You don’t have to start a side hustle right now.
You don’t have to do anything ever.
It’s your life, after all.
The way I look at side hustles is the same way I look at the process of self-improvement period. There are consequences, both positive and negative, for doing both.
Let’s take a look at some of the pros and cons of starting a side hustle.
In short, the right way to build a side hustle is slowly and gradually, on the side, in a way that doesn’t interfere with your life a ton.
To improve your chances of success, avoid these three huge mistakes at all costs.
Here are some of the problems with trying to start a side hustle, whether you want to be a creator, provide a service, or sell a product.
So when you start out, you’re at this point of absolute zero and nothingness. Here’s what most people do.
They throw their stuff out there in this self-centered way expecting people to magically come find it and engage with it just because they created it.
If you want to be successful, you need to learn how to siphon attention and package your offering the right way.
Clearly, this is a condensed synopsis of skills and strategies that take a lot of time to learn.
In short, avoid this mistake of just throwing your brand out there into the abyss and hoping something happens combined with having low self-awareness which causes you to think people should engage with your business simply because you started it.
Most simply don’t have the patience to figure this stuff out, which leads to the second crucial mistake.
Saying you don’t give your side hustle enough time doesn’t suffice as an explanation.
Most people who start side hustles fundamentally misunderstand the nature of the process itself.
What do I mean?
You must understand this concept. Burn it into your brain.
80 percent of the progress happens in the first 20 percent of the journey.
It may take you a few years to turn your side hustle into a full-time business, but the first 90 days, six months, and year matter most. Why?
The best advice I can give you?
Focus on the core elements you need to get started and nothing else. For writers, I’d say nothing more than blogging skills themselves and having an email list. That’s it. For e-commerce, product research, sourcing manufacturers, creating initial product lines, testing offers and trying to sell something. For service providers, it’s getting good at the skill you’re providing, having a basic website or portfolio to show off those skills, and learning how to pitch and land customers.
Save all the extra stuff for later – social media marketing, advanced SEO, long optimized conversion funnels, all that nonsense.
Just focus on committing a repeated series of similar actions over the timeframes I mentioned.
“When you are young, work to learn, not to earn.” — Robert Kiyosaki
You can’t use an employee’s mindset when you’re building a side hustle.
You’ve been taught equal pay for equal effort – x dollars per hour or salary.
With side hustles and business, you make little to no money on the front end and a bunch on the back end.
Don’t be shortsighted. I see it happen all the time.
A colleague of mine wrote a blog post about her income on Medium. A reader commented on how her average dollar amount per post wasn’t much. It wasn’t, at the time. But she was learning the skills to earn more in the future. She emailed me recently saying she made $8,000 in January. Now she gets more money for the same level of effort because her skills have improved and her platform is larger.
See how that works?
I have a YouTube channel that has earned me a whopping $30. For me, YouTube is a platform that will help me create an entire business back-end that will make me hundreds of thousands of dollars. But I have to make my bones on YouTube for little to no money, first, to get there.
Stop thinking linearly and start thinking exponentially.
Passive income does happen, but backed by a bunch of upfront work and creating systems that multiply your efforts.
After this point, you can scale even more.
You can hire people.
You can take profits and invest them in passive vehicles like stocks and real estate.
Hell, you can even buy other existing businesses.
Most importantly, once you learn the skills of business, no one can take them away from you. Also, the more streams of revenue you have, the less losing any individual one will harm you.
Then, you can grow and grow and grow.
All these mistakes stem from a lack of patience.
For those of you looking into these work from home tactics because of extra free time or even if you find yourself unemployed right now, don’t look for your side hustle to become your savior, right now.
Start, learn, and get momentum.
The crazy thing? All of these skills, especially making money online skills, are extremely learnable.
I believe most people could eventually grow to six-figures, but most people don’t have the patience to do it nor will they listen to directions and follow simple steps.
Behind all the fancy messages and Facebook ads with Lamborghinis, there’s a deep level of substance to this game. You could grow your income and save your soul in the process. I’ve done it and I know many other regular people who have too.
Our secret? We got started, never stopped, iterated, and had the humility to follow directions and take feedback along the way. That’s it.
Nothing cute required. The steps to success are all there right in front of you.
Take them. Slowly.