turning your side hustle into a business - crystal stemberger
TRANSCRIPT
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Side Hustle to Self-Employment
Look Before You Leap!
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A Little Background
• Blogging Addict• Blog Advertising in April 2011• Quit Job in July 2011• Husband Quit Too in January 2012
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Using Sub Accounts
• Online Income• Taxes• Checking• Other Goals
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Planning for Self Employment
• Making Your Exit Goal – Your Current Salary?– What Do You Need?– How Much Do You Have as Padding?– How Much Risk Can You Take?
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My Situation
• 28 Years Old• No Kids• Made $2000 a month net• Hate Risk but like Cash
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My Hubby’s Situation
• 28 Years Old• No Kids• Made $3000 a month net• Can Handle Risk Better• Doesn’t Mind Part-time Work
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Private Insurance
• Ask for Advice• Esurance.com Worked for Us
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Taxes
• Save More Than Expected
• Remember You Will be Covering the Employer’s Part
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Salary
• Pay Yourself a Set Salary• Keep It Small• Pad Your Self-Employment Account
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Diversify
• Your Main Business• Investments• Side/Hobby Jobs• Backup Plans
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How We Diversify
• Blog Ad Business• Commenting for Hire• eBook• Rent Out Spare Bedroom• Rent Out House• Investments• Bowling Alley and Sports Officiating• Cow Mascot
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Negatives of Self Employment
• There Will be Bad Months• What Can You Do Outside the Home?• Willpower
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Positives of Self Employment
• Flexibility• Empowerment• No Commute if you Work Online.
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Action Plan
• Find Your Niche• Create Exit Goals• Get Insurance• Save for Taxes• Pay Yourself a Salary• Diversify Your Income• Enjoy
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My Overall Feelings
• Can’t Believe Where I Am• Figure Out What You Want• Get Started Right Now
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