Conversations with Coach LA

How to Manage Your Mental Health & Monetize your strengths

Episode Summary

Is there something you love to do? Could you convert that to a business? Would having a side hustle improve your mental health and quality of life? Press play as Coach LA has a conversation with Nakia Whittaker-Woody, a 20+ year Administrative professional and Mental Health Warrior/Advocate about managing your mental health as an entrepreneur and how Identifying your side hustle can improve your mood and overall well-being!

Episode Notes

Monetize Your Strengths- let’s have a conversation about identifying your side hustle & delegating for efficiency!

Side Hustle: noun Slang. a job or occupation that brings in extra money beyond one's regular job and main source of income; Working a side job can also, informally, be called moonlighting, usually when it is performed after normal working time. A side job can be a full-time job, part-time contract, or freelance work, and a person can hold more than one side job.

Side Hustle stats

"Nearly all working Americans (93%) have some kind of side hustle in 2022." That equates to 1:3 people. Among side hustlers earning over $1000 a month, the top 3 business models are Online Business, Freelancing / Consulting, and Investing.

• The U.S. side hustle market is valued at over $2.58 trillion
• U.S. business formation grew by almost 42% in 2020
• 4.3 million Americans quit their jobs in August of 2021
• 32% of Americans are quitting their jobs to start their own business
• 64% of small businesses start with less than $10k Capital, a micro business only $3k
• 12.3 million businesses owned by women in the US, and generate 1.8 trillion in revenue
• 46% of African American small business owners are solo entrepreneurs

Why Delegate?

Delegation is the assignment of authority to another person to carry out specific activities. It is the process of distributing and entrusting work to another person. Because we can’t do it all, it is not in our zone of genius, we just don't want to. 

Why is it hard

Your business is essentially one of the most important assets you have, you want to protect it at all costs, giving up that power to entrust someone to assist is hard because no one will do what you do or feel how you feel.

The Virtual Assistance industry 

The rise or should I say pivot to virtual is not a fade, in fact, it was becoming more prevalent before the pandemic pivot. The industry was estimated to bring in 98 Billion US Dollars by 2024 in a 2019 statistic. So imagine how much that number may change. But I do think it's Disruptive Innovation too. As women of color, we are always looking for ways to level up and take care of our families, strong black women syndrome, and this offered a new avenue.