Entrepreneurship Archives - Women's Career Coaching

Entrepreneurship

Why you need to start a side hustle today!

May 17, 2020

There was a time when simply having a job meant job security. You knew that as long as you turned up to work everyday and did what was expected of you, you would have a job and a pay check as long as you wanted it. Sadly, those days are over. Job security in any industry is no longer guaranteed. We’ve recently all experienced unprecedented times brought upon us by Covid-19. Particularly when it comes to employment. Jobs and industries that we thought were stable, were eliminated overnight and without warning. What Corona virus has highlighted to us is no industry or job is safe. It’s been devastating to many individuals and families right around the world. Having no reliable income has highlighted why now more than ever, we need other sources of income.

According to the International Labor Organisation, full or partial lockdown has affected almost 2.7 billion workers, or four in five of the world’s workforce. Industry sectors that have been hit the hardest are retail and wholesale (482 million workers), manufacturing (463 million), food and accommodation (144 million) and business services and administration (157 million).

What happens when job security is suddenly taken from you? What do you do?

On the other hand, the cost of living is increasing, debt is higher than it’s ever been and your salary increase just isn’t cutting it. The Covid pandemic has shown us that having an additional source of income adds more security to your income. Security that also comes in the form of, peace of mind. Money stress is one of the highest forms of stress out there in the world. Being able to reduce that stress is something we’re all keen to do. Starting a side hustle is exactly the way to reduce stress and increase your financial independence. It also reduces your reliance on one main source of income. Now, more than ever, it’s time you took control of your income.

What is a side hustle?

According to Chris Guillebeau, “A side hustle is not a part-time job. A side hustle is not the gig economy. It is an asset that works for you.” Chris is an American author, blogger and speaker. He has written the books, The Art of Non-Conformity, The $100 Startup, The Happiness of Pursuit, Born for This and Side Hustle: From idea to income in 27 days.

Chris also adds a side hustle is not your primary source of income. It’s not meant to replace your full-time job and it’s also recommended that it is different from your main occupation. The reason being is it’s good to utilise different skills and more importantly you want to ensure that you don’t become bored by doing the same thing.

Having a side hustle isn’t a new thing. According to a new study commissioned by GoDaddy, one in ten Australians have a side hustle making an average of $24,000 a year. An astonishing 44 million Americans have a side hustle, according to Bankrate.com.

Why have a side hustle?

More income means more options. More options equals freedom and freedom means living a life on your terms. You are no longer reliant on your employer as your main source of income. You are able to create security for you and your family. The extra income can go towards paying bills, paying off debt, saving up for larger items such as a car or house or putting extra money towards your retirement. The extra income can really increase the quality of your life and is yours to do whatever it is you like.

What work do I perform in my side hustle?

A side hustle can be many things but as Chris talks about in his book, Side Hustle – From Idea to Income in 27 days, side hustles fall into three categories. These are selling a product (your own or someone else’s), selling a service or being a middle person in some way. Examples of selling a product could be an ebook, online course or craft through an Etsy shop. A service example could include selling coaching, tutoring or social media management. The third option of being a middle person, could involve buying products cheaply and reselling them on eBay.

Examples of side hustles – starting a blog, transcription work with companies such as Rev, coaching, reselling on eBay, developing and selling an online course, driving for Uber or a dog minding business. With the increase in working from home, there are so many opportunities for side hustles. Ideas are everywhere, there is really no limit to what your side hustle could be. Check out this post by Nick Loper which is loaded with ideas for you side hustle.

How do I start a side hustle?

Keep in mind a side hustle has low start-ups costs. After all, you are starting this to make money.

Why do you want to start a side hustle?

Getting crystal clear on your purpose provides a bigger why. As you set about establishing your side hustle, knowing your ‘why’ will help to keep you focused and clear on the bigger picture. It also helps to keep you from getting bogged down in the day to day. Put simply, your ‘why’ is your vision.

What skills do I have?

When thinking about what side hustle to start, it’s important to think about what skills you have. What are you passionate about? What things are you interested in? It’s important to not just copy and do something because you see other people doing them. You need to be true to yourself. When you force yourself to do something, it becomes a struggle and you’ll find it hard to stick with it.

Develop a timeline

An important part of building a side hustle is to set a timeline for yourself with each step along the way. By doing this, your mind focuses and you start to take action to move you closer to your achievement. Regardless of whether you offer a service or have a product to sell, get clear on what you want to achieve and by when.

Photo by Emma Matthews Digital Content Production on Unsplash

Another great resource for starting your side hustle is Nick Loper’s website http://www.sidehustlenation.com. Nick is a former nine to fiver who escaped the corporate grind and built a very successful side hustle business. He also has a podcast which is a fantastic resource to increase your knowledge and hear inspiring side hustle stories.

