some ideas:

• Knit scarves, beanies, or blankets
• Etch beautiful letters on wood
• Make a homemade cocoa station
• Personalize ornaments
• Package cookie or bread mix in a mason jar
• Bake cookies or yummy food
• Make scented candles or bath bombs
• Create beautiful stationary or bookmarks

If you have a Cricut, you can make your own personalized t-shirts, socks, towels, or hats for family and friends. People might even think they’re professionally made. 

My family once made Asian pickles for Christmas gifts, and friends asked non-stop for the recipe long after the holiday. People love delicious food, especially if it’s well-made.

8. Cover Travel with Gas Rewards 

For people who travel a lot to visit family during the holiday season, one thing you can do is conserve your holiday expenses on gas. There are many ways to do this.

With Shell Fuel Rewards, you can earn $0.10 per gallon for every $50 you spend at a restaurant, $0.20 per gallon for shopping online, and so forth. 

Most of your markets also have rewards on gas. You simply have to shop for groceries and then input your rewards card info at the pump; your gas discount will be dependent on how much you spent at the grocery store. Kroger’s Fuel Points Program and Safeway Just for you Fuel Rewards are two excellent options.

If you have a Costco membership, you can typically pump gas at any local Costco for an average of 21 cents less per gallon than other gas stations.

9. Spend Less on Regular Expenses

Though it may be painful at first, one of the best ways to save money is to pull back on expenditures. Holiday budgeting is a great way to jump start smarter budget management in the new year.

You might be pleasantly surprised at how easily you acclimate to more mindful management of your expenses, and you may keep up the good habit! Here are some simples ways you can cut down on extra expenses:

• Cancel your cable. 
• Make your own coffee at home.
• Make your own lunches to take to work.
• Turn off your A/C and heater more often.
• Get rid of your gym membership and exercise at home.
• Alter your meal plans based on what’s on sale at the market.
• Unplug electronics that are not in use.
• Carpool to work. 

Even if you commit to doing these things for a couple months, it could save you hundreds of dollars that will come in handy for holiday shopping and paying off those credit cards after the last gift is opened. 

10. Shop in Dollar Stores or Thrift Stores

You might balk at the idea of buying gifts from the dollar store or at the thrift store, like I initially did, but you might also be surprised at what you can find.

My family has been able to give some very beautiful $1 mugs as gifts that would normally cost $15. At the very least, turn to the dollar store for gift wrap, bags, and boxes. Here are a few other gifts that you can find for $1:

• Flashlights
• Glassware
• Tupperware
• Bowls
• Coloring books
• Journals
• Holiday decor
• Toys
• Puzzles
• Markers, crayons, paint
• Office Supplies
• Candy
• Snacks
• Socks
  

At Below Five, I have been able to buy a lot of $1 practical joke gifts for children:

• Snap gum
• Fake money
• Fake insects
• Squirt gum
• Snake in a can 
  

These are excellent stocking stuffers or small gifts for your kids’ friends. Kids really do love these inexpensive, fun gifts and they enjoy using them on others. Don’t be surprised if they become the highlight of the holiday gathering. 

Have a fantastic holiday season!

If you stack these ways to save money with ongoing holiday sales, you’ll be able to knock a lot off of your holiday spending.

With these tools in mind, I hope you can enjoy your holiday season without the stress of holiday expenses weighing you down. You and your loved ones can keep your holiday spending in check while enjoying one another and the magic of the season.

The post 10 Little-Known Ways to Cover Holiday Costs appeared first on Survey Junkie Blog.

The concern is valid, too. Per the Consumer Price Index (CPI), the September inflation report showed prices rising 8.2% in the last year. That means you’ll either need to raise more cash this year or seek out extra savings to stretch your budget. 

Whether you’re saving for holiday travel, looking to cover a Secret Santa gift exchange, or coveting new holiday decorations, here’s how to score holiday season savings so that you can make the most of the season without draining your bank account.

1. Set a budget

Don’t underestimate the power of a budget. Understanding and documenting what you can afford to spend on is one of the best ways to save money during the holidays. Without a budget for holiday shopping, you don’t know definitively when you’ve overspent. But you will see the consequences later in lingering credit card debt.

Start with a review of your larger household budget, plus your bank and credit accounts. If you normally make more than you spend, you can direct part of your extra income into your holiday budget. Otherwise, you’ll rely on cash savings and, possibly, credit cards. If you do resort to credit cards, decide now how much debt you’re willing to take on. 

You can also look at what you spent last year to inform this year’s gift giving budget. For example, if you’re still paying off your 2021 gift-buying costs, it’s smart to spend less in 2022. Or, if you got a big raise last month, that might warrant a small budget increase this year. 

More than half (53%) of Survey Junkie members plan to pay cash on holiday purchases, while 41% will use credit cards. And, almost half (46%) of these shoppers say they’ll spend less in 2022 vs. last year. 

2. Make your shopping list 

Once you’re armed with a total budget, you’re ready to prepare a holiday gift list. 

Start with the names of your giftees. To allocate funds to each person, group them into two or three buckets first. Each bucket represents a spending limit. For example, you may want to spend more on your direct family members, and less on coworkers. Your spouse and kids will be in the top bucket, while your coworkers will be in the lowest bucket. You might also have a middle-tier group that includes, say, your siblings and parents. 

From there, you can assign estimated spending ranges for each bucket. Also write down any gift ideas you already have in mind. That way, you can validate your spending ranges by price-checking those items. 

Your spending limits will be guidelines more than hard-and-fast rules. If you find the perfect gift for your mom for 50% less than expected, great. That will provide a nice cushion in case you need to overspend slightly for someone else. 

3. Buy discounted gift cards

Sales aren’t the only way you can save money for the holidays. You can also buy gift cards for less than face value at Raise.com. Other sites like GiftCards.com and GiftCardGranny.com reward you with cash back on your gift card purchases.

Buying discounted store gift cards can generate savings of 0.5% to 10%. At the lower end of the range, you’ll find popular department stores like Target and Amazon. More specialized retailers like Bed Bath & Beyond are at the higher end. 

Plan on using the gift cards to purchase gifts — rather than gifting the cards themselves. Discounted gift cards often come in odd denominations, such as $17.49. If you give away the card as is, your giftee might think you spent a little on yourself first. Fortunately, these denominations are often the perfect amount to cover a Secret Santa or White Elephant gift, wrapping paper, Christmas cards, or the perfect hostess gifts for holiday parties. 

You can use discounted gift cards to save on household expenses, too. Say you find a gift card for your local supermarket. Use it to lower your weekly grocery bill and then allocate the savings to your holiday spending.

Survey Junkie offers gift cards to go-to holiday retailers like Amazon, Walmart, Target, Sephora, and more. With Black Friday and Cyber Monday sales right around the corner, members can redeem their points for gift cards to deepen the discounts and shave off an additional $5, $10 or even $15.

As always, read the fine print before you buy. Some gift cards are only usable in store or online, but not both. 

4. Be loyal

According to a Survey Junkie questionnaire, 81% of consumers are members of brand loyalty programs, yet only 30% plan to use their loyalty memberships to save money this holiday season. 

The discrepancy may be due to the hassle of getting value out of loyalty programs. Admittedly, the restrictions can be, well, too restrictive. The richest loyalty programs often charge a membership fee or require you to use a specific credit card. 

But you can get value from those programs, too. The trick is to plan ahead and choose just one or two at the most. Then, do all or most of your shopping for holiday gifts with those stores. 

Take Amazon as an example. The Amazon Prime Rewards Visa pays 5% back on purchases from Amazon and Whole Foods Market. All other purchases earn 1% to 2%. You do need a paid Prime membership also, but you may already have that in place. 

