What It's About
Taking care of small, boring things early on can make everything else more exciting.
Notes from Chris
Episode 1178In 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.
- * 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.
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.
Inspiration is good; inspiration combined with action is better. Now get back to work! Yours in the revolution,
Download 2020 episodes: JAN | FEB | Download 2019 episodes: JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC Download 2018 episodes: JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC Download 2017 episodes: JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC
Want to build any kind of website for your hustle? If so, you'll need somewhere to host it! This is the reliable company I've used for my past 5 websites. It's cheap, flexible, and you can get support 24 hours a day.
Get your own hosting plan for just $5 a month!
Sponsors & Gratitude
Side Hustle School is brought to you by American Express.
No matter what you do in business, from working nine-to-five to working five-to-nine, it’s easier when you don’t go it alone. Get the powerful backing of American Express—don't do business without it! 💳
Side Hustle School is for you! If you’re enjoying it, please take a quick moment to leave a rating or write a quick review. It's really easy and it makes a difference! ✅
It also makes a huge difference when you tell your friends about the show. Remember, it's 100% free and listener-supported.
Keep in Touch
There’s a new story every single day on Side Hustle School. Episodes are produced to be short and to the point—I know you’re busy. Be sure you subscribe to get instant notification of the day’s broadcast!
To infinity and beyond,