Side Hustle vs. Main Hustle Part 1
The term "side hustle" was first coined in the 1950s. It comes from a Dutch term meaning "to shake". You know, "shake a leg" and "get to work!".
However you want to define it, we all know that it means this is meant to boost your income. And many, many piano teachers use it for exactly that -- to boost their household income.
But what happens if you need piano lessons to be your main hustle? Meaning, you need them to not only pay for your child's soccer shoes, but also to pay the mortgage and groceries this month?
Maybe you're in a place where you need to make more money through piano lessons. Maybe you need to make ALL the money from piano lessons. Here are six things to consider when moving piano lessons from your side hustle to your main hustle:
1. Figure out how much you need to bring home, then add 30%.
Obviously, your needed income is the BIGGEST factor when shifting this to your main hustle. So, figure out, realistically, what you need to make each month. Then figure out what that looks like on a weekly basis. Then translate that in to how many lessons that equals.
But, don't forget, you need to make MORE than what you need to bring home in order to pay the dreaded "T" word -- taxes. As a small business owner, you want to set aside roughly 30% for taxes at the end of the year. Hopefully, of course, you end up paying less than that, but be wise and safe and set aside 30%. Again, how many lessons does that equal?
Now -- adding together the lessons you must do to make your needed income PLUS the lessons you must do to pay taxes -- is it doable?
So-not-a-newsflash: Piano lessons take time. So, yes, you can increase your income by giving more piano lessons, but that also requires a significant increase in your time. Carefully look at your schedule and figure out where you can add more lessons. Mornings, perhaps? Weekends? Later in to the evening?
Once you've mulled it over, then pull out a good ole piece of paper and write down exactly when you would give lessons. Be wise here, though. It is easy to look at gaps in your schedule and think, "just one more lesson". This can be a slippery slope. (Believe me, I speak from experience). Be as wise with your time as you are with your money.
Once you've figured out the money and time factor of your piano lesson, then you're ready to move on to the next three steps . . . Check out tomorrow's post for the final three to making your piano lessons your MAIN hustle. :)
Way to dream big -- keep it up! Trust me, you'll be glad you did.