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Transcript

Stop Calling it a Side Hustle · Mom's Money

• 0:03
  They keep saying Gen Z is figuring out entrepreneurship. No, Gen Z is just saying the quiet part out loud because moms have been doing this for decades.
• 0:12
  We've been building businesses between school pickup, Costco runs, client calls, nursing babies, while silently managing the entire household economy. They called it a side hustle, and I'm here to retire the word.
• 0:27
  According to the US Census Bureau, women own thirteen million businesses in the United States, and that number has grown, get this, a hundred and fourteen percent over the last twenty years.
• 0:38
  But most of these women still don't call themselves business owners. Today, I'm gonna change that and show you exactly what shifts when you make it official.
• 0:48
  This is Mom's Money Talk, and I'm Ellie Ezra, the mom talking money like no one ever did for you. This is for the woman who's done managing money and ready to run her life like a business.
• 0:59
  I'm not a financial advisor, but I've built companies, sat in rooms with investors, and learned how money actually works. And here's the truth. You don't have a money problem. You have a systems problem.
• 1:10
  This isn't about budgeting harder or cutting lattes. It's about spending with intention, building assets, and thinking like the CFO of your household.
• 1:18
  Because if you're a mom, you're already running a business, the business of the home. So I'm giving you the playbook, one that makes your life feel lighter, not heavier. The word is the problem.
• 1:32
  Side hustle is a diminishing word. It tells you and everyone around you that what you're building is secondary, extra, optional. It's not.
• 1:41
  What you are building is a business, and the word you use to describe it shapes how you run it. When you call it a side hustle, you diminish the real work on running a business that comes with it.
• 1:52
  You don't track your numbers seriously. You don't separate your accounts. You don't think about taxes. You don't think like an owner.
• 1:58
  You think like someone who's just making a little extra money, and that mindset is expensive. When you call it a business, you make different decisions. You protect it differently. You invest it differently.
• 2:11
  You show up for it differently. The rename is the strategy. Here's what I want you to hear. You've been running a business for years. You just weren't calling it that.
• 2:20
  Running a household requires the same skills as running a company. Come at me. I do both. I work with leaders of businesses. They just have better frameworks, one that came from studying best practices.
• 2:33
  Here is where we get to reframe all of this for you. You manage a budget just like a CFO. You coordinate logistics just like an operations manager. You make purchasing decisions just like a procurement director.
• 2:48
  You manage relationships just like a client success lead. You plan long term outcomes just like a CEO. The mom who manages her household economy well and then launches a product business is not starting from zero.
• 3:03
  She's applying existing skills to a new revenue stream. The only thing that was missing was permission to call it what it is. You have the permission now.
• 3:14
  Here's the four shifts that make it real, and here's the difference between someone with a side hustle and someone with a business. Shift one, they track their money.
• 3:23
  A business has a profit and loss statement, a P and L. Revenue in, expenses out. What's left? Profit. You need to know your numbers every month. Not quarterly, every month. Shift two, they have a separate account.
• 3:39
  The moment your business makes money, you gotta keep it in its own place. You can't mix business money and personal money because then you stop being a business owner and start being an expense category.
• 3:51
  Open a separate checking account this week if you have what you've been calling a side hustle that is actually a business. Shift three. When you're running a real business, you think about taxes from day one.
• 4:05
  Self employment tax is fifteen point three percent. If you are not setting aside twenty five to thirty percent of every dollar you earn, you're accumulating a surprise debt from the IRS.
• 4:15
  So you can set it aside first from the first dollar, and you can also think about tax reduction strategies against your business. Okay? Talk to a professional, someone who really understands it. Okay? Shift four.
• 4:30
  If you're running a business, you charge what your time is worth. The number one reason women's businesses stay small is underpricing. If your hourly rate isn't making the math work, the math will never work.
• 4:43
  Price for profit, not just for sales. Okay? You gotta believe it's worth what it really is worth. Why? Because your time is getting taken away from other things if you're doing a business. Okay? There's a cost to that.
• 4:58
  Segment four, the reframe. The old operating system told women, get a good job, be grateful, ask permission, climb the ladder. Oh, yeah. Work like you don't have children. Mother like you don't have work. Right?
• 5:10
  We've heard it, but that system is broken. The new system is you're an economic engine. Your household is a business.
• 5:17
  Your skills are assets, and your ambition doesn't need to be managed down to fit someone else's comfort. You don't need a side hustle. You need a business strategy. So I'm gonna give you practical actions.
• 5:31
  Three shifts here. Shift one, rename it out loud and in writing. This week, update your email signature, your Instagram bio, or LinkedIn profile.
• 5:39
  Change freelancer or small business owner or side hustle, please tell me it doesn't say that, to the actual name of your business and your title. What are you? Write it down. Say it out loud.
• 5:52
  The rename rewires how you operate. This is Mom's Money Talk. It's run by an LLC. Shift two, open the account today. Go to your bank's website or app right now and open a free business checking account.
• 6:08
  Now if you need to go into the branch, great. Guess what? You'll meet a business banker. They'll tell you everything they have available. So you come, maybe you wanna fund it with a hundred bucks, whatever it is.
• 6:19
  Go sit and meet your new business banker. From this day forward, every business dollar that goes in, every business expense comes out, everything that's business.
• 6:29
  This one moves separate from your personal finance and from your business finance and makes numbers real. That starts to get fun. Shift three. Set your price and your tax rate. Look at what you currently charge.
• 6:41
  Now calculate backwards. Are you profitable after your time, your tools, and your twenty five percent tax set aside? If the answer is no, your price is too low. Pick a new price.
• 6:52
  Email one current or potential client this week with your updated rate. Not next month, this week. I've got a free resource in the show notes. It's a business owner starter checklist.
• 7:03
  It walks you through the rename, the separate account setup, and pricing formula to make sure your business is actually making money. So grab it and make it official. This is Mom's Money Talk.
• 7:13
  I'm Ellie Ezra, and I'm here to remind you you're not bad with money. You're probably running an entire household economy without enough support, language, or systems.
• 7:20
  So this week, spend smart, acquire assets, and run your household like a wealth building machine. Grab the free tool in the show notes. Follow the show.
• 7:28
  Send this to a mom who's ready to stop budgeting crumbs and start owning the bakery. [outro music]