Like anything, you’ll need to take action, massive amounts of action. You’ll also need to be disciplined and motivated to keep going even if you encounter some challenges. It’s not going to be a walk in the park, but it will be worth it. Just think about what it would mean to you and your family to have another source of income. It’s difficult to put a price on freedom, particularly financial freedom. What does financial freedom mean to you? What would an extra $2,000, $3,000, $5,000 or more each month do for your current situation? It’s up to you. The only thing that is stopping you, is yourself. If you’re still unsure, here’s a quote to inspire you on your side hustle journey.

“Never give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.” – Earl Nightingale

4 Questions you should ask before becoming an Entrepreneur?

May 16, 2020

Have you ever wanted to start your own business but are unsure whether you’ve got the entrepreneurial spirit in you? Are you feeling unfulfilled in your career?

With the arrival of a birthday each year, it’s fairly common for us to reassess where we are at in our life, relationships and career. We ask ourselves questions such as, am I happy in my job? Am I feeling fulfilled at work? Is this really what I want to do for the rest of my life?

When you spend up to a third of your life at work, it’s fairly important that you enjoy what you do. For a lot of us we get up, go to work, do our job and enjoyment is often fairly low down the important priorities list. Whilst enjoyment should be at the top, often other things such as financial security and what job options you have take precedent. With so many of us not enjoying our jobs and careers, it’s no wonder we look outside our cubicles for something else. That something else could be finding another job or career that aligns with our passion or starting a business based around what you enjoy.

If your job doesn’t excite or energise you, and you want this year to be a year where you explore other options for your career, then it’s time to think about becoming an entrepreneur. Maybe you’ve never stopped to consider this as an option. Entrepreneurship can be a rather daunting thought. That little voice in your head takes over and bombards you with more questions. What would I do? How would I earn money? Where would I begin?

Before you succumb to that little voice, let’s look at 4 simple questions you should ask yourself which might help you decide whether entrepreneurship is for you.

Do I want to help others?

As humans, we’re wired to want to help others. It makes us feel good and often through helping others we are in fact, helping ourselves. It also brings a sense of community into our interactions and provides purpose to our life. If you recall a time when a natural disaster such as a flood or fire occurred, it’s very evidence there’s a strong bond in the community as people rally together to assist those affected. There’s an extra bonus when you know your work impacts others for the better, you often experience greater job satisfaction. Think firefighters, nurses and social workers. Scientists refer to this feeling as a “helper’s high”, adding that the release of endorphins positively impacts mood and boosts morale.

Can I solve a problem that others have?

Solving problems is really at the core of business today. Find a solution to a problem and you have yourself an instant money-making machine. Okay, so money won’t magically appear in your hands but if you think about business as nothing more than solving a problem, you’re thinking like an entrepreneur. How do you know what problem you can solve? Grab a piece of paper, sit yourself somewhere quiet where you won’t be disturbed and fold the paper in half lengthways. Next, think about all your skills. List them down the left side of the paper. Then for every skill you have listed, think about the problem it solves and write this on the right side of the paper. For example, I have the skill of interview coaching, this solves the problem of a lack of confidence people have in interviews. Now step back and review your list, identify your top 5 and research whether you can build a business based on one of those.

Do I have a growth mindset?

Why does mindset matter and what is a growth mindset? According to Dr Carol Dweck, a growth mindset helps us reach greater levels of achievement. Someone with a growth mindset embraces challenges, persists in the face of setbacks, learns from criticism and finds lessons and inspiration in the success of others. For any would-be entrepreneur, it’s critical to adopt this mindset approach. It’s not all doom and gloom if your mindset still needs some work. Cassandra Dunn, a psychologist, offers 5 tips for developing a growth mindset, they are: a) start using the word “yet”, for example I’m not much of an entrepreneur yet, b) progress not perfection, c) unhook from criticism and praise, d) celebrate effort, not talent and e) learn to love the process.

Am I persistent and determined?

This question is closely linked to the adoption of a growth mindset. Any entrepreneurial journey is a marathon, not a sprint. It may take 3 weeks, 3 months or 3 years. It’s important not to give up. Keep your eye on your goal and stay the course.

We’re often quick to dismiss something if it feels uncomfortable or overwhelming. But sometimes it’s worth asking yourself, “what if”? What if I started my own business? What if I became an entrepreneur? More than ever people are taking control of their careers and entering the entrepreneurial world. A world where you can set your own hours, do what you love and feel like the work you are doing is truly making a difference. If you’re still not convinced whether becoming an entrepreneur is for you then ask yourself this question, “Will I look back on my life in 10, 15 or 20 years from now and regret not becoming an entrepreneur?”

