by Eldari Visser founder of Picketfence Life
For the longest time I have been playing with the idea to write this blog. Then time and Covid-19 got hold of me.
We all know as women entrepreneurs that we can easily get bored with our current situation, and we toss and turn at night thinking of some ways or side-hustles to bring in more money. This process is stimulating, and it makes you invent great new ways. Just the thing to bring in that extra bit of cash that we all need. Cash that can be used to close smaller gaps in your personal financial space.
As a financial advisor I have met so many wonderful women, especially women entrepreneurs that had the same struggles as me…. a new big business taking time to get off the ground, but money is necessary to pay the bills. Stuck!
My advice to them was always the following:
Why don’t you start a little side hustle that you’re good at? Make something, sell something, so that you can get liquid cash for your own personal financial accounts. Remember, don’t use the business account to pay yourself, except if it is a salary on the books!
What is the personal financial account?
I have seen many women in unfortunate situations where she was busy building her own business and her money was tied up in the workings and setting up of the venture ... then something unfortunate happens, perhaps a family death, or it might be a marriage that’s falling apart, a Corona Virus… and many more. Maybe even a contract that goes sour. Then suddenly you sit with no cash flow. It happens in the blink of an eye. It’s your own personal finance cash flow that gets affected by the events - the one that you pay your bills from. We always say most people are 31 days away from bankruptcy.
What can you do?
Get a good side hustle that will pay your own bills, cars, house, credit cards and all the little things needed monthly ….please don’t use your business income to kite-fly your personal income.
What is the typical thing that you can do? I know of so many ladies selling Herbalife, Sportron, Avon, make up or beautiful clothes. Some become master chefs in the kitchen for parties… or even Uber drivers. Yes, indeed it is not beneath us to do something extra. The economy is not at a good place right now.
You cannot advise people to do something if you haven’t tried it yourself! Thus in 2019 I started importing beautiful bags from Morocco and designer shoes for my Online shop. I was doing this whilst designing and writing my personal financial 21 day journey to personal wealth. This will soon appear weekly on the LionessesofAfrica website as a blog again. Quickly, the small-scale takes up a lot of your time.
So, my next article is going to be how do we manage the smaller scale business effectively.
Look out for that next week… but here is the key point of this week’s article….
AND THEN THE WORLD STOPPED!
I think most of us did not understand at first exactly the impact of this little ‘flu’. Being married to a gorgeous, medical guy …( we have to lift our hubbies)...he told me this is something big and people need to get their personal finances into gear because the impact will be devastating .” “Yes, okay honey, thank you.” Then it reality hit, I could not deliver a single parcel. A beautiful online store but no courier can go anywhere… and I don’t have a drone …. yet!!!
Now we are all sitting in our new Home Office working from afar, all over the world, and we are experiencing attacks from all sides….some of these attacks happen in our minds... fear grips you OR you see the new opportunity!
I will create a short video later for you to just listen to on the typical attacks that we have in our minds when things like this happen.
The most amazing factors that came out of this very sad situation is that we had to adapt, and that is what makes a real entrepreneur sing. You get that new idea ...discuss it with a few others, and a new concept sees the light. The world and business are going to be different going forward.
Yet, remember I talk about your personal finance and that is what worries people…how to create an income during this time?
I am astounded at how many people have phoned me to let me know about the new ideas they are deciding about on how we can survive in a new world…. some of these ideas are brilliant, others not so much… but they are trying!
Remember the world will never be the same, and in the lioness's pride this is when teamwork and collaboration and thinking starts ... we never lie down; we think of ways to look at the situation and to create something beautiful.
The photo of this article that I’ve used today is not to make you sad. I know it’s not for the soft hearted (like me) but the reason I’m using this photo is to show you two options of thinking - process thinking is the new buzz phrase.
First of all, if you are the attacker, think of yourself as attacking this problem from all sides, in a group, thinking of ways to bring the problem down to a more manageable size. What can you do during this huge world pandemic to make it better for your community?
Secondly, what if you are the victor standing up straight and looking at all these attacks that are coming from all sides, and you’re deciding, “I am not going down, I am sticking it out, I am going to stand my ground. I am going to fight this thing tooth and nail, kicking and screaming because we don’t give up . As entrepreneurs I want to encourage you today. Think of something new that will turn the world upside down.
In a nutshell we all should discover a side-hustle and this coronavirus just showed us the Value of a side hustle. It can carry us through the darkest times, it gives hope, and we can help those who are struggling.
I hope to be sharing my video with you shortly to give you Ideas around COVID-19 and what you can do for personal financial protection. It remains important that you look after all your risk management portfolios during this time, your Wills, and even employment related contracts. Get them in place.
AND last thing… do make sure the contracts that are emerging in the “new” world are understood! If you don’t know … ASK. We are here to help.
Jungle greetings
Eldari
Eldari Visser and her unique company, Picketfence Life, is providing access to information, advice and a powerful network of experts to help consumers find solutions to various serious issues. The company focuses mostly on easy blogs written by financial coaches, lawyers, accountants and tax practitioners, life and business coaches, and even psychologists. It gives practical tips and help and is the expert on your side of the fence. --- You can contact or follow Eldari at www.picketfence.life | Facebook | Twitter | #Junglewealth series
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