Skimm Money: Starting a Business, Shrinkflation, and “Agile Work”

Dreaming of starting a business but have no clue where to begin? We asked Jen Glantz, author of "Always a Bridesmaid (for Hire)" and founder of Bridesmaid for Hire, about how to turn your big idea into a reality.

How do you go from having an idea to making it a business?

Number one, you have to identify who this business is for. Think about what problem you're solving and who needs that problem solved. Second, you have to test out your ideas, products, or services. A big mistake people make is starting a business without validating their idea. You want to have beta testers or even offer the service for free to a couple of people to test it out.

When you work for yourself, how do you structure your days?

Every Sunday, I sit down and make a to-do list. I write out every single thing I need to do for that week. Then, I decide what I want to do each day and set time limits for each task. I also give myself breaks throughout the day. When you’re sitting down all day and working, your productivity can really decline. It’s really important to check in with yourself on your progress to stay motivated. At the end of the month, I’ll make a list of wins and things that I wish I did differently. 

Tips for women on scaling a side hustle into a full-time business?

1. Think of different income sources. You want to diversify as much as possible. See if there are ways to bring in passive income, aka selling something that doesn’t constantly require your time and attention.

2. Surround yourself with female entrepreneurs. It can be super lonely if all of your friends work more traditional jobs. Try and find a community of entrepreneurs, whether it's online or in person.

3. Use free tools. For example, I use Canva to design my graphics and social media posts. Plus, there are so many tools that use AI, like ChatGPT, that can help you write copy.

Answers have been edited and condensed for clarity.

What happens when you mix high inflation with a middling GDP?

*To the tune of the “Hannah Montana” theme song* you get the worst of both worlds (according to some experts).

If your $$$ isn’t going as far as it used to at the grocery store…

You can blame shrinkflation.

Don’t want to return to the office?

Rebrand “remote work” as “agile work” to get your boss on board.

But if you prefer WFH vs. RTO…

It could be hurting your career, especially if you’re young.

Would you spend big to live life on your own terms? We spoke to Amirah J. Cook, author of the Emily Gamble series and the woman behind @indefinitehoneymoon, about investing in experiences to create the life you want.

Tell us about a recent purchase that felt like an investment.

An annual, extended luxury vacation that gives me and my husband the opportunity to relax, while also test-driving a different lifestyle. It’s something we look forward to all year and use as a carrot of motivation. This year, we’re spending a month traveling between Egypt and Morocco. 

How much are you planning to spend?

We budget about $20,000.

Why do you consider it a worthy investment?

Not only does it serve as this tangible reward to inspire us, but it also gives us a shared project. We have so much fun researching the destinations, planning the itinerary, and learning about the sites we’ll visit. We also get to expand our vision for our retirement, considering what life in different destinations could look like for us.