The Economy of You Handbook

EXERCISES AND WORKSHEETS

EVEN AFTER YOU'VE COMMITTED TO STARTING A SIDE-GIG, DOING SO can be overwhelming. Where do you start? What should you do? How do you find the time?

This section functions as your own side-gig starter kit: It is designed to help you generate ideas, get ready to launch, and hone your plans.

If you're still on the fence about launching a venture at all, then the questions in “Are You Ready to Launch Your Side-Gig?” will help you decide if now is the time to go for it. If you're not sure what type of side-gig makes the most sense for you, the “Find Your Gig” worksheet will help point you in the right direction. And the worksheets on your game plan, pitches, and money will keep you on track as you map out your own path to increased financial security. You can also download illustrated versions at economyofyou.com.

The handbook includes:

• Are You Ready to Launch Your Side-Gig?
• Find Your Gig
• Create a Game Plan
• Pitching Worksheet and Pitch Tracker
• Make Your Money Work

These simple yes/no questions will help you gauge your readiness to get started on a new, and potentially lucrative, adventure.

  1. Do you worry about losing your job?

  2. Do you wish you could earn more money?

  3. Is your full-time job and personal life stable enough that you can dedicate at least one to two hours a week to a new pursuit?

  4. Do you have a hobby that could turn into a profit-making enterprise?

  5. Do people come to you for advice or guidance on something you're good at?

  6. Do you have a skill that you use in your day job that is valuable to other people?

  7. Do you enjoy marketing yourself and reaching out to people online?

  8. Has your income in your day job stagnated?

  9. Are you ready to invest in yourself and try out a new identity as an entrepreneur?

10. Do you believe that you have something useful to offer the world that you haven't yet explored?

If you answered “yes” to most of these questions, congratulations: You are side-gig ready. Use the “Find Your Gig” tool below to help zero in on your ideal pursuit.

Want a side-gig but aren't sure where to start? This worksheet will help you sort through your six primary options, which revolve around creating products, providing a service, running a business, helping others, doing physical work, and performing.

Create: Do you have any creative passions or hobbies? List them here.

1. ________________________________________________

2. ________________________________________________

3. ________________________________________________

Can you imagine selling creations based on those hobbies, either online or in-person?

If you enjoy blogging, cooking, inventing, writing, or a myriad of other creative pursuits, then you can probably find a way to make money from them, too. With the growth of websites such as Etsy.com and Amazon Marketplace, it's easier than ever to sell your creations online, and to find buyers through social media. Creating is one of the most common ways to earn money on the side; examples include the husband-and-wife team who invented the “Can I Buy?” app (Chapter 2), hockey training stick inventor Emily Beach (Chapters 2 and 3), and children's book author Calee Lee (Chapter 3). Related side-gigs on the Top Fifty list include baker (#12), fine artist (#27), and florist (#32).

Service: Do you have skills that you've built up over time, perhaps through your full-time job, that are hard to attain and valuable to others? List them here.

1. _______________________________________________

2. ________________________________________________

3. ________________________________________________

Circle the skills listed above that are most valuable to other people.

This category contains a wide range of skilled work, and is also the most likely to involve side-gigs that require some kind of licensing or specific training. (To avoid breaking any laws, first check to see if your local or state government has any requirements.) Examples include legal services, financial services, marketing, security, information technology services, beauty treatments, and massage. Kylie Ofiu (Chapter 2) cuts hair, tax expert Jason Malinak shares his knowledge with customers (Chapter 3), and Lucinda Lyon-Vaiden practices massage and acupuncture (Chapter 6). Top Fifty examples include financial services provider (#3), legal services provider (#4), and makeup artist (#49).

Run: Do you enjoy managing other people, money, and projects? Does the idea of being a small business owner appeal to you? What type of business can you imagine running? What would most leverage your current contacts, experience, and resources? Make a list of potential business here.

