How to Make $50,000 in Your Small Business or Side Hustle

Welcome to the second installment of the Mini Online Mastermind (M.O.M) Series. We are happy to have you back for this short but exciting post!

When we came up with the concept of the Living Firme Business Mastermind, we had one goal in mind, to help Latinx entrepreneurs, make money. It’s a simple goal, right?  We think so! We make shit happen at Living Firme and we, like a lot of you, are BUSY.  So, when we start something, whether it be an event or a product, we like to start at the simplest place, which for us, ironically…  is at the END.

In our business, the starting point is the end. Yes amigas, to move adelante, it’s always best to have the end in mind and work backwards.

In this little challenge, our end goal is 50k.

$50,000 is, your destination for the year, the month, the week… You decide!

Now for the fun part…  Mapping out how to get there!

Your road trip is not JUST a road trip… You are embarking on a great adventure! And you get your map when you answer these questions:
1. What am I selling?
2. How much PROFIT comes from each item I sell?
3. How much do I need to sell in order to get to my destination?

By simply answering these questions, we begin our journey to 50k!

Of course, there are a few things we have to do in order to make that first 50k. Creating goals and breaking them down into, bite sized, executable steps, we realize that we can actually get anywhere we want  to  go, if we are consistent.

An executable plan that you TAKE ACTION on is a formula for success! Do you have a plan? Planning doesn’t have to be a chore and executing on the plan should be fun. There WILL be work involved but we have a feeling you are up to the task! Are we right?

Cool.

Money making is a mindset. From the graphics above, you can see that you don’t have to be greedy to make 50k. You don’t have to leave your day job (yet) or risk losing everything you have in savings. What you do need… is a plan.

Here is your homework.

  1. You have a product or products. It fits in somewhere on the charts above. Figure out how much you need to sell of each of your items to get to your destination.
  2. Now, get creative and figure out what you might be able to add in either direction.  Go up and/or down at least 2 levels.  This should be fun. Challenge yourself to think about a low investment item you could add and make a good return on.

We have literally been BLOWN AWAY by some of the ideas the ladies in our groups have come up with.  Some of the women in our Mastermind come in undervaluing their skills. Some women come in with creative blocks. Some come in need of greater time management, better organizational and technical skills, or discipline. We dive deeply into all of these areas because we have discovered that for many of us, the underlying issue that keeps many of us from achieving our next level of success, is… feeling unworthy!

A mastermind is an affordable way to put all the knowledge you acquire into ACTION. This is space for creativity, planning, accountability and celebration and you will meet some incredible women. Learn more at http://www.livingfirme.com/mastermind/

Also stay tuned for the final installment of our M.O.M series! All three parts of the series work together to get you on track to growing your biz!

Head over to part 3.