Side Hustle School #4: Managing time and money in your side hustle

09/06/23 • 28 min

Managing time and money effectively in your side hustle is essential for its success and personal fulfilment. Time management involves setting clear priorities, creating a structured schedule, and minimising distractions. By planning and allocating specific time blocks for your side hustle, you can ensure consistent progress without sacrificing your primary responsibilities. On the financial front, budgeting and tracking expenses are crucial. Keep a close eye on your earnings and expenses, reinvesting profits wisely to fuel growth. Striking a balance between time and money management enables you to navigate the challenges of your side hustle while achieving both personal and financial goals.

Join your host, Emma Edwards, in episode four of the Side Hustle school mini-series as she shares more about managing time and money in your side hustle. Time is money, and we need to be very strategic to maximise our time and money in our side hustle to ensure we are getting a return on the work we put in.

Episode Highlights:

[00:01] Episode intro and what’s in for you today
[01:31] How to be strategic with your time upfront in your side hustle
[02:44] Treating yourself like a resource and booking yourself out for your side hustle
[11:13] Ensuring the extra money you earned from side hustles is not leaking out
[13:47] How keeping your side hustle income separate can be a game changer
[15:29] How the money from your side hustle is taxed and treated
[20:31] Setting aside your tax first in a separate savings environment
[21:04] How to manage your side hustle expenses and maximise your returns
[25:11] A quick recap on what you need to manage time and money in your side hustle
[27:02] Wrap up and end the show

Standout Quotes:

“Time management and prioritisation is important in determining not only the success of your side hustle but also your happiness, fulfilment and achievement of your Why.” - Emma [02:13]
“The outcome might be the same, but the intention you are going in with can determine how you feel about it and therefore the longevity of the outcome ” - Emma [10:19]
“Unless we change our money beliefs and our thought patterns around Money, More Money won't always help.” - Emma [13:33]
“Keep your income and your expenses for your side hustle separate; this not only gives you clarity and makes things so much easier when it comes to paying taxes and understanding how much money you have made, but it also helps you see the extra money you got and be intentional with it .” - Emma [14:09]
“Having your expenses organised in a side hustle is an important part of your success, but it is a big mindset to undergo, especially if you have been an employee or you are currently an employee .” - Emma [22:17]

Stay Connected

Emma Edwards

Website: https://thebrokegeneration.com/?v=518f4a738816

Instagram: https://instagram.com/the.brokegeneration

Hosted on Acast. See acast.com/privacy for more information.

Episode Highlights:

[00:01] Episode intro and what’s in for you today
[01:31] How to be strategic with your time upfront in your side hustle
[02:44] Treating yourself like a resource and booking yourself out for your side hustle
[11:13] Ensuring the extra money you earned from side hustles is not leaking out
[13:47] How keeping your side hustle income separate can be a game changer
[15:29] How the money from your side hustle is taxed and treated
[20:31] Setting aside your tax first in a separate savings environment
[21:04] How to manage your side hustle expenses and maximise your returns
[25:11] A quick recap on what you need to manage time and money in your side hustle
[27:02] Wrap up and end the show

Standout Quotes:

“Time management and prioritisation is important in determining not only the success of your side hustle but also your happiness, fulfilment and achievement of your Why.” - Emma [02:13]
“The outcome might be the same, but the intention you are going in with can determine how you feel about it and therefore the longevity of the outcome ” - Emma [10:19]
“Unless we change our money beliefs and our thought patterns around Money, More Money won't always help.” - Emma [13:33]
“Keep your income and your expenses for your side hustle separate; this not only gives you clarity and makes things so much easier when it comes to paying taxes and understanding how much money you have made, but it also helps you see the extra money you got and be intentional with it .” - Emma [14:09]
“Having your expenses organised in a side hustle is an important part of your success, but it is a big mindset to undergo, especially if you have been an employee or you are currently an employee .” - Emma [22:17]

Stay Connected

Emma Edwards

Website: https://thebrokegeneration.com/?v=518f4a738816

Instagram: https://instagram.com/the.brokegeneration

Hosted on Acast. See acast.com/privacy for more information.

