Starting a sideline has been one of the best decisions of my life - up there with marriage and the queso (you with me?) Crisps and appetizers “splurges”.
Secondary agitation can give you:
- financial flexibility
- leverage in your daily work
- A faster path to the Rich life
This is how it happened to me:
After leveraging my effort to land two amazing jobs right out of college, I needed a change, and even after going through Ramit's process of asking for a raise, my boss refused to pay me what I was worth.
So I left.
My haste then got me a 50% pay raise and a new job at a tech startup. (Goal.)
Eight months later, they laid off half of the company, including me. (Doh.)
I was suddenly unemployed. And pump!
Without even taking the time to come home and talk to my wife, I went straight to the library and got to work because my side activity was now my full time job.
I had waited eight years for this moment, and I was ready!
I won another $ 2,000 that day, took it home to my wife, and haven't looked back since. I will never work another "regular" job again. My whirlpool literally changed my life.
Why most of the secondary advice is wrong
I can almost hear you now, however: "I don't have eight years to build a side crush!" Do you need the extra cash now, or you are ready to quit that job you hate today.
Meanwhile, all the big sites are giving advice like “write an ebook” or “sell workshops online”… I mean, it's not at all helpful. You read tips like "blogging" or "becoming an influencer" (oh, my God). But it can take years (and tons of luck) to make any meaningful money.
So today I reveal the 5 best accompaniment ideas to make more money now and in the long run.
These are not "get rich quick" ideas. These are ways to earn extra income and get closer to your own wealthy life.
5 best side activities to start today
1. Start freelancing (get your first client)
You can literally become a freelance writer at night in two stages:
- Decide what services you will be volunteering as a freelance writer.
- Get your first customer to pay you money for these services.
Brainstorming services you might offer. These should be things you're already good at and won't need a lot of training to deliver professionally.
If you are not sure, ask your family and friends. They will have ideas, I can almost guarantee that.
Learn how to get quality customers. Without independent clients, your side business is still just a hobby.
This means that the next important step is to find your first paying customer. by leveraging CraigsList, searching for high quality freelance job sites, or tap into your own personal network.
2. Start consulting (find your first consultant)
As in freelance, you can easily become a consultant btap into what you're already good at.
If there's something you're exceptionally good at, chances are there is someone else sucking it off and needing your help.
In an interview we did with expert consultant Pamela Slim, it explains the basics of getting started with your consulting business.
First, think about your niche. Your niche will be at the intersection of these two things:
- Things you really care about
- Things people are willing to pay for
Would you be surprised to learn that some people are paid to consult:
- Plan the best trip to Disneyland for your family
- What outfits to wear to work
Then find your first customer (s). Once you've decided where to focus your consulting business, it's time to find consulting clients.
To get started, try using Craigslist and our powerful framework, look up references and send cold emails.
3. Sell a simple service (animal walking, window washing)
If you want a successful side business, you need to simplify and start selling.
I learned this lesson from a friend who started a window cleaning business. He sold over $ 18,000 in his first summer without any help from social media.
That's the power of simple selling.
To sell simple services, you don't need formal training. Here are some ideas that will work quickly and well:
- Animal walk
- Animal care
- Window cleaning
- Snow removal
- Lawn care
"But I am not a salesman!"
So what do you do if you are discouraged by sales? Frankly, anyone who wants to develop a nice side business should have at least a basic understanding of what it takes to sell something.
If you're not ready to come forward to make a sale, maybe starting this side business isn't for you.
4. Sell physical products (manufacture or wholesale)
The DIY, handmade movement is in full swing and is selling products on Etsy has never been so easy.
Consider this: Millions of manufacturers all over the world are throwing their wares into markets, flea markets, and farmers' markets to make extra cash.
To start selling handicrafts:
It has never been easier to start selling the products you make.
- Sell online in the marketplaces.
- Sell IRLs (in real life) at markets and fairs.
Sell online on sites like Etsy may take a little learning and patience. You will need to learn the search algorithm to appear at the top of popular searches.
Sell online on Facebook Marketplace can be much cheaper, but be sure to provide a cushion for the merchants.
Sale at IRL markets and fairs (in real life) can be great fun if you enjoy interacting with your customers. You will need to do your homework, walk the show, start small, and set a reasonable price.
