Would you like an additional stream of income? Who wouldn’t?! But would you like to be a business owner? That question often has mixed answers and understandably so. It does require a good amount of effort and energy. With all the things currently going on it’s easy to feel like there’s no time or energy for starting a business. But that’s not true! How can we find time for entrepreneurship? And why is it important?
First, let’s start with why it’s important. If COVID-19 has taught us nothing else it’s that unexpected things happen. Owning your own business gives you flexibility and options, a form of income that you control. That means that you can maintain it at a certain level or grow it as big as you want. Either way you have the control.
With traditional employment, you hope you get a raise each year and you hope you are not part of the group that is getting laid off, but with owning your own business, you control it. You also control the size of your business. This means you have the option of keeping it small and retaining your current job.
Maybe your business will be the extra income you need to become debt free, save for your child’s college fund, or get ahead on retirement because your 401k is not where you want it to be. Regardless of the option you choose, it can all be achieved with entrepreneurship. Or maybe your business will replace your full-time job and give you more time to be with your family. To work less and make more. Whatever our motivation may be, how do we find the time to get started? What’s next?
Start Small. It’s good to start small. Start with just 30 min a day (feel free to choose more or less) to work toward your goal. Have you read the story of the tortoise and the hare to your child? Slow and steady wins the raise. This is not a race and no one said it has to happen over-night. We just want to move in the right direction and time flies. You’ll be surprised how much progress you make just by doing a little bit each day (or most days 😊 ).
Brain Dump. Get your ideas flowing. On your favorite notepad or note-taking app just write down the business you would like to start and all your ideas for that business. Then write down all the questions you have regarding the steps to start that business. If you’re not sure what type of business or side hustle you would like to start write down a list of everything you like to do. Also, write down things that other people say your good at. Do you often get a certain type of questions from your friends? Maybe everyone comes to you for hair tips, car advice, pet information, or childcare tips? The list is endless and today there is a way to monetize anything you want.
Find your time. To be consistent find the time that works best for you. Some people are Night Owls, others are Morning Birds, and sometimes our circumstances decide. Maybe before the kids wake up is the best time or on our train ride to work. Whatever time is best for you works, just be consistent. Be consistent with what?
Research. This is the next step. Now is the time to find the answers to all the questions and notes you created in the brain dump phase. Google it baby! You can find most of the answers to your questions on the Google and YouTube. Dive in and keep notes. Use your 30 min day to find out as much as you can. This step is important because research will save you time from future mistakes. Start creating a checklist of what you plan to do next. If you find there are some questions you can’t figure out (perhaps the more technical ones) let us know in the comments. We’ll answer in future articles.
Fall in Love with Your Calendar. The time is there, but the question is where is it going? Whether it’s a paper planner or digital app, start looking into what’s currently on your schedule vs what you would like it to be in the future.
That’s all for now. We are going to keep this series short and actionable. Your homework is to: 1. Brain dump a list of ideas 2. Research the list of ideas
Always remember you got this!
Until Next Time, Crystal
Crystal Chantel is an accountant with well over a decade of experience in tax, finance, audit and accounting in New York and Florida. Each week in Money Talks, she’ll share her advice to help individuals to navigate their financial challenges! Looking for more advice? Check out her blog where she offers personalized business, tax, and self-care tips for Ma Bohne Readers! Just click the link above and send in your questions!