Secrets About Side Hustles: Get Rich Starting One
Earning from side hustles that can make you rich has been an attractive way of making a living today. If you’ve been searching for the ultimate side hustles to make money, I’ve got news for you. A large number of side hustles are potential cash cows and gold mines if you set your heart upon them to go all out.
Side hustles can make you rich beyond your wildest dreams if you’re in it for the long haul. And we’re not talking get-rich-quick schemes here. Cultivate a real business that is founded on a niche that is native to your circle of competence.
Are there side hustles that can make you rich?
Yes there are plenty of internet business you can become rich off of. Making money online has always been exciting. Whether you look at it as a side hustle, or full time vocation. With enough motivation and preparation, you can turn any online hustle or gig into full-time work. It’s easy to graduate from making a decent living, to making a killing.
Multiplying your online income may take time. This comes with experience and an expert knowledge of your niche. But there is a great possibility of making a million out of this. And yes, side hustles that can help you achieve financial freedom exist.
The drive to become a high income earner
Be driven! That is an important key and essential money mindset. We live in a very competitive world – and the early bird always catches the worm. Have the first-in, last-out mentality. If you’re looking for side hustles that can make you rich or you’re already working at one; become aggressive on the offense all that time, building leads that ultimately convert to paying customers.
Find your gift
Working at any job or gig you don’t like could only get you so far. You need to find your gift. There are many Steve Harvey sayings, Myles Monroe thoughts, and Jim Ron precepts out there. You’ll begin to love and enjoy your work if your native gift is being used in dispensing it.
Have one conversation with yourself. Ask yourself, “what one thing can I do the absolute best?” Find that north-star that you know can and should make you super competitive. Is there something you don’t mind doing for free? Within those answers would you find ideas for side hustles that can make you rich.
Look for the thing that consumes you the most. That’s the THING you should carve your niche off of to bring you greatness. Along side your gift, it also pays to cultivate a money mindset. To become an ultimate money magnet, you would have to invest in yourself.
Focus your laser beam on one object
“I could have been the richest man in the world, if I didn’t have 50 good ideas competing for expression.” – By Anonymous. Now does that resonate with you in anyway? The most gifted people in the world need only to focus on one primary path to see success. You might have many irons in the fire. You may have even been told that you need to have multiple options in life. Or even perhaps a Plan B, in case something goes wrong with your Plan A.
Your good ideas could destroy your great idea. Thomas Edison tried a 100 times with one invention. He would have been nobody if he had a portfolio of 100 inventions – with a single attempt only on each one. That side hustles that can make you rich is born out of focus – on a single thing.
Create the maiden stream of income
Set a goal to earn your first $10 to $100
Little drops of water make a mighty ocean. And a journey of a thousand miles, they say – begins with a single step. Maybe ten bucks or even a hundred dollars don’t seem like much money to you. But all you need is a simple $10 product or service to begin those side hustles that can make you rich. The focus should be on making your first $100. Within 5 years from now, you could write your own history.
Experiment with multiply streams of income
As much as it pays to focus only on one thing, be open minded to build different ways of earning from that same niche. You would have achieved a ‘focused diversity’. A lot of the listed side hustles that can make you rich are driven by multiple income sources.
This is exactly how investment fund managers make money investing. They hold a basket of assets that are all related or interrelated. On the other hand, you’ll also lose out in the yield game if you’re over diversified. So let your multiple streams of income make sense through moderation.
Look at your costs
Cut costs and build fugal habits of trimming your expenses. According to Parkinson’s Law, costs are certain to grow alongside earnings by default. It actually takes some deliberate effort to tone down your excesses as you see growth in your side hustle or primary job. It is also a general rule of thumb that side hustles that can make you rich begin with bootstrapping.
Create the ultimate money multipliers
As you begin to see income and progress while running side hustles that can make you rich, find your path to multiplying everything you make. It is completely logical to reinvest in sales, marketing, and Ads. But when you’re more deliberate in strategic growth, you’ll more likely have a Return-On-Investment (ROI) plan for Ads.
For example, your primal side hustle income stream hits $100 a day. You can take those cash reserves and pour it into Ads for the core business, or even a product you own or an affiliate product. Pursue a 3X to 5X ROI consistently over time and make adjustments all the time.
Stress test and leverage your best multiplier
If you find your Ad mojo, then pursue it with endless testing. Perform an A/B test on the final two strategies. Go with the one that gives you a bigger bang for your buck. Advertising performance does drive the side hustles that can make you rich.
Hire an Ad Manager from Fiverr who has a reasonable retainer fee. Allow them to produce ad returns for your digital products. This frees up your hand to focus on the core business, or creating new products in your portfolio for onward growth.
