Raising the money for adoption or fertility is on the forefront of your mind once you have decided that adoption is the route you are going to take. It definitely consumed my mind. I couldn’t stop thinking about how we were going to raise the funds, so that we could be parents. This obstacle loomed in front of my mind and blocked my belief that I would ever be a mother.

I’m not a person that likes debt. Ironic since I was a mortgage originator for 10 years, but maybe that’s why I hate it. I saw how it caused pain in marriages when they were strapped to the hilt with debt. I didn’t want that for myself and I wanted to change the habits of others, so they were free from the bondage of debt. That’s why I became an Accredited Financial Counselor.

Instead of borrowing the money to achieve your dreams, I turned to my entrepreneurial spirit and decided that having a business or side hustle would be a better idea. If you can’t decrease your expenses or borrow money, then surely you can increase your income. I became obsessed with learning about side hustles over the years. I loved hearing about how others made money to achieve their dreams.

One of my favorite podcasts to listen to is Side Hustle School with Chris Guillebeau. I obsessively have listened to episodes and thought, these people are brilliant. I love their ideas! Like the Worm Composting Empire that brings in $400 a month. I mean, who thinks up this stuff?!

It’s ideas like this that people can save money for adoption or fertility. You are smart just like those side hustlers on Side Hustle School. So, what’s holding you back?

• You don’t know how to start a business?
• You don’t have an idea? We can work on that.
• It’s intimidating to start a business. Yep, it can be if you don’t know what to do.
• You lack the skills. Which skills do you lack? Can we help coach you to gain those skills?

When is a business no longer a hobby?

The IRS provide the following points from their website regarding hobby businesses.

• Whether you carry on the activity in a businesslike manner and maintain complete and accurate books and records.
• Whether the time and effort you put into the activity indicate you intend to make it profitable.
• Whether you depend on income from the activity for your livelihood.
• Whether your losses are due to circumstances beyond your control (or are normal in the startup phase of your type of business).
• Whether you change your methods of operation in an attempt to improve profitability.
• Whether you or your advisors have the knowledge needed to carry on the activity as a successful business.
• Whether you were successful in making a profit in similar activities in the past.
• Whether the activity makes a profit in some years and how much profit it makes.
• Whether you can expect to make a future profit from the appreciation of the assets used in the activity.

We want to make enough money to have a debt-free adoption or fertility procedure. So, if you are making more than $3,000, you’ll want to be able to take advantage of tax deductions and change it from a hobby business to a for-profit business.

How to start a for-profit business?

Let’s address the issue of not knowing how to start a business. Shake off that excuse right away. We don’t want excuses. We want solutions. Start with an idea. Look to see if anyone else is doing the same. Are they successful or is it a dying business? Is there a need for what you are offering?

• Obtain an FEIN from the IRS. (This is free to obtain. It’s better than using your social security number.) You obtain the number immediately, but give the IRS about a week to process it through their system before you start opening up the payment processor and business account. Be aware that you need to make sure you are on the IRS website because there are companies that will charge $250 for you to obtain it and the IRS is free.
• Register the business with your Secretary of State. (There is a fee from your state at the time of registration and then an annual fee as well. Each state varies on price.)
• Create a website on WIX. (I’ve used both WordPress and Wix and as a newbie, I prefer the Wix when it came to creating it.)
• Obtain a business email and domain name. (Look for coupons through Google or promotions from WIX before you pay full price.)
• Obtain a bank account using your paperwork from the IRS and Secretary of State. I found that my credit union was the best for me because they don’t charge a fee, plus I can connect my business and personal and view them all online in one place. Very convenient.
• Put together a file to hold all of your business opening papers. You can also scan and place them in a folder on your computer. You’ll want to guard the paperwork for the FEIN because you use that number frequently.
• Obtain city and county business license once you have reached $3,000 in sales. Once you go over $10,000 you must register with the Department of Revenue and begin paying quarterly taxes.
• Sign up for a business accounting software such as Quickbooks or Freshbooks. I use both desktop and online Quickbooks. I know the desktop is more money, but I really like it. It’s simple. I like simple.
• Obtain a payment processor and connect it to your website and bank account. You can also connect your business accounting to both your payment processor and bank. Automation will make your life easy. I recommend Stripe or Paypal.

We go over starting a business in the Preparing Financially for Adoption course and we provide you templates, resources, and video instruction.

How to overcome discouragement?

