We all want to make more money, so we can live better, have more freedom, and ultimately become financially independent.
With the COVID-19 virus very much in play, many of us are faced with uncertainty about the future. However, The conveniences afforded to us by the internet now allows you make a good income, within a reasonable time (provided you hustle hard).
Start a Side Business
What do Apple, Under Armour, and Yankee Candle have in common? These now multi-million dollar companies all started as side hustles. From late nights in garages, college projects, and makeshift gifts, the founders all recognized that their extra work had the potential to be huge. But following in their footsteps takes a huge leap of faith.
This is a good time to do it!!!
A side business helps you make more money, without giving up your job.
The pandemic, with its attendant lock downs has revealed a multitude of problems that need solving. That creates a strong opportunity for founders who already have the solution in their hands to convert their side hustle into a full-fledged company.
That said, starting a business is a big risk that requires total commitment. Having a clear understanding of why you’re doing this, as well as a secure foundation to build upon is a smart (and necessary) first step.
Steps to make money by Launching your Side Business
Determine how much money you want to make from the project
How much money do you really need to be happy?
Rather than guessing how much you need to make each year, why not calculate it? It’s possible.
When you calculate the true cost of your ideal lifestyle, it’s not as much as you might think. Start by outlining all your personal expenses for the year, add in your expected business expenses, then work in a profit margin.
Time block for productivity and for your sanity.
You could probably grow your business two times faster if you work 90-100 hours per week. But that isn’t always the best.
Instead, you can limit your ‘side gig’ work to a couple of hours in the morning and all day on weekends. More than that, you need to plan ahead on how you will spend that time, so that each hour is blocked for a specific project.
Break your goals into weekly “mini” goals.
Nobody has time for a full SMART goal matrix. You can still pull out the main principles. If your goal is to hit N100,000 in revenue by the end of the year, break that up week-by-week.
Your first week can be spent nailing down pricing and speaking to your network. From there, you settle messaging research. Then you start building an initial list for business development. And so on.
Delegate what you’re not good at (or what you don’t like).
If you’re working a 9-5, you’re going to need to be economical with the time you spend on a side gig. This step should only come after you start bringing revenue in, ensuring you don’t spend your own money. Until then, it’s all elbow grease.
Read SIDE HUSTLE by Chris Guillebeau
Designed for the busy and impatient, this detailed road map will show you how to select, launch, refine, and make money from your side hustle in under a month.