Tips to Maintain a Successful Side Hustle

For many, side hustles are an essential part of their existence. With the cost of living increasing, side hustles become more attractive as a way to close the gap. Many people start to create content as a way to supplement their income. But there are many mistakes people make with regard to these side hustles. Most notably in terms of budget. So what do you need to do so you don’t go over budget? Here are some approaches to fine-tune your finances and maintain a successful side hustle.

A successful side hustle should still track income and expenses

Track your income and expenses for a successful side hustle

This should be a no-brainer for any job you have. Whether it’s a side hustle or a full blown business. One of the easiest ways to keep track of your side hustle expenses is to keep a spreadsheet. Consider using Excel or Google Sheets. The spreadsheet so list the date the money was received, the amount, and a short description of how it was received. This will help you keep a running tab of money coming in and going out.

A very common side hustle involves selling products for Avon. To sell Avon, become an Avon Representative. But one of the biggest mistakes people make while working for Avon is buying too many products at the start. The process of working for a company like this involves taking orders and then buying the items for the customers to reimburse you. If you don’t have much money, tracking your income or expenses is critical. Especially if you want this to a successful side hustle.

Price your products or services accordingly for your side hustle

Price your services properly

Many people who start a side hustle think that they need to be competitive. Therefore they equate this to being cheaper. In order to ensure that you actually make money, you should calculate the costs of providing every aspect of your service or products. I know this sounds like a major “duh” moment. But so many people don’t account for all of their expenses. Especially when it comes to packaging materials! With realistic profit margins, this will give us a far better ability to keep on with our successful side hustle, rather than thinking it is a money pit.

If you aren’t offering a product or service, you may still have expenses to account for. If you are creating content, you will have to think about:

  • your time spent making the content
  • your expertise in the subject matter
  • your camera equipment
  • subscriptions you purchase to store or make content like Creative Cloud, DropBox, or Canva
  • and your audience size or engagement rate

Don’t sell yourself short for whatever your side hustle is. Value yourself accordingly and the money will follow – even if it takes some time! This is the key to a successful side hustle.

Avoid unnecessary expenses to pursue a successful side hustle

Avoid unnecessary expenses for a successful side hustle

You’ve heard the expression “you got to spend money to make money”. This might be true with big businesses, but side hustles should have modest expenses. If you plan on creating ads for yourself, consider testing a few platforms. Not all platforms yield the best results. As such, it’s no use putting money in ads that don’t help with conversions. But remember to be conservative with your ad spend. Your side hustle should be making you more money than you spending it. If it isn’t, then don’t keep throwing money at it.

Additionally, you may plan on expanding your side hustle’s products or services offerings. Before doing that, take stock of how your current offerings are doing first. If they are selling out frequently, then consider expanding. But if you are just covering your expenses, focus on your current offerings first. Expanding too soon could potentially mean disaster for your bank account.

Separate the business from the personal

A side hustle is exactly that – a SIDE hustle. Not your main hustle. Therefore you have to determine how much time you can invest in it but also understand your financial objectives. If your side hustle ends up affecting you negatively, you will have to cut ties. But if it starts to expand quickly, you may have to consider what that means for you. Can you turn it into a full time job? Are you saving for a specific goal or are you looking to just supplement your income? When you open a separate bank account for your side hustle, you can track your income and expenses accurately. It makes preparing your taxes that much easier.

As much as we want to invest in a successful side hustle we really have to stick to the idea that it is purely on the side not just of our lives, but of everything. And we have to treat it accordingly to make sure that we don’t go beyond what we can realistically afford.

Build a successful and scalable at-home business

Build a Successful and Scalable At-Home Business

Now more than ever people are flocking to remote jobs. Some may even make it a requirement during their job hunt. And now more and more Americans want to build an at-home business. Not only for convenience but also as a means of pursuing their entrepreneurial dreams. With great flexibility and low overhead costs, it’s appealing to take a first step on the entrepreneurial journey. For approximately 15 million Americans, the potential for financial independence with a home-based venture, from investing in Fixed Annuities to selling products, makes it an attractive option. However, starting a business from home requires careful planning and execution to ensure long-term success and scalability. Not sure where to start? Here are some ideas to get you started.