A 5% reward adds up to $50 in Amazon credits for every $1,000 you spend. Given the diversity of Amazon’s catalog, it’s possible to do all your shopping with this one retailer. 

Even better, you can spend the Amazon credits you earn on more gifts or household essentials. That’s not the case with loyalty credit earned at a specialty retailer. 

If you don’t shop Amazon or have a Prime membership, seek out a department store loyalty program. That way, you can consolidate your holiday spending with that store, which increases your earnings potential. 

5. Use cashback apps 

Cashback apps come in two main varieties, rebate apps and receipt apps.  

Rebate apps give you cashback for clicking through the app to buy from major retailers. Rakuten and Capital One Shopping are two popular examples. They offer rebate percentages as high as 15%. These apps also share coupon codes and alert you when the product you’re shopping for is available for a lower price elsewhere.  

Receipt apps like Fetch Rewards and Ibotta reward points when you upload your shopping receipts. You can then redeem those points for gift cards. The awards per receipt are small, but they add up over time. You can also increase your earnings potential by referring family and friends to the app.

6. Leverage big holiday sales

You probably already have Black Friday and Cyber Monday circled on your calendar. Some 70% of Survey Junkie members plan to shop Black Friday, while 52% intend to shop Cyber Monday. The two holidays are widely known for delivering the best deals of the season. 

To save money during these big holiday sales and to find great deals for your holiday needs, lean on your gift list and always compare prices. Resist the urge to buy goods that aren’t on your shopping list, just because they are deeply discounted. If you don’t need the product, the discount is irrelevant.

Comparing prices helps you validate the deal. Too often, hyped discounts are less impressive when you compare them to other retailers’ offerings. 

You also have sale options beyond Black Friday and Cyber Monday. Veterans Day drives big discounts in the first half of November. Small Business Saturday is the ideal time to shop local, assuming you recover from Black Friday in time.

And if you’re a last-minute shopper, don’t miss Super Saturday and Free Shipping Day in December. 

7. Consider a side hustle

Starting a side hustle can be another excellent way to fund your holiday shopping. There are many options and they range widely — in commitment level and skills required. 

You could leverage your professional or creative skills by selling services on gig sites like Upwork and Fiverr. You could also sell handmade holiday cards and gifts on Etsy or through your own social media channels. 

You could also join the Survey Junkie community, where you’ll earn for taking surveys and sharing your online behaviors. Ease the stress of holiday expenses, and get ahead of the shopping and spending rush. You need no special skills, other than an honest opinion. Sharing your feedback can be incredibly rewarding, too. Your voice can influence big brands to make their products and services better — for you and other households around the world. 

If you prefer a gig that’s more passive, you could rent out your driveway, basement, or spare bedroom on marketplace websites like Spacer, Neighbor, and Airbnb. 

Top ways to save money during the holidays

Plan ahead and you can make it through this inflation-ridden holiday season without breaking your bank account. Set your budget, make your list — including that perfect gift for mom or dad. 

Then strategize on your shopping. Lean into discounted gift cards, loyalty programs, and cashback apps. Those will magnify the savings you earn at the big holiday sales and ease the financial burden of the season. And finally, if you know you’re going to overspend, pick up a side hustle like Survey Junkie. The earnings will help you pay off those credit cards faster — ideally before this cycle starts over again next year.

The post How to Score Holiday Season Savings appeared first on Survey Junkie Blog.

It’s a win-win for both you and the companies when you become a product tester!  You get paid for testing products, and in return, the companies get a free candid review and avoid catastrophe upon launching. You are their market research.  

 Before you dive into the world of product testing, find out below 1) what products they have you test, 2) how much compensation you’ll make, and 3) some things you should keep in mind with each company.  

When you register with these companies to test products, here is some information they might be interested in:

• Your marital status
• The number of children living in your household
• Your employment status
• A list of your hobbies
• Your expertise in various subjects – cooking, makeup, etc.

These details will help companies gauge how well your life experiences and attitudes fit with their products. 

Sound intriguing? Below is a look at some of the most reputable companies and market research firms that offer product testing opportunities. Read on for a detailed overview of 6 ways to get paid to test products.

1. BzzAgent 

BzzAgent rewards its members for testing consumer products and taking the time to share their valued opinions by completing surveys. The more you fill out your profile (interests, income, lifestyle, etc.), the more likely companies will want to use you as a product tester. As is the case for all market research firms, the amount of work can vary depending on your demographics and if you fit the group they’re researching.  

After you have been selected to join their product testing program, you will receive an invite to “BzzCampaigns” letting you know that samples are on their way.  

Once you receive your samples, post your honest experience on social media and/or submit your honest review where the company wants it, possibly on a company website or elsewhere. Create a Bzz!  Keep in mind that  for a bulk of the product reviews, you need to feel comfortable posting pictures or videos of yourself on your social media account trying the new products.  

With BzzAgent, your compensation is the free stuff you receive. The work you put forth is to review these products on social media or company websites, and the benefit is you are able to test out multiple new products, from Lancome’s latest perfume to a new hair powder mask. You also get to be your genuine self and share your positive and/or negative thoughts. 

Earning potential: You get to keep free products and sometimes extra free samples.

Type of product testing: Car vacuums, pots, pans, makeup brushes, food items, hair dye, etc., with popular name brands such as Hershey’s, P&G shampoo, L’oreal, Lancome, Gillette, Conair, Armani beauty, Hormel, Zesty Paws, Melissa & Doug, Bissell, etc.

2. Survey Junkie

Survey Junkie rewards you for sharing your opinions and digital activity. This includes receiving and testing products, and then sharing feedback via survey. Are you looking for a trusted and secure site that has paid millions of dollars out to its members? Survey Junkie has a 4.3/5 Trustpilot rating from more than 30,000 reviews, which means they’re a reliable survey site.  

After filling out your general profile questionnaires, you can complete surveys daily to earn points, whenever and wherever you want – during your morning coffee, lunch hour, or in the evening from the comfort of your own couch. Keep an eye out for those that offer the chance to get paid to test products. Optimize your free time, harness the value of your opinion, and reap the benefit of having extra money for bills, coffee, or a gift for a loved one.  

In order to maintain the security of the platform and its members, Survey Junkie does require that you undergo a brief verification, via phone, call or photo ID verification. They also require a W-9 form for members when they approach $600 of earnings in a calendar year. 

Earning potential:  Earn as much as $40 monthly, and cash out at just $5 via PayPal, bank transfer, prepaid Visa gift cards, or gift cards to major retailers like Amazon, Target, Walmart, Sephora, Starbucks or Apple.

Type of product testing: Different types of consumer packaged goods and digital products (television episodes, movie trailers, etc.) 

3. UserTesting

Founded in 2007, UserTesting remains the place to sign up with if you want to test digital products. 

If you match the target markets that they seek, you will be invited to do user testing for them. You do need to feel comfortable in front of a camera in order to participate. Other than that, you need a PC, a webcam, an internet connection, and the ability to speak English. You will be asked to provide them with audio and visual feedback, where they hear you freely express your insight and thoughts. 

UserTesting is not a full-time job, but you’ll be pleasantly surprised with the extra monetary padding. You might even be the perfect fit for their product. Members have been known to make hundreds of dollars a month, spending only a few hours a week on testing.

Earning potential: Take their tests which range from 5 to 20 minutes, and earn $4-10. If you are lucky enough to get a live interview, you can make $30-120. The rate for the standard test on UserTesting is $10 per 20-minute test. They will pay you through your PayPal account. 

Type of product testing: You’ll be asked to review different kinds of digital products, including electronics, automobiles, software, hardware, etc.

4.  Johnson & Johnson

Johnson & Johnson is interested in your insights and thoughts on their products. Please note that you must be 18 years old to qualify.  

