Clever Girl Finance: The Side Hustle Guide. Bola Sokunbi

definition a side hustle is something you do on the side, before or after your primary job. It’s a side activity in your spare time that can bring in some extra income (the money potential is what distinguishes it from a hobby). Simple, right? However, depending on what you do and how you do it, your side hustle can open the doors to so much more.

      Let me elaborate further: a side hustle can be game-changing for your life and your ability to achieve your goals, especially in today’s world, thanks to the accessibility of the internet. Don’t let the traditional idea of a side hustle make you think otherwise. Side hustles today aren’t just about the random garage sale every other month. They can be real, impactful, and high-income-generating businesses.

      Specifically, in this book, I’m going to be using “side hustle” and “business” somewhat interchangeably. While you could call driving for Uber or doing deliveries for Amazon a side hustle or side gig, those are still ultimately jobs you’re doing for someone else. I want to talk about businesses you’re creating for yourself, with your own ideas, and on your own terms.

A side hustle gives you the opportunity to increase your income and create multiple streams of income. Having multiple income sources is especially important as a woman, and even more so for women of color. You’ve heard about the impact of the gender wage gap, where women earn 20 percent less on average than their white male counterparts. However, for women of color, the wage gap is even more extreme. Black women earn 62 cents for every dollar earned by their white male counterparts, Latina women earn 54 cents, and Native American women earn 57 cents.² This gender wage gap in turn impacts our ability to save and invest money for our future selves and to support our families.

      Asking for what you are worth, negotiating, and actively calling out inequalities—especially as it relates to pay due to gender and race—are ways you can take action to counter this on an institutional level. But while we work toward long-term change, having a side hustle can position you to get ahead of this in a major way. Your side hustle can accelerate your journey to becoming debt-free, meeting your savings and investing goals, supporting your family, and building generational wealth.

      As I write this book amid a global pandemic, with so much economic uncertainty and millions of people out of jobs or worried about job security, a side hustle can become the backup you need to weather the storms of financial uncertainties. This is applicable for any difficult season, whether it’s a global pandemic, a national recession, or a personal financial setback. Your side hustle can be the backup to get you through by providing an additional stream of income to help pay your bills or build a well-stocked emergency fund.

      There are also many instances of well-executed side hustles that generate enough revenue to replace the income from the owner’s full-time job, giving them the option to be their own boss on their own schedule if they decide to do so. Essentially, your side hustle can create a multitude of options for your life, and those options equal freedom and the ability to follow your passions! How about that for something you just do “on the side”?

      But back to mindset—the way you decide to think about your side hustle can make all the difference. If you tell yourself that all it can ever be is a side thing that will earn a few dollars here and there, then that’s what it will be and you can stop reading this book here.

However, if deep down you believe your side hustle has the potential for incredible success and you are not willing to put a limit on how far it can go, then you are setting the stage for endless potential and incredible success (even if you don’t know how you’ll get there just yet).

      Like I said, your mindset will keep you motivated and focused, and this is important because starting any kind of business is hard. Even “just” a side hustle. It takes hard work, time spent away from doing things with your loved ones, early mornings and late nights, learning new things, and testing, testing, and testing again.

      There’s also the emotional and mental toll it can take. Starting something new or doing things differently, especially in business, can be isolating, and it can be really hard to want to keep going when things seem to be happening extremely slowly or not at all. Your friends might not understand this new ambition and you might not immediately find your new business support system or mentorship. It’s easy to get overwhelmed when you think about the journey ahead of you and the things you need to do despite only having 24 hours in a day, and even more intimidating to think about doing everything on your own.

      All of that being said, preparation for success is vital to get you ready to face these challenges. This means preparing your mindset, figuring out your schedule, adjusting your lifestyle (if only for a season), and establishing a way to stay accountable as you work on your side hustle.

      Preparing Your Mindset

Your mindset is like a muscle you have to keep in shape. And as you undertake the journey to building a successful business, this muscle is more important than ever. To prepare your mindset, you need to first decide that you are going to commit to the journey. Don’t just go halfway; give it your all. Part of motivating this commitment means getting clear on the reason you want to succeed—what is your why? Who or what are you doing this for? Why do you want it so badly? Write down your reason (or reasons) and put it in a place where you’ll see it every day. It could be a sticky-note on your bathroom mirror, an image on your phone’s lock screen, or even your computer background. Having your why in place will help you work through distractions and will empower you to keep going.

      Next, commit to affirming yourself. Create daily positive reminders of why you are amazing and why you are capable of doing this, regardless of your current position. This will help you counter the negative talk in your mind (that little annoying voice that always pops up at the most inconvenient times to discourage you). Leverage your affirmations to shut that rude voice down—like, hey, voice, yes, you, BE QUIET. Your affirmations could be quotes, prayers, or sentences you create yourself. Whichever way you choose to craft them, they should be positive, in present tense, and empowering.

      Adjusting Your Schedule

      By adjusting your schedule to accommodate working on your business, you are being intentional about putting your desire for success into action. It’s you designating a set period of your days, weeks, and months to put in the effort and making time for your success.

      You can adjust your schedule so you wake up early to work on your business before you go to your main job, or you may decide to stay up late after your house has quieted down. You can dedicate time to your side hustle on the weekend. Whatever schedule you settle on, set reminders (e.g., phone alarms or computer notifications), and create a prioritized daily to-do list. Intentional actions like this will enable you to build consistency around the actions you need to take to build your side hustle.

Tip: Make your calendar updates and reminders fun! This will motivate you each time you look at your schedule and get those reminder alerts. Just seeing your calendar show, “Work on my amazing business!” from 5 a.m. to 7 a.m., or getting a reminder like, “Hey, Queen! It’s time for XYZ task; you got this!” can be just what you need in that moment to make things happen. You could even cue Rhianna’s “Work” song (♪ work, work, work, work, work ♪) as your “It’s time to work” alarm. Who said this journey couldn’t be fun?

      Staying Accountable

      Another really important step as you prepare to build your successful side hustle is getting and staying accountable. The early stage of your business is like planting fresh seeds. In order for your seeds to grow, you need to water them, make sure they get enough sunlight, and keep weeds away from choking out your budding plants.

      This is where your accountability partners come in. These people are your water, your sunlight, and your weed-killers. These are the people who will pick you up when you are feeling down, will give you objective feedback, and will tell you to cut it out when you try to start the pity party. They could