Turning Your Creative Side Hustle into Multiple Streams of Income
Having 7 streams of income is the ultimate goal for most entrepreneurs in today’s society. While we may hear about the importance of multiple streams of income very often, it is rare that we get actual steps on how to do this.
Join Tee Westbrook & Creative Entrepreneur Alyx Walker as they discuss tips and tricks about creating multiple streams of income from your side hustle.
- Airbnb hosting
- Tips for side hustle success
- Tips for creating multiple streams of income
by Andria Williams
February 10, 2021
1:08 Alyx Walker is a creative entrepreneur and video director. She created her multiple streams of income by renting out her apartment for Airbnb hosting, owning businesses, editing videos, working for a company, and much more. https://www.instagram.com/lifeofalyx/
2:11 How to get started with Airbnb hosting:
An Airbnb is a residential property that allows travelers to rent on a short term basis. They can rent anything from a house, a single room, a boat or even a tree house. Think of it as a hotel rental, but in the comfort of someone else’s home.
Alyx got into Airbnb hosting after she was forced to find her way through a stressful financial situation. She needed to move ASAP, but could not meet the requirements to move into a specific apartment. She decided to be very transparent with the landlord and asked him if part of her monthly income could be combined with her Airbnb earnings. He approved. Once she began to learn more about it, she learned how much money she could make on the side if she continued. Most of the things she learned were from YouTube University! She started by first, focusing on the appearance and decor. She wanted to target creatives so she added cool things such as backdrops, desks ,for work etc. Next, she mentally prepared for the experience. “With so many different people booking, you never know who’s going to be a guest”. She needed to train her mind to be ready for this particular business.
6:00 Unforeseen problems:
- Not being clear with expectations about things such as checking out. Most people do not realize that if you do not add written notes to your listing, people without the Airbnb app will not see them.
- Time to clean. Starting out, Alyx was giving herself about an hour in between each booking to clean, but that was not enough time. She had to really time herself to get an estimate of what a reasonable time frame would be. She needed at least 2 hours to clean before the next set of guests arrived.
- Instructions and decor. Alyx really wanted her apartment to be welcoming to guests, so she added little cute things around. Not everyone appreciated them. For example, a statue of a little monkey could possibly be broken so it is best to keep the decor simple although you may want to add personal touches.
9:25 Getting the ball rolling:
Alyx started out shooting fun stuff with friends during her sophomore year of college. She was in school for business management but it wasn’t fulfilling her needs. She knew after graduation she did not want to work for a company such as a bank, so by her senior year, she took freelancing more seriously. She had to take the risk and decide. After college Alyx moved in with a friend. She slowly transitioned out of her job at American apparel and began working for a corporate company. She was working 14 hour days because she was also shooting things for herself outside of work. Essentially, Alyx used her job for the resources like adobe software, studios, and up to date cameras.
IMPORTANT TO USE RESOURCES:
Take a business class or entrepreneurship class. It is important to invest in a class especially if you’re starting college and don't know exactly what you want to do.
Working full time made both Tee and Alyx realize that they needed to stay consistent with their side hustles. The dissatisfaction at work pushed them to hustle harder on the side.
17:17 Tips for freelancers:
- Be smart about the initial leap.
- Take your time.
- Your business is based on your mood. You have to remember your work revolves around what goes on at home. Big break up? You can’t just stay home and not work because your business depends on it. It’s important to have the inner strength to keep going. Alyx described it as a muscle that you have to train to grow.
20:00 Tips for pricing:
- It varies. It's best to start small and fair.
- Get opinions from friends and potential customers to gain some insight on where to start.
- Do your research. Shadow someone in the same realm. Take their class or do your homework on them.
- It’s all about mindset and discipline. Think about how much time you're putting towards the project for the client, then think about the time that is being taken away from other things that could be making you money.
Ex: You have to record the video, edit the video, discuss things, gather equipment. Are you using networks or platforms that you pay for? Are you paying for a studio? All of these things should be taken into consideration.
- Stick to a price. Don’t sacrifice how you want to do something just to get business.
“Just because I want to work with you, does not mean you do not have to pay this price”.
- Make sure your work resembles what you're asking for.
25:30 Final tips for side hustle success:
- Remember, it’s a journey. You’re gonna be working more than other people such as your friends without side hustles and already established entrepreneurs. You're going to have to sacrifice certain events and activities, but it’ll pay off in the end.
- Don’t just down your job. They more than likely have resources you can use.
- Don’t take things personally. Relax! Things don’t always go as predicted.
- Make goals for yourself. Without them you will feel like you're not going anywhere.
- You’re going to fail! Don’t take it to the heart.
- Time management is extremely important. It can feel like there is so much to do if you are not setting out the time to do certain tasks.
- Organization is the key to limiting anxiety, being more productive and getting to your ultimate goal. Organization can be anything from how you run your day, to how you set up your office.
- Consistency! You’re gonna get discouraged, this is why it is important to act as if you are creating a new habit. Working towards your business consistently will give you the best results. “It serves as your reputation when you’re not there. They chose you over someone who is up in the air”.
- There’s no “I don’t feel like it” when you’re your own boss.
Organization Apps you can use:
- Trello keeps track of everything, from the big picture to the minute details. Use this app to help with project management and deadlines.
- Toggl is for project planning and time tracking. It aims to help you track time with a single click, and to switch easily between tasks so that you can get things done and be more productive.