It's been around for decades, and yet many people still don’t know exactly how it works. This foundational system is easier...
12 Minute ReadTopic: budget
What kind of impact would an extra $5,000, $10,000, or $20,000+ make for your household? For many already overworked and overscheduled women, this probably seems out of reach. But I assure you it’s not. Do you know that there are currently 30 million Americans working as freelancers or independent workers? There’s never been a better time to turn your idea into extra income. In fact, I see it every day through the Business Boutique event. There is an incredible movement of women who are stepping into their God-given gifts to make extra money doing what they love.
I work with women in all different industries and at all levels of business. I coach women that sell handcrafted hair bows or handbags and those that run professional accounting or photography businesses. It may be a small hobby they occasionally charge for, or it may eventually develop into a full-time company with team members. Regardless of what stage of business you might be in, there has never been a better time to make money doing what you love.
As evidenced by the ever-growing popularity of sites like Etsy and Pinterest, there are more and more women running part-time businesses in addition to their full-time responsibilities. Whether you’re working with gazelle intensity to pay down debt or just want to earn some extra money to take the family on vacation, the ability to increase your income is almost limitless.
"The ability to increase your income is almost limitless." @ChristyBWright
During the next few months, I’m going to show you how to make extra money doing what you love, so be sure to come back for regular updates to this blog!
How It Starts
Leading up to my first Business Boutique event and while writing my upcoming book, I immersed myself in researching women who ran their own businesses. I spent years studying and interviewing these women. One question I always asked was, “How did you get into this particular business?” Almost all of them gave me the same answer, which turned out to be more than coincidence. They responded with, “I have always loved . . . ”
“I have always loved piano.”
“I have always loved photography.”
“I have always loved sewing.”
“I have always loved math and numbers.”
“I have always loved planning parties.”
I realized what they were doing wasn’t just about business. It was personal. Usually their business idea was birthed out of a strength or hobby they enjoyed! And when they realized they could do something that brought them joy and make money at the same time, they had an aha! moment. It was time to turn that hobby into a business!
Make Extra Money and Make a Difference
Wouldn’t it be great to contribute to your household’s debt snowball without having to take a J-O-B as a part-time cashier? Or be able to send the kids to basketball camp without dipping into your savings account? Could it be God has given you a talent—something you have always loved—so that you can have fun, make money, and (best of all) make a difference?
That’s what I believe. I believe your passions, hobbies, and talents are not random. I believe you were wired this way for a reason. God wants you to do more than just get by; He wants you to be fulfilled. I believe He gave you these gifts so you can offer them to the world.
"God wants you to do more than just get by; He wants you to be fulfilled." @ChristyBWright
But I know from personal experience and my years of coaching others that, while pursuing our passion can be exciting, the business side of things can be overwhelming. That’s why I wrote my upcoming book, Business Boutique: A Woman’s Guide for Making Money Doing What She Loves. In Business Boutique, I give you the step-by-step plan you need to start, run, or grow a business to the level you want.
In my research, I identified five main areas women need help in when starting or growing their businesses. Let’s talk about what they are and what you need to know to chase your dreams! Here are the first three:
#1: The Plan
After you have the aha! moment, it’s tempting to fast forward to the fun stuff. I see this all the time! The moment you realize you can make money doing this thing, you run out and set up a Facebook page. You make up a name, set pricing, and print business cards. You choose cute photos for your site and pick out even cuter stationary to match! The creative, brainstorming, and beginning stages of business are fun and exciting. The possibilities are endless and it’s full of hope and potential. I think it’s awesome you’re diving right in because you’re moving and shaking and making things happen!
But the only problem with this is, in all of your excitement and activity, you forget to plan. You start making decisions with no particular destination in mind. Not only does this lead to mistakes down the road, but you’ll quickly get frustrated. What I’ve noticed in my own life and in coaching others is it’s not having too much to do that overwhelms us, it’s not knowing what to do!
You need to know what to do and what order to do it in. You need steps. You need a plan. That’s exactly why I wrote Business Boutique. From the first page to the last, it walks you through a complete business plan to cover all of your bases, answer all of your questions, and set you up to win. Whether you use the Business Boutique plan or make up your own, you just need to have one.
A plan will help you start with the end in mind and define your version of success. That way, you don’t end up running really hard toward someone else’s finish line. At a minimum, your plan needs to cover:
- Market research
- Vision and goals for the future
- Money management such as pricing and profit
- Operations such as shipping, fulfillment, policies and processes
- Marketing strategies
"Don’t end up running really hard towards someone else’s finish line." @ChristyBWright
Even though planning and strategizing is probably not why you decided to get into business in the first place, it’s still vital to building a business that will last. When you do a little of the planning work on the front end, you not only save yourself headaches and mistakes, but you’re much more likely to be successful. Then you can get back to the fun stuff and do more of what you love and less of what you don’t!
