I'm thrilled I took a chance on my side hustle and turned it into a successful business earning $100,000 annually.

In September 2021, I was laid off from my role as customer success manager after four and a half years working for a financial technology company. However, I had been working on my side hustle since April 2020.

I founded The Wealthy Wolfe to address the lack of wealth-building resources for daughters of immigrants, who often felt overlooked by predominantly white male financial advisors.

Losing my job made me feel expendable and powerless over my career. I didn't want to go through that again, so I decided to start my own business.

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I am thrilled that I trusted my instincts and placed a bet on myself. By the end of 2023, I had earned over $100,000 annually for the second consecutive year.

I took three steps to transform my side hustle into a profitable, full-time business.

1. I expanded my reach online

To effectively connect with my target audience, I recognized the need to engage with them on their preferred platform. At the time, my online presence consisted of a static Instagram page. Since I wasn't confident in creating video content, I sought the assistance of an expert.

I hired a coach who specialized in marketing and TikTok, and began posting at least two videos per day. Recently, one of my videos went viral, in which I discussed the impact of lending money to immigrant parents on one's motivation to save for oneself.

My new one on one coaching applications have been driven by TikTok leads, accounting for 80%, while the remaining 20% come from Instagram, podcast interviews, and writing about my personal experience with money.

My niche, content curation, and voice have helped me establish trust with my audience and attract new clients. With a combined following of 44,000 on Instagram, email list, and TikTok, I have a growing community.

2. I diversified my sources of income

I work with up to 15 clients in my three-month coaching program, and my one-on-one coaching accounts for roughly 75% of my revenue. Additionally, I have two passive income streams through my digital workshops and my budgeting template.

I have been collaborating with various financial companies and conducting live workshops on personal finance. While I don't solely depend on brand and corporate work, the exposure I've gained from these partnerships has been advantageous for my business.

Big companies often overlook women of color when discussing money in conversations. This gap in representation can lead to missed earning potential for creators like me in this field.

3. I focused on perfecting one service

I initially made a common mistake of overworking and launching multiple programs at once while starting my side hustle.

In 2022, I launched a group coaching program after my one-on-one coaching slots were quickly sold out. Although it was exciting to offer coaching to a larger group, it was challenging to manage the logistics and communicate effectively with an audience that was still getting to know me.

Despite not having enough people to fill the program, I ended up stressing myself out.

I opted to eliminate the group coaching program and concentrate solely on the one-on-one, while also consistently promoting it throughout the year.

My clients have shared numerous stories about their negative experiences with financial experts who lacked cultural understanding, making them feel unheard and unseen.

When they meet with me, I always create a personalized plan that considers their unique background and financial needs, whether it's managing their budget, paying off debt, or developing strategies to discuss money with their loved ones.

Last year, my one-on-one coaching generated $100,000 in revenue, and I have worked with over 100 clients since launching my business. This personalized approach and focusing on creating a unique program have been vital for my long-term side hustle success.

Parween Mander, the founder of Wealthy Wolfe, is a South Asian money expert who provides honest and relatable financial coaching for women of color from immigrant upbringings through one-on-one coaching and mentoring. She is an Accredited Financial Counselor in Canada and a certified Trauma of Money Facilitator.

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