How I’d Start a Side Hustle or Business to Make Lots of Money

How I Would Start a Side Hustle aliases Business to Make Lots of Money

Would you judge maine if I told you that rejection is simply a bully point for you?

In fact, nan much you get rejected, nan person you travel to making a batch of money pinch a broadside hustle aliases a business.

One disappointing point I spot is truthful galore group sitting connected imaginable but ne'er realising it.

They ne'er do because of 2 main fears:

• The fearfulness of failure.
• The fearfulness of rejection.

Beyond these 2 fears is everything you want erstwhile it comes to occurrence successful your business aliases a broadside hustle.

Today, I want to show you really to get beyond these fears and return nan 5 steps you request to commencement a broadside hustle aliases business to make tons of money.

You tin besides use these tips to different aspects of your life specified arsenic your career.

This taxable is ace important because galore group don’t person a broadside hustle aliases business and they’re willing successful starting one:

How I Would Start a Side Hustle aliases Business to Make Lots of Money

If you return action and travel these steps, you’ll ne'er unrecorded pinch nan agony of zero success. 

These 5 steps will beryllium based connected nan P.O.S.T Framework successful our book, Financial Joy.

P.O.S.T stands for Purpose, Objectives, Strategy and Tactics.

Let’s commencement pinch nan Purpose constituent first.

Step 1: Decide Why You Want Success With a Side Hustle aliases Business 📝

You request to beryllium crystal clear connected what occurrence successful this area will bring to your life.

Does it mean nan extremity of a dead-end occupation that you hate? 

Will it mean much money to put successful your Stocks and Shares ISA aliases Self Invested Personal Pension (SIPP)?

Does it mean that you person much money to unrecorded nan manner you want?

Perhaps it mightiness moreover mean you yet person immoderate money near to put for your children.

Finally, will it velocity up your travel to financial freedom?

Action: Pause for a infinitesimal correct now and constitute down what your why is. Don’t proceed reference until you’re clear connected precisely why this matters to you. Write it down 📝

Now let’s move connected to nan Objectives successful nan P.O.S.T framework.

Step 2: Set Your Freedom Goal arsenic a Monthly Amount 💷

Isn’t it absorbing that erstwhile you person a deadline astatine work, you do everything imaginable to execute it?

You do that because you fearfulness that you mightiness fto your leader aliases your squad aliases yourself down.

Psychologically, you took action because location was thing clear to purpose for.

I want you to usage nan aforesaid thought but this time, group a deadline for yourself and for your benefit.

Pick a number that would beryllium crippled changing for you monthly but pinch a intent attached.

E.g. it could beryllium £3,000 aliases $3,000 a period because it would screen your monthly basal expenses.

The cardinal point is to make judge that it is simply a per period number not per 4th aliases per year. This way, nan deadline feels much existent and location is immoderate urgency to execute it.

Now let’s move connected to nan Strategy successful nan P.O.S.T framework.

Step 3: Start With Small Experiments 🔍

The fearfulness of nonaccomplishment stops astir group from starting a broadside hustle aliases business moreover erstwhile they already person nan skills to succeed. 

To thief you hit that fearfulness of failure, I’ll urge doing what I did to commencement The Humble Penny.

I turned nan full point into a nosy research pinch 1 – 2 hours a day. 

Do you retrieve doing experiments astatine school?

My Chemistry people during my A-Levels was 1 of my astir nosy classes. Here is simply a small reminder of really experiments work:

Experiment Step 1: Identify a Side Hustle aliases Business Idea

Think of a problem you want to lick aliases thing you’re passionate about.

An easy measurement of uncovering business ideas is to inquire group who cognize you well. Send them a matter now saying:

“Hey, you cognize maine well. What apical 3 business ideas do you deliberation are champion suited to my skills and interests?”

Another measurement is to see what you presently find frustrating successful your life time aft day, and chances are, others are besides uncovering it frustrating. 

Finally, you could prime a celebrated thought that you cognize group are making money from, e.g. Starting a dropshipping business.

I’ll instrumentality pinch this illustration because our 11-year aged boy is presently learning really to do dropshipping.

Experiment Step 2: Ask a Question

Start pinch thing you want to find out.

E.g. Will group bargain nan products I scheme to waste done dropshipping?

Experiment Step 3: Do Background Research

Gather accusation astir your question. 

• Trends: What are immoderate of nan astir celebrated niches?
• Products: What is celebrated aliases in-demand successful your chosen niche?
• Competitors: What are others doing? What products? What pricing? Read their reviews.
• Customers: Are location imaginable customers? Without imaginable customers and a large capable marketplace size, location is nary business.

You tin do this utilizing online devices for illustration Google Trends, Facebook Ads Library, and surveys wrong your network. 

Experiment Step 4: Form a Hypothesis

Make an knowledgeable guess. 

For example:

“People will bargain my dropshipping products if I connection trendy, high-quality items astatine competitory prices pinch reliable shipping.”

Experiment Step 5: Pre-sell Your Products

The extremity of pre-selling (or pre-ordering) is to support costs to a minimum and spot if group will salary you for your idea.

If you tin make your first £1 aliases $1 from pre-selling, past you’ve genuinely validated your idea.

Pre-selling besides helps you to tackle nan 2nd fearfulness that we touched connected earlier, i.e. nan fearfulness of rejection, because you’ll beryllium asking group for money.

Remember, getting a NO is NOrmal!

You’ll get galore of these but you’ll besides get a YES and make tons of money if your persist.

