A Growing Cottage Industry
America's trusted voice on money and business, Dave Ramsey is a personal money management expert and extremely popular national radio personality. His three New York Times best-selling books - Financial Peace, More Than Enough and The Total Money Makeover - have sold more than 6 million copies combined. His latest book is EntreLeadership: 20 Years of Practical Business Wisdom from the Trenches.
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Learn how to manage growing demand for a small side business without going full-time by raising prices, choosing clients carefully, and protecting your time.
Dave, I work full-time as a guidance counselor at a high school. On the side, I bake and decorate cakes, cookies and pies. Word about my baking has gotten around, and the demand has grown beyond anything I ever imagined. Now, I’meven being asked to do weddings andlots ofother big events. I’ve always wanted to keep my business small, so I’mnot sure how to handle things now. Do you have any advice? Jules Jules, It’sgreat that demand has risen, but I can understand how it could also be a burden in your situation. Trying to keep a side hustle from blossoming into a full-time job can be a good problem to have, though. It means people really like whatyou’redoing. I’d suggest two things if you’re absolutely sure you want to keep this business small and maintain it as a cottage industry.First, you need to raise your prices. Some people might decide not to be customers any longer, butin your situation that’sokay. You mightnot have quite as many clients, butyou’llmake more per item. The second thing is tobe selective about the peoplewith whom you choose to work. Even if things have picked up lately,I’m pretty sure you’restill not doing a big enough volume to put up with a bunch of attitudefrom spoiled customers. I mean, if a Bridezilla walks through the door, you can simply choose not to work with her, right? So, that’smy advice, Jules. Select your clients carefully, and raise your prices. I thinkyou’llget more enjoyment-and more money-out of your business that way. - Dave *Leadership and small-business expert Dave Ramsey is the CEO of Ramsey Solutions. He has authored nine national bestselling books, including "EntreLeadership," and he hosts "The Ramsey Show" and "The EntreLeadership Podcast". He has appeared on Good Morning America, CBS This Morning, Today, Fox News, CNN and Fox Business. Read other business articles |

How AI Can Help Your Business
America's trusted voice on money and business, Dave Ramsey is a personal money management expert and extremely popular national radio personality. His three New York Times best-selling books - Financial Peace, More Than Enough and The Total Money Makeover - have sold more than 6 million copies combined. His latest book is EntreLeadership: 20 Years of Practical Business Wisdom from the Trenches.