NASHVILLE, Tenn. (WKRN) —In a growing city like Nashville, many people look for ways to make some extra cash and to capitalize on their side hustle.
Whether it be making a product or selling a service, 44 million Americans have a side business now, and 40 million work as freelancers. Some want to make extra cash or pay off their debt or even save for a dream vacation.
Starting your own business can be tricky though and intimidating for a lot of people.
Author and business coach, Christy Wright talked to News 2 about her new book, ‘Business Boutique,’ and she says she often sees a pattern when people start a new business.
“The first thing you need to do is make sure you are treating it like a real business, because when it’s on the side, it’s like oh it’s bonus money, it’s fun money, and we treat it like a hobby and not a business. But, there is a different between a hobby and a business. A hobby costs you money and a business makes you money. So if you want this to make you money then you need to treat it like a real business,” said Wright.
“So many people thing they don’t have a business mind or a business background, but what is so interesting is you just need what everyone needs, you just need a little help. At UT, I studied business, my mom had a business, and I became a certified business coach, and I thought let me help you with the business stuff so you can go do this thing because it really is easier than you think.”
Your side hustle can be just about anything, too.
“From using your swimming pool where you’re teaching swim lessons, it could be charging for your knowledge and your skills, where you are going to be a CPA and do your own thing and have your own practice, or an architect, or people making hairbows and handbags. Anything in between, so it’s really fun to see how you don’t have to work a traditional 9-5 JOB, do something you hate for your whole life, you really can make your own way and do something you love and make a living doing that. But people just need help getting into the business side of things,” said Wright.
She grew up watching her mom start a small business, which inspired her own career. “My mom started a business when I was 6 months old to help raise me. So I got a front row seat to watch this strong, independent woman build a business, raise a family and make an impact and that really shaped me.”
Wright also says a lot of people undervalue themselves at first and that is a mistake. To come up with pricing and what you should charge, you should consider your time, materials and the product or service itself.
“It’s vulnerable, putting yourself out there in business is like, do you like me? Do you like my hairbow or my handbag? Will you sign up for my fitness classes? The reality is there is a lot more cost that goes into running a business than what we initially calculate on the front end. You think, oh the materials are just $5, but you’ve got to think about your time, your overhead, the expense of subscriptions to websites, there’s a lot that goes into it. And when you take into consideration the total cost, you’ll realize you need to charge a lot more than you were initially thinking in order to make a profit,” said Wright.
Most of all, Christy says you should know your “why.”
“A lot of times we get into business is because it seems like a good idea or someone tells us we should and that is a great starting point, but you really need to know what your driver is. What is your motivation, what is your why? And when you know what your why is what’s amazing is it gives you confidence to stick with this for the long haul, because you’re like hey I’ve got this deeper reason for doing this. It also helps you with pricing like what we were talking about. Because when you price for profit, it helps you honor that why. If you really want to pay off that debt or save for college or save for Disney or whatever, you’ve got that why to remind you, hey this is important and this is worth it,” she said
Christy’s book, “Business Boutique” is available on her website, BusinessBoutique.com or on Amazon.