Welcome to Good Money Vibes, the podcast where millennial women in the UK transform from being bad with money to becoming financial rockstars. Are you tired of feeling lost in the world of personal finance? Do you ever think, “I’m just not good with money?” Well, fear not. You’re in the right place.
Every Thursday, we dive into the heart of money matters tailored just for you. Good Money Vibes isn’t your typical finance podcast. It’s a friendly and conversational journey into the world of money, mindset, intentional spending, behavioral finance, and all things money education. I believe that being smart with money doesn’t have to be dull. It’s about understanding your financial behaviors, making purposeful decisions, and most importantly, feeling good about where your money is going. The episodes are packed with practical tips, expert insights, and relatable stories, all designed to empower you to take charge of your financial life with confidence and joy. Whether you’re sorting out your savings, tackling debt, or just curious about how to make your money work for you, Good Money Vibes is your go-to guide.
We’re not just a podcast; we’re a community. After tuning in, don’t forget to join our Money Confidence Club on Facebook. It’s a space filled with supportive women just like you, all on their journey to financial freedom. So grab a cuppa, hit play, and let’s turn those money woes into money wins. Welcome to Good Money Vibes, where good money management meets great life choices.
Hello, welcome, and thank you for joining me for another episode of Good Money Vibes. On today’s episode, we are going to be talking about how you can make money from the skills that you already have. Obviously, this isn’t about getting rich quick. This is about how to swap your skills for money.
A couple of years ago, in 2021, I started offering coaching more within my business. I did two types of coaching: personal finance budget coaching and coaching on how to start a side hustle, make money from your side hustle, and increase the money you’re making from your side hustle. These were the ones I really enjoyed. But there was always this common question that came up, “I really want to start a side hustle, but I just don’t know what I could do.” This is the number one thing. People often think they don’t have any skills that are worth money. They look at people online talking about side hustles, whose side hustle is talking about side hustles, and feel they can’t match that.
In this episode, I want to talk about not only how to find your perfect side hustle but also how to start making money from it. Whether you just want to do it on the side or build it up to become your main gig. Let’s get into it.
I fully believe that everyone has the ability to make money with their skills outside of a 9 to 5 job. Do I think it’s right for everyone? Not necessarily, because everyone has different priorities. But do I think everyone could if they wanted to? Yes. Let’s talk a little bit about what a side hustle is. A side hustle is a means of making money alongside your main form of employment or income. It’s like a flexible second job. You often hear about it as moonlighting. It’s a way for you to make extra money, educate yourself on a new topic, or have a creative release. Side hustles usually start on your own terms, allowing you to try new things or take steps in directions you were previously too afraid to try. It can be a casual and independent project or you can set up a small business.
Side hustles are becoming increasingly popular. In 2018, Henley Business School found that 1 in 4 Brits have a side hustle and work an additional 6-15 hours on top of their day job. They found that 43% have a side hustle in a completely different industry from their primary work. This indicates that side hustles are more common than you might think.
Now, let’s talk about how you might decide on what side hustle to do. I do this through a form of a quiz. So if you have a notebook or the notes app open on your phone, get ready. If you’re driving or unable to write, just take mental notes and come back to this later.
The first part is finding your why. Your why is simply your reason for doing things. Why do you want a side hustle? What do you want to achieve? Is it more money? A creative release? Do you want to learn something new? How will a side hustle achieve this? Remember, you don’t have to monetize every hobby. Think about what makes you excited about having a side hustle. Describe your ideal side hustle. How many hours a week do you want to dedicate to it? Is it online or out and about? Are you selling a service or a product?
Next, consider your timetable. Be realistic about the time you can dedicate to a side hustle. How many hours do you already spend on your primary job, personal activities, and socializing? After that, how many hours are left for a side hustle? Are there specific days or times you can dedicate to it?
Then, think about the skills you’re already good at. You have more skills than you realize. Consider what skills you use daily, both at work and in your personal life. What unique talents do you have? If you could learn something new, what would it be? What’s your current or past favorite hobby?
Lastly, consider the financial aspect of your side hustle. Do you have funds to start it? If not, how long are you willing to save? When do you expect to see profits? Be realistic. Most businesses don’t make much money in the first year, but they can grow significantly in the second year.
Using the answers to these questions, brainstorm potential side hustles. Do some research on others doing similar things. The more research you do, the more you’ll refine your idea. Remember, don’t worry if others are already doing it. That’s evidence that it’s possible. Business is personal, and people buy from people they connect with.
Now, let’s talk about niches. Your niche is your specific area of focus. For example, my niche is working with women on financial issues. This sets me apart from others. Finding your niche helps you attract the right clients. Think about your unique qualities and how they can attract your ideal customer.
Setting your price is another important aspect. There are three main ways to set your pricing: hourly rate, project-based, and retainer. Each has its pros and cons. Hourly rates are straightforward but limit your earning potential. Project-based pricing focuses on the value of work rather than time but can lead to fluctuating earnings. Retainers offer regular paychecks but can be tricky if projects don’t fit the retainer’s time frame.
To set your price, consider your expertise, total costs, time required, and what others in your industry charge. Remember, many people, especially women, undercharge for their work. Do market research to find a good benchmark.
Here are some side hustle ideas to get you started: blogging, Kindle publishing, print on demand, ghostwriting, podcasting, website building, freelance marketing, graphic design, app development, voiceover acting, YouTube, online courses, eBooks, printables, Etsy products, virtual assistant, bookkeeping, proofreading, CV services, online customer service, managing Facebook groups, transcribing, translation, Amazon Mturk, Swagbucks, market research, online surveys, matched betting, user testing, audiobooks, affiliate marketing, dividend investing, online teaching, dropshipping, tutoring, consulting, coaching, audio tours, part-time remote work, Fiverr, reselling, Amazon FBA, decluttering, book flipping, renting out space, medical studies, car flipping, computer repair, handyman services, mobile mechanic, party planning, 3D printing, upcycling, baking, TaskRabbit, e-commerce, various physical products, alterations, being a brand ambassador, catering, interior decorating, modeling, TV and film extra, photography, gardening, painting, selling jams and chutneys, losing weight, rental properties, renting out your car or parking space, vehicle advertising, vending machines, sports coaching, childcare, dog walking, cat sitting, pet sitting, personal training, yoga instruction, tour guiding, first aid instruction, general part-time work, cleaning, bathroom attendant, food delivery, parcel delivery, taxi driving, ironing, mobile laundry service, junk hauling, removal service, sperm or egg donor, car washing, house sitting, flyer distribution, mystery shopping, personal shopping.
If any of these jump out to you, do some research. There are countless ways to make money online. If you’re serious about starting a side hustle and need help, feel free to reach out to me. I’m always happy to help.
Next week, we’ll be talking about financial security. Thanks for joining me today. Don’t forget to leave a review or let me know your thoughts on Instagram or email.
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