Previous Episode

Side Hustle School #3: Marketing yourself + getting clients and customers

Marketing yourself and attracting clients and customers is essential for the success of your side hustle. To effectively promote your side hustle, you need to leverage the lowest-hanging fruits by distilling your marketing to the essential need-to-dos to get the most opportunities. Marketing your side hustle ensures that your client can find you, give you money when they want to give it to you, and tell their friends about your product. With so much competition, so many ads, and so much information available, you want to ensure your side hustle is visible and with repeat visibility in order to penetrate your target customer's decision-making. Consistent, diligent efforts in marketing yourself and consistently delivering value to your clients and customers will be your pathway to long-term success in your side hustle.

Join your host, Emma Edwards, in episode three of the Side Hustle school mini-series as she shares strategies for marketing yourself and finding all those important paying clients and customers. We all want people to pay us for our products or services. Tune in and learn how to market yourself, make people aware of what you do, convince them to choose you, and hand over their money for your offer.

Episode Highlights:

[00:01] Episode intro and what’s in for you today
[02:10] What marketing our side hustle is all about
[02:55] How to build your side hustle marketing funnel
[05:07] Marketing strategies for the early stages of your side hustle
[08:13] How to find and connect with your ideal clients through marketing
[10:41] Optimizing your customers' pre and post-purchase experience
[14:31] Distilling your marketing to the essential to-dos to get the most opportunities
[17:46] Making your side hustle visible with repeated action to build traction
[21:07] Wrap up and ending the show

Standout Quotes:

“Marketing is all about putting your product or service in front of your ideal customer or client, and building your relationship so that they know who you are and understand what you do.” - Emma [02:10]
“When it comes to marketing your side hustle, visualizing it using marketing to move customers through the different phases can help you understand how to put yourself out there and what kind of messaging you can use to attract customers.” - Emma [03:35]
“The early stages of marketing your side hustle can feel a bit scrappy because they are about gaining visibility and building traction: it’s getting yourself in front of your potential market, expressing your skills, services, and product, and capitalizing on opportunities to relate to them.” - Emma [05:10]
“Distilling down your marketing into the essential to-dos and the lowest hanging fruit for your side hustles to get the most opportunities is about making sure clients and customers can give you their money when they want to give it to you, tell their friends about you and you are good at what you do .” - Emma [15:03]
“You cannot be in the right place at the right time if you don't go anywhere; a lot of work and customers that you will attract will not be traceable as we often think; you need to show up over and over and show people what you do repeatedly before you push them through your funnel .” - Emma [16:46]

Stay Connected

Emma Edwards

Website: https://thebrokegeneration.com/?v=518f4a738816

Instagram: https://instagram.com/the.brokegeneration

Hosted on Acast. See acast.com/privacy for more information.

Next Episode

Side Hustle School #5: Growing and building longevity in your side hustle

You have successfully launched your side hustle. Congratulations! However, you might be wondering how to sustain and expand it further. Join your host, Emma Edwards, in the last episode of her side hustle school mini-series as she shares key things you can do with the side hustle you have created to ensure its longevity, or know when it's time to call time.

Episode Highlights:

[00:01] Episode intro and what’s in for you today
[02:49] What to do with the side hustle you have created
[02:51] Doing a SWOTLH analysis
[06:23] Come back to your personal why
[09:07] Set growth goals
[11:56] Be aware of burnout
[13:00] Be aware of side hustle spending
[15:37] Taking your side hustle full-time
[17:22] Align your mindset

[20:02] A quick recap of ways to create longevity in your side hustle
[23:02] Call to action and ending the show

Standout Quotes:

“Your side hustle needs growth goals. But most importantly, think about how growth looks like, and how it resonates with why you started the hustle in the first place.” - Emma [09:10]
“When we start new projects such as our side hustles, we are always motivated and willing to work in jeopardy of our self-care. We should be aware of that because it can be a highway to burnout.” - Emma [12:43]
“A renewed mindset is necessary if your side hustle will have longevity. It is almost harder to take a side hustle full-time than to do your business full-time.” - Emma [17:22]

Stay Connected

Emma Edwards

Website: https://thebrokegeneration.com/?v=518f4a738816

Instagram: https://instagram.com/the.brokegeneration

Hosted on Acast. See acast.com/privacy for more information.