Join us for a 21 day challenge where we provide you daily challenges you need to help you get your business off the ground and making money. Receive the daily motivation to help you overcome discouragement that can come from not knowing exactly what you need to do or how to do it. Click on the link and be sure to check 21 Day Challenge before you hit subscribe. We’ll email you information about the 21 Day Challenge when it launches.

Addressing lack of skills

I remember graduating from college and thinking, “Phew, now I don’t have to study again.” Wow was I misinformed about life. I think I do more studying and research now than I ever did while in school. #truthbomb

Youtube: We have information at our fingertips. We can google anything. My daughter likes to watch YouTube videos on how to prank your teachers. There’s all sorts of tutorial videos on YouTube that can assist you in learning. When I began my podcast I had no idea how to begin. I watched YouTube video after another YouTube video to learn how to record, edit, and upload my podcast.

Teachable: You can learn from amazing teachers on Teachable. You can also create your own course if you have a topic that people want to learn about. Last year I realized that I wasn’t reaching enough people and I thought about how I could reach more people without pulling myself in a hundred directions. As I read and researched, I realized that a course would help me reach more people. I looked at several different places to host my course, but Teachable was simple and easy to use. If you haven’t figured it out yet, I like simple. I hate complicated things that require me to use my Xennial brain on technology.

I look at the different courses on Teachable and I’m amazed at the talent that is out there. You could learn how to garden or blacksmith. Fascinating ideas are out there. You could be the one teaching it and making money or learning the skill to make money.

Here’s our courses on Teachable: Preparing Financially for Adoption and Adoption and Fertility Grant Success Course.

Local Community Colleges Continuing Education: Your local community college provides continuing education classes that are often low cost or free for the public. These skills can provide you the resources you need to start your business. A basic class in Quickbooks or social media could really give you the confidence to tackle this project. I contacted the Small Business Development Center before I started and they provided some guidance on starting my own business. Many of the above points I learned from them.

Coaching: When I decided to go from working full-time as a financial counselor with the military to starting my own private practice, I was pretty scared. I found a group on Facebook for financial coaches and was introduced to the Financial Coach Academy. It was so awesome to have someone that had already been there help me to be where they were. If you want to be a financial coach, then I HIGHLY recommend the Financial Coach Academy to hold your hand through the process towards starting your own private practice.

Find your own coach or mentor to help you start your business. Ray Croc didn’t recreate the wheel. He bought an existing business and franchised it out. Don’t try to recreate the wheel, it’s hard. Make it simple. Learn from others mistakes and hire a coach or mentor.

Certifications: Look for a certification for the skills you want to learn to be confident and successful. Research. Talk to people. Find the certification that will truly help you learn these skills. If you want to start a business to move dirt or clear land, do you need a certification to drive a heavy machine? (My 6 year old has informed me that he’s going to drive a digger when he gets big and a big truck. To which the 4 year old pipes in, yea, me too.)

I sought out the Accredited Financial Counselor certification from AFCPE to provide letters after my name and show that I have studied money and counseling techniques. It was a hard test, but it’s opened doors for me that wouldn’t have been there had I not had the certification.

Overcoming Intimidation and Mental Blocks

Kelsa Dickey refers to intimidation and mental blocks as impostor syndrome. You need to recognize it for what it is and stop saying you aren’t good enough. You are good enough. You can do this. Look at what’s on the other side of success.

How deep is your desire to save up the money for fertility and adoption? Do you feel it in your bones? I mean, really feel it. You can almost taste success. Use those feelings to push out the feelings of intimidation and lack of belief in yourself.

In the book You are a Bada** at Making Money by Jen Sincero, she talks about using money mantras. Tell yourself, “I will make the $25,000 I need for adoption or fertility because I can do this.” Don’t tell yourself limiting beliefs. That’s the old you. The new you will tell yourself, “I’m doing this. I’m awesome and people are going to pay me to do this, so I can reach my financial goal.” She’s got some great money affirmations in the book to help change your beliefs about yourself.

Try telling yourself a daily affirmation and see how you feel in 30 days.

Check out our podcast episode where I discuss Jen Sincero’s book with Devon Baeza.

Final Thoughts

I know that if you believe in yourself and follow the above process, you can create a business that provides you enough extra income to achieve your financial goals. I know you’ll face discouragement. I’ve wanted to quit so many times, but you have to focus on that end result and keep “pluggin’ along”. You will face drudgery. You will face challenges. Refocus yourself. If you need to take a week break to overcome burnout, then take the week and get right back on the saddle. You can do this.