Woman facing her computer screen working in her in-home office.

A productive routine at home

It doesn’t matter if you’re a full-time remote professional or you only work on your home-based venture in your spare time. One of the biggest challenges for a successful at-home business is maintaining your productivity. That’s where having a strict routine can make a big difference. Having your set “office hours” as well as scheduled break times will keep you on track. It may be tempting to do chores, watch TV, or shop online. But you have to remember that even though you are at home, you are also still at work.

Furthermore, don’t get caught up in your work. It can be easy to build an at-home business whenever with such a convenience of working from home. But it’s just as important to know when to stop your work day. Your house should still be a place to relax. But if you feel like working from home is turning your sanctuary in to a constant work environment, you may want to consider having your own office space in a spare bedroom or in a granny flat. This will allow you to close the door on your office at the end of the day and put it out of your mind.

Additionally, you want to optimize your tech use. Ensuring you’ve got the right tools and software solutions is only the beginning. You also want to make sure you know how to make the most of your work devices to leverage productivity and manage your time more effectively. 

Money being exchanged between two people for a loan. Cash is in hand.

Funding solutions to build your at-home business

The key to growth is money. You can’t level up your business without enough capital. But capital, as you may have guessed, is not easy to generate yourself. That’s why you want to investigate the best options for your needs: 

  • Pitching to investors. Take your time to research your audience group and niche market. This will help you to present a fully relevant and informed value proposition. Investors seek compelling pitches that highlight the growth potential of each venture. So the more prepared you are, the better!
  • Selecting the right investors or partners. Just because someone is ready to invest in your venture, it doesn’t mean you should embrace all offers. In fact, it is worth researching investors and comparing their GIPS performance to ensure they are trustworthy. 
  • Apply for a loan. Either personal or commercial, depending on your options. Evolve Bank & Trust is an option if you need reliable and secure financing. They offer business loans tailored specifically for helping companies reach their growth objectives. With competitive interest rates and flexible terms they have something suitable for every need. But make sure that before signing any loan agreement that it fits in with what your requirements are or else you could find yourself stuck with one that doesn’t meet them!
  • Run ads on social media. This route is far less lengthy and expensive. You will still easily be able to fund your growth without breaking the bank or taking out a line of credit.

Keep in mind though that not all businesses require capital! Many successful at-home businesses are formed and run using dropshipping. This allows businesses to start and grow without upfront costs. With easy connections through popular hosting websites like Shopify or WordPress, all you have to do is pick your products, market them, and rake in the money! Your profit margins may be smaller than if you had your own equipment. However, during the beginning phases of your business, you can really focus on what works and what doesn’t. And from there, once you start scaling your at-home business, you can then switch to owning your own equipment.

Build social media account to create a supportive community to grow your at home business

Building a supportive community

Business communities can serve multiple purposes, from providing valuable guidance to building value-generating connections. A strong and supportive community can contribute to long-term success. First and foremost, you need to be on social media. You will want to create social media pages for most social media platforms under your business name. From there, create your brand voice and persona. Is your business more fun and conversational or is it more serious and direct? Who do you want to attract as a potential customer? Direct your posts towards them and you will soon start to see your social media following growing.

But it’s not just about growing your community through social media. Additionally, it is worth reaching out to existing business networks to connect with experts, mentors and potential partners and suppliers. Your community will help your business reach the next step of its growth. Whether it be through fans of your business or other businesses that will help you expand.

Starting an at-home business is an exciting journey that requires careful planning and strategic execution to enable long-term growth. Is it going to be easy? Of course not. But your efforts are more likely to be fruitful once you’ve managed productivity, financing, and audience.