I started my side hustle on a whim. I had no concept of how to price art, I wasn’t sure about how I would get more clients, I didn’t really think about the business in the long-term. I just did. I could write a whole blog on the lessons I learnt from just doing (this was a very interesting process as an overthinker) but today, I want to tell you about my journey transforming a helta skelta venture into a scalable business.
A month ago, I found myself in an interesting position. A year into my side hustle and I landed a HUGE project. This project alone would give me 90% of what I thought was a very ambitious annual revenue goal! … and I had to turn it down. (I know, my jaw is on the floor too). The truth is, after much thought, I realized I wasn't ready to accept a project of that scale because I didn’t have the systems in place to do so. I was able to comfortably come to this decision by systematically sense checking the project against a system I learned in Your Roadmap To Wealth.
One thing stood out very clearly. The risks of the project outweighed the returns.
With guidance from the chapter on additional income and investing and insights from the psychology of money, I was able to ask myself the right questions and weigh my options based on facts and not emotions. I thought about my skills, how this would affect my primary job, what the potential implications were both in the long term vs the short term. After this it was also a lot clearer how I could save time by implementing scalable systems.
I realized I spend a lot of time making decisions or doing repetitive tasks, some of which I do not need to make on a regular basis. For example,
I would physically pay for certain bills on a monthly basis (I fooled myself into thinking this was a good idea to track my monthly bills).
I sent all my earnings to my savings account and allocated time each month to think about what I would do with the money I earned and transfer it accordingly.
I procrastinated on opening a separate account and gave myself extra work when it came to separating my personal spending and my business spending, all because I didn’t really know how to choose a bank that was right for my side hustle.
Your Roadmap To Wealth strengthened my systems helping me make smarter choices & save time. The course introduced me to automation & goal-based money management and helped me evaluate my business in a more systematic way.
I stopped fooling myself that it was a good idea to sit by my laptop & pay for the majority of my bills (software, printing, courses). In reality, decision fatigue hindered me from thinking through some of my bills, so in some cases I was paying for things I didn’t really need 🤦🏾♀️. By breaking down automation, the course helped take out the pain and mental effort required in making decisions every month, and taught me how to have my money flow automatically to where it's needed, based on what I wanted to achieve.
I changed the way I thought about money management. Understanding the time value of money and compound interest, made me look at my savings account in a different light. I no longer accumulate large sums of money into a savings account, and now take advantage of compound interest to reach my money goals faster. Leveraging this & automation, I was able to decide on a percentage based split of my side hustle earnings. (30% to my retirement fund, 20% savings account to save for short-term goals [mostly travel], 50% re-invest into the business)
Lastly, YRTW gave me a system to evaluate bank accounts, so that I could stop procrastinating on separating my money. I was able to get out of my “savings account” tunnel vision and think through what features were important to me and my business, to pick a bank that serves my needs. This was revolutionary not only for my business, but for my personal goals too. Not only does the road to retiring at 60 looks clearer now, but I am now building the capacity to scale my business 🗝️.
With all this free brain space, I am now able to spend more time thinking about scaling my side hustle, and will soon be in a position to take on big projects like the one I turned down. In the interim, I am able to use the time I saved by implementing systems to create scalable products that will allow me to make money without having to sit down and make the product myself, kicking off my move from side hustle to passive income!
Feeling a little stuck on where to begin when it comes to earning more and passive income? Check out our guide, Stop Freestyling your Finances.