It’s never been easier to start an online business and earn a living online than today. If you check on Instagram or youtube, you will notice more and more millennials turning their passion into profit thanks to the Internet.
You can either become a freelancer or run your own online business. But the most important is that you become financially and location independent.
So if you are still thinking about how to start your side hustle, let me share with you these 8 tips.
1. Side hustle for yourself, not someone else
There is two type of motivation, internal and external. The internal motivation is the one that affects you. I.e. I need to lose 5 kg to feel better in my skin. Or I need to find more time to practice photography. You basically strive towards a goal for personal satisfaction or accomplishment.
On the other hand, external motivation is some outside demand or obligation. i.e. I am about to lose my job, what can I do about it. Or I would like to pay off my parents debts and be able to offer them the retirement life they deserve and remove any financial worry off their minds.
That’s what we commonly call
“what is your why” “What is that burning desire that will keep you motivated to achieve the goal you set”.
In the end, the decision must come from you. But as Casey Neistat said:
“Without a goal, you cannot score”
2. Figure out how much time you can actually invest in your side hustle
When I started my side hustle, I was working in a multi-national tech company aka Facebook. I was part of a global team and had meetings that needed to be accommodated for the whole team. I was based in Europe and my colleagues were based in Asia, others on the US West Coast. So working late up to 10 or 11 pm was a “normal thing”. I ended up doing 50-60 hours per week. It was not always easy to find the time and the motivation to work on my side hustle, but I dedicated at least 1h per day to it.
3. Think about the profit potential before you start (most money for the least amount of time)
Are you familiar with the Pareto principle? Also known as the 80/20 rule. It states that for many events, roughly 80% of the effects come from 20% o the causes. And that is what you want when starting a side hustle. The goal is to generate a passive income and not necessarily quit your corporate life to jump into another freelancing life that will drain you the same way, even if that is your passion.
What you want is work hard to set your business on automation and collect the reward of your hard work without having to work as much in the future.
A good example would be to create an online course. It will take you long hours to create it, but once done, the only thing you will need to do is promote it and it will generate you a passive income as long as the course remains relevant.
4. Do you have transferable skills to make the transition
I won’t lie to you and do not want to discourage you, but if you are not tech savvy, you will struggle in the beginning to start an online business. So before you decide to make the transition, evaluate your skills. What are you good at, what skills do you believe you could sell as a freelancer or would be helpful in starting your online business?
Ask your friends, family, and colleagues what they believe you excel at. Try personality tests to know yourself better. Just focus on your strengths.
If you do not have any transferable skills, invest some time and money in learning some that you could then offer as a service.
I personally followed a training and joined a Mastermind Community called Summit Affiliate that taught me everything from setting up a business online to creating an offer and running a profitable business. You can find out more about it in this article I wrote SUMMIT AFFILIATE - Review of my favourite affiliate marketing program and how you can get started today.
5. What is the market demand and competition
Like any business, it is important to figure out if there is a demand on the market for the business you are about to create and promote. There is no point in spending all your time and energy towards something that won’t generate you any money.
Think about money generating ideas that will help you run a profitable business. The way I did it was by joining Facebook groups or reading forum questions on reddit or quora.
6. Test and execute
If I could define what an entrepreneur’s life is all about, it would be with these two words: Test and execute. The faster you are at transforming an idea into action and testing it to see the results, the better your business will run and the faster you will get results.
So many people would collect online courses, but would not actually put in the work necessary to get the results they expect.
What differentiates successful people to not successful people is just the mindset.
How bad do you want to be successful? How hard are you willing to work and make it happen?
Keep your excuses for yourself if that makes you feel better. You will never hear a successful person ever complain.
7. Figure out when it is time to take the leap
It is often preferable to have a safety net before taking the leap to quit your corporate life. By safety net, I mean having some savings aside that would allow you to live without financial worry for at least 6 months. And during that time, work as hard as you can to get the results you need to run a successful and profitable business.
It will be scary in the beginning, you will need to be self-disciplined and optimize your time to be productive on working on your project because you won’t be able to rely on anybody else but yourself.
8. Have an exit strategy
Having an exit strategy is not something always discussed when people talk about turning your passion or side hustle into a profit. But it is a necessity.
Only 2% of people would actually succeed!
So if you succeed and manage to transform your side hustle into a profitable business, what’s next? How do you imagine living your life moving forward?
If you do not succeed, what is the plan B, C, D, E…You can never run out of plans! At least that’s the way I work. Should you go back to the job market and the corporate life. Should you pursue your dreams no matter what? Should you go live in a cheaper country where you will be able to survive with the remaining of your savings for couple more months?
Starting a side hustle is a big personal challenge. It requires hard work, dedication, self-discipline, and faith because if you do not believe in your dreams, nobody will do it for you. That is the reason why it is important to surround yourself with the right people. That is what I did and it helped me keep my motivation high and seeing the success of other people of my team motivated me, even more, to work harder.
If you believe that you need guidance or support. My team and I run an online course that covers various topics to help you earn a living online (from blogging and affiliate marketing to creating your own services, we broke down step by step everything to help aspiring entrepreneurs design the life they desire).
If you want more information, you can always contact me or leave a comment below.
Also make sure to like this post, it actually makes a difference. And if you know anyone who is still struggling to turn their passion into profit, feel free to share this post with them.