I lost my £64k job so went full time with my side hustle – I now make £7k a month… anyone can with my four tips
A WOMAN who lost her £64,000-a-year job has revealed how she used her newfound free-time to scale her side hustle into a six-figure operation.
Now, Jannese Torres claims she makes over £7,000-a-month at 39-years-old and thinks it’s achievable for anyone willing to put their mind to it.
At first, she started off as a food blogger, selling ads on her website to rake in passive cash.
After getting an appetite for that, she ventured into podcasts and affiliate marketing.
Fast forward three years since her redundancy, Jannese has a whopping seven streams of income.
Her other forms are speaking engagements, selling digital courses on social media, AirBnB rental income and brand partnerships.
“Building a sustainable business takes time,” she assured in an article for CNBC.
“I didn’t officially leave my 9-to-5 until 2021.
“So don’t put unnecessary pressure on yourself to create a six-figure business in two weeks.
“That’s not realistic, despite what social media may tell you.”
Jannese shared her financial tips for scaling any small business or side hustle – even if you’re in a totally different industry to her.
In fact, the entrepreneur thinks scaling a side hustle is all about being savvy with your business finances.
So, bakers, beauticians, tutors, online shop owners, resellers and every other side hustler, listen up.
- Separate personal and business finances
“Establish separate bank accounts for your business to keep your money separate,” Jannese said.
“This distinction is crucial for accurate bookkeeping and tax purposes.”
- Closely track income and expenses
“Record all sources of income and track your expenses diligently,” the entrepreneur encouraged.
“Keep receipts, invoices, and any other relevant financial documents organised – and regularly review and reconcile your financial statements to ensure accuracy.”
- Develop a budget
“Create a budget that outlines your projected income and expenses,” Jannese continued. “This will help you plan and make informed financial decisions.
“Review your budget periodically and adjust it as necessary to reflect changes in your business.”
- Manage cash flow
“Cash flow management is vital for the financial health of your business,” she explained.
“Monitor what comes in and goes out to ensure you have enough liquidity to cover expenses and maintain operations.”