Sell in stores can be a great way to sell. But convince picky shop owners transporting your product can be a challenge.
Consider visiting the store as a customer, getting to know the owner's tastes, and befriending them before you finally showcase your product.
A word of warning ...
Many artists spend too much time creating and not enough time selling. Don't fall into the same trap. Remember: sell, sell, sell.
Can't make things to sell? No problem.
Of course, handmade items aren't the only physical products you can sell. There are a number of ways to make extra money selling physical products.
To get started with physical products:
Since we've discussed online marketplaces and real-world stores or shops before, let's focus on the types of products you might be selling.
Here are two simple paths you can choose from:
- Sell your used items on eBay
- Sell new or used items on Amazon
You might just be shocked how much "precious" garbage you have sat. Try filling out a box, checking prices, and listing a few items on eBay, FB Marketplace, or Craigslist.
Once you're out of your own business, level up (see idea # 5 on this list).
Store and ship items to customers through Amazon
If you have a lot of lightly used books in your home, you're sitting on the quick cash.
There are many ways to make money selling things on Amazon including retail arbitrage (buy low, sell high), book publishing, or selling products with Amazon FBA (Fulfillment by Amazon).
5. Flip stuff (buy low, sell high)
Turning has become a very popular side activity in recent years. Of course, some people choose to buy and sell real estate, but for your first ride maybe think a little smaller.
Look for items that are easy to return. There are many items that will work but here are a few that I recommend:
- Clearance items at stores like Target.
- Discounted branded items at stores like Ross.
- Collectible / vintage items in garage sales.
Experiment with low risk items. You can take risks later, but for now you need to start small. Buy $ 25-50 worth of things at a garage sale AFTER you do plenty of research. Then earn money by selling these items on eBay.
Upgrade to bigger items. Once you get the hang of it, go for some big wins by identifying items that you can buy at a huge discount and sell quickly online.
The n ° 1 "secret" to starting a secondary activity
When I tell people how I built a side business to achieve my Rich life, they always start with their own scramble ideas.
But guess what? Almost none of these people take action.
So the secret? Just start.
Get up from the couch in the evening for an hour or two and do some real work. Just like interest in your financial investments, slow, persistent work means a lot in the long run.
Do you know your earning potential?
Take my earning potential quiz and get a personalized report based on your unique strengths, and learn how to start making extra money - in as little as an hour.
The biggest problem founders and small business owners have is that they’re experts in their field and novices in what it really takes to effectively run a . That’s what usually trips them up, sooner or later.
Don’t let that happen to you. Admit that you don’t know what you don’t know about business, starting with these 15 tips guaranteed to help keep you and your company out of hot water. Some are straightforward, others are counterintuitive, but they’re all true. And some day they’ll save your butt.
Always make sure there is and will be enough cash in the bank. Period. The most common business-failure mode, hands down, is course out of cash. If you know you’ve got a cash flow or liquidity problem coming up, fix it now. You can’t fire bad employees fast enough. You just can’t. Just make sure you know they’re the problem, not you ( see next tip ).
The problem is probably you. When I was a young directeur, my company sent us all to a week of quality training where the most important concept we learned was that 90 percent of all problems are management problems. When things aren’t going well, the first place to look for answers is in the mirror.
Take care of your stars. This goes for every company, big and small. The cost of losing a star employee is enormous, yet leaders rarely take the time to ensure their top performers are properly motivated, challenged, and compensated. Your people are not your kids, your personal assistants, or your shrink. If you use and abuse them that way, you will come to regret it. Capiche ?
Learn to say ' yes ' and ' no ' a lot. The two most important words business owners and founders have at their disposal are “yes” and “no. ” Learn to say them a lot. And that means being decisive. The most important reason to focus – to be clear on what your company does – is to be clear on all the things it doesn’t do.
It boggles my mind how little most entrepreneurs value their customers when, not only are their feedback and input among the most critical information they will ever learn, but their repeat is the easiest to get. Learn two words : meritocracy and nepotism. The first is how you run an organization – by recognizing, rewarding, and compensating based solely on ability and achievement. The deuxième is how you don’t run an organization – by playing favorites and being biased.
Know when and when not to be transparent. Transparency is as detrimental at some times as it is beneficial at others. There are times to share openly and times to zip it. You need to know when and with whom to do one versus the other. It comes with experience.
