The Road to Success: Starting a Side Hustle

If you're thinking of starting a side hustle - business coach and workplace expert Michelle Gibbings has you covered. In this episode of Flying Solo, Michelle shares invaluable wisdom gained from her own experience, including the importance of testing and developing a business concept while still employed, strategic planning, systematic approaches, and documenting processes. She emphasises the significance of finding a niche, seeking mentorship, and aligning expenditures with business goals. Tune in to discover the key components of running a successful business when you're starting from scratch.

Key topics

Transitioning from a corporate career to starting a business:

- Desire for autonomy leading to starting a business

- Financial advice and stability before venturing into entrepreneurship

- Managing expenses during challenging times

Strategies for running a successful business:

- Systematic approach and task management

- Documentation of processes and importance of organization

- Assessing the market and finding a niche

- Setting milestones and tracking progress

- Seeking advice and mentorship strategically

- Considering legal and financial aspects of the business structure

Balancing work and personal well-being:

- Celebrating wins and recognizing personal achievements

- Having a support system and prioritizing self-care

- Work-life balance and maintaining good physical and mental health

Financial literacy and managing business finances:

- Importance of understanding financial metrics and statements

- Training courses and online tools for improving financial literacy

- Analyzing financial data and asking the right questions

Building a positive workplace culture and fostering employee well-being:

- Cultivating a culture aligned with company values

- Prioritizing connection and face-to-face interactions

- Clear communication on ownership of intellectual property

- Transparency and conversations with the organization

Time-stamped overview

02:22 Taking a leap, figuring it out, good advice.

03:31 Fortunate career, supportive husband, strategic financial decisions.

06:27 Test, develop and prepare for entrepreneurial success.

10:50 Seek advice, learn, and set boundaries in business.

13:36 Annual business plan, SWOT analysis, updates.

17:22 Set financial targets to invest time and money. Evaluate progress.

21:08 Get good lawyers, accountants, and mentors.

26:19 Understanding financial statements and using online tools makes managing finances easier. It's important to educate yourself and ask questions to avoid potential legal issues.

27:28 Accounting systems now have easy, real-time dashboards. Maintaining a positive culture is crucial.

31:16 Online work has benefits, but not always.

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