Complete their online survey and do any of the following to make your voice heard: (1) Become a product tester for their newest shampoo, dental floss, or other products; (2) Complete online surveys; (3) Join their online forum to discuss new ideas for their company; (4) Join a focus group of 6-8 people to discuss how to improve an existing product or give an idea for a new product; and (5) Join a consumer panel or a sensory panel to test the appearance, feel, and performance of skin care products. 

One thing to note: They don’t send surveys often, but on the flip side, they don’t flood your email inbox either. 

Earning potential:  Their appreciation may be shown in the form of prepaid gift cards or with an honorarium in the form of JP Morgan Chase Payment.  

Type of product testing: You’ll be asked to review products from brands like Aveeno, Neutrogena, Clean & Clear, and J&J baby products, and more. You might be smelling fragrances for a new body wash line,  evaluating a new lash lengthening mascara, or testing out new dental floss.

5. Influenster

At Influenster, there are almost 60 million product reviews from people interested in beauty and self-care products.

After you sign up on the Influenster app, provide your demographic data and complete “snaps” — short questionnaires about your lifestyle and interests — to boost your chances of getting free products to review.

As with all product testing sites, Influenster will choose you based on the demographic they are looking for to test each product.  Sometimes they will trend toward the youthful and other times towards seniors. You may even luck out and receive hundreds of dollars of free makeup and facial care products.

Earning potential:

You earn the free beauty products that you test!  You will be sent a VoxBox filled with products from different beauty brands that run from $30 skincare to beauty products worth $100+ in retail. Your VoxBox will have tons of freebies to review.

Type of product testing:

You’ll be asked to use makeup, nail care, men’s grooming, Bath & Body products, hair products, hair coloring, hair tools, snacks, electronics, sporting goods, pet supplies, toys/games, and much more!

6.  McCORMICK

If you love trying new food products, you’ll love being a product tester for McCormick. Act fast because the studies fill up quickly. Their clean product testing site is located in Hunt Valley, Maryland.  Every once in a while, opportunities arise when you can also test from your home.  

  McCormick typically runs 5 to 10 Home Use Tests per year.  However, if you live near their product testing site and can drive to their product testing site, you’re in luck!  You might be invited for taste tests. Eat a delicious turkey and cheese sandwich, and also reap the benefits of being paid for your time.

Earning potential:The compensation for each in-person test varies from $30 to $100. These usually last for two hours.  Get paid to test in your home from $10 to $15, depending on the time the study took and the number of products tested.  Product testers can choose to get paid via Zelle or Amazon gift cards. 

Type of product testing: You may be asked to sample a range of foods, snacks, and beverages!  

Last word on paid product testing: 

There are many different brands out there that value your opinion and will reward you for sharing it. Get paid, make some extra money, and let your opinion be heard. The best part? All you need is a computer or mobile with a reliable internet connection for most of them.

Keep in mind that most studies fill up quickly, especially from the companies that pay product testers, so sign up with as many companies as you can to better your chances of getting picked. You may even find yourself with a new side hustle of paid product testing gigs.

What are you waiting for? Check out some of these product testing companies, and make some extra money now.

The post 6 Ways to Get Paid to Test Products appeared first on Survey Junkie Blog.

Side hustles can take many forms but selling online with an Etsy shop is a popular choice for creative entrepreneurs. You may even end up with more than a modest income boost. Find success on Etsy, and you could find yourself running an online store that generates six-figure sales.

Intrigued? Read on for a detailed walk-through of how to sell on Etsy successfully.

What is Etsy?

Etsy is a worldwide marketplace for custom products. Some 96 million buyers visit Etsy each year to shop for craft supplies, handmade goods, or vintage items. Roughly 7.5 million active Etsy sellers serve those buyers. More than two-thirds (71%) of Etsy sellers manage their Etsy store as a small business — that is, as a way to generate profits and improve their financial independence. 

To start selling successfully on Etsy, you must do two things well: 

1. Create products people love. 
2. Merchandise those products so people can find them. 

Master those two tasks and you’re on your way to building a thriving, profitable Etsy store.

Pros of selling on Etsy

As you’d expect, there are positives and negatives to launching your own online store on Etsy. Let’s start with the positives. 

Etsy store setup and maintenance is easy.

You can open an Etsy account and shop in minutes, and with zero technical knowledge. Etsy walks you through the process, which involves filling in text boxes and uploading photos. 

It’s (almost) free to open your Etsy store.

Etsy doesn’t charge you to create your online store, but you will pay fees to list and sell your products. You’ll find more details on Etsy’s fees below.   

Etsy has an audience.

As noted above, 96 million people shopped Etsy in 2021. Get your products in front of the right subset of that audience and your small business can grow quickly.  

Buyers trust Etsy.

Etsy already has the trust of buyers, and you can lean on that trust to start selling. If you opened a standalone online store, you’d have to build that trust over time. 

Etsy Payments provides payment processing. 

Your Etsy shop automatically has a shopping cart that accepts payments in your currency. This spares you the hassle of setting up your own merchant services. You will need to register for Etsy Payments and set up a payment account, but that process is straightforward. 

You can find help and support from other Etsy sellers.

Etsy publishes tons of resources to help you grow your online store. You can also join one of many online support groups for the Etsy community. Use those groups to share ideas, ask for help, and stay current on Etsy marketing strategies. 

Cons of selling on Etsy

Etsy is convenient, but you will have to accept a few trade-offs as an Etsy seller. Below are five negatives to consider. 

The marketplace is crowded with sellers.

No matter what type of product you sell, you’re likely to face direct competition from other Etsy sellers.  

You must market your Etsy store and products. 

It’s not realistic to list your products and wait for them to sell. To be successful as an Etsy seller, you must market your goods on and off Etsy. You can promote your shop on Etsy through proper descriptions and photography. Off Etsy, you can market yourself through SEO, social media, your own website and word of mouth. 

Repeat sales can be challenging. 

Etsy shops can struggle to generate repeat sales from their customers. This is because Etsy buyers often don’t pay attention to the shop name. They mostly retain the fact that they bought something from Etsy. 

Keep this in mind as you develop your logo and brand messaging — design these brand elements to be impactful and memorable.

Etsy fees can be confusing. 

You’ll pay to list products and renew those Etsy listings. You’ll also pay a transaction fee, a payment processing fee, and, sometimes, an offside ads fee. You might also incur fees for optional programs like Etsy Plus. 

You don’t make the rules.

Etsy makes, and updates, rules that can impact the profitability of your online store. As an example, Etsy mandates that sellers use Etsy Payments for payment processing. You don’t have a choice on that, even if you have a merchant services account that would charge you less.

What are the shop policies for Etsy sellers?

Speaking of rules…Etsy has many. The rules for Etsy sellers outline prohibited behaviors, intellectual property, privacy, sanctions and trade restrictions, and shipping obligations. Plan on getting familiar with those policies early in the process so you don’t encounter any surprises down the road.

Most notably, there are rules defining what you can and cannot sell on Etsy, explained below.

What you can sell on Etsy 

Etsy allows you to sell handmade goods, vintage items, and craft supplies only. 

• Handmade items are designed by you. You can use a production partner, but you must name your production partner in your product listings.  
• Vintage items are at least 20 years old.
• Craft supplies are items like stickers, stationery, beads, photo albums, and stamps. In Etsy’s words, they’re “tools, ingredients, or materials whose primary purpose is for use in the creation of an item or special occasion.”

If your products don’t fit into the Etsy mold, there are other ecommerce marketplaces you can check out. Amazon and eBay are the two big ones. Walmart and Target also have online marketplaces that are open to independent brands.

What you cannot sell on Etsy

You cannot sell services or resell goods that you didn’t make on Etsy. You also cannot sell items that promote violence, illegal activity, or hatred. Etsy also prohibits alcohol and drug-related items, weapons, mature content, and goods that are regulated internationally. 