Trust your gut. This phrase is often repeated but rarely understood. It means that your own instincts are an extremely valuable decision-making tool. Too often we end up saying in retrospect and with regret, “Damn, I knew that was a bad idea. ” But the key is to know how to access your instincts. Just sit, be quiet, and listen to yourself.
Protect and defend your intellectual property. Most of you don’t know the difference between a copyright, trademark, trade secret, and patent. That’s not acceptable. If you don’t protect and defend your IP, you will lose your only competitive advantage.
Learn to read and write effective agreements. You know the expression “good fences make good neighbors ? ” It’s the same in business. The more effective your agreements are, the better your relationships will be.
Far too many créateurs d'entreprise run their like an extension of their personal finances. Bad idea. Very bad idea. Construct the right business entity and keep it separate from your personal life. Know your finances inside and out. If you don’t know your revenues, expenses, capital requirements, profits ( gross and net ), debt, cash flow, and effective tax rate – among other things – you’re asking for dysfonctionnement. Big trouble.
You don’t know what you don’t know. Humility is a powerful trait for précurseurs, and that goes for new owners, veteran CEOs of Fortune 500 companies, and everyone in between. More times than not, you will come to regret thinking you knew all the answers. Behind every failed company are dysfunctional, delusional, or incompetent business leaders. The irony is, none of them had the slightest idea that was true at the time. Even sadder, most of them still don’t. Don’t end up like one of them.
For every success you have in growing your market share, another business or other businesses will inevitably lose ground. Here are 11 quick and easy business tips to gain a competitive advantage over your rivals and insulate yourself from the threat of new entrants in the market.
Of course, we all want to spark growth and increase revenue. But the way you do this in a sustainable way is to focus instead on the building of a loyal database of avid fans. Content marketing, paired with optimized website forms and éclairé mail automation follow-up is critical to success. This approach builds trust by giving away free value before asking for someone’s hard-earned money. Not an expert in creating optimized lead generation pages on a website ? No worries, use a trusted tool like Leadpages to make it happen.
Like it or not, folks out there aren’t searching for your brand, they’re just looking to solve a problem or find a particular type of product ( unless you run Starbucks or Adidas ! ) Don’t list all the benefits your product brings. Focus on the solutions. Explain to the customer in simple, straightforward terms how or why your product can help them or assist in the attainment of their goals. Consider FedEx’s iconic slogan : When it absolutely, positively has to be there overnight. This was a clear example of addressing widely-spread anxiety about the reliability of delivery services. Run through some market research to profile your target customer. How does your product or service – and your delivery and and price point – solve other people’s problems and make their lives easier or more pleasurable ?
Dropping prices doesn’t necessarily raise sales, for instance ( though it will definitely squeeze margins ). If you position yourself as a premium brand, then your customers aren’t necessarily value-driven in the first place, and cutting prices could even tarnish your brand. Consider this case study from Robert Cialdini’s seminal book ‘Influence : The Psychology of Persuasion’ : a jeweller sold out of turquoise jewelry after accidentally doubling, instead of halving, the price. The inflated price tag lent the product an unwarranted cachet ! If you are a de haute gamme brand, there are ways to optimize your pricing without lowering prices. For example, offer the quality-conscious customer an ‘exclusive’ benefit that your rivals do not or cannot provide. If you are at the value-driven end of the market, on the other hand, don’t assume slashing prices means incurring a loss. Low pricing can help you rapidly onboard a heap of new customers who may also buy other items in your site and return again. Context also counts for a lot with pricing. The best way to sell a $5, 000 watch, for instance, could be by putting it next to a $10, 000 watch. Think strategically when it comes to deciding any price point.
Yes, it sounds obvious, but it’s so very important ! Whether consciously or not, people are more likely to buy a product if they like the sales assistant who’s attending to them. While the employee’s personality obviously has no bearing on the price or your product’s ability to serve their needs is irrelevant. Friendly customer-facing équipe will always attract more sales. Be rigorous in hiring people who are genuinely cheerful, friendly and outgoing. Make sure your training program teaches them to adopt a consistently friendly approach that puts customers at ease and feel like a priority.