1.__________________________________________________

2.__________________________________________________

3.__________________________________________________

This category works best for people who like being in charge; they enjoy the independence and challenge that comes from being a small business owner. Often the idea starts from a casual side-gig, perhaps a creativity-fueled or service-oriented one, and then blossoms into a full-blown business. Examples include cake-maker Chris Furin (Chapter 1), jewelry store owner Erica Sara (Chapter 4), and art studio owner Stephanie Theodore (Chapter 6). Almost all of the examples on the Top Fifty list can be turned into full-fledged small businesses.

Help: Do you get energized from spending time with other people? What types of activities with other people are both enjoyable to you and useful to others? List them here.

1.__________________________________________________

2.__________________________________________________

3.__________________________________________________

Circle the ones on your list that you could imagine people paying you for.

If you'd rather spend the day with other people than on your own, then a side-gig that involves working with others is probably for you. Teaching (at a university like Melissa Van Orman in Chapter 6), coaching (as Sydney Owen of Chapter 3 does), or consulting (like Tara Gentile of Chapter 1) are common options. Working one-on-one with clients or students, sharing knowledge or expertise that you have, can be deeply fulfilling. Top Fifty examples include social media consultant (#5), life coach (#18), and education and training consultant (#14).

Do: Do you find physical activity enjoyable and satisfying? List the activities that appeal to you below.

1.__________________________________________________

2.__________________________________________________

3.__________________________________________________

Which of the activities you listed also function as a service people are likely to pay for? Circle those with profit potential.

If you enjoy physical work, opportunities abound, because many people prefer to outsource that work, or at least get help with it. Gardening and dog-walking are two of the most popular options. Tara Heuser of Chapter 2 built a pet-sitting business and Nicholas Ignacio of Chapter 6 started a lawn care services company. Examples from the Top Fifty list include handyman (#22), home organizer (#33), and personal shopper (#35).

Perform: Do you have unique abilities and talents that you enjoy performing for others? Are these unique talents something that people would potentially pay to see you perform? List those unique skills and talents here, and consider who the potential audience might be.

1.__________________________________________________

2.__________________________________________________

3.__________________________________________________

People with unique talents or abilities can often find paying audiences or sponsors. Examples include singers, stand-up comics, professional athletes, and clowns. Jessi Baden-Campbell from Chapter 6 sings opera and Alisha Williams (also Chapter 6) runs. Related side-gigs on the Top Fifty list include keynote speaker (#20), comedian (#43), and disc jockey (#31).

This checklist takes you through the steps to turn a side-gig idea into a steady source of income.

1. Explore what motivates you most.

• Why do you want your side-gig to succeed?
• Have you recently experienced a major life change?
• Do you feel financially stressed?

2. Pick the side-gig that's best suited to your background, lifestyle, and personality.

• Browse the Top Fifty Side-Gigs list, as well as sites that list the products and services of other side-giggers (such as Etsy.com, Freelancer.com, and Craigslist.org), to see what most appeals to you.
• Use the “Find Your Gig” tool above.
• Experiment with your selected gig by putting your product or service out into the world, via blog, Twitter, or an established website (such as Etsy.com, Fiverr.com, or Freelancer.com) and see if you have any buyers.
• Take another small step, such as launching a blog, related to your side-gig idea.

3. Get on top of your financial life.

• Review your finances, paying special attention to any weak spots. Do you need to focus on scaling back spending or paying off debt? Do you have an emergency savings account with at least three months worth’ of expenses?
• Use a free online tool such as Mint.com to create a budget and savings goals.
• Make a plan to pay off any burdensome debt.
• Ramp up savings to give yourself more flexibility and peace of mind. When you start earning money from your side-gig, save that revenue. Track any expenses related to your side-gig carefully for tax purposes.
• Fill out the “Make Your Money Work” worksheet on pages 171–172.