How much does it cost to sell on Etsy?

Etsy’s fee structure can be confusing because there are several layers of charges for active Etsy sellers. Below is a breakdown of five fees you’ll incur as an active Etsy seller. 

1. Etsy store cost 

Etsy doesn’t charge you to set up your shop. The only store-related charge is an optional subscription to Etsy Plus for $10 monthly. For that fee, you get a monthly credit for product listings and Etsy Ads, plus other perks to help you customize and market your online store and Etsy listings. 

2. Etsy listing fees 

You must list products on Etsy before you start selling them. Etsy charges you $0.20 for every product you stock in your Etsy store. Each Etsy listing expires after four months (unless you set it to auto-renew). You’ll pay the $0.20 again to renew the listing, either automatically or manually.

3. Etsy transaction and payment processing fees

Etsy’s transaction fee is 6.5%, and it’s applied to the listing price plus any shipping, gift wrapping, or personalization charges. You’ll also absorb payment processing fees of 3% plus $0.25. You may also pay a currency conversion fee.

4. Etsy store promotion cost

Etsy advertises products from its marketplace all around the web. If one of those ads features your product and it generates a sale, you’ll pay an “offsite ads fee” of 15%. You can opt out of this program, but only if your Etsy store sales are less than $10,000 in the prior year.

You also have the option to buy Etsy ads to promote your products to online shoppers.

5. Etsy shipping costs

As an Etsy seller, you will incur shipping costs. But you can pass those costs on to your customers, either directly or indirectly. The direct approach is to add shipping fees as a separate charge, on top of the product price. 

Alternatively, you can embed estimated shipping fees into your prices. You’d then offer these products with no added shipping cost. Etsy prefers this method because buyers love “free shipping.” 

If you’re in the U.S., U.K., Canada, Australia, or India, and you accept Etsy Payments, you can buy shipping labels from Etsy. These may be more cost-efficient than shipping products on your own.

How to sell on Etsy: Step by step 

1. Research the online marketplace 

Researching the Etsy marketplace is a great first step to launching your shop. Explore the marketplace to learn the landscape, meet the competition, and generate new product ideas. 

Based on a recent Survey Junkie survey with Etsy buyers and sellers, consumers most often choose Etsy over other retailers because they like to support small businesses (33%), appreciate the more diverse or unique product options (32%), and enjoy home-made goods (22%). Additionally, Survey Junkie members with an Etsy shop shared that the highest priorities for their customers are finding unique or higher-quality products (47%), receiving personalized service (26%), and taking advantage of more affordable prices (22%).

Keep these motivations in mind as you’re building a framework for your own Etsy store to ensure your product aligns with consumer preferences.

2. Set your product strategy  

The Etsy marketplace is crowded, so you need a solid product strategy to stand out. Survey Junkie members shared that they use Etsy primarily to shop for jewelry and personal accessories (37%), homewares and home furnishings (20%), apparel (15%) and craft supplies (14%). On average Etsy buyer purchases, the majority expect to pay $15-45. Lean on these top-selling product categories and price ranges to figure out where you can best fit into the marketplace.

Once you’ve determined your product offerings and price point, list out the goods you can sell, how you can price them, and what makes them unique. Use that information to find your top competitors and analyze how you measure up. Look for ways to differentiate your offerings from what’s already out there.

3. Research keywords 

Using the right keywords in your shop content and product listings helps online shoppers find you via Etsy search and off-site search engines (like Google). Lean on research tools like SEMRush and Marmalead to identify the best keywords for your shop and products, and optimize your Etsy SEO.

4. Create your Etsy shop

The basic steps to create your Etsy online store are: 

1. Create a new Etsy account or sign into an existing account. 
2. Add your profile picture and bio. Your picture and bio appear when you engage with other Etsy sellers in the Etsy forums.
3. Visit Etsy.com/sell > Get Started.
4. Set your shop preferences: language, country, and currency.
5. Choose a shop name. Your store name must be four to 20 characters long, with no spaces or special characters.
6. Create an “about us” page. Tell your story. Let your prospective buyers know how you became an Etsy seller.
7. Add shop policies. This is where you specify your rules for payment, shipping, refunds, and exchanges. You’d also include your contact information.  
8. Finalize your storefront. Brand your shop with your logo, shop banner, and shop announcement or welcome message. 

Don’t skimp on your shop’s content. Your policies and “About Us” pages are opportunities to use your mission-critical keywords and connect with your customers at the same time.

5. List your products and optimize for Etsy searches

Product listings are the heart and soul of your Etsy shop. The more complete the listings are, the better positioned you are to appear in Etsy search results. Essential best practices are:

• Write short, but descriptive product names.
• Keep your product descriptions clear and detailed.
• Add tags. You can add 13 tags to each listing. 
• Refer to your keyword research for names, descriptions, and tags. 
• Use the most specific category you can find. 
• Add attributes, like color, size, occasion, etc. 
• Use professional product photos. Put the best photo first.  

6. Select your payment method 

All Etsy sellers must link a bank account and a payment method. The bank account is where Etsy sends the sales revenue collected through Etsy Payments. And Etsy charges the payment method — a credit or debit card — for your listing fees.

7. Promote your Etsy business on social media 

Your Etsy store is not a magic path to quick profits. It’s a small business that you’ll need to promote. Use your personal social media channels to gain traction in the beginning. Announce your store opening and start sharing your products with your online friends and family. 

You can also create social media accounts for the business and work to build your following there. A solid content plan will help — strive for balance among posts that pitch products, posts that entertain, and posts that educate your followers.

Top Etsy shop start-up FAQs

1. How do you make money on Etsy?

As an Etsy seller, you make money by selling and shipping handmade, vintage, or craft supply goods at a profit. 

2. How to sell on Etsy without PayPal?

To sell on Etsy without PayPal, sign up for Etsy Payments. Etsy Payments is the marketplace’s built-in payment solution. Etsy Payments supports purchases by credit and debit cards, PayPal, Apple Pay, Google Pay, Klarna, and more.

3. Is selling on Etsy a good side hustle?

If you dream of launching your own online store, selling on Etsy can be a great side hustle. You can find success by developing a collection of interesting, competitively priced products — and then doing the work to market your shop.

4. How much does it cost monthly to sell on Etsy?

The monthly costs depend on how many products you list, your sales, and the optional services you use. 

At a minimum, you’ll pay $0.20 to list a single product for four months. Each time you sell a product, you’ll pay 9.5% plus $0.25 to Etsy for transaction and processing fees. You may also absorb a currency conversion fee if the buyer pays in a currency that’s different from yours.

If you have one product, for example, you can list it on Etsy for $0.20. You won’t incur any other fees until you make a sale.

5. What are some tips for finding success on Etsy?

Survey Junkie members are both active buyers and sellers on Etsy. Those that sell shared a few tips for making the most out of your Etsy shop:

1. Don’t skimp out on marketing; be consistent in your efforts.
2. Invest in high-quality product pictures.
3. Be creative and informative in your product descriptions.
4. Have a wide variety of products to satisfy different customer tastes.
5. Price fairly.

Is selling on Etsy right for you?

Relative to other online marketplaces, Etsy is more restrictive about the types of products you sell. But if you meet Etsy’s product requirements, setting up and maintaining your Etsy shop is mostly pain-free. You don’t need any technical skills — just a solid understanding of your products and what makes them unique. Working knowledge of how to research and use keywords helps, too. 

If that sounds like a good fit for your skillset, then an Etsy side hustle might be your biggest, best step towards financial independence. 

The post HOW TO SELL ON ETSY: A STEP-BY-STEP GUIDE FOR BEGINNERS appeared first on Survey Junkie Blog.

