Career 14 March 2017
Out-of-the-ordinary ways of earning an income are on the up and up. More and more, we’re renting out spare rooms on Airbnb, selling crafts on Etsy or moonlighting as Uber drivers to earn extra cash. But what do you do if eventually you want that side hustle to become your main gig?
If you have a side hustle you’re passionate about – and one with genuine potential for financial success – it may be worth exploring. Start with these basic questions before ditching your day job to pursue your dreams full-time.
Am I financially ready?
The last thing you want to do is take a leap of faith and quit your job only to realize you’ve jumped into the financial deep end. Do you have a financial plan in place? Have you saved enough to cover your monthly budget for six months if needed? Do you know how much you’ll need in your retirement, and are you tracking to your goal? Are there start-up costs to fund your entrepreneurial dreams, and do you have those in savings? It’s important to estimate whether the income from your side hustle will be enough to keep you on track with all of your financial goals and sustain you long-term.
Map out a prediction of your side hustle income along with your monthly expenses. Try creating a budget using Northwestern Mutual’s 20/60/20 breakdown: 20 percent of income should go toward saving and investing, 60 percent for essential expenses and 20 percent for discretionary spending. Online tools can be a lifesaver when it comes to revamping your spending and saving limits, and using budgeting apps can keep splurging on guilty pleasures to a minimum while you’re trying to save.
If you don’t already have a financial plan in place, you’ll need one now more than ever. Before making your move, meet with a financial professional who can advise you on the best approach and create a tailored plan to help maximize your chances of future success.
Have I set boundaries?
Once you’re actively running your business full-time, the temptation can be to prioritize the financial needs of your business over your personal financial needs.
It’s important to define boundaries along with your personal definition of success. Realistically, how much money do you hope to make in the first year of your business? The first five years? How much of your own money are you planning to invest at the ground level? And perhaps most importantly, will you at least break even?
Ask yourself the tough questions now to help reduce financial stress down the road. Start off on the right foot by meeting with a financial professional who can help you chart out a plan as you build your business.
What will help me achieve success?
Have a clear vision of what success looks like to you. Whether your goal is based on financial success or simply having more work-life balance, there are plenty of online resources to help your business succeed: online accounting software for balancing business finances, sites for building your online and social media presence, and even online business consultation.
Online tools can help you test out options that will make the most sense with your business plan. Online forums for having conversations with other entrepreneurs can also be extremely helpful – after all, these people have already faced some of the same challenges you’ll likely experience.
Despite the prevalence of online resources, don’t underestimate the value of meeting face-to-face with a financial professional who can give the personal attention you’ll want when considering this important life change.
The financial responsibility of becoming an entrepreneur can be a unique challenge. But, by considering these important issues beforehand, you can build a more solid foundation for your start-up and be on your way to making your passion a success.
4 Min Read
Sometimes the person you have to stand up to is you! There I was, rewatching the Miss Universe 2019 competition. Which I do for inspiration from time to time. (No, seriously!) There is something about seeing women on stage, in full-on glam mode, and speaking with confident assuredness that really lights my fire!
I have seen this Zozibini Tunzi of South Africa win this crown so many times before, but something about this particular viewing, her delivery or her words, touched something inside me a little differently. At that moment, I truly believed, with complete conviction, that she lives what she speaks.
The announcement was made, the audience cheered, and the crown was awarded. The light was dazzling,, she looked stunning, almost blessed. The judges made the right call with 2019's queen.
Reflecting On Myself
Suddenly, the YouTube video ended. And I was left looking at a black screen. In the darkness of that screen, I saw my reflection and I began assessing what I saw, asking myself, "What have I been doing with my life?" It may seem like an overly dramatic question, but at that moment, I had to ask myself seriously… What have you done? The fact that I couldn't come up with a solid, confident answer gave my inner-cynic license to quickly spiral into self-criticism.
This went on for quite some time, until I got up. I stood up and walked to my mirror to have some serious one-on-one "Queen Talk." I needed to get out of that self-critical mindset, and I know that physical movement is something that help disrupt a way of thinking. I needed to remind myself of who I really was. The negative feelings I was experiencing at that moment were not reality.
Here are a few reminders for whenever you need some Queen Talk!
1.) Comparison is truly the thief of joy.
This saying feels like a cliché. That is, until it's applicable to you. At that moment, this "cliché, becomes self-evident. Comparing myself to someone on a stage with years of experience in an area I know nothing about is not only unfair but straight-up mean. A part of my comparison comes from me wondering, "Would I have the ability, if put in that position, to perform at such a level?" The answer is totally and without question, yes. I excel in the field I work in now, and I know that if I put that same energy towards something else, with practice, I could do just as well. No joy can come from comparing yourself to someone in a completely different field!
2.) Never forget the blessings that have been bestowed upon you.
Every single day, I am blessed to have the opportunity to wake up with all ten fingers and toes and choose to create the kind of life I want to live. There is so much power in that alone, but sometimes it's easy to take it for granted. Let us not forget those who are unable to make that same decision every day of their lives.
3.) Appreciate how far you have come!
I've been very intentional for some time to be kinder and gentler to myself. I need to realize that I am human. Being human means that I will not know everything, and I will continue to make mistakes.But I must let go of the need to always be right. I feel empowered when I can see the growth that I've made, regardless of the mistakes that may come in the future. I don't react to every little thing that bothers me, because I have learned boundaries when it comes to dealing with others and myself. I truly value my time and my energy, and, for that, I am proud.
4.) You Can Be Who You Want To Be
If you can see it in your mind, you can achieve it in reality. I saw myself when I looked at the women on stage, when she smiled, the way she talked, her elegant walk. For a moment, in my self-criticism spiral, I forgot that we are all connected. Debasish Mridha has said "I may not know you, but I don't see any difference between you and me. I see myself in you; we are one." I will not sit in the mentality of lack, there is more than enough opportunity and good fortune to go around for everyone. Her win was not a loss for me, but it can be a nudge from the universe for me to go ahead and dream big!
This Queen Talk was not easy. There may have been some tissues and tears involved but giving myself an honest yet compassionate talk is sometimes what I need to bring myself out of some bad head space. In these moments of doubt, you truly need to be your own best friend.When times get rough, criticism won't always come from outside sources. How you speak about yourself internally is crucial to how you see and feel about yourself. As Beyoncé once sang, "I've got Me, Myself, and I." We must put forth every effort to be there for ourselves. I look forward to more Queen Talks when some negative emotions arise. I am grateful for the person I am today, but I am excited to see the women I become.