Encouraging and supporting employees who have side gigs can benefit employees and employers. Here are eight (8) reasons why employers should consider allowing and supporting their employees who have side…
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Remember when we were told to go to college to get a good job for financial security? That was good advice, back in day, until employers began #GoingLean by cutting jobs and benefits to cut costs and increase their revenue.
[ctt template=”8″ link=”0SRqf” via=”no” ]In today’s economic and employment environment, it is almost required to have multiple streams of income to pay your multiple streams of bills. – @MsMadamMoney[/ctt]For many people, side hustles are not just hobbies to make a little extra cash. Side hustles are entrepreneurial ventures necessary to make ends meet financially. We are in the new age of DUALpreneurs (full time employees who are also entrepreneurs) and it is Exciting!
In this episode of Financial Fornicating with Madam Money Podcast, my #YoungMoney guest Cody Berman of FlyToFI.com shares:
- The “best” type of side hustle
- What a Savings Rate is and how it affects your Side Hustling and Entrepreneurship
- Advice for young and aspiring Entrepreneurs
- And more…
About Cody Berman
Cody is a 22-year-old entrepreneur pursuing financial independence and intentional living. He runs the personal finance blog “Fly to FI” and co-founded the disc golf company Arsenal Discs. He is extremely passionate about finance, fulfillment and life optimization.
Thank you for listening to the “Financial Fornicating with Madam Money” Podcast!
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Most Full-Time Working Professions who are also Entrepreneurs, also known as DUALpreneurs, have the same challenge … not enough time to do everything that needs to be done. Between working all day, taking care of the family, running errands and “Plotting Profits in PJs” for their entrepreneurial venture at night and on the weekends; finding time to do necessary small business tasks, like follow up, answering emails and calls, etc., can be overwhelming.
Throwing in a commute to work that’s thirty minutes to an hour or longer makes completing those tasks seem almost impossible.
Thank God for modern technology, because entrepreneurs can use Laptops, Tablets and Smartphones to conduct business. So, whether your long journey to your full-time gig is by plane, train or automobile, here are 10 ways to turn your daily commutes to work into cash generating opportunities for your side small business.
Keep in mind that most of these tasks are recommended if you are the passenger. However, some of them can be completed while you focus on driving safely.
Catch Up On Emails
If commuting by plane or train, use the time to catch on responding to important business emails, as well as emails to follow up with prospective or existing clients. Most planes and trains have WiFi, so reply and follow up with those potential income emails with a quick response.
Even if the commuter does not have wireless internet, most smartphones have a Mobile Hotspot feature that uses the data plan for wireless internet access.
Conduct Conference Calls
Although best while commuting as a passenger on a train or automobile; if driving make sure the car has hands free calling capabilities for this one. Use the windshield time to conduct conferences calls for your small business or schedule client coaching sessions.
Scheduling those much need conversations during your commute will not only expedite the cash generation,m but it will make the commute seem must for profitable.
Start Or Finish Writing A Book
That book deep down inside is itching to come out and bless the world. Turn that boring passenger ride into the best story ever written by … YOU! Start off with an outline, then during each trip write a few paragraphs or chapter for each outline topic.
Before you know it, the first draft of a future best-seller will be written and ready for editing and publishing to be sold all over the world! Cha-Ching!
Listen To Or Read A Book
One of my most favorite smartphone apps is Audible. Audible will turns commutes into an audio adventure of learning to earn more profits. Audible sells digital audiobooks, radio and TV programs, and audio versions of magazines and newspapers via the App and the internet.
So, do you have a book that you always wanted to read but never really had the time like “How to Win Friends & Influence People” by Dale Carnegie.
Or, maybe you’re just not an avid reader but really wanted to learn some strategic techniques like in “Side Hustle: From Idea to Income in 27 Days” by Chris Guillebeau.
And as the passenger, if you are an avid reader, the app Kindle is awesome. It’s like having access to thousand of books in a tablet or in your smartphone through the Kindle app. So, go ahead and finally read “Financial Fornication” by Tarra Jackson. I hear it’s great! 🙂
Listen To Motivational Speakers
Motivation is at your finger tips. Youtube is not only the #2 largest search engine in the world (next to it’s owners Google, which is #1), finding motivational speeches from Celebrities and Business Moguls like Oprah, Tony Robbins, John C. Maxwell or Eric Thomas is easy to access. Maybe that recorded motivational call by your network marketing up line will start your morning or end your work day on a profitable note.