Here is really you’d pre-sell your products:

• Create an offer: Something clear and charismatic that outlines what customers will get, erstwhile they’ll get it and see definite promotional discounts for early birds.
• Promote nan offer: Start pinch friends and family. Then, spell to wherever your perfect customers bent retired e.g. existing marketplaces. Plus societal media (e.g. Facebook, Instagram, LinkedIn, TikTok) and beforehand your pre-sale offer.
• Collect commitments: Have a costs strategy fresh e.g. PayPal aliases Stripe. Receiving money from personification is nan eventual commitment. 

Experiment Step 6: Test Your Hypothesis by Doing an Experiment

Create a small, controlled trial to spot if your presumption is correct. 

Now you’re really getting to work. Will nan first presumption that you group beryllium true?

• Product offering: Start offering nan merchandise done your dropshipping store.
• Initial Customers: Fulfil first orders to those who you pre-sold to and guarantee it is precocious value and done successful a timely manner.
• Promotion: Continue to beforehand your merchandise beyond nan pre-sale phase.

Experiment Step 7: Analyse Your Data

Look astatine nan results of your test.

• Customer feedback: cod feedback from your first customers astir pricing, value and wide satisfaction.
• Sales Numbers: Track and reappraisal nan number of inquiries, orders and pre-sell conversions.
• Shipping and Delivery: Evaluate really this process went based connected feedback and transportation times.

Experiment Step 8: Draw a Conclusion and Refine

Decide if your presumption was correct aliases not. 

Was your merchandise successful demand? Which of your products were astir popular? Is your pricing competitory and charismatic enough?

Based connected nan validated information above, you now request to see refining your merchandise offering aliases pricing strategy.

You should besides attraction connected what product(s) sold nan astir and backmost them, letting spell of what didn't work.

Remember, this is nan beauty of experiments. You tin do galore of them (even weekly), thereby testing galore ideas (up to 52 a year) to spot what will make money. 

Once you find a merchandise aliases thought that useful and makes money, you tin past interest astir scaling later on. One measurement astatine a clip though.

Experiment Step 9: Communicate Your Results

Share what you learned. 

This could beryllium pinch a mentor, successful a business plan, aliases simply for your records to determine connected your adjacent steps specified arsenic expanding your offering.

Recommended: If you struggle pinch starting a profitable Side Hustle aliases Business and you want to execute it successful 24 hours aliases less, you should join america in-person astatine our VIP Day. Our adjacent 1 is connected 29th June.

Alternatively, if you want a lower-cost DIY solution, subordinate Financial Joy Academy. 

Here you’ll get group coaching from us, applicable courses and masterclasses pinch action plans to thief you build your business, a supportive organization of others of a akin mindset, nan 5 americium Club, get an accountability partner, subordinate in-person meetups 3 times a twelvemonth and overmuch more.

Step 4: The Connection Effect 🫶🏽

You’ll person heard nan saying that nan value of your life will beryllium wished by nan value of your relationships.

As personification who started retired pinch a firm profession complete 14 years and past taking nan leap to tally my ain business fully, I didn’t afloat admit nan relationship effect until I had to find create opportunities from scratch.

People bargain from group and nan power pinch which you put things things into nan world is nan power pinch which you’ll receive.

On your travel of trying to commencement a profitable broadside hustle aliases business, retrieve that you’re dealing pinch quality beings.

See each relationship arsenic an opportunity to build a meaningful narration pinch a human-first approach.

This will unfastened galore doors for you and will not only thief you to run pinch purpose, but it will besides thief you to make profits arsenic group will ever bargain from group who attraction astir them and lick their problems.

Step 5: Be Kept Accountable ⭐️

Every azygous week, to person nan level of occurrence you desire without BS’ing yourself weekly, you request to beryllium held accountable by someone.

I speak from acquisition because I’ve told myself I’d purpose to execute various things successful nan past but haven’t simply because I had nary 1 to study to.

An effective measurement of being held accountable is to travel nan review/preview approach.

First, place personification who you respect who is besides connected a akin travel to you and has a akin mindset.

Ask them to beryllium your accountability partner.

Next, each Saturday aliases Sunday, speak aliases connection each different your review/preview.

I.e. reappraisal of nan past 7 days and a preview of what you want to execute complete nan adjacent 7 days.

Then repetition this process each week.

Conclusion

Starting a broadside hustle aliases business to make tons of money complete clip (starting first pinch £1 aliases $1) is possible.

It starts pinch an experimental attack that makes each of this nosy and gives you nan champion chance of overcoming nan 2 awesome fears of nonaccomplishment and rejection.

Will it beryllium easy? No.

But, it will beryllium nosy and highly rewarding arsenic you return steps to get caller skills, do experiments and gradually build your ain table.

Here are those 5 steps summarised:

Purpose → Objective → Experiment → Connect → Accountability 

This tin further beryllium summarised into a 3-step journey: Start → Ask → Repeat 

I wish you each nan occurrence connected your broadside hustle aliases business journey.

Every anticipation is yours pinch this experimental mindset. You tin do it! 😀

What to read adjacent connected really to commencement a money-making broadside hustle aliases business:

• Join Financial Joy Academy
• Come to our VIP Day and motorboat your thought successful 1 day
• 50 Best Side Hustle Ideas to Make £1,000 a Month

What to watch adjacent connected really to commencement a money-making broadside hustle aliases business:

Do you for illustration nan experimental attack to starting a broadside hustle aliases business to make money? Comment beneath pinch your thoughts aliases questions 🙂