107: Make Money With A Side Hustle Whether You Are Starting A Business Or Side Hustle
107: Make Money With A Side Hustle Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
People start side hustles for many reasons, but one of the top reasons is so they can make additional money. With the cost of living rising, many people are looking for additional ways to make ends meet since the income they are getting from their job isn’t meeting all of their needs. On average, one in three people has a side hustle. In today’s podcast episode, I’ll walk you through what side hustles are all about, why they are growing in popularity, and if a side hustle is right for you. If you’ve been thinking about starting a side hustle or have already dipped your toes in the side hustle world, listen in and make sure you are aware of how you can make money with a side hustle. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, many business owners start their businesses out as a side hustler. It’s a secure way for you to test the waters of entrepreneurship as well as your business idea before you go all in and lose the security you have with the income you receive from your current paycheck. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
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Show Notes:
People start side hustles for many reasons, but one of the top reasons is so they can make additional money. With the cost of living rising, many people are looking for additional ways to make ends meet since the income they are getting from their job isn’t meeting all of their needs. On average, one in three people has a side hustle. In today’s podcast episode, I’ll walk you through what side hustles are all about, why they are growing in popularity, and if a side hustle is right for you. If you’ve been thinking about starting a side hustle or have already dipped your toes in the side hustle world, listen in and make sure you are aware of how you can make money with a side hustle. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, many business owners start their businesses out as a side hustler. It’s a secure way for you to test the waters of entrepreneurship as well as your business idea before you go all in and lose the security you have with the income you receive from your current paycheck. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…
Welcome Back…More than likely, you’ve been hearing more and more people starting a side hustle, and if you’ve been thinking about jumping in as a side hustler as well, I’m here today to help you consider how you can make money with a side hustle yourself.
Let’s start out with what a side hustle actually is. A side hustle is an additional job a person takes on in addition to their primary job in order to supplement their income. You may want to supplement your income as a necessity to pay your bills or make ends meet with the cost of living going up. You might have a large purchase you need to make in the future, a wedding, a vacation you want to take, or you want to pay off a large debt you’ve already incurred, such as your student loans. Maybe you want to explore a new potential career, do something you love, or simply want to create more income for discretionary spending, disposable income, or to start a savings account. You want to make sure your side hustle is something that appeals to you. It should be something you are passionate about since you will be working on your side hustle outside of your regular working hours. This may mean that you need to give up your nights and weekends so that you can put that time and effort towards your side hustle, but you want to make sure you are setting boundaries so that you can still enjoy your life. We do a lot of this inside the Mastering Your Small Business Finances PROFIT LAB. When you love what you are doing, it makes it much easier to follow through with the work you need to do in your side hustle. Don’t confuse a side hustle with a second job. It isn’t necessarily a second job since you get to call the shots. You decide on how much time you want to spend on your side hustle, how much money you want to make, and what you are going to do in your side hustle. Essentially, you are an entrepreneur or solopreneur when you have a side hustle.
Most side hustles will start small and expand into a bigger business over time if this is the intent, but it’s just fine to keep your side hustle small if that is what you want. Think about what your overall goal is for your side hustle, and if you may want to grow or scale your side hustle into a full-time business in the future. The amount of income you can make will really depend on how much time you devote to your side hustle, if you can work your side hustle year-round, and if you are able to expand your reach from local to nationwide. Your side hustle is a way for you to explore your passions without losing the security you have with your full-time paycheck, but you want to make sure you do your research before starting your side hustle. Most side hustlers will use the skills they already have to get their side hustles off the ground. This allows you to use your side hustle as a way to increase not only your financial independence but to make extra money while being productive with your spare time and having a creative outlet for your skills. Side hustles can also give you personal and professional satisfaction since you are making decisions for yourself which can boost your overall confidence in yourself. Your side hustle can be flexible, you get to set your hours and your rates, and you could even earn more money with your side hustle than with your full-time job. You can also have a sense of security knowing you have your side hustle income coming in, even if you would happen to lose your full-time job for one reason or another. We work through all of this in the PROFIT LAB. Some of the most popular side hustles we see are freelancers, gig workers or entrepreneurs, and solopreneurs.
Before you start your side hustle, you might want to consider some of the traits you will need to make your side hustle a success. Do you have the motivation you need to keep going? Are you willing to learn additional skills? Are you okay with making mistakes and taking the time to learn from them so that you don’t make the same mistakes in the future? Think about the cost of getting your side hustle started. Most side hustles have a low entry cost or investment, but overall, you want to make sure you are selecting a side hustle that is in high demand and something that people need, want, and are willing to pay for. Consider your ongoing expenses as well so that you know how profitable your side hustle will be since you will be sacrificing or giving up your valuable free time. Make sure you check with your employer to make sure there are no issues or concerns they have with your idea of starting your side hustle and remember that you will need to report your income from your side hustle on your tax return in addition to your wages from your employer.
Most side hustles allow you to work from home, and many are done online or remotely, which saves you time and helps you to be more efficient. The advancements in technology and internet access simplify your ability to have a business and market using social media to expand your reach and find new connections. If you are ready to make money with a side hustle, join us in the Mastering Your Small Business Finances PROFIT LAB. In the PROFIT LAB, I help you ensure your side hustle is more profitable so that you can keep that additional money in your pocket. We help you make decisions, generate revenues, and create a life you can enjoy. I walk you through not only understanding the profitability of your side hustle but also how you can create offers and increase your sales. By taking control of your business finances, you can create the profitable side hustle you are striving for and meet the side hustle goals you’ve set to achieve. We prioritize and work on the essential tasks in your business, help you make decisions, and generate revenue while creating a work-life balance you can enjoy! Where you are right now in your side hustle journey is the perfect place for you to join us, and if you are ready to start, don’t let thoughts about the perfect offer, confusion about your pricing, or the fact that you are still working for an employer stop you. By taking action in your business, you’ll achieve your goals. You can join us by going to www.FinancialAdventure.com/profit and take advantage of our limited-time founding member pricing. Generating revenue and increasing profits requires you to have the right mindset and accountability so that you get results. This is what we do inside the Mastering Your Small Business Finances PROFIT LAB, and it’s perfect for you if you are a solopreneur or have a side hustle and you’re ready to be more profitable in your business. As a CPA, Business Strategist, and Coach, I help business owners just like you who know it’s time to do something different because what you’ve been doing in the past isn’t getting you the results you want. We’ll make sure you understand your business finances, your next steps and follow through with the vision you have for your business so that you can truly enjoy your business.
And, you know I’m going to ask…what’s at least one thing you will take away from this episode that will help your business succeed and grow your bottom line? If you need some accountability, join our PRIVATE Facebook community and post your action item, we’d love to support you.
