Building Side Hustles: Advice from a $49K/Month Earner
What I always tell people who want to build great side businesses: a 34-year-old making $49,000 a month in passive income.
As of 2016, I had two jobs: I was a senior web engineer and an adjunct professor. I worked as a freelance computer developer to make extra money. I didn’t know much about business.
I now have more than ten ways to make money without doing anything. These include several e-commerce brands, a YouTube account, and an online school. Passive income from these businesses adds up to about $49,000 a month. I’ve learned a lot about how to make a business that makes money.
Folks who want to build great side businesses and passive income streams should not believe these three myths, as I always tell them:
Myth 1: To make money, you have to spend money.
Many businesspeople say this. For example, if you want to start a store, you would have to pay rent every month, buy goods to put on the shelves, sell to customers, and pay your employees. That is the old-fashioned and pricey way to do things.
Print-on-demand is my favorite way to run a web business. In 2017, I started my print-on-demand side business for free on Amazon. Since then, I’ve added Etsy, Walmart, and eBay to my list of places to sell my goods.
With print-on-demand, I can sell items like coffee mugs and T-shirts with my drawings on them. This helps me keep costs low because I don’t pay for the stock until a customer makes an order.
When I get an order, I pay a company like Printful, which is good at printing and sending things, to take care of it. After I pay the printer and the store referral fees for Amazon and Etsy, I have a profit left over.
Myth #2: You can make money without doing anything.
Making passive income streams will always take time and effort, even if you do not pay dividends. You must take steps on the way to success. I worked on my side jobs many early mornings and late nights, especially in the beginning.
I’m still very active in running my businesses on a daily basis, but I know many people who have been able to stop doing so once they reached a level of income they were happy with and still made money from their old jobs.
Building up streams of passive income that make me money took a lot of focus. Lately, I had to get used to not getting what I wanted immediately. But I’m so glad I worked hard in the end.
Myth #3: You need a team to run your business well.
I’m not against having a team, but I’ve learned that you don’t have to have one to be great. Still, after seven years, I can do this by myself. One reason for this is that so many tools are available for businesses now.
For example, I worked on my Amazon Merch business for three to four hours daily for the first two years I had it, which helped it grow. Thanks to progress in technology, I now only have to work on it for an hour once a week.
I like tools like MyDesigns. It uses AI to make designs automatically, make product listings that are good for SEO, and post all of my products online at once. All this helps me make more custom items and give them to more people. It also gets rid of the most tedious work.
These tools have helped me make plans to stay on top of everything. They also let me leave work behind whenever I need to or want to. That way, I can have the life I want.
Related articles from your friends at Your Career Place.
https://yourcareerplace.com/uncategorized/best-ways-to-make-money-with-ai/
