Season 2 Episode 52: Starting a small business or side hustle

Jan 1, 2024

In this engaging discussion, guests share their transformative journeys from side gigs to small business ownership. Listeners learn the importance of careful planning and strategic growth in the chaotic early stages of entrepreneurship. The conversation highlights the value of professional guidance to avoid costly mistakes and navigate tax deductions effectively. They also delve into the booming side hustle trend, revealing insights about motivation and cash flow planning. Finally, the speakers emphasize common pitfalls to avoid, ensuring a smoother path for new business ventures.

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ANECDOTE

Jean's Entrepreneurial Journey

Jean Chatzky shares her journey from being fired to starting her small business, Hermione.com.
She evolved from side gigs to a full-fledged business with employees and growth challenges.

ADVICE

The Power of Saying No

Say no more often to avoid overcommitting your small business.
Prioritize projects that contribute significantly to revenues for better focus and sustainability.

ADVICE

Test Business Before Quitting Job

Test your small business idea before quitting your day job.
Validate if your hobby can become a business by ensuring there is enough market demand.

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Happy New Year! In this episode of Edelman Financial Engines’ Everyday Wealth™, we present an encore presentation of one our most requested shows – “How to start a small business or side hustle.”

When you’re starting a small business or a side hustle, there are many important factors to consider to help make it a success. In this episode, Jean is joined by wealth planner Andy Smith as she shares her journey from side gigs to becoming a small-business owner and what she learned along the way. Later in the episode, Rich Lahijani, a director of tax advisory and planning at Edelman Financial Engines, joins the conversation to talk about tax considerations, including what you typically can and can’t write off with your new business.

Ms. Chatzky receives cash compensation for acting as host of the Everyday Wealth podcast and for related activities and therefore has an incentive to endorse Edelman Financial Engines and its planners. That compensation is a fixed sum paid on an annual basis; and reimbursement for certain expenses. The amount paid each year does not vary, is not based on show content or any results-dependent factors (e.g., popularity of the show).

The information being provided is for informational and educational purposes only and should not be construed as advice. You should consult a financial advisor and tax professional to help determine the best options for your particular circumstances. Neither Edelman Financial Engines nor its affiliates offer tax advice. Interested parties are strongly encouraged to seek advice from a qualified tax expert regarding the best options for your particular circumstances.

© 2024 Edelman Financial Engines, LLC. Edelman Financial Engines® is a registered trademark of Edelman Financial Engines, LLC. Advisory services provided by Financial Engines Advisors L.L.C. a federally registered investment advisor. Certain services are provided on an educational and guidance basis only. Results are not guaranteed. Originally produced January 2023. AM3288476

See omnystudio.com/listener for privacy information.