In 2017, after graduating from university, I started working as an engineer at an oil company. I was 23 years old and he made $98,500 a year.
At first, I thought it was my dream job. But when he saw his leader working 60 hours a week in a job that involved routine travel, he realized it wasn’t the lifestyle I wanted. My father passed away when I was three years old, so family time has always been very precious to me.
In 2018, I started experimenting with Side Hustle. I set a goal to earn his $3,450 (after tax) a month from Hustle to support my lifestyle. As soon as I achieved that, I decided to quit my full-time job.
Today I achieved my goal of becoming my own boss. I left his engineering job in February 2021 to work full time on my side hustle.
Last year I made just over $189,000 from 7 sources.
- YouTube (Google AdSense): $82,349
- Accomplished by Amazon: $13,886
- Patron (coaching): $33,114
- Fiverr (product research): $29,014
- Affiliate Marketing: $29,496
- Rental properties: $1,272
- Taxable dividend: $639
Now I only work 22 hours a week. Closed Thursdays, Friday afternoons and weekends. Whether you’re playing golf with Grandpa, cooking family dinner, or starting a new business project in your community, you’ll have plenty of time to invest in the people and things you care about most.
Here’s my best advice for turning your side hustle into a full-time gig while working less overtime.
1. Don’t be afraid of trial and error.
In his early side hustle, he tried to acquire rental properties, advertised in the backseat of Uber, and began renting a three-wheeled Polaris Slingshot bike on Turo, an online car-sharing platform.
However, none of these undertakings were successful. Since I started selling products on Amazon using the Fulfillment by Amazon (FBA) service, I have been earning real passive income.
All I had to do was find a generic product in demand and ship it to Amazon. Moved to sporting goods.
In 2019, I made over $25,000 in Amazon store revenue. I started a new project because I wanted to share what I learned from trial and error with others. This later became my biggest source of income. It’s about starting your own YouTube channel.
2. Build a community around your expertise.
In February 2020, I launched my YouTube channel Debt To Dollars. At first, he promised to post at least two videos a week. Over the next eight months, he gained 14,000 subscribers and 871,000 channel views.
We realized that we wanted to connect more with our subscribers and build a true community while growing our audience. I started teaching at $50.
I currently host coaching sessions using Patreon, a platform that provides business tools for content creators to run subscription services.
In February 2021, I launched a product research service on Fiverr. With this service, customers paid me to find high-demand, low-competition products such as trendy toys, pet supplies, and travel products that I could sell on Amazon.
These community-based businesses helped me reach my long-awaited income goal $3,450 per month.
3. Prioritize tackling debt.
I paid off all my debts except my house and car, so I was able to quit my full-time job when my monthly income was under $4,000.
There are many ways to pay off debt, but I personally like the “debt snowball” method.
Here’s how it works:
- List all your debts, from small to large.
- Make the largest payment on the smallest debt and the smallest payment on the remaining debt.
- Repeat until you pay off the smallest debt, then move on to the smallest debt.
4. Set up the legal aspects of your business early.
Incorporating your business in the state is important for practical reasons such as asset protection and tax benefits. But I think it also has a psychological effect.
I attribute some of my past failures to treating my side hustle as a hobby rather than a business. After forming a limited liability company (LLC) in Texas in 2019, I took everything more seriously and professionally. It is no coincidence that all my businesses have failed up to that point.
An LLC has some of the best features of a corporation or partnership.Two other business structures, also used by US LLC corporations, are, like corporations, where the owners are individuals against the debts or liabilities of the business. protect you from being held liable.
However, like a partnership, the LLC’s income “passes” through the business and is taxed on the owner’s personal income, making tax filing easier.
You can form your own LLC by submitting your state organization certificate. Usually costs between $50 and $300. Many states post application information on the Secretary of State’s website.
5. Find a schedule that works for you and stick to it.
When I had a full-time job, I didn’t have the motivation to do a side job.
But once I put pen to paper and committed to my schedule, working on my business became part of my weekly routine. I decided to concentrate.
I’m still sticking to my weekly schedule. I work Monday through Wednesday and half a day on Friday. Work 4 to 6 hours each day, with 1 hour blocked for specific tasks.
If you don’t set aside specific time to work on your side hustle, your business can get lost in your day-to-day priorities.
6. Set up a system that will save you time in the future.
I invest in a business model that requires as little of my time as possible. It’s the only way you can have multiple income streams while working 22 hours a week. But remember that automating things and creating the most effective system takes time at first.
Each month, I look back at where I spend most of my working hours and find ways to make those processes more efficient. For example, he used to spend 4-8 hours a week editing videos.
I decided to outsource my video editing, but again, I had to do the math beforehand to see if it would fit in my budget and find a good editor to do the work. . But I’m already spending time doing it, so I’m spending that time growing my business in other ways or doing less work.
7. Identify what sets us apart from the competition.
Marketing is more than just promoting a product or service. It’s about setting yourself apart from your competitors by making your customers feel something. They’ll come back, or even better, tell their friends about you.
When we first started selling on Amazon in 2018, we used stock photos provided by our suppliers for our product listings. Naturally, they blended in with all the other products. And if anyone purchased, they put the product in a boring, transparent bag.
After learning the importance of offering something special, I started photographing products myself and designing custom packaging. Sales soared.
Whatever your business is, decide what makes you memorable and invest in it.
Josh Elwood is the founder of debt to the dollarfollow him Instagram When Youtube.
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