It certainly wasn’t.
But it was one of the best because I had my first $1,000 month in my business!
In December 2017 I filed the official paperwork to create an LLC (limited liability company) for FrugalChicLife.
I’m like a legit business now!
After filing the paperwork online with the state I was able to apply for an Employee Identification Number (EIN) which I then used to open my first business checking account and business credit card.
Being that I’m all official now😎 I have been focusing efforts on really treating my business like an actual business, and not just a hobby.
This mindset shift is critical to my ability to grow the business moving forward.
If you have read any of my side hustles reports before then you know that I have been offering money coaching services but have been terrible about getting the word out and letting people know what I offer.
Part of it is my fear of selling.
I’m always talking about spending less and saving money so it feels kinda yucky turning around and flashing a product or service to sell.
I recently received an email (as I often do) from someone asking for one-on-one help with her budget. I responded back warmly, provided some encouragement, and also provided links to my one-on-one coaching service page as well as the group coaching and accountability program.
I never heard back from her.
At first I panicked! Did I say something offensive?
Did I scare off a loyal audience member by linking to my sales page?
I ruminated on that thought for a bit and eventually dismissed it from my mind.
For one, I have been providing free content for nearly three years via the FrugalChicLife Youtube channel and have helped tons of people completely for free.
My viewers send me emails all the time saying that the content has been a blessing!
For two, the person that emailed me could have just gotten busy and forgot to follow up.
In any event, I can’t allow my fear of selling stop me from moving forward in my business.
I would actually be doing a disservice to my audience by NOT offering my services because I know that it is a service that is needed.
The truth is…unless you are living off grid in isolation, we are all spending money on something.
The problem is that we are often spending money on the wrong stuff…. material things that add little or no value to our lives.
So why should I be afraid to offer services that will improve the trajectory of someones financial future?
The answer is…I shouldn’t.
Not everyone will find value in money coaching.
But for those that are ready to do someting different in their financial lives I am ready and willing to help!
In December I booked my first paying coaching client!
In January I earned $735.00 from coaching services.
These new business endeavors allowed me to have my first $1,000 month just weeks after officially launching the business.
I am grateful for this first accomplishment in my business.
The dollar amount might not do much to move the needle for me financially. But it does wonders for the confidence in my business.
If I can make $1,000 then I can make $10,000.
I plan to continues sharing my new ups and downs as I build this business from the ground up.
I will continue coaching but my focus is shifting from earning active income to passive income.
Come on…who doesn’t like the idea of earning money in their sleep?!?
Creating products is a great way to generate passive income so it is a major focus for my new business.
In the meantime I will continue to work on my active income streams while also building passive streams.
What are my side hustles?
**If you are new here keep reading, otherwise feel free to skip to the next section.
My full-time income and my husband’s income serve as the basis for our monthly budget. Anything above those earnings is considered extra because I don’t need it to make ends meet. In addition to my full-time job as a college professor I dabble in several other pursuits:
1. Teaching online courses for colleges and universities– I have been teaching online since 2009. Mostly health related courses. As I gained more experience I qualified for more jobs. In 2009 the economy was in the toilet and a lot of people were going back to school because they were out of work. This stream of income skyrocketed which helped me pay off all of the debt I accrued in graduate school. As the economy improved, opportunities were not as abundant but I still make a healthy side income.
2. Part-time clinical job– I maintain my certification as a physician assistant and see patients at a local hospital and clinic on an as needed basis. Hospital shifts are normally 10-12 hours and clinic shifts are 8 hours.
3. T-shirt business– I have a line of debt free t-shirts that usually bring in a few dollars here and there. In truth, physical products aren’t really a huge money maker for me right now. But the t-shirts are fun and they help me build my brand.
4. YouTube– a Google Adsense account is linked to the YouTube channel. This allows me to earn a small amount of money from the ads that run before my video starts. I know it’s tempting to skip the ads, especially the really annoying ones but if you watch until the end it actually helps to support your favorite YouTubers. Just something to ponder.
5. Blogging/consulting/speaking– Currently this is my slowest side hustle stream. Mostly because I don’t have a ton of time on my hands. I am working on blogging more consistently and developing affiliate relationships in order to monetize the blog. Countless other bloggers are absolutely crushing the online blogging game so I am super motivated to figure out how they are doing it and possibly replicate some of that success for myself.
6. Financial coaching and digital products. I currently offer one-on-one coaching as well as group coaching as a part of the FrugalChic Wealth Academy.
Breakdown of my side hustle income for January 2018:
With the exception of the Google Adsense money, these numbers are take home pay after taxes.
Online teaching- $1,915.51
Clinical Job– $1419.20
Coaching Services: $735.00
Digital Products (Workbook Sales): $306.00
T-shirt sales: $0.00
Check out last month’s side hustle report
What do I plan to do with the side hustle money this month?
Note: I always return my tithe and offering off the top. No ifs, ands, or buts.
The side hustle money earned in January is being placed into a business savings account. In 2017 I spent a good amount of money investing in myself (by taking courses and investing in coaching) and in getting business off the ground. Now it’s time to implement the business strategies that I learned and build a solid cushion in savings.
I’m still trying to figure out how to pay myself as a business owner. I hear that it’s important to start paying yourself from day one, even if it’s just 10% of the earnings.
Me? I’m tempted to reinvest every cent into the business but I know that I have to find balance.
Are you interested in starting a business? What kind of business would you start??
Grab Your Free EXCEL Budget Template!
Download your template today!