Based on outreach I have received after a recent story called Financial Advice for Side-Giggers and Entrepreneurs, it’s clear that many in the BE.com audience are hungry for information on how to master the hustle of the side-gig.
In fact, a study by Invoice2go found that more than 94% of side-giggers wouldn’t stop their side job to focus solely on traditional nine-to-five employment if they had the opportunity.
Case in point, Carol Allen. She was able to make enough from her side-gig — a Mary Kay business — to put her 3 children through college, all while working a full-time corporate job. BE.com asked her to share what she believed to be the key ingredients for side-gigging success.
- Don’t worry about the time you don’t have: use the time you do. Whether you have five hours or 25 hours per week, many people focus on the time they don’t have. But you can easily start a business and earn extra income in just a few hours each week. Carol can provide her tips to maximize the time available to create the most results; no matter what field you’re interested in.
- Do not underestimate the personal connection. In today’s world of social media, Carol says that in-person networking and one-to-one relationships are still the most powerful drivers of her business. Millennials should go ‘old school’ to increase clientele and build their business. She can provide additional ideas along these lines as well, in order to maximize opportunities. The most important thing is consistency. Building a business at home starts with consistency. Doing the same things every week — from networking to reaching out personally — will help build your customer base and, in turn, your business.
Like Allen, side-gigging can help you achieve your most important financial goals; for her, it was putting her children through college. In addition to your goals, make sure you use your extra income to create a strong financial foundation, through debt elimination, enough emergency savings to cover at least 3 months worth of living expenses, and beefing up your retirement savings.