What is Self Employment?

Self employment is when you’re the only person on payroll. Right? Or is self employment when you’re a consultant at a company who participates in staff meetings but can say “yes” or “no” to work anytime, for no reason because it says you can in your contract? Are Lyft and Uber drivers self-employed? This article will answer all these questions and more so you can consider whether you’re a self-employed kinda person…or not.

The Pros and Cons of Being Self-Employed

It’s basically the pros and cons of being single vs. being married. OK, that’s not exactly a perfect analogy, but when you’re self-employed, you can have multiple partners, go where you wanna go, do what you wanna do. When you’re an employee, your employer is your loyal spouse who expects a minimum 40 hours per week of your time, sometimes more, because the pace of the online economy is HELLA FAST. And if you’re really committed, you’ll have a 401K that grows over time, plus really amazing health insurance for your whole family. 

The Advantages of Being Self-Employed

If you are a natural driver of your own life, switching to self-employment can be a dream. In the driver’s seat, you are in complete control of the speed, direction and pit stops. It can be a very freeing, new reality for someone who has been trying to fit into a more traditional style of work dynamic. Is this you? If so, the next question to ask yourself is, “What kind of driver are you?”

 If you’re fast and a bit reckless while knowing exactly when to turn,  you might totally thrive as a self-employed person. You’ll rarely get bored as there is always something to do, something to say, something to negotiate, something to learn. 

If your natural driving pace is easygoing, weaving in and out of traffic like a meditating monk and taking breaks when you need to, you can also thrive as a self-employed person, especially if you have clients who value quality and thoughtful work that is time-intensive. 

Regardless of how you drive, communicating your style to your clients is key.

Self-employment can also be rewarding in terms of finances and work routine. When you become self-employed, you are in full control of your work. You can structure your work environment however you want. For example, instead of commuting to an office, you can set up a desk at home and work remotely, or sit in a cafe where you can meet other self-employed people.

You do not have to follow the many rules and policies of established companies and you can make your work decisions by yourself. This way, you can set your goals and achieve them with dedication and the spirit of entrepreneurship. 

Becoming self-employed also allows you to create your own schedule. This way, you find a work-life balance. When you create your own schedule, all you have to consider is your own vision. You would know the precise hours of work you need to achieve your business goals.

The flexibility of self-employment will also let you have your time off when you wouldn’t have to request a leave approval. Besides the freedom of making your own schedule, you’ll also have the freedom of creativity. It means that you can be creative without the limitations and restrictions that come with being an employee. 

Entrepreneurship requires creativity. If you have that mindset, the chances are that you will feel trapped in a work environment that diminishes your creative side. Thus, it is time to say goodbye to monotonous work and set up your own business.

Building your own business will let you shape every component of your work life. Another advantage that comes with becoming self-employed is that you can design and sell your products or services according to yourself. You can work whenever you want. 

Here are other advantages of self-employment.

• You can build your own network
• You follow your own business plan
• Your income depends on your work initiatives
• You’re the business owner 
• You do not have to follow pre-existing rules
• No toxic workplace environment 

The Disadvantages of Being Self-Employed 

Continuing with the analogy of driving, if you are the type of person who prefers someone else in the driver’s seat while you play games on your mobile phone, you may want to think twice about switching to self-employment. As an employed person, you usually have a set schedule and a paycheck you can depend on every two weeks or once per month. Your employer will take taxes out of your paycheck for you, manage the accounting and navigate the business strategy. 

Not so once you become self-employed!

Being your own boss means there is no room for procrastination. You have to get things done, which means you may end up working more than 40 hours per week because you’re doing the jobs of several people. You’re responsible for managing your taxes, health insurance, vacation time, sick leave, retirement plan and building networks. 

Here are some other disadvantages of self-employment.

• Initially, you will have an unstable income
• It will take time to build a target market 
• No guarantee of success
• You may need to take on debt via loans, credit card, etc.

Down the road, you can hire a virtual assistant to help with the multiple tasks of self-employment, but this is dependent on how much you’re earning and how much you can afford out of your bottom line. In other words, running the business of ME,Inc all day long, seven days a week can be exhausting. If you prefer the passenger seat, at least from a professional perspective, self-employment may not be for you.

But if you’re not spooked by these disadvantages, read on!

The Types of Self-Employment

Freelance

Freelancers are like the professional football and basketball players who travel from team-to-team. Or the traveling nurses you’ve heard so much about during the pandemic. Freelancers fill out a 1099-MISC form in exchange for a service. They can work for hourly or flat rates through platforms like Upwork.com or Thumbtack. It all depends on the agreement between customer and freelancer. Freelancers who make more than $400 per year, have to file taxes. Freelancers also need to make quarterly estimated payments to the IRS.           

Consultant

This is probably the most fancy of the self-employment types. It’s like, “I am an expert in this subject and now I am charging a premium for my IP.” No judgments. It’s a great way to make way more money once you’ve accumulated knowledge as a freelancer or as a full-time employee. Just make sure you’re actually an “expert” by taking a personal evaluation (see below!). Consultants also need to make quarterly estimated payments to the IRS.            

Small Business

A small business can sell services or goods or both. Unlike freelancers and consultants, small businesses have their own branding and products. A small business is a local beauty salon while the beauticians inside the salon are freelancers or consultants. 

Sole Proprietor or Sole Trader

A sole trader is a business owner that keeps all the profit after paying taxes. Sole traders are also known as sole proprietors. 

The sole proprietorship is operated by self-employed individuals who take complete responsibility for unlimited liabilities. Thus, they generate an income from the cheapest business structures. Like sole traders, they manage every aspect of their business. Lyft and Uber drivers are technically classified as sole proprietors.

Startup

A startup is a company in its initial stages of business. This means that the founders finance the startup and earn a very limited income until the business stabilizes. Startups also attract outside investment. But startups require a high initial cost of setting up and generating limited revenue. After the business takes off, a startup can become a successful company that generates stable income.

Startups come with one major downside, which is the risk of failure. To minimize this risk, you must have innovative strategies and funding sources. Funding sources include family, friends, crowdfunding, loans – not to mention the most important funding source: revenue generated from the actual startup.

Startups have a certain allure to them because they’re in the idea phase before an investment banker comes along and asks how the startup generates revenue. In other words, you need a business model to demonstrate your success potential. Either that or someone doing it better may replace you! Yeah. It’s brutal out here, as Olivia Rodrigo sings.

How to Become Self-Employed

Now that we have discussed the various types of self-employment along with the advantages and disadvantages, it is time for you to rethink your job. Let’s begin by doing a personal evaluation that will lead to self-employment. 

Do a Personal Evaluation and Make a Decision to Work For Yourself

Remember when your teacher or boss gave you evaluations? Like, on a scale of one to 10, how’s your attention to detail? Are you responsible? Do you make up imaginary deadlines all the time so you can finish projects? Do you say yes to every project or can you sometimes say no in order to better curate your time? There are a few online personal evaluation tools that can help you take your own temperature before diving into the cold waters of self employment.

Personal evaluation is necessary because it helps you understand your motivation towards your business objectives. You need to ask yourself why you’re starting your own business and what set of skills you can utilize to make your startup successful.

Suppose you’re passionate about cooking, and you want to set up a restaurant. In that case, you need to evaluate your cooking skills and understand how to monetize them to bring something new to the market. This way, you can think of ways to make your business stand out from competitors. So it’s vital to do your research to make the idea viable. 

You should also consider timing. Most businesses take some time to flourish. Until then, it is wise to hold onto your job because it provides you with some financial security until your business setup starts generating stable revenue. This means you should also be prepared for long work hours and setbacks when you execute your business plan.
         

