DON'T quit your job (or business). DO start a side hustle.

Key Concepts

• Economic Uncertainty: A period of instability and unpredictability in the economy.
• Side Hustle: A secondary income stream pursued alongside a primary job or business.
• Diversification: Spreading income sources to mitigate risk.
• Value Audit: Reviewing and improving the value proposition of existing offerings.
• Health, Wealth, Relationships: Core human motivations that drive purchasing decisions.
• ROI: Return on Investment, a key consideration during economic downturns.
• Deliverables: Tangible products or services with clear value.
• Cohort: A group of people learning together at the same time.

Economic Uncertainty and Freelancing

The speaker addresses the current economic uncertainty and its impact on freelancers and business owners. While not an economist, she shares her personal experiences and recommendations for navigating these times.

• Job Security: While conventional wisdom suggests holding onto a secure job during economic uncertainty, the speaker notes that job security is not guaranteed, especially in the tech industry, citing frequent layoffs and reorganizations.
  • Example: Her decision to go full-time in her business was prompted by a third reorg at her corporate job, anticipating potential role elimination.
• Freelancing Advantage: Freelancing offers a degree of security through diversified income streams. Losing one client or income source is less devastating than losing a single full-time job.
  • Statement: "I could lose a client, I could lose a, you know, income source, but I wouldn't lose all of my income sources."

The Importance of Side Hustles

The speaker strongly advocates for starting a side hustle, regardless of whether one is employed or already running a business.

• Reasoning: A side hustle provides additional income streams and a safety net in case of job loss or client attrition.
• Timing: The best time to start a side hustle is while you have a stable income source, allowing for experimentation without risking your livelihood.
• Personal Experience: The speaker started her business as a side hustle while working in the corporate world, which provided financial security and experience before transitioning to full-time freelancing.
  • Example: She worked at General Motors while simultaneously building an influencer marketing platform for a startup.
• Side Hustle Success Class: The speaker promotes her free class, "Side Hustle Success," which guides participants through identifying their purpose, skills, and how to monetize them.

Lessons from 2020

The speaker recounts her experience during the COVID-19 pandemic in March 2020, highlighting the importance of adaptability and innovation.

• Income Loss: She lost a major client ($5,000/month) due to the pandemic and had a dream project in Paris canceled.
• Opportunity: Instead of giving up, she used the time to create new offerings, including a video course and the Social Media Management Accelerator.
• Pivot: She shifted from relying on a single large client to serving many clients at a lower price point.
  • Example: Transitioning from one $5,000/month client to 100 clients paying $500 each.
• Key Takeaway: Economic downturns can be opportunities to try new things and reinvent your business model.

Value and ROI in Uncertain Times

The speaker emphasizes the importance of delivering tangible value and demonstrating ROI during economic uncertainty.

• Shift in Priorities: People prioritize essential needs and seek clear returns on their investments, moving away from "strategy woo woo" and towards concrete deliverables.
• Content Studio: The speaker's decision to open a content studio reflects this shift, offering hands-on, done-for-you services.
• Value Audit: Regularly review and improve existing offerings to ensure they provide maximum value to customers.
  • Example: Revamping the Social Media Management Accelerator course and adding a year-long community access.

Core Human Motivations

The speaker highlights the importance of aligning your services with core human motivations: health, wealth, and relationships.

• Relevance: Services that directly impact these areas are more likely to resonate with customers, regardless of the economic climate.
• Messaging: Frame your offerings to demonstrate how they contribute to these motivations.
  • Example: Social media management services can be positioned as improving a CEO's health by reducing their workload and improving their business's wealth.

Conclusion

The speaker encourages listeners to embrace economic uncertainty as an opportunity for growth and diversification. By starting a side hustle, auditing value, and aligning with core human motivations, freelancers and business owners can navigate challenging times and emerge stronger. She advises to keep your job if you can and build on the side until we figure out what exactly is going on in the economy. Don't panic though, because you never know where things will shake out.

Notable Quote

• "I could lose a client, I could lose a, you know, income source, but I wouldn't lose all of my income sources."
• "Now is the time to start a side hustle."
• "Health, wealth, relationships, those are the industries...those are the motivations that everybody has and will always have."