#2: The Business Side of Things
At some point in the early stages of starting a new business, it’s really common to hit a wall. You can go from feeling excited and hopeful to discouraged and hopeless overnight! Questions swirl around in your mind constantly: What about taxes? Do I need a business license? Do I need a federal tax ID? Do I have to have a patent or trademark? What type of insurance do I need? And on and on and on. All of the fun comes to a screeching halt, and you’ve got more questions than answers and more anxiety than excitement.
Here’s what I’ve seen in my research: It’s at this wall of being overwhelmed that you can take one of two paths:
- Some women I studied take Path 1: They get help and answers and get over the wall. They reach their goals and are living their dreams.
- Other women take Path 2: They let the discouragement suck the life out of their dreams. The questions they have make them feel disqualified to be in business and they throw up their hands and give up. They resolve to keep it a hobby and rationalize it was a bad idea to begin with.
But that’s not true! Those who take Path 2 just need what the women that took Path 1 needed: help with the business side of things. I know the technical side of things can seem like they suck the fun out everything. But the truth is, it’s not as big of a deal as you might think. It may feel like that stuff is 95% of being in business, but the reality is it really only represents about 5% of your day-to-day operations.
Most of your days in business are spent fulfilling orders, serving customers, and marketing to new customers. That should be great news because, for most people, that’s the fun stuff! So don’t let the business side of things get you down or make you feel like you aren’t cut out for this. You can do this. There are people around you willing to help you with this stuff, and there are resources like my book, Business Boutique, to simplify it for you. If you get the help you need, you’ll be scaling that wall of being overwhelmed like an American Ninja Warrior competitor going for the prize money! Because when you think about it, the prize of having your own business is definitely one worth fighting for!
#3 Managing the Money
When you were in school growing up, you probably had to take tests. Your performance was measured in grades and every few weeks, you got a report card with all of your grades from your different classes. That’s because in grade school, your grades were a measure of your knowledge, skills, and ability. Your report card was an indicator of your level of success in those subjects.
Whether you realize it or not, your business has a measure of success as well. It’s called your profit. Your revenue minus your expenses equals your profit. Your profit is the report card of how well your business is doing. How much profit you make directly impacts the amount of extra income you make and your ability to grow your business in the future. I’ve coached women at all levels of business and I’ve noticed a theme of several common myths around earning a profit. Here are three truths you need to hear to grow a successful business:
1. Every business needs profit.
I can’t tell you how many people I’ve worked with that tell me they are running a business when what they actually have is a hobby. There’s a major difference between a hobby and a business. A hobby costs you money; a business makes you money. If you want to be successful in business (and I hope you do!), then you’ve got to make money—that is, you’ve got to earn a profit.
2. Nonprofit does not mean no profit.
If you’re running a nonprofit, or would like to, you may think this doesn’t apply to you. Think again! While it seems contradictory to the name, nonprofit actually does not mean no profit. Nonprofit is simply a tax status—an IRS designation. It refers to how the money flows through the business. In fact, do you want to know what a nonprofit with no profit is called? Out of business!
3. Profit isn’t “extra money”.
Many women I work with tend to think of the profit as optional, bonus, "fun" money. Because they think this way, they end up having low profit margins and giving away things for free or at cost. In some cases, they feel guilty for pricing their products to earn a profit. But profit isn’t optional. It ’s actually a necessary element in the mathematical financial equation in business. You have to do things with that profit such as cover operational expenses, pay taxes, save and invest back into the business, and pay yourself for your hard work!
Your profit will vary depending on your type of business. For example, product-based businesses with more hard costs in materials will almost always have lower profit margins than service-based businesses where the cost is usually just your time.
But regardless of what type of business you have, I want to encourage you to look at the profit in your business and find ways to increase it. Your profit is, as Ken Blanchard says, the"applause you receive from taking care of your customers. Profit isn’t just something you need, it’s something you can be proud of!
"Profit isn’t just something you need, it’s something you can be proud of!" @ChristyBWright
If you’re ready to start your business, or you want help taking your business to the next level, check out Christy Wright’s upcoming book, Business Boutique: A Woman’s Guide for Making Money Doing What She Loves. Sign up to receive the introduction and the first chapter for free!
About Christy Wright
Both entertaining and inspiring, Christy Wright presents messages that educate and give hope to audiences nationwide. As the creator of the Business Boutique movement and through her sold-out live events, Christy has equipped thousands of women to successfully start and grow a business so they can make money doing what they love. Christy is a Certified Business Coach and Ramsey Personality. Since joining Ramsey Solutions in 2009, she has spoken to audiences across the country at women’s conferences, national business conferences, and Fortune 500 companies. She and her husband, Matt, live in Brentwood, Tennessee, with their sons, Carter and Conley. You can follow Christy on Twitter and Instagram at @ChristyBWright, online at businessboutique.com, or facebook.com/OfficialChristyWright.
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