It seems as though everyone is looking for ways to make extra money. Whether it’s because they hate their jobs, need to make ends meet, or just dream of working for themselves, a side hustle is a great way to start.
Almost any business can become a six-figure venture, but it’s important to know the secrets of getting it there. Starting out right could save you months or even years of hassles and headaches.
Do what you know
One of the key elements of starting your own business is to build it on experience or knowledge you already have. Take entrepreneur Shaan Patel, for example. He built a seven-figure SAT test-prep business based on his experience of advanced testing. And he did it all while working 60-70 hours a week as a physician.
The reason this secret works is because starting out with what you know gives you a leg up on the competition. And it also helps build your business quicker because you’re not spending all your time learning something you’re not familiar with. This doesn’t mean you can never explore something new if you’re passionate enough about it. Just make sure you take the time to learn as much as you can about it first.
Do what you love
It’s never advisable to build a business on something you hate. Many businesses fail because the founder loses interest or just can’t muster up the passion to make it grow. Aside from that, dissatisfaction with your day job is probably the main reason you want your own business. And a business is a big commitment. If you hate drudging through your nine-to-five every day, imagine how you’ll feel when your whole life is immersed in something you despise.
Don’t trade time for money
Starting your own business can be tough in the beginning, and there’s nothing wrong with getting paid for the hours you work. For instance, as a freelance designer, you can be well-paid by charging hourly rates. But the problem with this is that it’s not a sustainable long-term business model for a couple of reasons. First, there is only one of you and only so many hours you can feasibly work. And second, if you become ill or injured and unable to work, your income stream dries up.
In order to build a business that will see you into retirement, it’s best to find a way to stop trading time for money. In other words, you need at least one passive stream of income that will continue to produce money, even if you’re lying on the beach.
One good example of a passive income business is real estate rental. You can outsource almost every aspect of this business and make money while you sleep. Many people don’t realize that landlords can list their properties with real estate companies. In this process, an agent will show your property, collect the rental application, and run the applicable background checks.
Don’t reinvent the wheel
If you have a business idea that’s unique, that’s okay. That’s part of what makes entrepreneurship so great. But if your idea is one that someone else has already used to make a fortune, don’t be afraid to use their strategies. For example, many people make six figures selling products online. That doesn’t mean there’s no room for you. It just means there is tons of available information out there you can use to do it yourself. A popular method is to buy something like a Walmart or Amazon returns pallet and flip the items for profit. These are usually heavily-discounted items that companies can’t sell for retail prices simply because they were opened. You can surely make a good deal of profit by selling them for next-to-new prices.
Side hustles are becoming increasingly common. If you’re considering starting your own, just be sure to follow the tips above, and you’ll be well on your way to success.