7 Side Hustles To Make You More Money
Once I decided to build a business, the next problem facing me was that I had no money. First, I did not know how to build a business. Second, I had no money to build a business with, and third, I had no money to live on. Feeling weak in the stomach and lacking confidence in myself, I called my rich dad and asked him what I should do.
He immediately said, “Go get a job.”
His reply shocked me “I thought you were telling me to start my own business.”
“Yes, I did. But you still have to eat and put a roof over your head,” he said.
I have shared with countless people what he said to me next.
“Rule number one in becoming an entrepreneur is to never take a job for money. Take a job only for the long-term skills you will learn.”
The first and only job I got after the Marine Corps was with the Xerox Corporation. I chose it because it had the best sales training program. Rich dad knew I was very shy and terrified of rejection. He recommended I learn to sell, not for the money, but to learn to overcome my personal fears. Each day, I had to go from office building to office building knocking on doors trying to sell people a Xerox machine.
It was a very painful learning process, yet this process has made me millions of dollars over the years. Rich dad would say, “If you cannot sell, you cannot be an entrepreneur.”
For two years, I was the worst salesperson in the Honolulu branch. I took extra classes on selling, bought tapes and listened to them. Finally, after nearly being fired several times, I began to make sales. Although I was still painfully shy, the sales training helped me to develop the skills I needed to acquire wealth.
The problem was that no matter how hard I worked and how many machines I sold, I was always short of cash. I had no money with which to invest or to start a business. One day I told my rich dad that I planned to take a part-time job to supplement my income so I could invest. That was the moment he had been waiting for.
Rich dad said, “The biggest mistake people make is that they work too hard for their money.” He went on, saying, “Most people do not get ahead financially because when they need more money, they take a part-time job. If they really want to get ahead, they need to keep their day job and start a part-time business.”
The opportunity to start a part-time business is abundant. There has never been such massive opportunity as there exists today.
Seven Ways To Start A Business Without Quitting Your Job
Turn Your Hobby Into A Business
First off, starting a business is going to take a lot of your time. So, you might as well do something you enjoy. Take a look at how you spend your free time.
What are you really passionate about?
Maybe it’s cooking. Now, find a way to make money doing it.
Can you start a blog? Document your creation process and write about the food you cook. You do it anyway, so it should be fun to share your skills with the world. And you’ll probably meet others who share your passions. Better yet, can you sell a recipe ebook? Compile your 100 best recipes and sell the ebook for $5.
If cooking isn’t your thing, find out what is and find a way to make money doing it. It won’t even feel like work.
Focus On Product, Not Services
A lot of employees’ first thought is to take the skills they use in the business world and to offer them as a consultant-in short, to build a service business. The problem with a service business, especially if it’s on the side, is that you don’t own a business-you simply own a job. Services are a tough business because you have to sell your time. If you’re not working, you’re not making money. And when you work full-time, pulling long freelance hours is a surefire way to burnout.
Rather than sell services, figure out a way to create a product. If it’s consulting, put together a course that you can sell. Or if you’re a writer, create books that you can sell. Many writers sell their books on Amazon as e-books for $1 a copy and generate income even while they’re sleeping.
The trick is to look at what services you can provide and find the product angle. If you can do that, you’ll be making money even when you’re not working. That’s a true side hustle.
Learn How To Invest
Another way to build a great side business is to build an investing business. A know a couple, for instance, who have a passion for real estate. Together, they’ve learned how to find the perfect single-family houses to turn into room shares. So far, while working full-time, they’ve purchased six houses. Each one cash flows significantly thanks to their business model, and better yet, they’re paying off the debt on their assets. It’s their retirement plan to have a portfolio of cash-flowing houses that are completely paid off.
This requires some time investing in your financial education, as well as making it a priority to save money for investing, but once you get in the game, the sky is the limit. And it can all be done easily in your free time.
Work On Your Business, Not In It
The temptation for those running a side business is to do all the work themselves. But a much better way is to find quality contractors or even an employee or two who can work in the business so you can spend your time managing them and building the business.
For instance, I know a writer who frequently takes on freelance jobs, sub-contracts them to a team of writers, reviews the final product, and enjoys the profit margin. In this way, he can do multiple jobs that he could never do on his own, each making money while he works as an employee during the day.
Another person I know owns a shipping company and a fleet of trucks. He hires drivers to do the long hour drives, and his time is spent lining up jobs and managing the business on the weekends and in the evenings.
By focusing on working on your business from the get-go, you’ll be able to grow and build your company to be more than just a side gig.
Assemble A Great Team
A lot of part-time business owners are cheap. They try and save money on things like accounting and legal. But because they’re not trained in those things, they end up costing them more in the long run in terms of time, and sometimes in lawsuits and tax liens.
Find great team members and use them. Get a good CPA. Find a great attorney. If you’re investing in real estate, use a reputable and successful broker. Focus on what you can do best, and let others do the rest for you.
Own Your Schedule
A common excuse for not starting a business is that you don’t have time. This is bull. Most people, if they did an audit of how they spent their time, would see that they have ample time to work on a side business. The problem is that most people are owned by their schedule rather than owning their schedule.
If you want to run a successful business while working full-time, you need to become an expert at productivity and time management. Cut the TV time, stop going out for drinks, and buckle down. You’d be surprised what the work you do in an hour or two in the evenings and a half-day on Saturday can do for you.
Finally, there is a tone of technology out there to help cut many tasks that used to take hours to a mere matter of seconds in some cases. Research and utilize a solid CRM and marketing automation software to automate many of your mundane emails, administrative software like Quickbooks, which integrates with your smartphone, to keep track of expenses and income on the go. Use a service like Shoeboxed to scan your important documents and make them searchable. Employ project management software to help manage your team of experts and contractors. The possibilities are endless.
At the end of the day, the time will come, if you follow the advice above, when you’ll still have to quit your job. So count the cost if you truly want to be an entrepreneur. But the good news is that you can have a great head start. Today, it’s entirely possible to build a great business while working full-time. Start today, and build a great tomorrow.
Editor, Rich Dad Poor Dad Daily