Say you’re a bricks-and-mortar store and you’re getting a rush of customers as closing time approaches… why not close up an hour later ? While this may cause disgruntlement among staff, solve this provenant by getting creative with rosters. Monitor customer footfall throughout the day and week to identify your busiest periods, and staff people accordingly. You can also reduce headcount during quieter periods to offset the higher costs and longer working hours created by your extended opening hours. It’s a win-win !
Even in the digital age, some customers will always prefer to contact you by phone rather than courier or Facebook. While many online companies with tight margins eschew manned phone lines altogether, it’s worth giving customers the option of having a voice-to-voice conversation with your brand. By all means, slash the time and cost spent responding to queries by funnelling customers to standardized, pre-existing responses on your webpage ( i. e., FAQs ). But if their query isn’t listed in the drop-down menu of FAQs, then don’t make them click more than once more to find your phone number. Put it front and center on your web page, particularly if you’re a retail offering. ‘Live chat’ bots are an inexpensive way of offering real-time communication, too.
Why not give your happy customers a voucher with their purchase to redeem on your products and services ? If they love what you do already, they’re only going to love you more for this. It’s good for you because : It guarantees they will return to your store again. People hate to waste freebies ! When they return to your store to redeem their voucher, they may buy other items, too. If your operates online, then the freebie could be strategically timed to coincide with a special sale. Oh, and guess what ? Chances are customers who have received vouchers or freebies won’t stay quiet about it either, so you could enjoy some positive buzz on social media.
Local businesses can arguably connect with their unique communities with much greater authority than any global chain. A local retailer, hair mobilier or gardening company can sponsor a kid’s sports team and offer deep discounts for OAPs at the same time. Some cinemas feature special ‘sensory’ screenings where parents can bring kids with autism ( who would normally be overwhelmed by busy, noisy environments ) to enjoy a movie in a relaxed, stress-free atmosphere. This reflects well on them and also guarantees them a loyal customer niche. Whatever you choose to do to support your community, make sure it authentically fits with your brand offering and journey to date.
Social media is a great medium through which to build a solid relationship with customers – just don’t forget what ‘social’ actually means ! Soul-less corporate shop-talk won’t work on Twitter. Try to give your brand some ‘personality’ when you write updates or posts. This can bring its own risks, oui. But if you get it right, the benefits can be très grande. Develop a tone of voice that aligns well with your brand identity. Seek to inform, help, entertain or amuse. And most importantly – given the dire PR consequences – don’t patronize, try too to be funny, or tweet after a few alcoholic drinks !
Sometimes it’s better to be a master of one discipline than a jack of all trades. Admittedly, multiple revenue streams do spread your risk : if one falters, others can take up the slack. Nevertheless, consumers often associate ‘specialists’ with higher quality products or services than generalists. And with good reason, too : specialists typically invest all their resources into perfecting a single product or service. So what should you specialize in ? to state the obvious, it should be something in which you excel. You could also pick something with rising or recession-proof demand which is resilient to technological change in which you possess a competitive advantage over your rivals or where there’s an obvious gap in your local market. Own it, whatever you do.
Don’t ever get too satisfied with your business. You can always improve – and improve you must ! Don’t get me wrong : without the odd moment of smug satisfaction, what’s the point ? Do relish in the successful launch of a game-changing product or take pleasure in positive customer feedback. But don’t let your customers hear you banging on about it time after time ! Be alert to the common element that has led to the downfall of countless hitherto thriving brands : complacency. Imaginative, nimble and innovative start-ups often do better than big market précurseurs that just got lazy. You may be the disruptive innovator today, but tomorrow you could be the complacent market leader with a tired business model. So try to be humble and always strive to improve. Seek inspiration from other fondateurs, from books and from seminars. The moment you think ‘mission accomplished’ is the same moment you become vulnerable to being usurped.
There are lots of ways in which you can improve your , and not all of them are complicated ! Try out the above business tips or integrate them with your existing strategies, and let me know how you go in the comments below. Guest Author : Faye Ferris is responsible for the day-to-day management of the Dynamis APAC Pty Ltd offices in Sydney. She develops the DYNAMIS ne change pas of brands and their expansion into the Asia Pacific region as well as BusinessesForSale. com, FranchiseSales. com and PropertySales. com. If you have an interest in partnering up with Faye or advertising on any of these websites in the APAC territories, please do not hesitate to contact her on faye@businessesforsale. com.