Nikki Ramskill said she was inspired to learn about how to better manage her money as she used to be “terrible” with her finances. She also works as a GP and saw how her patients’ health was affected by poor money management.
She started a blog to document her journey in improving her finances and the “penny dropped” when someone suggested she could become a professional money coach.
So she became The Female Money Doctor, with a focus on helping women improve their finances.
She explained: “I help to empower women around their finances, so that they can make better decisions, think about the future, start investing, and build their savings.
“I work with them to help them get out of debt and improve their mindset around money. The most rewarding part for me is knowing that I’m helping people.
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“Especially when you see that eureka moment with a client and they go, ‘Oh! I can do it!’ or when they realise they can change their mindset towards money.”
The 38-year-old earns between £1,000 and £2,000 a month and is currently spending around 60 to 70 percent of her working time as a GP and the rest as a money coach.
She invests part of her extra income back into the business while setting aside some of the money for her own savings.
One woman she worked with wanted to clear her debt, so they looked at ways she could boost her earnings, by becoming a virtual assistant.
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Ms Ramskill said the woman is now doing really well and when she sees a “transformation” like this it makes her side hustle worthwhile.
She is gradually scaling up the business and increasing the time she spends on it. The GP said: “My biggest concern when I started out was fear of failure.
“Even now I’m still at that point where I’m not quite there yet to go full time. It is a bit nerve wracking to go all in with your own business – what if I can’t pay my mortgage?
“However, I’m working with several amazing coaches who are helping me to grow my business and my confidence.
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“My hope is one day to help others train to become money coaches to help even more women feel better about their finances.”
Setting up the business, she faced the challenge of learning a lot of new business terminology and practices.
She uses Mettle, a free digital business account provided by NatWest, to help manage her business finances.
The service helps small businesses manage payments including a feature to help create invoices.
Ms Ramskill encouraged those setting up a side hustle to be clear about what they want the extra money for, such as paying off a debt or investing in their future.
She urged people not to give up when times are tough, as she had to overcome the difficulties of the pandemic and managing her business alongside her work as a GP, to make her side hustle a success.
The Female Money Doctor also encouraged side hustlers to take a break if they need one. She explained: “You’re a beginner, you might have loads of things you need to learn.
“If it doesn’t work at first, don’t just leave it and go off to find something else. Stick with it. A business is not going to generate money overnight. You have to put the work in.”
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