Listening to motivational speakers ignites an excitement about your small business, gives you helpful tips and keeps you motivated to keep moving forward. So, let’s get Motivated!!!
Pray or Project Positivity
An attitude of gratitude is the key to prosperity. Saying a prayer for your family, your day, your business and yourself will start your day off on a positive note.
And based on the Law Of Attraction, we attract into our lives whatever we are focusing on. So, take the commute time to think about everything you are grateful for, ask the universe for what you want, and imagine your day, week, year and life they way you want it to manifest. Also, recite, think about or create positive affirmations.
You have the power to create everything (good and bad) in your life. Doing this mental manifestation and projecting positivity will open up the universe for you. Always remember:
[ctt template=”8″ link=”ta71I” via=”yes” ]Money making moves manifests in the mental. [/ctt]Write Down or Dictate Your To Do List
So many things to do … so little time. Well, you at least have about an hour to think through what you want to accomplish for the day, week or month during your commute. Think about the tasks that will help you generate cash quickly.
As the passenger, write down or enter into your smartphone those tasks. What is also helpful is the schedule when those tasks will be worked on or completed.
As the driver, use the microphone app in your smartphone to dictate those quick cash generating tasks so you can refer to or write them down later.
As for those miscellaneous busy work tasks that need to be done like social media posts, blast emails, etc., find a friend, family member or college student that believes in your business to help you out. If you are financial able, consider paying a virtual assistant to handle the busy work while you focus on the money making matters.
Journal
Journaling can also be therapeutic if you a dealing with emotional challenges as well.
Let out all of your emotions with your pen, as a passenger, in your journal and you will feel a sense of relief so you can focus on starting and completing your cash generating tasks.
As a driver, create a voice journal by recording your thoughts during your commute. There are plenty of free apps for that.
Think About Solutions
Where there is a challenge, there is a solution. Most of the time we know how to fix the problem, we just need time to think it through. So, take your commute time to think about a problem or challenge that has been blocking your cash generation and think through some possible solutions.
Trying to figure out a way to engage your audience on social media without being on social media 24/7? Do you need for customers to come to your website to buy your products and services? Or … Do you need to tell you partner that you need more help around the house or with the business?
Whatever the problem or challenge, turn your commute into a Troubleshooting Session. Sometime your solutions is figuring out who to ask for help to fix the problem.
Take A Power Nap
Now, this one only works for passengers! So drivers, don’t try it unless you have time to pull over in a safe place.
Sleeping may not seem like a cash generating activity, but a quick 10 to 30 minute power nap can produce the small boost of energy needed to tackle the day and necessary cash generating tasks. Have you ever tried to get something done but your brain seemed clouded and every other word was mumbled by an uncontrollable yawn.
There’s nothing like feeling refreshed and focused to get thing completed and feel accomplished.
What do you do during your commute to increase your cash generation?
We are in the 4th quarter, known as the last stretch of the year! Can you believe it? If you haven’t started already, this is the time to put things in place for your business success next year. So, here a some BOSS Investments that you should make in the fourth quarter.
Invest Time in Creating Your Plan
Image you want to go on vacation. After you determine where you want to go and taking into consideration of your current location, you probably create a plan of how to get to your destination successfully. This planning process is the same when creating a plan for your business success for the new year. Also, writing down your goals and action plan increases your chances of execution and accomplishment. Invest time in writing down your business goals and action plans, including resources required to be successful. Think about the following:
- How much revenue do you want to make next year?
- What products or services do you want to introduce, update or sell?
- What is your business mission for the new year?
- What do you need to reach your business goals and execute your plan of action?
- Who do you need to reach out to as a center of influence or ambassadors for your business?
These are just a few questions to ask yourself to get started on creating your plan for the new year.
Invest in Your Professional Development
Profitable business owners never stop learning. Professional development is essential to being a successful business owner. Invest in professional development events like, webinars, seminars, certifications, coaching, conferences like Women Entrepreneurs Rock in November or networking events like BOSS Brunch. Attending these types of events will be the best investment in your professional development, which will yield the highest return as a business owner.
