Side Hustle to Self-Employment

Look Before You Leap!

A Little Background

• Blogging Addict• Blog Advertising in April 2011• Quit Job in July 2011• Husband Quit Too in January 2012

Using Sub Accounts

• Online Income• Taxes• Checking• Other Goals

Planning for Self Employment

• Making Your Exit Goal – Your Current Salary?– What Do You Need?– How Much Do You Have as Padding?– How Much Risk Can You Take?

My Situation

• 28 Years Old• No Kids• Made $2000 a month net• Hate Risk but like Cash

My Hubby’s Situation

• 28 Years Old• No Kids• Made $3000 a month net• Can Handle Risk Better• Doesn’t Mind Part-time Work

Private Insurance

• Ask for Advice• Esurance.com Worked for Us

Taxes

• Save More Than Expected

• Remember You Will be Covering the Employer’s Part

Salary

• Pay Yourself a Set Salary• Keep It Small• Pad Your Self-Employment Account

Diversify

• Your Main Business• Investments• Side/Hobby Jobs• Backup Plans

How We Diversify

• Blog Ad Business• Commenting for Hire• eBook• Rent Out Spare Bedroom• Rent Out House• Investments• Bowling Alley and Sports Officiating• Cow Mascot

Negatives of Self Employment

• There Will be Bad Months• What Can You Do Outside the Home?• Willpower

Positives of Self Employment

• Flexibility• Empowerment• No Commute if you Work Online.

Action Plan

• Find Your Niche• Create Exit Goals• Get Insurance• Save for Taxes• Pay Yourself a Salary• Diversify Your Income• Enjoy

My Overall Feelings

• Can’t Believe Where I Am• Figure Out What You Want• Get Started Right Now