28-year-old on track to earn $1 million this year shares the first step to start a successful side hustle
People have all sorts of reasons for picking up a side hustle. Some simply want to make more money, while others want to improve their job performance.
Whatever your reason, it's important to start your business on the right foot. Take it from Lauren Simmons, a 28-year-old former stock trader who is on track to earn $1 million this year. Simmons has started many ventures of her own; she is an author, producer, podcast host and TV host.
Her advice for starting a successful side hustle: Before you do anything else, set up a business checking account specifically for your new endeavor.
Separating your business finances from your personal finances keeps everything from becoming mashed together and makes preparation for tax season a lot easier, Simmons explains.
It's an easy step: Setting up a business checking account takes less than five minutes. You don't even need to get out of bed to apply; it can all be done online.
There may be a fee attached to creating an account, but Simmons says if you look for one that's manageable with your income and how much you make from your side hustle, you should be fine.
When Simmons set up her own business account, she shopped around until she found a bank that made sense for her business in terms of minimum deposit requirements and fees. In her experience, there is no "best bank" for businesses, since everyone is at a different place with how much they can spend on fees and deposits.
The good news: "We live in this new digital banking era," Simmons says. "There is literally a bank for everybody."
"If you're only bringing in $100 a year, there is a bank for you. If you're only bringing in $60,000 a year, there is a bank for you."
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