Notes from Chris

Episode 1178

In recent Classroom episodes, we’ve looked at the three elements of every compelling offer: a promise, a pitch, and a price, and then we considered some different ways to find time to work on your hustle—a common challenge of many of us.

This week I’d like to look at a really sexy topic, or series of topics: Business licenses, bank accounts, and record-keeping … like I said, these are the things that get people really excited.

If for some reason you think these topics are boring, well, here’s the trick: if you get a few easy things right in the beginning, it will be much less stressful moving forward. Then you don’t really have to think about them again! I’ll give you eight recommendations in this episode.

Here are a few recommendations that just about everyone should follow —

• * Get a bank account that’s just for your side hustle.
• * Similarly, get a separate credit or debit card you use only for expenses associated with your hustle.
• * Be fast with invoicing.
• * Set aside at least 25 percent of your hustle income for taxes.
• * Legal structure: operating as a sole proprietor is perfectly acceptable for many hustles.
• * Right from the beginning, set up a very simple accounting system.

Two recommendations that are somewhat psychological, but still very helpful:

• * If at all possible, set aside a dedicated hustle workspace, even a small one, in your home or apartment.
• * Once you’re making money, pay yourself first.

Listen to today's Classroom episode to learn more...

 

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THIS WEEK’S ASSIGNMENT:

If you expect to produce income this year, make sure you have a dedicated bank account for that income. Keep it separate from your other income.

Part II: Track your expenses using one of those systems I mentioned, or if you’re a spreadsheet person, just do it that way—but do it some way.

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  Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,

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