6 September, 2021

Monetizing Your Side Hustle

by CIBC FirstCaribbean

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Maximise To Monetize: Use digital tools to monetize your side hustle

What’s the biggest lesson 2020 taught entrepreneurs, small business owners and side-hustlers alike?

Pivoting prepares you for success. Efficiency is key. And change is an opportunity.

Change… now that’s a word that creates uncertainty. How we communicate, how we shop, our ability to travel, import and export, there are so many aspects of our personal and professional lives that have been affected by the global pandemic…especially our bank accounts. Fewer working hours, more layoffs, and all of a sudden you can’t take anything for granted.

But for your side hustle, change should mean innovation, pivoting and discovering new revenue streams and ways to get paid!

Your main income can come from your side hustle

Yup, it’s true. Last year around this time, you spent nights and weekends on your “side hustle”. In fact, you probably didn’t care how much profit it was making – you did it for the love of it. Baking pastries your neighbours love, fixing all your friend’s tech problems, selling unique handmade crafts at the market; letting your talent shine! Today, your side hustle is no longer the back-up plan: it could be your main income-earner!

You can make money in your sleep

Make $$$$ while you Zzzz! Who doesn’t like the sound of that? Your side hustle needs e-commerce so that you can get paid around the clock. If you’re an entrepreneur with a startup, don’t be intimidated. Guess what? E-commerce is not just for large corporate entities. Let’s repeat that. Small businesses can use e-commerce too!

In fact, you can use e-commerce even if you don’t have a website. For example you can add it to your shopify account. This allows you to make sales around the clock, getting paid directly to your bank account even when you’re sleeping.

[Talk to us today about setting up e-commerce for your business]


Work Smart, Bank Smart.

No one wants to work hard with little payoff. Educate yourself about the many financial management and organizational tools that you can leverage to increase your efficiency, get paid faster, and improve your record keeping. With our Online Banking platform you can:

  • Pay your bills online and save time for developing your business or serving your customer base.
  • Pay your employees or vendors online without having to meet in person.
  • Keep an eye on your credit and debit card transactions as they happen.
  • Setup scheduled bill or credit card payments so you don’t have to set reminders every month, or worse-forget.
  • Download your paperless statements for business purposes anytime you need them. This allows you to keep your accounting on track.
  • Enjoy sophisticated security that protects your funds.

There is no longer any need to leave your home office to pay your expenses, or to perform standard account transactions like the ones listed above. Use digital banking to take matters into your own hands.

When you’re an entrepreneur, getting paid comes First.

Getting paid should be fast and simple, right? One of the payment solutions we offer is 1stPay. With 1stPay, you can send or receive payments without needing to use a bank account number. All you need is a phone number or email address.

1stPay allows your customers to pay you, or you can pay your suppliers, without stepping foot in a line or taking time away from your work. Because the faster and easier it is to get paid, the better it is for you!

 

Go cashless to stay safe, stay secure

Go cashless! Cashless transactions include credit and debit cards, 1stPay or e-commerce. Offering your customers the opportunity to use credit and debit cards if you offer deliveries, have a brick and mortar location or travelling sales reps is a great way to go cashless.

Cashless transactions are easy, secure, and very convenient. They allow your customers a quick turnaround at the checkout with Tap to Pay and Contactless technology, and reduce the need for your staff to handle cash.
Digital banking is all around a winning solution, because it lets you spend less time banking in branch, keeps you safe and secure, and reduces your potential exposure to COVID-19.

Monetizing your side hustle involves some elbow grease from you to promote and expand your passion project, and it also requires you to think outside the box in terms of maximizing your efficiency. You will have to count on a strong community of friends who will be your marketing team, family who will be part-time staff, and banking professionals who will be your financial advisors.

So if you want to really monetize your side hustle, it’s time to look at maximizing your efficiency with digital banking solutions. And of course, dedication and consistency will sow the seeds for future fortune.

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