Side Hustles Aren't Banks.
Stop treating them like it.
Whether you run a side hustle, manage personal finances, or start a startup, many expenses become "every day" costs.
This needs to change.
With the introduction of apps like Rocket Money (previously Truebill) and other budget-managing apps, consumers are realizing the significant spending habits associated with subscriptions.
Check your Costs
Netflix, digital clouds, Amazon deliveries, phone bills...the list goes on.
There are so many repetitive costs we accept every month without really looking at them.
These costs have become part of our routine, and we tend to forget them.
THINK ABOUT IT.
When did you last check your side hustle or freelance business costs?
For me, it was last week.
I recently began expanding my freelance services with new internal team members and more clientele.
So, it was a good time for me to re-evaluate my costs.
I found something.
I used a project management system that cost me over $430 annually for only 2 team members.
I reduced that cost to $0 right now by switching platforms.
I may upgrade the account, but if I do, it will only be $168 for more functionalities than the first platform I used.
Small discoveries like this are my reminders to have quarterly reviews of my costs.
Which way are you going?
Side hustles can take very different turns.
On one end, it can be a lucrative way to earn supplemental income in addition to your full-time job.
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On the other hand, it can morph into a severe side hustle that can help fund your life or even allow you to make it a full-time job.
If you’re currently managing a side hustle, you don’t HAVE to know where it’s going...
…but you should pay attention to your costs regardless.
Side Hustles Are Not Banks.
Keep costs to a minimum.
Keep an eye on finances.
Finding free or low-cost tools is a must.
Keep an eye on your side hustle costs; you’re not a bank.
Some products I do pay for...
While it's essential to keep costs to a minimum, there are some essential tools I rely on to keep my side hustle successful:
Loom: Video recorder - Not only is this service necessary for client communications, but it also saves me time! Using Loom Videos has allowed me to eliminate over 2-3 hours a month in client meetings.
Cost = $150/year
Calendly: Scheduler - This is essential for the times I need to meet with clients or potentials. Dropping a simple calendar link with my availability is helpful because my side hustle only allows for meetings after hours (from 9-5).
Cost = $120/year
Quickbooks: Finances - I recently switched to this a few years ago after trying all of the "freelance specific" invoicing software companies. While they were cheaper, they were unreliable. Using Quickbooks has allowed me to work seamlessly with my accountant at the end of the year.
Cost = $324/year + Transaction Fees
Google Business: Email This is a simple, yet important cost for my company. Having my own branded email address through Google has allowed me to make great first impressions and manage my clients easily.
Cost = $172.80/year (2 users)
Overall, anytime I'm considering a cost, it has to do two things for me: 1) Save time and 2) Replace a process I can't do myself.