Invest in Your Self Care
Business owners spend so much time building their business and taking care of their families that they forget or neglect to take care of themselves. As stated in article, “5 Kick A$$ Biz Tips I Learn from the Women and Money Event at #FinCon16,” there is a reason why the first instruction when we fly a plane is to “put your oxygen mask on first.” Taking care of yourself is crucial to your business and personal success. Make sure to invest in your self-care so that you can rejuvenate, repair and replenish our mind, body, and soul so you can reach your business goals.
Invest in Your Business
It’s time to step up your game for the new year! Invest or reinvest a portion of your earnings back into your business. Whether it is to create or update your website and marketing materials or to revamp your brand or build your business reverses (savings), investing in your business is the key to business longevity.
Invest in Building Relationships
It’s not only about prospecting and finding customers or clients. It is about building relationships with people that will refer your products or services to people they know. These awesome people are called “Centers of Influence.” These people may never buy your products or services, but they like, know and trust you enough to refer you to their family, friends, colleagues or customers. Begin the process of building relationships with centers of influence so that you can create an endless stream of referrals.
Invest in Your Future
Most business owners spend most if not all of their business income in building their business that they forget to create an exit strategy. During the next ninety days, speak with a financial professional to discuss how to invest in your future and plan for the longest vacation of your life, retirement. Putting a little something away for your future will put you in a better position than doing nothing at all.
Invest in Your Family
Motivational Speaker and Business Owner, Cheryl Wood, shares her story about how she spent all day giving her job and customers the best of her, but when she got home, she gave her family the worst of her. They got the tired, irritable, impatient, grumpy, hate-my-job, miserable side of her. I’m sure that most of us can relate to what Cheryl was going through because we are probably doing the same thing. We love our families, but sometimes they get the worst part of us. Make time for and spend time with your family. Schedule a family game or movie night, picnic in the park, mini staycation or just dinner together at the dinner table. It’s all about quality! Invest in your family because they are your support system and your biggest cheerleaders. And in this business owner game, we need all of the cheerleaders we can get.
What are some other BOSS Investments we should execute in 4th quarter? Comment below.
This post was proofread by Grammarly
There are so many glorified stories of business ownership that many people have a misinterpretation of the real and respected life of a business owner. Millions of people are making their decision to start their business and become their own BOSS, and many will succeed! Will it be you?
Well, to be a profitable and successful Business Owner, here are 3 traits to AVOID …
Being a Cheapskate
Unfortunately, I believed the “Bootstrap” banter! To bootstrap is to start a business with little capital and I thought that I could get everything I needed for little to no investment. What I learned is that getting the information and services that I needed to be a successful business owner would cost me. If I was not willing to invest my money to get what I needed faster, I would have to invest my time to figure out how to get it slower. Although I learned a great deal along the way, I wasted valuable time, money and potential revenue by being a cheapskate.
I had the misnomer that I would be giving my money away if I hired a coach. This mis-education of money helped me to lose over $50,000 in a year. If I had invested a few hundred dollars in a coach to help me do it right, I would have gotten a return on my investment through building my business the right way with income coming in faster.
TIP: Successful business owners take risks and understand the value of investing in themselves and their business by getting experienced coaches and talent to help them propel their business to stratospheric success. Don’t be afraid to invest in what you need to be successful. You are worth it. [tweet this]
Being a Know-It-All
I was able to run a financial institution; surely I could certainly run my own business. Right? WRONG! It turns out that there is much more to running your own business than there is to running a business that someone else built. Unfortunately, I was a know it all. I did not think that anyone could tell me something that I did not already know. This cost me big. What will it cost you?
It reminds me of when I was a teenager. I dismissed everything my parents said because I knew so much more than them. Of course, when I grew up and became a parent I finally understood what my parents were trying to tell me. And yes, they were right.
Oftentimes new business owners have the same mindset that their idea has never been thought of and that it will work regardless of the experience of other business owners. Take it from me: don’t dismiss the knowledge of an experienced business owners. It is not always that someone is trying to tear down your dream of being the next Bill Gates. The experienced business owner that you trust just may be sharing some of the requirements and possible obstacles that you may face so that you will be prepared.
TIP: Connect with trusted experienced business owners. Listen to their wisdom as you would a great-great-grandparent. [tweet this] If you think you know it all, you actually may not know what you do not know, and that is the most expensive ignorance there is.
