Is inflation hitting your wallet? Consider a side business; here’s where to start
With inflation on the rise and the threat of a recession looming, there's never been a better time to start a side business.
As everything from gas to food prices surge, inflation is hitting our budgets and has most of us gawking at our daily expenses. It’s easy to get caught up in the inflation frenzy; headlines are screaming that a recession is coming and it’s only human nature to want to cling to every dollar you’ve got.
However, I’d like to offer an alternative mindset that leans more into abundance and away from scarcity. How can you make more money without burning yourself out? Have you considered a side business?
A side business opens the door for more income—on your terms and without the risk of full-fledged entrepreneurship. A side business compliments your main gig while still allowing your 9-5 to be the star, the security, and the safety net.
It’s a move self-made millionaire, author, and CEO of Hello Seven Rachel Rodgers advocates for in her book, We Should All Be Millionaires: A Woman’s Guide To Earning More, Building Wealth, and Gaining Economic Power.
“There are many paths to growing your income, but the one with the lowest barrier to entry for folks in historically excluded groups is entrepreneurship. This path doesn’t force you to cut back or spend less on the things that bring you joy — it shows you how to create more for yourself: more opportunities, more open doors, and more money,” she said in a blog post.
So where do you begin? Here are two ways to jumpstart your side business and gain momentum towards earning more money.
1. Find a community of people who are already doing it
Building a business is incredibly hard—and it’s even harder doing it alone. Surround yourself with a community of like-minded people who are turning their ideas into cash and watch the load become lighter and lighter. Find a business mastermind, Facebook group, or a podcast about creating passive income. The more you allow yourself to hear the possibilities in business the more likely you are to keep going when it feels tough to move on. Start with your network: Who do you already know that’s going to work and selling something on the side? Think Mary Kay, skin care, services like copy editing, or building websites. I bet if you look hard enough you’ll find someone you already know bringing in extra income on the side. Get inspired by them!
2. What can you sell?
You won’t have to look far for this one. What are you already doing that could be monetized? Are you great at creating Canva presentations? Why don’t you offer your service to your network and see what happens? Are you good at crunching numbers? Create an LLC where you help people budget their money and set financial goals. Then, hire accounting bookkeeping services to ensure all your business accounts are accurate and up-to-date. The point is, you’re a money-making machine, you just have to see yourself doing it for YOU and not someone else.
There’s one more point you should consider before opening up shop. Watch this week’s episode of The Reset with Coach Tish at the top of this article for more.
Letisha Bereola is a life coach who helps ambitious women overcome burnout and reach their career goals so they feel great at work and happy at home. She’s a former Emmy-nominated TV news anchor, Podcast host of AUDACITY and speaker. Learn more: www.coachtish.co.
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