A Guide To Starting Your Side Hustling In The Green (And Keeping It That Way)
Are you thinking of starting a side hustle but worried about the cost? This is completely normal. And a valid concern to have as a potential business owner. Starting a side hustle can be an exciting step for any career (and wallet) but you should make sure you’re starting the business out correctly from a financial perspective. A profitable side hustle is the goal and this can be achieved even at the beginning! Let’s dive in 3 ways to make this happen so we can get you starting on that wild side hustle dream of yours.
Methods For Making Your Side Hustle Profitable From the Beginning
Depending on your business module, you will require different upfront costs and overhead at the beginning of your business. However, just about any business can start smaller to help save on this cost. We’ll talk more about that later on.
Staying in the green and creating a profitable side hustle can affect your entire business model. By creating a lean business, you have a greater chance of staying that way and carrying those lean money mindsets with you on your business journey. This isn’t a bad thing to have as a business owner!
Here are 3 ways that you can start just about any side hustle out profitable. Between how you price your goods, how you choose to grow, and allowing your full-time career to fund your side hustle; there are solutions for all business types. Don’t feel pressure to go into debt for your side hustle. Side hustles are all about extra cash. So let’s begin making some!
01. Pricing Your Products And Services
When you go to price your goods and services, this is where you can begin setting your profit margin. Charging people can sometimes feel weird or uncomfortable. However, there are ways you can create your pricing structure without emotion and strickly set on a few factors.
Here are some tips for pricing your products/services:
- Start with how much money you desire to make
- Get realistic with how much you can work
- Ensure your pricing covers the cost of goods sold, taxes, and your payout.
By pricing our goods or services correctly, we ensure that it’s based around our target income and that all of our expenses are covered. This prevents situations like “breaking even for the experience (over and over)”. If you’re looking to set your pricing up correctly, explore my $5 Pricing Worksheets For Side Hustlers. These sheets will help you set prices with your target income in mind and model multiple business types.
02. Starting Smaller And Growing
Another way to start a profitable side hustle and avoid money stress straight from the beginning is to start small. Perhaps day 1 of being in business for your side hustle doesn’t need to be your complete vision. Instead, consider rolling out your side hustle in phases as to grow over time.
This allows you to spend less at the beginning, if at all. As your business grows to the next level, your income thus far can be invested back into your side hustle to help reach the next phase.
For example, if you want to create a side hustle as a podcaster, maybe you can start recording your show on your phone with free apps. And as you put a strategy into play and monetize your show, that income can go towards purchasing a podcasting mic and paid platforms with all the bells and whistles.
03. funding your side hustle
Another way your side hustle can start profitable, even at the beginning, is to set up a side hustle fund. One of the best parts about being a side hustler is that you likely have some type of another income stream via a lifestyle of 8-5 careers. This helps take the pressure of side hustle income and allows hustlers to get strategic and creative with their business so the money can roll in, correctly!
Consider funding your side hustle each money via your full-time job. This can be thought of as an allowance you give your side hustle. You can set up monthly paydays where you pay your side hustle fund to cover any costs. Over time when your business begins to make more, you can adjust that allowance or eliminate it completely.
Giving your side hustle a monthly fund can be a great way to start your business. And how amazing is it that you can allow your full-time job to support your hustle? If you’re considering a monthly fund for your business, consider Chime banking. Chime is an online baking account with a top-rated app and customer service. I’ve been using Chime for 6 years now and could not be happier! With Chime, you can easily transfer money like this, set up round-up savings, and get daily push notifications for your balance. Click here to get $100 on me when you sign up for Chime today!
Starting Your Side Hustle Today
Don’t let the fear of your side hustling costing too much money prevent you from starting. Just about any side hustle can be started with very little money. And as we all know, this is not an indication of the size they can grow into! Side hustles are more powerful and profitable than ever!
If you’re ready to start your side hustle today, let me help! Click here and I’ll guide you from start to finish on creating your side hustle and every way I can help in between. You can also explore more blog posts, just like this one, that break down a few tips, tricks, and questions for starting your side hustle!
Today side hustles are an ultimate game-changer for those looking for their financial lives to change, looking for a career change, or to utilize their creative talents. And if you’ve been thinking of starting your own business, this is your sign to do it! Nothing is holding you back, surely not the money aspect!