Being a Scaredy Cat
I wanted to be a successful business owner, but I was scared! Scared of what? You name it, and I was scared of it. I was scared to Fail, scared to Succeed, scared of people’s perceptions, scared that no one would like, want or buy my products and services… the list could go on. I was so scared of everything that this fear paralyzed me. Some call it self-sabotage, but sometimes I was paralyzed. The real scary thing about it was that I did not know why I was so scared?
I missed so many opportunities by being scared and allowing that fear to keep me from doing what I wanted to do. For example, I knew I needed to do videos to increase my brand exposure. All of my competitors were utilizing video and they were experiencing major success. However, instead of doing what I knew I needed to do to be more successful, I would say, “I hate doing videos,” or “I have nothing to say for a video.” I was just qualifying my fear and justifying why I should not do what I needed to do for my business.
I learned that fear is not a bad thing or a bad word. Fear is a signal that goes off when we venture outside of our comfort zone. And, guess who controls our comfort zone? We do! As we expand our comfort zone, the fear signal goes off less and less.
TIP: Expand your comfort zone by doing what causes you the most fear with your business. [tweet this] If video scares you, do a video and post it on YouTube, or do a Periscope or Facebook Live. After you do it a few times, you will notice that your fear signal will get quieter. The best way to shut Fear up is to expand your Comfort Zone.
Can you related to any of these or know someone who fits any one or all of those categories? Share you comments below.
CLICK HERE to get your copy of the best selling eBook “10 Traits to Avoid To Be A Successful Business Owner“ via Kindle along with more tips on how to get ready fast!
I’m considering starting up a personal business. How should I prepare financially? —Anonymous
Being your own boss is the dream for many Americans.
But it’s not as simple as quitting your job and then pow! Instant entrepreneurial success. Instead, it takes time. And, of course, it takes money.
Here are a few ways to prepare.
Don’t quit your day job just yet
If you’re unsure about jumping into the world of self-employment, try some baby steps first. Pick up a side gig, turn your passion into a mini business or cultivate your side hustle into something bigger. And most importantly, set some money aside. You’ll need something to live on while you’re business is still getting off the ground and isn’t making money yet.
Kristin Sutton, a financial planner and founder of her own business, Debt Free Black Girl, admits that when she first embarked on a life of entrepreneurship, she was a little too excited to hit the ground running.
“I quit my job prematurely and it’s been a struggle,” she says. “Your job is your first investment into your business. Utilize that money to fund your start-up costs. It’ll keep you afloat while you’re starting to make money consistently.”
Kimmie Greene, a self-employment expert and head of communications at Intuit Quickbooks, says she frequently hears from young people who are excited to leap directly from college life to starting their own business. Her advice: slow down. Experiences working for someone else can actually make you a more successful entrepreneur.
“It’s really important to have a year to a few years working for someone else, because you establish a network and you learn your work style and you learn what it is to potentially manage someone else’s money before you manage yourself,” she says.
Know your numbers
Knowing the health of your business account means also knowing the health of your personal account.
Sutton suggests keeping your personal money and your business money completely separate — and start that habit on Day 1. When you open a new bank account for your business, it ensures you save money for supplies, investments and eventually taxes, all without dipping into your personal funds.
Her own tip: meet with an accountant.
“I suggest people do hire an accountant if they aren’t good at managing their own money,” she says. “In order to be successful with the business, you have to know your personal finances as well.”
Pick your investments carefully
The best part of starting your own business is earning your own money.
The hard part: deciding what to do with it.
At your past 9-to-5 jobs, taxes, retirement savings and other expenditures come out of your paycheck automatically. You lifted pens from the office supply closet and poured java from the office coffee maker.
But as a self-employed mogul, none of that comes free. In your initial business plan, calculate what money you will have to set aside for taxes, insurance, retirement savings, rent, material costs and other business expenses.
With the money left over, however, you have to consider what you’ll keep as income — and what you’ll invest back into the business.
Greene recommends considering what matters most to you at different stages of growing your business.
At the very beginning, for example, a new computer may be more valuable than a membership to a coworking space. But as you expand, you may find that a coworking space or conference ticket offers invaluable opportunity to promote your product, meet mentors, connect to the larger industry community and more.
Originally appeared on CNNMoney by @JuliaCCarpenter
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