4. Find new friends who are also engaged in similar side-gig pursuits.

• Start reading blogs or web forums related to your side-gig.
• Join a Meetup.com group or online group of people who also do similar work.
• Create Twitter and other social media accounts to help make those connections. Retweet other people's ideas, reply to their questions, “like” their Facebook pages, and engage in back-and-forth dialogue with the people in your field that you admire.

5. Promote your side-gig vigorously, by blogging, Tweeting, and other online efforts.

• Give yourself a social media makeover: Dedicate five to ten minutes a day to sending relevant Tweets or other messages via social media.
• Check your brand: Run a web search on your name to see what people learn about you online.
• On your online profiles on social media accounts, describe yourself in terms of your new side-gig identity to help spread the word about what you're offering.
• Make a list of your ideal clients or customers and create targeted pitches for them; the pitching template on page 170 can help.

6. Create time in your week.

• Organize household maintenance to spend as little time on it as possible; devote those extra hours to your side-gig.
• Create a physical space in your home to work on your side-gig, even if it's in a closet or corner.
• Wake up a half-hour early (or more) to devote this quiet time to your new pursuit, or take advantage of lunchtime to make progress by sending pitch e-mails, writing blog posts, or sending Tweets.
• Implement the organization system that works best for you, whether it's via a day planner, app, or Google calendar. Use it to stay on top of commitments across all aspects of your life, including full-time work, side-gigs, family, and household management.

7. Find ways to be resilient.

• Learn how to cheer yourself up in the face of disappointment.
• Take care of yourself by eating well, exercising, and getting enough sleep.
• Draw on your support network, whether it's family or virtual friends online, to get you through down times.

8. Help others in your community.

• Answer emails sent to you asking for advice, even if briefly; be helpful whenever possible.
• Hire other side-giggers to do work that you can't do yourself, such as web design or marketing.
• Become a useful source of information through your social media accounts or blog.

9. Make a long-term plan.

• Consider how you want to grow (or not grow) your business, whether it's ultimately selling it to another person or company, staying small, or expanding to include multiple employees. Do you want your side-gig to always be “on the side,” or do you want to leave your full-time job and turn it into your main gig?
• Think about the legacy that you are building with your side-gig, and whether you want to tweak it at all, or add a more explicit charitable component.

The answers to the questions below will help you pinpoint your audience.

1. Who is my ideal customer? What websites and blogs do they read; where do they shop?

2. What do I have to offer them? How do my products or services help them?

3. Why did I start my business; what motivates me? Is there a story I can share with potential customers?

4. What existing resources, friends, and connections do I have that could help me find that ideal audience?

5. What big websites, blogs, or publications do I dream of being featured in?

Use the Pitch Tracker below to help stay organized

PITCH TRACKER

Answer the questions below to help you get on top of your finances.

What are your primary financial goals for the next five to ten years? (Examples: Pay off debt, buy house, save $50,000)

1. __________________________________________________

2. __________________________________________________

3. __________________________________________________

4. __________________________________________________

5. __________________________________________________

What does financial security mean to you?

   __________________________________________________

   __________________________________________________

   __________________________________________________

What steps do you need to take to achieve that definition of financial security?

1. __________________________________________________

2. __________________________________________________

3. __________________________________________________

What can you do to be more frugal? Where do you waste the most money?

1. __________________________________________________

2. __________________________________________________

3. __________________________________________________

What's your best money habit that you want to continue?

   __________________________________________________

   __________________________________________________

What will earning extra income from a side-gig allow you to do?

1. __________________________________________________

2. __________________________________________________

3. __________________________________________________

Where do your finances currently stand? In each category below, write down your biggest challenges, goals, and progress:

Savings: ____________________________________________
__________________________________________________
__________________________________________________

Earnings: ___________________________________________
__________________________________________________
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Debt: ______________________________________________
__________________________________________________
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Investments: _________________________________________
__________________________________________________
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Other: _____________________________________________
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Current net worth: ____________________________________
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Goal net worth: ______________________________________
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