How to Make More Money With A Side Business – EP 252

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There’s a widely held belief that people cannot pursue their ambitions in starting their side business outside their workplace or that they need to let go of their job to create a business. They’re all false. Today is about what mindset shift we need and strategies we can use to make more money outside the workplace while not selling ourselves to an app. We are going to water and give a little bit of sunlight to the ideas and skills within you.

Allow ourselves a room for failure and do not allow it to completely derail us.

#FrugalFriendsNote

Sponsors:

  • Wicked smart. You all know this one. If you’re listening to this podcast you are VERY familiar with this sponsor. It’s the not just ‘smart’ sponsor it’s the wicked smart sponsor reminding us we can be very shrewd with all our resources and decision making. Speaking of wicked smart; it’s a super good idea to keep your money you’ve been saving (like an emergency fund or sinking fund) in a high-yield savings account like the one offered at ’CIT Bank (currently at 2.15% APY) frugalfriendspodcast.com/CIT

Entrepreneurial Mindset: How to Think Like an Entrepreneur

This article from Hack The Entrepreneur has a great foundation for what we need to aim at if we want to take the next step in our side hustle or side business journey. We believe you don’t have to be the next startup CEO or be great at selling or be the stereotypical entrepreneur you think of, you can have a low impact side business that you do on the weekends and still make money. 

What Jen + Jill have to say:

Jill says that your ability to make a decision could make or break your future successes even in a small business. Additionally, recognizing that everything we do when we are starting our own business whether small or large, we are responsible for it. Jill also wants us to remember the major component in seeing success in your business is humility. 

Confidence can take you to many places but it’s not all the time that you may feel like it. Jen says she doesn’t know one entrepreneur that hasn’t felt like they don’t know what they’re doing. You are a human being, you’ll make mistakes and you’ll fail–give yourself some room to improve. 

How to Make a Fortune With $100

An interesting article from Entrepreneur.com as it gave some intriguing concepts about making money. The shared tips are from 6 different wealthy entrepreneurs on how they would make a fortune from $100 and most of it are things probably most of us haven’t thought of. 

What Jen + Jill have to say:

Jill wants us to test our idea, find out what’s the worth of the thing we’re trying to sell and look for the best place to sell it. It is also important to go above and beyond the service you provide by just being kind to your customer and doing your best to cater to their needs. 

Jen believes the best businesses to start when you have $100 or less are either sales or service businesses because all you need are a phone and the internet and these fields hone the skills that would be valuable to you when you have more capital. You can also start by utilizing your expertise. Remember that the success of your business is mainly about your deep knowledge and understanding of the marketplace rather than the business itself. 

The most unique/unusual side hustle we've (or someone we know) ever done

T-shirts for Jen and plants/DJing for Jill!

Bill of The Week

Thank you Emily for sharing your bill with us about $6 packs of light bulbs that will also save you money on your electric bill!

Thanks so Much for Listening!

Thanks so much for listening! Many of you know we have a private community where we do monthly money challenges and offer accountability groups. We want to congratulate one of our members for a big win:

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I have been tracking every expense since last March.

It seems there is always an “unexpected” expense such as a repair. You have to have the money put aside for that.

I watched my gas and food expenses go up monthly. I already consolidated trips and can’t save much more on gas. I have been eating more meatless meals and using aquafaba, the liquid that comes in cans of chickpeas, in place of eggs whenever possible. This has helped my budget.

Judith

Congrats! Thanks for listening and if you want to check out our monthly challenge community head to frugalfriendspodcast.com/club to see what challenge we have coming up next.

Keep leaving us reviews on iTunes or Stitcher, and sending the screenshot to reviews@frugalfriendspodcast.com. And don’t forget to share your favorite quote from the episode by using the hashtag #FrugalFriendsNote. 😉

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