Want to Turn Your Side Hustle into A 6-Figure Business? Read this first.
- Written by Jodie Nevid
Here are the three things you need to be on top of.
As a young child, I was brought up by my entrepreneurial grandfather to see everything in the world as a potential business opportunity.
I’d make him a card for his birthday, and he’d say “This is the best card I’ve ever had! You should start a business selling these.” I’d blend up a milkshake, he’d guzzle it down and yep, he’d say the same thing. In his eyes you could start a business doing almost anything, and he was right.
By the age of 10 I set up shop in my driveway and sold my old toys and unwanted junk to kids in the neighbourhood. When I got my driver’s licence at 16 my side hustle grew because now, I could drive around and collect unwanted junk from friends and family and set up shop at the local Trash and treasure Market and be exposed to a flood of buyers.
Then at 18 I won a scholarship to study visual arts and decided I wanted make money as a pottery artist so I made a range of hand crafted ceramic drums and sold them at local festivals and markets. Throughout my entire life I’ve always found a way to turn what I love to do (my side hustle) into a viable business that can pay me well.
Fast forward many years (and a few business ventures), my business, The Seven Effect, helps women turn their side-hustle into a 6-figure business so they can quit their job and build a life where they make a living on their own terms.
I’ve been helping women in business close to 20 years, and in this time I can assure you there are three things that are the missing link when turning your side hustle into a business success. They are the things that hardly anyone will do, but they are the things that will set you apart and ready for success.
1. Your Life Plan.
My experience with thousands of business owners has shown that less than 5% of business owners have a ‘Life’ Plan in addition to their Business Plan. Instead, they are hustling, grinding and winging it on a daily basis and as a result, their business becomes their life.
If you want your business to give you freedom instead of keeping you trapped, begin with your Life Plan. Take the time to design the life of your dreams and make it a vision that is so clear and compelling that it lights you up. Then build your business strategically to give you the life you want. This could mean a 4 day work week, or 6 weeks off a year for travel and family time. Whatever it is, jot it down and plan it out.
2. Your Results.
Ideas are wonderful, but they can be hard to sell, but results sell themselves. People pay for results; they buy solutions to problems so get crystal clear on the results your business will become famous for delivering. The more tangible and measurable those results are the better.
Every program we run has a specific result and promise. It makes it easy to attract the right clients and keep them focused on the goal as well.
Ask yourself these questions:
* What is the number one result my ideal clients want to achieve?
* What are the top ten problems my ideal client is facing?
* What are the top three problems you can solve better than anyone else?
* What are the three big mistakes my ideal client makes when trying to achieve that number one result?
The answers to those questions will help you unlock your marketing message (and content ideas!), connect with your audience, and have faith in your own offers.
3. Your Numbers
Knowing your numbers really is so important. Once you know your start-up numbers like how much you want to earn, how often you want to work etc., it’s important to get comfortable tracking your numbers regularly.
Every month, if not every week, there are three numbers you should track at a minimum.
Cash collected – this is money paid into your business
Work invoiced – this is new work won that’s confirmed but may not be paid in full yet
Money spent – this is the money going out of your account for expenses
I have a bookkeeper and accountant who track all my numbers but as the business owner who needs to make decisions every day, these are the three numbers I want to be on top of every month. A great book to help you fall in love with your numbers is Profit First by Mike Michalowicz.
Becoming a business owner is one of the most liberating things you can do, don’t let your business become an unruly beast that keeps you trapped. Get clear on what you want out of life first, then design your business to give you the life you want. Starting a business has many risks, which is why risk management policies need to be developed and periodically reviewed.
And if you need help crunching your numbers download the free Freedom Calculator on our website www.theseveneffect.com
Bio: Jodie Nevid is a serial entrepreneur and business coach. Dubbed ‘The Fairy God Mother for Women in Business’, she teaches women from all walks of life the secrets to building a business based on something they love that also facilitates their ideal lifestyle. Her business, The Seven Effect, has been responsible for transforming hundreds of women’s lives – many of which have created highly successful six-figure businesses based on their lifestyle terms.