Choose Your Niche and Target Market

Huh? What’s a niche? What’s a target market? Great questions. 

Niche is a French word to describe whatever little quirk of the human experience you are attempting to leverage. For example, creating data visualizations is a niche skill and product within the data analytics industry.

Target market is a demographic or group of people you know are interested in your services and/or products. Journalistic or information-based organizations will be the target market in need of data visualizations. That’s the most obvious target market. But if you can identify more specific target markets, this can separate your niche from competitors. For example, Etsy targets people looking for handmade art, clothes, furniture and more. Etsy is not an obvious target market for data visualizations, but if you search for “data visualization” on Etsy, the results are totally different from what you’ll find on search engines or Amazon.

When you choose a niche, you should have a fair amount of knowledge about it. This will help you speak more authentically and passionately to the target audience. You should also choose a profitable niche that is in demand. Therefore, you won’t have to convince your target audience to invest in your service/product. It also helps to find a “pain point,” which is a specific problem faced by current or prospective customers in the marketplace. Then you can position your product or service as a solution, and your target audience will be willing to invest money. For example, maybe the data visualization skills you use  to create interactive maps and graphs in the health tech industry can also benefit writers who want to visualize the ups and downs of conflict in their screenplays or novels.
         

Make Your Business Legal

Now that you’ve chosen a niche, it’s time to decide on the structure for your self-employment. Should you set up an LLC? Inc? S Corp? B Corp? No corp? Which one is the correct one for you? 

• Sole Proprietor

As described above, Lyft and Uber drivers are technically classified as sole proprietors.

In a sole proprietorship structure, one person owns the business and runs its operations. It is the most common business structure because it is the simplest to set up. If you plan to work alone, this may be the right structure for you. Keep in mind that in a sole proprietorship, you, as the owner, are personally liable for all of the business’s financial obligations such as debt and losses. This structure works well for low-risk, home-based or retail businesses. A sole proprietorship can also allow an owner to test their business idea before creating a more formal company.

• Partnership

In a partnership business structure, two or more people own and operate the business. There are two types of partnerships:

General partnerships:  The partners hold an equal role in owning and operating the company as well as liability for its debts, other partners’ actions or financial obligations. This type of business structure is also known as a “limited liability partnership (LLP).”

Limited partnerships:  A limited partnership (LP) includes general and limited partners. The general partners hold the same role and liability as they would in a general partnership. The limited partners, usually investors, have limited control or input into the company along with limited or no liability. Profits are reflected in personal tax returns. 

A partnership is the simplest structure for multi-owner companies or professional groups. It also allows owners to test a business idea before establishing a more formal company

• Limited Liability Company (LLC)

A limited liability company (LLC) is a hybrid business structure that lets you take advantage of aspects of partnerships and corporations. To set up an LLC, you must file paperwork with the secretary of state of the state in which you plan to do business. This structure works well if you have a medium- or high-risk business, want to protect your personal assets or pay a lower tax rate than you would with a corporation.

• Corporation

In a corporation, the company is considered an entity that is independent of its owners. This makes it more complex and expensive than most other business structures since it must comply with more regulations, record-keeping and tax requirements. You may want to choose a corporation structure, also known as a “C corp,” if you have an already established medium- or high-risk business, need to raise funds, have plans to take the company public or sell it.

There are other types of business structures, but these are the most popular for self-employed people. You may want to find a lawyer and an accountant who can guide you through setting up a legal business in your city. It would help if you also made separate business and personal accounts to manage finances. 

Create a Business Plan 

If you’re still reading at this point, you’re probably ready to draft a business plan. It can be hard to do this if your expertise is NOT business. The best way to start is by gathering some facts:

• What are my personal goals?
• What is the purpose of my business?
• Who is my target audience? 

• How do I target that audience?
• Who are my competitors?
• What is my product/service description so my audience understands what my business offers?
• Who is on my team and what are their responsibilities? 
• What do my finances look like?
• How much are my costs compared to my income?

Then you need to develop a vision to understand the future of your business by identifying strategic objectives and making tactical plans to achieve your business objectives. Yeah, it’s like playing chess, so if you naturally lie awake at night, envisioning strategic moves like the main character in the Queen’s Gambit, you’ve got the right mindset for self-employment.

A blueprint of your business will help guide you in the startup process and push your business toward success when it is in the early stages. Making a business plan does not have to be difficult, especially if  you narrow your focus to the following:

• An executive summary of your plan so that you know what you want to accomplish
• The financing required
• A business description (an industry overview)
• A marketing strategy to help attract consumers
• Analysis of competitive set and identification of your own strengths and weaknesses
• Your product/service description showcasing your business offer
• Management and operations to describe team member responsibilities
• Financial plan that details associated costs and your path to a stable income

Get Financed and Make Investment

Once you have your business strategy in black and white, it is time to get financed. So how do you take out the startup cost for your business? When starting, it is common for businesses to run from savings.

However, you need to have a financial plan to fund your business in the long run. Here are some ideas that will help you manage your business finances.

Tap Your Savings

Once you know the costs of your startup, you can choose to use your savings to fund your business. According to Indeed.com, you should be able to successfully run the business for a minimum of six months without any profits from customers or clients. If not, keep your job and build your business as a side hustle. This way, you can use your salary from your part-time job to support your business until you start making profit.

 Take a Business Loan

If you don’t want to pull funds from your savings account, a loan might be an attractive alternative. You can apply for a small business loan from a bank, which will ask you to provide a business plan. Then you can use the loan to resolve cash flow problems and leverage growth opportunities. 

Use Crowdfunding

Crowdfunding is the practice of funding a project by raising money from different people, usually online. Platforms like Kickstarter, GoFundMe, or Indiegogo allow you to set up a profile with your funding goal. When you share your profile with your network, those who are interested can donate in exchange for rewards from your company. There are restrictions on the uses of the funds, depending on the platform, so be sure to match your needs with each platform’s guidelines.

Launch a Marketing Campaign

Crowdfunding can be a marketing campaign in itself, but a larger, ongoing marketing campaign is crucial for attracting the target audience to your product or service. Delivering good products and services in itself is also part of a larger, overall marketing strategy to convert target audiences into clients.

Make Connections and Build Your Network

Do your friends and family know what you do? You may be surprised that your aunts and cousins have no idea what you’re doing on your computer all day long. They may assume you’re playing video games or watching cat videos on YouTube. But if they know you are building, designing and managing websites for nonprofit organizations, they can refer you when they meet someone who needs that service. 

Making connections to build your network is vital in establishing a successful business. In the early stages of self employment, you need as many brand ambassadors as you can get, so it’s important your networks understand what you do. LinkedIn is the social media platform of choice for many self-employed people to create awareness about their business. Building a network will also help you get feedback. You can use the feedback to improve your business. 

You should set up your business website because this becomes your digital business card when meeting new, potential clients and customers. This way, more people will trust your business. 

Quit Your Job and Become Self-Employed

Once you come up with a smart business strategy, utilize it to set up a steady flow of customers and clients, and generate income higher than the salary at your full-time job, it’s probably a good time to call yourself officially “self-employed.”

You can safely resign from your full-time job. Take your time with thinking through this decision before you go ahead with it. And good luck!

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What is a Transcriptionist?

A transcriptionist listens to an audio or video recording and produces a document that is an accurate reflection of its contents. Some transcriptionists do verbatim transcriptions, where they type exactly what is said, while some do “clean verbatim” transcription, where they leave out stutters, grunts, or other irrelevant sounds while still capturing the meaning of the recording accurately. All transcriptionists have to have a good ear to understand what’s being said and excellent grammar skills. 

What Types of Transcription Services Can You Provide?

Although typing what you hear may sound simple, transcription can be a complex field. There are several different types of transcription, and each type has its own standards and guidelines. If you’re planning to start your own business, you may want to specialize in one area or offer a range of services. 

