245: How To Get Your Side Hustle Started Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner
245: How To Get Your Side Hustle Started Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, Virtual Assistant, Business Owner, Or Self-Employed
Starting a side hustle can be overwhelming unless you take the right steps, make sure you are covering all the necessary requirements, and understand what the demand is going to be on not only yourself but your lifestyle as well. There are many points to consider, and the more that you can review these before jumping into you’re your side hustle, the better off you will be. In today’s podcast episode, we’ll touch on the main points you should be thinking about before you start your side hustle, as well as items you need to be aware of when you are ready to get your side hustle started. Most entrepreneurs, overall, start a side hustle to provide income over and above what their main job is providing. Your side hustle may give you the financial freedom you are looking for in your life, and when you are up to the challenge, you decide you want it bad enough and are ready to put in the effort, you’ll start reaping the benefits from it as well. 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, listen in and make sure you take the right steps so that you are ready to start your side hustle out on the right path. 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:
Starting a side hustle can be overwhelming unless you take the right steps, make sure you are covering all the necessary requirements, and understand what the demand is going to be on not only yourself but your lifestyle as well. There are many points to consider, and the more that you can review these before jumping into you’re your side hustle, the better off you will be. In today’s podcast episode, we’ll touch on the main points you should be thinking about before you start your side hustle, as well as items you need to be aware of when you are ready to get your side hustle started. Most entrepreneurs, overall, start a side hustle to provide income over and above what their main job is providing. Your side hustle may give you the financial freedom you are looking for in your life, and when you are up to the challenge, you decide you want it bad enough and are ready to put in the effort, you’ll start reaping the benefits from it as well. 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, listen in and make sure you take the right steps so that you are ready to start your side hustle out on the right path. 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…In today’s episode, we’re going to walk through the steps you should take to get ready to start your side hustle. First, I want to talk to you about what you should be thinking about before you decide to start a side hustle, and then we’ll finish by talking about the specific steps you should take to get your side hustle up and running.
When you think about starting a side hustle, there are more than likely many questions that pop up for you. I want you to make sure you are taking the time to get these questions answered before you take the leap and start your side hustle. First, you need to make sure that you have the time to devote to your side hustle. I’ll assume that if you are looking at starting a side hustle, you have a full-time job that is taking up the majority of your time, and that’s fine; that’s why they call it a side hustle, right? Aside from this time, I want you to really take a look at the rest of the time you have available. Are you a parent or in a relationship that requires a lot of your time? How much time do you actually have to devote to your side hustle right now? How much time do you think you will have in the near future for your side hustle? Are you able to work on your side hustle in the evening, or are you willing to give up some of your weekends to do the work needed for your side hustle? All of these questions will help you to decide if you genuinely have time to devote to your side hustle. Create a schedule to see exactly how much time you’ll have available for your side hustle and where the rest of your time will be spent. Even if you do find that you have the extra time in your life, you also want to make sure you are able to set your side hustle as a top priority. This doesn’t mean that your side hustle always comes first because you can set boundaries so that you can still enjoy your life in the way you want, but you will want to set your side hustle as a higher priority in your life.
Next, what will the purpose of your side hustle be? Take some time to think about why you want to start a side hustle in the first place. Is it financial? Do you want to reach a life goal you set for yourself, or are you trying to get out of debt? When you have the reason or reasons why you want to start a side hustle, it will help you to push through when you have a day, and you just feel like giving up on your side hustle. Your why will give you the motivation you need to keep going so that you can reach your goals. Then, take a look at your personality type. Are you a self-starter? Will you be motivated and willing to put in the extra effort to be successful? After all, one of your reasons may be to turn your side hustle into a full-time business. To do this, you must have the determination and willingness to stick with it for the long haul.
Before you look too far down the road, make sure that your employer is ok with you starting a side hustle. It may be beneficial for you to speak directly with them prior to you starting your side hustle so that it doesn’t cause any issues down the road. Make sure there are no conflicts with your current employer and that you don’t have some sort of non-compete clause you need to consider. The last thing you want to do when you are looking at starting a side hustle is to lose your full-time job. Be respectful of your employer and the time you are working for them. Don’t mix the time when you are working in your full-time job with the time you are spending on your side hustle. You’ll likely want to keep your full-time job until you are able to build sustainable sales before you quit your full-time job or even have a savings built up that you can fall back on if needed.
Do your research on what you want to do with your side hustle. Dig deep to get answers to questions like, are you doing something you love and are interested in? Do you already have the skills needed? Make sure you are creating a solution to a problem that your customers will want and be willing to pay for. Is there a need for your side hustle in the market? Who are your perfect customers and ideal clients? What will your revenue stream look like? What will you be selling? When you have an idea of what you want to sell or the services you will provide, you can start developing a business plan. Wait a minute, did you just cringe a little? Don’t worry, when I say develop a business plan, I don’t mean that you need to create a one-hundred-page document. What you will want to do, though, is to create a business plan that you can work with. It doesn’t need to be written in stone. It should be fluid and able to change with the pivots you make in your side hustle as you grow. The main thing I want you to do is to think through your side hustle and understand what it is going to take to be successful. Your business plan should simply be a roadmap on how you are going to reach your goals. Decide what your business entity type will be. You will need this not only for legal reasons but you’ll also want to make sure you have the right entity for your tax preparation, and you’ll want to know how the entity type you select impacts your tax return. You’ll need to get a Federal Employer Identification Number and register your side hustle with your state. In your business plan, you’ll want to list out what you’ll be offering, what you are projecting for your sales, how you’ve researched your competition, and what you have to offer that your competition doesn’t offer. From here, you’ll start to see the potential of your side hustle. You can set up a budget or forecast which will list your income and expenses you expect to incur, and you’ll take into consideration any start-up costs, registration fees, branding, marketing, and website as well so that you have a good picture of your original investment in your side hustle. Make sure that you have a separate business checking account and credit card if you think you will need one, and keep your personal and business finances separate. This will help you make sure that your bookkeeping goes as smoothly as possible.
