Today, at 39, I have seven income streams, including affiliate marketing, blog and podcast ads, speaking engagements, digital courses, AirBnB rental income and brand partnerships. Combined, they bring in an average of $37,394 a month in revenue. Of that, $9,300 is in passive income.
Building a sustainable business takes time. I didn’t officially leave my 9-to-5 until 2021. So don’t put unnecessary pressure on yourself to create a six-figure business in two weeks. That’s not realistic, despite what social media may tell you.Â
Make a plan to grow and scale your business by identifying what improvements you need to make to take things to the next level. Here is what I always tell people before they take the plunge to run their side hustle full-time.Â
DON’T MISS:Â The ultimate guide to earning passive income online
As you grow your business, it’s so important to know your numbers.
I used to use basic spreadsheets to reconcile my side hustle income and expenses, and I usually only did this at year’s end, so I had little idea what was happening throughout the year.Â
When I made the decision to grow my side hustle into a full-time business in 2020, I invested in accounting software that allowed me to track my income on a daily basis. Having this information at my fingertips helped me stay in touch with my progress. I’m a big fan of using tracking software like QuickBooks, Wave, or Xero to record your expenses.Â
Once you start doing it regularly, you can cut out unnecessary expenses in real time.
Setting up your business finances involves several important steps to ensure that you can effectively manage your income, expenses and overall financial health. Here’s a guide to help you get started:Â
1. Separate personal and business finances
Establish separate bank accounts for your business to keep your money separate. This distinction is crucial for accurate bookkeeping and tax purposes.Â
2. Choose an accounting method
Decide whether you’ll use cash or accrual accounting. Cash…
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