Fancy a career change from employee to entrepreneur? Here’s 3 inspiring stories of Cubicle Crushers

May 15, 2020

When you decide to change careers to become a cubicle crusher and venture down the path of being an entrepreneur, it can be rather daunting. You often find your motivation goes up and down. It can be a case of two steps forward and three steps back. Sometimes you can visualise the success you’re after but it often feels too far away.

One way to stay motivated and energised is to read about career changers and entrepreneurs to learn how they crushed the cubicle. This helps to remind you to just keep going! Plus if others can do it, then you can too!

Here’s some examples of three entrepreneurs who’ve changed careers and crushed the cubicle. This will help you to turbocharge your inspiration and remind you it’s possible.

Mili Ponce Oliver – From Supervisor at Belkin to Affiliate Marketer

Peruvian born Mili was no stranger to entrepreneurship as her father ran a successful business. After school, she moved to London to attend university although had to withdraw from her studies when her father lost his business. As she needed to earn enough money to support her parents and herself, Mili got four jobs, working around the clock with hardly any sleep. After a host of health challenges, she realised she couldn’t keep working like this.

After a friend’s encouragement, Mili then got a ‘normal’ 9 to 5 job, securing a supervisor role at Belkin. It was a good job, in a good company and she was earning a good salary. Although she wasn’t feeling fulfilled nor happy with the salary she received. After attending an internet bootcamp, she tried making money on Twitter by promoting affiliate products. After a year, she managed to make $500 and this encouraged her to keep going. She then got serious, researching everything to do with Twitter including how to get traffic. During all of this, she was still working her day job. In her second month online, she managed to make $1,700 and in her third month, $2,500. Her success rocketed from there and by month five, she had made $10,000 by running Twitter marketing campaigns for authors, speakers and a variety of small businesses. She had crushed the cubicle!! Today, she is an international digital marketing strategist and the founder of Europe’s number one social media marketing blog, Social Songbird.

Corinna Essa – From TV production to Social Media CEO

Corinna went from an unemployed TV production worker to becoming the CEO of a very successful social media management business, Social Media Worldwide which turns over $4 million per year. With a university degree in TV production, Corinna couldn’t imagine working in any other industry. After she was made redundant at age 25, in the middle of the financial crisis, she realised she needed to do something different. Like Mili, she attended a seminar run by Mark Anastasi on social media. After listening to many strategies from all the different speakers, the one that resonated with her was selling other people’s products on Twitter for a commission.

Like Mili, Corinna studied Twitter and started affiliate marketing via the micro blogging platform. She created free accounts and built her following up to 10,000. She then started promoting products via Clickbank. Within three weeks of promoting products, she had replaced the income she lost from working in TV. After her initial success and crushing the cubicle, she went on to develop an online course in 2011, resulting in $15,492 of sales overnight. Her success continued on from there and she was invited to speak at a social media summit. From there went on to launch a ‘done-for-you’ Twitter service which led to her current business, Social Media Worldwide.

Amanda Clarkson – From career chaos to eBay entrepreneur

Amanda was always interested in making money and getting rich. Whilst her desire for success was strong, she’d had 33 jobs in a 10-year period and hated every single one of them. She would wake up each morning not wanting to go to work. She wasn’t fulfilled, nor was she happy. An honest conversation with her husband Matt back in 2006 confirmed they were both disgruntled with their life, and fed up with getting up each morning doing the same thing but hoping for a different result. The two of them embarked on the search for a better lifestyle.

In the early 2000’s when the internet was just coming into fashion, Matt said to her, “I know that people make money on the internet”. They dived deeply into the internet, even travelling to Nashville, USA to attend an internet seminar. They both fell in love with the idea of having an internet business but they weren’t sure how they would do it. One day in their home office, Matt received an email about eBay and encouraged Amanda to check it out. After doing a lot of research, she found out that all she had to do to make money was to fill a need in the market. Simply – connect people with products. What really appealed to Amanda about eBay was that she didn’t need to build a website or find traffic. They then started a business importing health and fitness products. Within six months, they were turning over $60,000 AUD per month and had become Cubicle Crushers! Check out more here.

The common thing about Mili, Corinna and Amanda is they all desired a better life. They’re no different to you. After some hard work and plenty of dedication they achieved their desired lifestyle. If they can do it, you can do it! Don’t wait for tomorrow, get started on your dreams today!

What dreams do you have for your career? How will you achieve them?

5 Podcasts That Will Skyrocket Your Business

May 9, 2020

As consumers, our appetite for podcasts has increased as they become the new radio, and consequently our medium of choice. Listening to them has never been so easy, with 64% of podcasts being listened to on a smartphone or tablet. We’re able to consume them in virtually any computer-free environment such as our car or at the gym.