Find an investment sanctuary to hold your wealth
As you begin to earn money, all that won’t matter until you start saving. Earning $10,000 a month from your side hustle may sound impressive across board. But do we even bother to ask where the profits are, or what the actual profit margin is? What you save and keep is more important that what you make.
Use equity investments like stocks, ETFs, and Real Estate as a store of value for your savings. These investment vehicles have been around for a long time. They have proven themselves through the test of multiple recessions – making a strong comeback each time. I believe that side hustles that can make you rich honestly; but don’t forget to have your profits safely stashed in these assets to compound further.
If you intend to hold your wealth in some of the other modern investments out there, be mindful of the risks associated with them. Understanding the underlying asset class it the key here. The next thing is having a diversification strategy.
Sage Tip: How to Learn About the Stock Market and Investing for Beginners
Scale 10X with bigger goals
In order to grow those side hustles that can make you rich, you have to think big. Think up some big hairy audacious personal financial goals, and write them on paper. If you keep them in your head, the universe may not know how much you want them. It has to gather energy and attract opportunities to you.
Your goal should lead you into ideas that are broken down into tasks you can do each day to produce those results. Big ideas work best if you have a team behind it. Begin to build your dream team with a handful of other freelancers from Fiverr or Upwork.
Sage Tip: 6 Habits that Can Make You Rich for Life
To Sell or not to sell
You will definitely grow if you focus on results. Then consequently beating those results month after month. At the end of a few years you’ll see more growth in the horizon. There are several side hustles that can make you rich upon exit. You can cash out and hand over the reins to an acquirer.
This brings us to the tough decision – to sell or not to sell? If you operate with a set of formalities, documentation, and structure, you could list the business up for sale. The prospective investor would make an offer based mostly on the returns and yield they hope to get from the deal down the road. These are typically based on the economic endurance and predictability of your current earnings.
Action Plan: Do it now!
Action is unfortunately the most neglected stage for online businesses and side hustles that can make you rich. Most people over dream the goal setting or analysis process and never get started in the first place.
JUST START! The two words you’ll grow to appreciate. Start small and keep going step by step after picking a niche. You don’t have to get all your ducks in a row. Heck! jump in even if you have a handful of scattered ducks with no formalized direction. You’ll have a lot of fun optimizing your business from crap-to-great.
Read next: 7 Reasons Why You Should Always Invest in Yourself
Disappear out of sight
Remember that you could always disappear for a while and work secretly on those side hustles that can make you rich. Toil upon your mission every waking moment of the day. You’ll emerge out of that attic or basement a changed person. You’ll become a battle hardened millionaire now pursuing a multi-millionaire status or higher.
Ultimate List of side hustles that can make you rich
Have you been waiting for this list? Well, I saved it for last. Whether you’re familiar with the side hustle landscape or not, you’ll find this shortlist of online income opportunities useful. They are not exactly the side hustles that can make you rich over-night; but several of them come pretty close.
- Rideshare driver
- Affiliate marketer
- Instagram influencer
- Online coach
- Domain Flipping
- Build passive income with real estate
- Create a clothing line
- Create and sell your own handmade goods
- Creating and selling your own designs
- Start a YouTube Channel
- Deliver food
- Deliver groceries
- Deliver packages
- Design and sell your own t-shirts
- Freelance gigs
- Get a part-time job
- Test apps and websites
- Give tours of your neighborhood
- Help others with odd jobs on Task rabbit
- Launch a paid newsletter or subscription
- Launch a print on demand store
- Learn a new trade skill
- Lease out garages or yard space for storage
- List your property on Airbnb
- Lawns and landscaping duties
- In-person services
- Offer services on Fiverr
- Virtual assistant services
- Resell new clothing in your closet
- Sell digital products
- Sell your photographs online
- Sell handcrafted products
A Few Parting Words
Online wealth seems hard to achieve for some people. You would have to weed out the bad nuts carefully before landing on the side hustles that can make you rich beyond your wildest dreams. Stay fully committed to the force that drives the success. Ambition!
What is your WHY? Could you stay focused on one thing for a whole year or two without quitting? Every online income making skill is completely learnable and almost always completely free nowadays. The only difference between winners and losers, is the discipline and endurance to see it through.
Have you started this side hustle journey yet? Share the process and some tips below in the comments.
Most Popular Posts:
- 12 Giant Steps Financial Freedom Seekers Take To Retire Early (Epic List !!!)
- Learn to Trade Stocks Step by Step for Beginners (A Comprehensive Guide)
- Top 10 Financial Freedom Courses (Mostly FREE)
I like your list of side hustles. Yes you do need good self discipline to keep going towards your financial goals
Thanks Steve for dropping me the note. You’re sure on point on the self discipline part.