General Transcription

General transcription consists of all types of transcription other than legal or medical transcription. General transcriptionists may transcribe many types of video or audio recordings, including:

• Video captions
• Speakers at conferences
• Insurance interviews
• Lectures
• Worker’s compensation interviews
• Meetings
• Podcasts

Medical Transcription 

Medical transcriptionists listen to clinicians’ notes about patients and transcribe them into a special type of document that becomes part of a patient’s medical record. Medical transcription requires training, although it may be on-the-job training or a training course. Medical transcriptionists usually do “clean verbatim” transcription, so they don’t transcribe every “uh” or “um” the clinician dictates. However, medical transcriptionists have to know the difference between easily confused medical words such as aphagia and aphasia. 

Some medical transcriptionists edit speech-to-text documents. This involves taking a document that was produced by speech recognition software and making sure it’s an accurate reflection of what the doctor, nurse practitioner, or therapist dictated. Transcriptionists also have to be skilled at understanding foreign accents since many doctors have accents, even if they speak excellent English.

Legal Transcription

Legal transcriptionists make printed documents from legal audio recordings. These documents become a part of the legal record. Legal transcriptionists can work for attorneys, paralegals, court reporters, or other legal professionals. It’s important to understand the difference between legal transcription and court reporting, however. Court reporters work inside the courtroom recording the proceedings of a trial. A court reporter may then hire a legal transcriptionist to create an official transcript. 

Legal transcription is usually strictly verbatim, meaning that every utterance gets transcribed. Legal transcriptionists have to know the proper way to format grammatically incorrect language since people rarely talk in complete, grammatically correct sentences. 

What Tools Do You Need to Become a Transcriptionist?

To be a transcriptionist, you’ll need a computer, high-quality headphones or a headset, a foot pedal to control audio (thus freeing your hands to focus on typing), high-speed internet, and transcription software. A good headset is imperative since you’ll need to hear even faint noises. You can order noise-canceling headphones from Amazon. These block out room noises so you can hear the audio recording better. If you’re doing legal or medical transcription, you may also need reference books as well. A comfortable office chair, a desk and a quiet room are also helpful for transcriptionists. If you’re working for your own clients, you may also need bookkeeping and invoicing software. 

What Skills Do You Need to Become a Transcriptionist?

No matter what type of transcription you plan to offer, you’ll need the following transcription skills: 

Fast and accurate typing skills. It’s not the only skill you’ll need, but typing is one of the most important. To make money in your transcription business, you have to type fast and accurately. Before you begin transcription, you should have a typing speed of at least 65 words per minute with a high degree of accuracy. However, you should try to get your speed up to between 75 and 90 words per minute since transcriptionists are paid by the line. The faster you can type, the more money you’ll make. 

Attentive listening. Transcriptionists have to listen to a lot of different people and accurately transcribe what they’re saying. You need to be able to understand a variety of accents and dialects. Very few people speak perfectly. Most mumble, trip over their words, start and restart their sentences, or switch ideas in mid-sentence. Our brains normally ignore these types of errors in normal conversation, but you’ll have to type them all out. You’ll need well-developed listening skills to pick up on all of the subtle grunts and noises that you hear. 

Good memory. When you’re transcribing, there’s a lot of stop-and-go with the recordings. You use a foot pedal to control the recording. You press it to play the recording, then let up to stop it. If you didn’t catch something the first time or don’t remember it, you have to rewind the recording to listen again. If you have a good memory, you’ll spend less time rewinding the recording, so your work will go faster. 

Excellent grammar and spelling. While spellcheck will catch many common spelling errors, you need to know you’re using the right word. Transcriptionists can’t mix up you, your, and you’re. Additionally, your grammar skills need to be top-notch because you’ll be dealing with a lot of tricky grammar issues, especially if you’re doing strict verbatim transcription. 

Research skills. When you run into unfamiliar terminology or acronyms, you need to research them and make sure you’re formatting them correctly. Being able to do accurate research is especially important in medical transcription. You should be able to tell the difference between an authoritative website such as a medical center and an unqualified blogger. It’s imperative that all of your research is done from authoritative places. 

Communication skills. As a business owner, you need to communicate with your clients effectively. When you’re your own boss, doing a good job is only part of the equation. You also have to be sure you understand your client’s expectations, and your client understands the  services you provide. 

Computer skills. You don’t need to know the latest in tech to be a transcriptionist, but you do need to know your way around the computer. You should be skilled in word processing software and transcription software. You also may need to know how to use file transfer protocol (FTP) to transfer completed files to your client’s or other specific platforms. If you work for a transcription service, they may have their own proprietary software you’ll need to learn. However, many of these are cloud-based and have similar functions. Basically, you’ll have to access a job, type it, and submit it. There may also be functions for notifying quality assurance (QA) if something needs to be double-checked. 

Where Can You Find Transcription Jobs as a Beginner?

If you’ve never done transcription before, it’s a good idea to start working as a general transcriptionist for a service. You can build up your skills before you have to worry about finding clients. Make sure you understand the pay structure before you invest the time and effort into working for them. 

Many companies pay per minute of audio transcribed. This is not how much you get paid per minute of working. A minute of audio may take a beginner 10 minutes to transcribe. Even very experienced transcriptionists take at least four minutes to transcribe a minute of good-quality audio. Bad audio may take much longer. You should do some test transcriptions to determine how long it takes you to transcribe a minute of audio so you can calculate your true pay rate. 

If it takes you 10 minutes to transcribe a minute of audio, you’ll make $3.60 per hour working for a service that pays 60 cents per minute of audio. If you can do a minute of audio in six minutes, you’ll make $6 per hour working for that same rate. The good news is if you do it regularly, you’ll quickly improve your accuracy and speed, and therefore your pay. However, you’ll never make a lot of money working for these services. 

If you want to make more money in transcription, you’ll need to do more specialized transcription work, such as medical or legal, or work for clients directly. Working for a transcription service while you build up your own business can be a good strategy. If you’re interested in building up some experience before you find your own clients, a service may be a good option. Here are some companies that hire transcriptionists with no prior experience for online transcription jobs: 

Gotranscript

Gotranscript is a web-based transcription service that frequently hires beginners. It pays 60 cents per minute of audio transcribed. You can choose how much or how little you want to work, and you choose which jobs you want to take. Gotranscript pays weekly via Paypal. To apply, you will have to take a grammar quiz and do a transcription test, which is the industry standard when you’re applying for transcription jobs. 

Crowdsurf

Crowdsurf is a transcription platform that’s always hiring new transcriptionists. If you’re accepted, you’ll start with basic jobs, but you can level-up to more complex work that pays better. The platform provides transcription and captioning services, so you’ll have access to a variety of work. Crowdsurf is different from some other transcription sites because your audio files are 15 to 35-second segments of an audio file. After they’re completed, they’re combined with other segments from the same file. So you’re only working on a portion of a file, not the entire thing. 

Crowdsurf pays  via WorkMarket, so you have to set up an account there to getpaid. Your pay is based on the volume and accuracy of your work, in addition to any bonuses. After you complete at least 100 tasks on level 1, you’ll be eligible to level-up to higher-paying tasks. Crowdsurf doesn’t list pay rate on its website, but Glassdoor reportsaverage transcriptionist salary at Crowdsurf is $6 per hour, with a range from $2 to $9 per hour. 

Quicktate

Quicktate transcribes voicemail messages, memos, letters, legal files, medical files, phone call recordings, conference calls and other audio files. It features a variety of work and gives priority to fast and accurate transcriptionists. It offers audio files in many different languages, so if you speak another language, you may get extra work. You’ll take a typing quiz and a test to apply. They pay 1/4 cent per word for general transcription and 1/2 cent per word for medical transcription. 