According to statistics, podcast listeners get hooked. Those in the UK listen to over 6 hours per week and those in Australia listen to 5.5 hours per week. In the US, with only 21% of the population are listening monthly, there’s still plenty of opportunity to convert the rest.

So what is a podcast? A podcast is “a digital audio or video file or recording, usually part of a themed series, that can be downloaded from a website to a media player or computer” (http://www.dictionary.com).

Podcasts can be about any topic that people are interested in or passionate about. Most are free to download and listen to. You simply subscribe to a podcast via iTunes or an app on your phone to have each episode automatically downloaded when it is released.

For those of you keen to pursue your passion and become an entrepreneur, podcasts are one of the best ways to gain information and knowledge. All you have to do is listen. As podcasts allow you to digest information whilst doing your morning commute or daily walk, there’s no such thing as unproductive time. It’s important to be always improving yourself and doing something to move towards your goals.

With so many podcasts out there, it’s often difficult to know which ones you should listen to. So I’ve compiled a list of the 5 podcasts you need to subscribe to and start listening to today! These podcasts combine business tips and strategies, mindset approaches, lessons and challenges. As well as lots of entrepreneur journeys to inspire you every step of the way.

She Did It Her Way

This podcast is a must to subscribe to. It’s hosted by Amanda Boleyn who created “She Did It Her Way”. It’s a resource for female entrepreneurs wanting to make the leap into entrepreneurship. Amanda is extremely relatable having quit her corporate job in 2012. She understands the trials and tribulations associated with the world of entrepreneurship. She’s honest, down-to-earth and vulnerable in sharing her struggles and lessons. The podcast has a mix of interviews with other cubicle crushers who’ve made a variety of transitions as well as solo-casts with Amanda. There’s a range of topics from mindset, the journey of entrepreneurship, productivity, relationships to spiritual awareness. With an average podcast length of 35 to 40 minutes, it’s perfect for your daily walk or morning commute.

2. Christy Wright’s The Business Boutique

The energetic and deeply passionate Christy Wright has developed a podcast for like-minded women wanting to build a business. Her podcast explores everything from combining motherhood and a business, digital marketing strategies, making money in your business to understanding if your business ideas will work. Christy shares her true self, uncovering and exploring the challenges of business and family. Along with solo-casts where Christy delves into a topic to interviewing others who’ve walked the path her listeners are on. There’s always something to learn and many gold nuggets you can take away from her podcast. Allow about an hour to soak up the information and enjoy her endearing accent. You’ll love what The Business Boutique Podcast has to offer you.

3. Achieve Your Goals with Hal Elrod

Hal Elrod is the most amazing, inspirational and passionate person I have ever listened to. From surviving a car accident at age 20 where he was clinically dead for six minutes, broke 11 bones and was told he will never walk again to surviving acute lymphoblastic leukemia, a very aggressive form of cancer. Hal’s positive mindset and determination is absolutely inspirational. Everybody needs a bit of Hal in their podcast playlist! The Achieve Your Goals podcast provides you the motivation and inspiration to achieve your goals and dreams. Hal’s energy is infectious as you listen to him interview others about how they have achieved their goals and dreams. From building wealth to making the best of every day, the list of guests share their journeys and offer practical tips for anyone wanting to achieve in any area of life. The average podcast length is about 42 minutes and it’s the most favourite minutes of my week. I literally look forward to the new release of Hal’s podcast every week. A must for your weekly podcast listening!

4. Pivot Podcast with Jenny Blake

Based on the book, “Pivot”, this podcast hosted by Jenny Blake explores unique stories of Pivoters who’ve often walked the unconventional path. The stories are refreshing and moving as they share lessons learnt, challenges overcome all whilst embracing the unexpected and learning to trust in their bigger purpose. Jenny has a very honest and raw connection with her interviewees which really draws you in and makes it relatable. Usually around one hour long, there’s so much value and takeaways that you’ll be wanting for more.

5. Online Marketing Made Easy with Amy Porterfield

The incredibly honest Amy often exposes her true self to her listeners sharing everything from her personal relationships, struggles with self to tips and strategies for building a six to seven figure business. Her behind-the-scenes look at business gives you actionable steps to help you build a successful business of your own. From online course creation, creating a lead magnet for your audience to creating multiple streams of revenue. Amy combines a mixture of solo-casts and interviews with other experts on a range of topics to provide a super-sensational resource for your business success. It’s easy to connect with Amy as her infectious personality comes through. Not only is this one of the best 40 minutes or so of your week, there’s a wealth of information shared that you’ll need to download the notes of the podcast to ensure you captured everything. Subscribe today to supercharge your marketing and business success!

So grab some pods or earphones and subscribe to one of these podcasts today. Such a great way to increase your knowledge, develop yourself and learn!