I am at 7 months pregnant and waiting to meet my little prince. In the mean time, I am constantly trying to think of ways to increase my side hustle business and make more money.
I am excited to say that the side hustle of rent condo is going very well! I took Nick’s advice(from sidehustlenation.com) and placed the whole condo on the site for rent. Prior to speaking to him, I was renting out one of the rooms and staying in the other room. I was charging anywhere from $45 to $59 per night for the room. I was able to book 20 out of 30 days. I made around $1100 in those 30 days. I placed the whole condo on the site and charged $119 during the week and $133 on the weekend plus a $50 cleaning fee for every stay. I am set to have 28 out of 30 days booked this month. I am set to make about $3400 this month. I have also hired a cleaning lady who I pay $100 a week which is where the cleaning fee goes. This has eliminated me for having to go to the condo and manage clean up. This has allowed me to make a huge amount of profit and essentially has eliminated my need to do any other work. I have a new goal of obtaining another property and doing the same things again.
Of course, the money made from the condo is great but as usual I am always looking for ways to make more. My goal is to always make money while being on my computer so I decided to ramp up my virtual assistant work. I have a goal of making $2000 a month for VA/ Social media management work. I have decided to pay for a membership on hiremymom.com. Hire my mom is a site where clients can post jobs that they need assistance with. The jobs range from WordPress designs to scheduling. The beauty of this site is that you are able to get referrals from the clients on this site. So one client on this site leads to about 3 clients for me. I really plan on going through all of the current jobs and take a little time to apply to each potential client. If I do this twice a week I think I should reach my goal by the end of the year.
I have also created my first membership site called www.missjstutoring.com. This site houses all of my tutoring worksheets that I have created over the years for all of my tutoring and homeschool clients. The worksheets range from Pre-K to 5th grade. I was selling my worksheets on another site, but I decided to try my own site and see what type of revenue I can bring in. So far it’s still in the tweaking stage but once it is complete and if it is marketed well it could be a great stream of residual income.
My mother and I at my babyshower. I’m 6 months pregnant!
All three of these streams of income are going to allow me to be able to care for my little prince without taking too much time away from him. If everything is managed well I should be able to handle everything. My goal is to create 5 streams of residual income that take less than an hour a day to manage. If I can have 5 streams making me at least $2000 a month that will equal $10k a month. I will be in the $100k club.
Keeping up with all of my hustles as a hustling hottie is quite a lot of work. Time management is key to being able to juggle everything that I am doing. I am constantly making lists. Since I am pregnant my memory is no good. I have to write everything down as soon as I think about it. I use an app on my laptop called memo it’s a great app to keep up with all of my thoughts. I also work in increments. I got this strategy from my wonderful from Jo from jobendel.com. So what I do it time my work with music since the average song is about 4 minutes I listen to 5 songs and then take a walk around the house. It is important that I get my steps in and I also have to make sure that I eat. So I take a 1 song break to grab a snack downstairs, go to the bathroom and get my steps in.
I would love to hear what you do to make sure that you are getting your work done on a daily basis. Are there any apps that I should be using or any great techniques that you love?
One of the big mistakes that business owners commit as they start a business venture is having the same bank account in their business and their personal use. Ideally, your personal account should not be used in any connection to your business liabilities. There are two main reasons for this: One, having a separate business bank account for your business is ideal because it will be easier for the business owner to keep track of his/her business expenses. Secondly, filing for the IRS can be done immediately as business records of your spending are categorized properly. This method is believed to be an excellent accounting practice for any individual who wants to be in business.
Now, you might have some concerns: Should I really apply for a new bank account for my business? Will it cost me money to apply for a new one? Do I have to open a business bank account with another bank or can I have it on the same bank as my personal account? There, there calm down and let us carefully sort all these things out.
Should I really apply for a new bank account for my business?
The answer is a big YES and I encourage you to do so. Aside from an easy record keeping and tracking of your finances, this will help you spend wisely. You will be able to properly allocate your money to important payments and expenses –salary of your employees, payment of your office space and filling the IRS are just a few to mention.
Do I have to open a business bank account with another bank or can I have it on the same bank as my personal account?
Business and consumer/personal banking often have different policies depending on what type of banking method you are involved in –business, loan, etc. Some banks are specialists in accommodating small businesses, while others are more focused on providing top-class services for personal banking concerns. This could mean that your previous bank might not be the best bank for your business. Do your research and talk to the teller about your concerns. Know what they specialize in and what offers they can best recommend for your business.
Will it cost me money to apply for a new one?
Most of the time, businesses use checks when transacting with other businesses. This is convenient for business owners. Many of the banks in your area will let you open a checking account free of charge –a simple catch? You have to maintain a certain balance in your account. Also, keep in mind that since you are starting, there will be limited number of transactions allowed -although for a small business, this would already be enough.
So, how do I open a business bank account? After a careful consideration of which bank to choose, you can just go to the bank and bring the following requirements. For sole proprietorship/consumer, ideal for small businesses, you will be required for a tax ID and a social security number. The teller will walk you through the entire application process. Opening your business bank account is that simple. You are now on your way to your business’s financial management success!
If you want to expand your business circle, bidding for government projects can be a good thing for you. But before you can participate in federal bidding, you need to obtain a DUNS number. So, what is a DUNS number? DUNS stands for “Data Universal Number System”, copyrighted as “D&B” by Robert Graham Dun and John M. Bradstreet in 1963. This unique 9-digit reference number system is used globally for all businesses. The numbering system is very important as all government bidding projects will require a business/company to have a DUNS number. In addition, having a DUNS number can also help you get federal grants for your business.
The following are some of the well-known advantages for your business if you have a DUNS number:
Helps in going after federal contract business and grants
Enhances your company or business’s reputation and credibility
Makes other businesses easier to find you
Can perform credit reference by using another company’s DUNS number (vice-versa)
As this universal system links more than 7 million businesses around the globe, this numbering system links all related companies, subsidiaries, headquarters and branches of more than 50 global industries and trade associations. Moreover, the world’s most influential standard-setting organizations like the UN, the US Federal Government and EU acknowledge the D&B system.
Take note though that your DUNS number does not establish your D&B credit file. To show that your business is trustworthy, you have to establish first a credit file for you company/business.
Getting a DUNS number is fairly easy and it is for free! What is even greater is that you can apply for it online. Just follow the steps and you can now start bidding for federal projects.
Have all the information on hand. You need to have your legal name, the name and address of your business, contact information such as telephone number, and the number of your employees. You should also let them know if do your business in a home-based setting. It is very important that all information are authentic.
Type in your browser, fedgov.dnb.com/webform. This is a direct page to the D&B website. Click on “request your number via web” and follow the instructions. You will then be taken to the next page where you are asked if you want to update your DUNS profile. This is only necessary if you have already registered before or if you want to make changes in your account, otherwise, proceed with “request new DUNS”.
Enter your business name and city. At this point of registration, once you have entered your business name and city, click on “search” and let the site look up for your company. If your business isn’t found in the search, click on “request a DUNS number” just below the page. Follow the instructions.
Notice the timeline in the upper page. You will then see how much further you will have to go to access a DUNS profile. There are identity verification and security settings that need to be set-up. Just go through it as each doesn’t take much time to complete.
Congratulations! You now have your DUNS number and profile set-up. Happy bidding!