Upwork 

Upwork is a platform that matches freelancers with work opportunities. After you create an account, you can bid on posted jobs. People who post jobs can set a price they’re willing to pay or leave the price open and see what bids they get. The pay rate for jobs on Upwork is much higher than the pay rate of most transcription services. However, you may have a harder time finding consistent work on Upwork. 

Transcribeme

Transcribeme offers general transcription jobs starting at $15 per audio hour, which works out to 25 cents per audio minute. You’ll be eligible for higher-paying jobs and advancement opportunities after you’ve been there a while and develop your skills. 

Happyscribe

Happyscribe is a company based in Barcelona, but hires US-based transcriptionists. It has a higher pay rate than many other transcription services at .9 euro per audio minute, which works out to a little more than $1 US at the current exchange rate. The process for applying is similar to other services. You’ll need to take a quiz and do a test transcription. Happyscribe pays every two weeks in your currency, so you don’t have to worry about exchanging it. 

How to Become a Transcriptionist and Make Money From Home

The best way to make money as a transcriptionist is to start your own business. Once you’ve built up some experience and are confident you can handle the work, you can charge substantially more than you would make working for transcription companies. The downside is that it may take some time to build your business to the point that it can support you. Here are the steps you’ll need to get started: 

Identify Your Skill Set and Choose Transcription Service to Provide

The first thing you need to do is decide what type of transcription services you want to offer. If you specialize in medical or legal transcription, you can charge more than for general transcription. Captioning video may require special equipment like MixCaptions or Amara, so make sure you factor that into costs to start up. If you want to offer services but you don’t currently have the skillset, this would be a good time to take a class at Skillshare or Udemy. Once you’ve decided whether you want to be a generalist or specialist, you can decide on your best option. 

Take a Transcription Course or Training Online

Medical transcription is the highest paying type of transcription work, but you’ll need the training to do it. You don’t have to be certified as a medical transcriptionist, although you can. The Association for Healthcare Documentation Integrity (AHDI) is the certification body for medical transcriptionists. It offers two types of certification, the Registered Healthcare Documentation Specialist (RHDS) – Level 1 and the Certified Healthcare Documentation Specialist (CHDS) – Level 2. 

Certification would certainly give you a competitive edge over other transcriptionists when you’re trying to get clients. There are many online transcription courses that offer training in medical transcription, but none of them offer certification. To get certified, you’ll have to go through ADHI and take a test to qualify. 

Legal transcription pays better than general transcription. Like medical transcription, certification is optional. The American Association of Electronic Reporters and Transcribers (AAERT) offers a test for certification as a legal transcriptionist. Its website offers a list of approved schools and courses for legal transcription. 

You can also look into transcription training courses for setting up a general transcription business. However, you should check with people who have taken the course before you invest a lot of money. You want to verify the quality of the program before you commit to it. A good program should include information that will help you set up your business and find clients, not just offer the type of information you can find in a free mini-course. 

Set Up Your Transcription Business

Once you’ve finished training and decided what services you want to offer, you’re ready to set up your business. After you decide on a name, check with your Secretary of State’s website to see if it’s available. You can set up your business as a sole proprietorship, a limited liability corporation (LLC), or a corporation. There are benefits and drawbacks to each, so you may want to consult with an attorney to decide which is best for you. 

Create Social Media Presence

When you have your official business name, you can set up a website and create social media profiles on Facebook and LinkedIn. You’ll need a Facebook profile to buy ads, which you may want to do in the future, and LinkedIn is the best social platform for business networking. 

Your main online presence will be your website. Make sure it’s simple and easy to navigate. It should be easy for your clients to contact you, so put your contact information in a prominent place. 

Choose Your Pricing Structure

Before you decide on your prices, figure up the cost of running your business. You want to keep your prices competitive but make sure you’re charging enough to give yourself a good hourly rate. You’ll need to charge more than the hourly rate you want to earn because you will have to invest a lot of unpaid time in running your business. 

Consider varying your rates based on factors such as turn-around time, audio quality and the number of speakers. You can charge higher rates for rush jobs, poor audio and more speakers. 

Land Potential Clients by Applying to Jobs Online

You can start applying for online jobs after you have your website and pricing structure in place. However, don’t overlook your own website and social media channels for marketing opportunities. Reach out to your network and let them know you’re offering transcription. Use your platform to create value and establish yourself as an expert. Start looking for transcription work in freelance marketplaces such as FlexJobs, Guru, and Upwork.

FAQS on How to Become a Transcriptionist

Some frequently asked questions about becoming a transcriptionist include: 

How do I start to become a transcriptionist?

You can get started as a transcriptionist by applying to work with transcription companies that hire beginners. You won’t make much money to start with, but it’s a good way to develop your skills. You can learn what equipment you need and how to be more effective. Starting with a transcription company is an easy way to get started without an up-front investment. 

Trying it out before you commit completely will also give you a chance to make sure you enjoy transcription. If you decide you want to pursue a career in transcription, you can do some training courses or get certified in specialty areas of transcription such as legal or medical. 

How Much Do Transcriptionists Make?

According to Indeed, the average salary for a transcriptionist is $16.48 per hour. This number includes all types of transcriptionists, including those working for transcription services that don’t pay very well. You’ll make much less than this just starting out, and you can make much more if you’re running your own business. 

What Do I Need to Become a Transcriptionist?

If you’re just starting out as a transcriptionist, you can get by with a computer, a high-speed internet connection, a foot pedal, and a headset or headphones. Transcription can be hard on your body, so if you’re doing it full-time, you may want to consider investing in a good ergonomic chair and keyboard. Transcriptionists are prone to developing carpal tunnel syndrome, and an ergonomic keyboard may help protect your wrists. Additionally, if you start your own business, you’ll need transcription software and you may need other specialized software for certain types of transcription, such as video captioning. 

How Long Does it Take to Become a Transcriptionist?

You can get started as a general transcriptionist right away, but it will take a while before you’re making any money. Most medical transcriptionist courses take six- to- 12 months to complete. After you complete one of these courses, you can start as an entry-level transcriptionist. Legal transcription courses can be completed in three- to- six months. 

Do You Need Training to Become a Transcriptionist?

You don’t need any training to find work in general transcription. However, if you don’t know how to touch-type, you’ll be at a significant disadvantage. You will need training to do legal or medical transcription since there are specific guidelines you have to follow. You can get this training on the job, or you can take a course. Most places aren’t willing to hire people who aren’t trained. So if you’re interested in legal or medical transcription, your best option will be to take a course. 

Is It worth Becoming a Transcriptionist?

According to the U.S. Bureau of Labor Statistics’ Occupational Outlook Handbook, medical transcription jobs will decline 7% between 2020 and 2030. Electronic medical records and speech recognition software have replaced many medical transcriptionists. Legal transcription jobs are also expected to grow slower than average. If you’re searching for a high-paying job in an in-demand field, transcription may not be the best option. 

On the positive side, transcription is an easy field to get started in, and it offers a lot of flexibility. You can set your own schedule and work part-time or full-time. While it may not be as fast-growing or in-demand as some tech industries, it’s still possible to work in the transcription industry. If you start your own business, your possible earnings can increase significantly. 

Conclusion

Becoming a transcriptionist is a relatively easy process, although becoming a specialized transcriptionist can take up a year of training. Transcription offers you the chance to make some money by working when it’s most convenient for you. Starting an online transcription business can be a great side hustle if you’re looking to earn some extra money but don’t want to have to deal with a commute. 

While you won’t make much money when you first start, after you learn the basics, you can earn a lot more money by offering your transcription services directly to clients. Setting up a business is a lot of work upfront, but once you have some regular clients, you’ll reap the rewards. 

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