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Read MoreIf you consider yourself a fashionista, then you are probably well aware of the company, Poshmark. Poshmark is a digital marketplace where you can buy and sell new or used clothing, shoes and accessories. One woman made $15,000 by cleaning out her closet and posting the items on the site. That makes for a sweeeet side hustle.
According to a recent article quoting Poshmark’s press release, the site carries over 75 million items and 5,000 brands and 1 in 30 women in America sell on Poshmark. Since it’s launch in 2011, the company has grown to over 4 million sellers.
I had the great fortune to be able to meet and interview one of the founders, Tracy Sun, at the Hustle 2X event in San Francisco. Hustle is an incredible media and event company for folks like you and me - ambitious, go-getters seeking inspiration and always striving for more.
The 2X event is a traveling show in 7 cities where Hustle brings together incredible women to share their inspirational stories of success. The Hustle team was kind enough to offer an opportunity to me and Socialite Renee, to meet Tracy Sun and ask her about her journey to success.
Here are some of the insights that she shared:
Many of the Money & Mimosas readers would describe themselves as multi-passionate. As a woman who transitioned from science to fashion to tech, what is your advice to our community on creating a career when you have multiple passions and skills? For me, it was important to consciously give myself the freedom to explore. Once I gave myself that permission, I realized that I could bring a different perspective to fields because of my diverse background. It became my super power and unique skill.
Money is always a big topic for business owners. What is your money advice for other entrepreneurs? Learn that it ebbs and flows. The first part of your journey as an entrepreneur is to survive and MAKE money. Once you start earning, then you get into the saving mode which is really really important. Once you have saved a comfortable cushion, then it’s time to focus on growing your wealth. That’s the place where I’m at now and it took a long time to get here.
Do you have a mantra for money? What is your guiding philosophy for building personal wealth? Always be willing to learn more about it and how money works.
What is your #1 advice for a woman who wants to be financially independent? Discover your superpower. We all have one and it will be your #1 tool for success.
Wow, such great insights! To build on her money advice for entrepreneurs, one of my pieces of money advice is to learn how to make money in every possible way you can. Especially in the beginning stages of your business. It is all about THE HUSTLE in the beginning. One easy way to do this is to use Radius Bank’s Hybrid Checking account.
It’s one of the only checking accounts that pays you interest on your balance. Most have zero percent interest which means you actually lose money on balance because of inflation. Click here to learn more about the Hybrid Checking Account.
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This post is sponsored by Radius Bank.
“Empowered women, empower women.”
Money & Mimosas is a movement and on a mission to empower women with the financial tools they need to live their happiest, healthiest, and wealthiest lives. We believe that when women are in control of their money, they are in control of their lives.
As a part of our mission, we are committed to providing women with opportunities to advance their careers and build wealth. And we are so excited to be in a position where we can add our newest team member, Maritza Barrios.
Maritza is the reigning Miss San Jose with a goal of becoming Miss Universe. She is a rockstar brand ambassador and manager who has worked with over 200 brands. As she will say, she is “totally not a 9-5 type gal” and works tirelessly to create a unique career that allows flexibility in her schedule. Click here to learn more about Maritza.
If you’re like Maritza, being a brand ambassador/independent contractor may be the best career fit for you. Here are some practical steps to take to set your career path up for success.
Open a bank account. This should be solely dedicated to your brand ambassador projects. Every brand has a different pay schedule and it’s imperative that you keep all of your hours/payments organized and in one place. Our favorite bank account for this is Radius Bank’s Hybrid Checking. Unlike most checking accounts who offer zero percent interest, the hybrid account actually pays you for the money you deposit into it. Cha-ching.
Calendar your payment dates and follow up a couple of days prior to confirm. This will help you manage your cash flow and plan for things like bill payments. Nothing is worse than expecting a payment on a specific date and it not being there!
Set up an accounting system. As a brand ambassador and independent contractor, you are your own business! Be a boss and use a program like Xero or Freshbooks to keep track of your business related expenses and invoices.
File for a business license. When you first begin as an independent contractor, keep it simple and file as a sole proprietor in your local area. Once you earn $70K+ gross (before taxes and expenses), it will be time to start considering a change in your business entity status to a LLC or S-Corp.
Weekly money date. You already know that we PREACH having a weekly money date. The biggest step to remember during your date is to transfer a percentage of your earnings to your savings account. This is especially important as an independent contractor because there will be times when the cash coming in is lower than usual. You can avoid stress during these times by boosting your cash reserves.
For more money tips, join the Money & Mimosas Insider list.
This post is sponsored by Radius Bank.
A money blog for ambitious business owners.
The founder of Money & Mimosas. Our mission is to help you achieve your definition of financial freedom.
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