A recent MarketWatch Guides study revealed that over half of Americans (54%) have taken on an additional source of income in the past year. This statistic highlights the growing trend of individuals seeking to supplement their earnings through side hustles and entrepreneurial ventures. Many people are looking for ways to increase their income and achieve financial stability in today’s uncertain economy.
One entrepreneur shares her own experience of starting a side business while juggling a full-time job and graduate school. Despite the initial excitement of launching her own venture, she quickly realized the challenges of balancing her responsibilities and avoiding burnout. She found herself working twice as hard without seeing a significant increase in income. This led her to reassess her approach to goal-setting and revenue generation for her business.
The concept of finding one’s “why” in business, popularized by thought leaders like Simon Sinek, is often promoted as a way to align personal values with professional goals. However, the entrepreneur found that this abstract concept was not practical for her when she was struggling to meet basic financial needs and pay off debt. Instead, she recommends setting clear, tangible revenue goals that align with essential expenses such as housing, utilities, food, transportation, and health.
By setting a specific revenue target based on basic living expenses, individuals can create a simpler pricing model for their products or services. For example, if someone’s total monthly expenses amount to $4,500, they can determine how many customers they need to reach that revenue goal. This approach allows for a more focused and strategic pricing strategy that is based on practical math rather than lofty aspirations.
The entrepreneur shares how she implemented this strategy in her own business, leading to a six-figure income working just 20 hours a week. By aligning her revenue goal with her basic living expenses, she was able to create stability and consistency in her business, avoiding burnout and maintaining a sustainable workload. This approach can be beneficial for individuals looking to scale their side hustles without overworking and improve work-life balance.
In conclusion, the trend of taking on side hustles and supplementary income sources is on the rise, as many Americans seek to increase their earnings and achieve financial stability. Setting clear, tangible revenue goals that align with basic expenses can help individuals avoid burnout and create a sustainable business model. By focusing on practical math and realistic pricing strategies, entrepreneurs can build a successful side hustle while maintaining a healthy work-life balance.