I know this sounds like a lot to do for a simple side hustle, but when you put in the time upfront, you will definitely see the impact throughout your side hustle business. I want you to be successful, and one way to ensure you keep moving forward in your side hustle is to set milestones that will walk you through and keep you moving forward so that you will be ready to launch your side hustle in the timeframe you set. Each milestone or deadline will bring you closer to actually running your side hustle. One thing that holds people back is perfectionism. I can really relate to this myself, but I want you to know that with every step you take in your side hustle, you will move forward. You need to drop your perfection if it is holding you back, I know this is hard to do, but it is important. You may have heard the saying, done is better than perfect. This is true in your side hustle as well. Don’t get hung up on a specific milestone. When you think that the task is ready, continue to move forward. You can always come back to it and refine and improve down the road. I want to ensure that you are not only reaching each milestone but surpassing each one and moving forward toward your goal. Even once you have your side hustle up and running, it will be important to ensure you are setting small incremental goals to continue to achieve. It may be your first customer, your next five customers, or your first sale, then your first $1000 in sales. You have to start small and build on these goals to grow your business. There are very few overnight successes in business, and your small incremental goals will keep your sights set and continue to help you achieve your goals. And don’t forget to celebrate even the smallest achievements you see in your side hustle. You are working hard, and you deserve to celebrate. These celebrations will help you to decide what your next incremental goal should be to work towards. When I work with my clients, they are always excited to share their accomplishments with me so that we can celebrate together, but it is equally fun when we work through the possibilities that are available to them. I enjoy helping them see the potential they have and how profitable their business can be. Whether you are looking to start a side hustle or you are already making money with your side hustle, I’d love for you to experience these same benefits when you work with me.
Imagine having a system in place where you spend less time buried in paperwork and more time doing what you love. That’s where I help my clients. They are able to have proper processes in place, understand why they are following through with these processes, and they have more peace of mind when it comes to their business. Striking a balance between the demands of running a business and maintaining a fulfilling personal life is an art; it’s about creating an environment where you can thrive and support your lifestyle. By being proactive and setting up efficient processes, you can ensure a smoother, more enjoyable year-end, and you’ll be prepared to file any necessary filings with the IRS. By working with me, you’ll change more than just your bookkeeping processes. Like many of the clients I’ve worked with, you’ll go from not knowing how to get through all the stressful situations or being unprepared to being totally in control of exactly what you are choosing to get done at the time you want to have it accomplished by, all while knowing you are doing enough and you’re able to enjoy your business and your personal life. I help clients just like you with strategy, mentorship, and coaching. When you work with me, you’ll show up much more differently than you do today, and, after all, this is what you ultimately want in your life, right? Come join me. When I work with clients throughout the year, they are able to reduce their stress and overwhelm, understand how to master their small business finances, develop solutions to grow their bottom line, and create a work-life balance they truly enjoy. I encourage you to take the next step by signing up for a free consultation where I’m going to teach you the first step in my process so that you can eliminate stress, overwhelm, or overworking in your professional or personal life while you continue to get done what matters so that you can live your life with joy, purpose and a more fulfilled life. Feel free to reach out to me with any questions you have; I’d love to help you on this journey. You can schedule your free consultation or sign up for a coaching session today at www.FinancialAdventure.com. As a Certified Public Accountant and Certified Life Coach, I can help you set goals and develop a plan that will allow you to lead a happier and more sustainable life in your business, career, or your personal life. I’m here to guide you through the financial aspects of your business as well as help you focus on the strategies you need to follow to reach the success you want to achieve in your professional or personal life and stay committed so that you can continue to keep pushing forward and relieve the stress, anxiety, or overwhelm you are currently feeling. Having an accountant and certified life coach like me can provide you with valuable insights and ideas to help you simplify your life, which enables you to go back to enjoying your professional and personal life. I work with business owners, accountants, and other financial professionals to create the actionable steps they need to take to ultimately achieve their goals while getting relief from the stress and overwhelm they feel from the pressure of owning a business, deadlines, and the workload they face every day. If you are struggling with this as well and would like some help developing a solution, help strengthen and maintain your emotional health, increase your well-being, create a more positive, happy, and joyful life, set and achieve your goals, and manage your relationships, You can go to www.FinancialAdventure.com and click on the work with me button. Sign up now. I help people get results and live a more joyful life. I know there is something you want in your life, and I can help you get it. Are you ready to enjoy your life now? Why would you want to wait? Are you ready to make bigger, bolder, stronger life goals? I’m looking forward to meeting with you soon and digging deeper to see where you currently are in your business or career and start creating actionable steps so that you can reach your vision and goals for the future, not only in your business or career but also in your personal life. I’m ready to work with you, see all of your successes, and watch you thrive in your business or career while creating your best work-life balance. I’ll post links to this and other valuable resources for business owners and accountants where you are listening to this podcast.
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.
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