December 8, 2009, 5:24 am

Making a 6 Figure Income by Working Less than 50 hours a week Part 3: Start a Sideline

by: The Financial Blogger    Category: Alternative Income,Business,Career
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All right, so we talked about getting a good job and a few promotions, we also talked about looking for a bonus based on individual performance and getting the most out of your employer’s benefits. Now, we are getting to what you are really looking for: how the heck do you create a viable sideline?

I’ll tell you something you won’t like: you have 90% chance of failure if you start a sideline.  Actually, most people fail when they try to create a real company (statistics demonstrate only 10% of start-ups survive the first 5 years of their existence and 10% of those survivors actually blow out 10 candles on their cake years later). So imagine what your odds are starting something as an alternative source of income? Yup, you are meant to fail! The good news is that we all are capable and some of us succeed. I don’t know about you, but if I play the game, I want to be a winner 😉

Why is it so tough?

I think that the biggest cause of failure (and I didn’t find this in any relevant stat) is the lack of passion. Because if you are not absolutely passionate about what you do, you probably won’t make it. Being passionate means:

– Working several hours in a row, several days in a row, several weeks in a row and several months in a row without any meaning results.

– Doing stuff that you hate and doing it carefully since you can’t afford to start over and you can’t afford to pay someone else to do it.

– Asking your family to believe in your project no matter what. Asking them for support while you still have no tangible results.

– Taking your very first profit and reinvesting them instead of taking your wife out.

– It means continuously thinking about your ideas & goals and developing them regardless if it’s 9 AM or 2 AM 😉

Sometimes at the peril of other important, more pleasant pastimes… (Ummmm forbidden donut… Whups, I digress ;-€ )

If you are not passionate about the sideline you are about the create, then go back on You Tube and look for the latest singing squirrel that will make you laugh.

At best, you will be able to build some decent income on the side for a while. It is true that if you are well organized, you can structure a profitable operation. However, at one point you will let your project die because you are sick of working hard on something that only returns a little. You will get tired of putting in the effort on a daily basis on something that you don’t enjoy that much. Basically, your lack of passion will take you away from the pleasure you had when you started your project.

We all have passions. Some people have thousands of them and others have very few. However, we all have something we really care about and this is what you need to find before starting any sideline income project.

Personally, I have decided to combine both my passions for writing and personal  finance. There is so much to say about finance, it’s a great topic. If you don’t like writing, then, you need to find another way of “producing” your passion. You can either produce a good or create a service, however, it must be related to one of your passions.

So today, take 30 minutes and write down every single topic you find interesting. I’ll talk about what to do with the list later on 😉

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Comments

It is definitely hard to reinvest small profits when it takes so much time to get to the profit stage. You don’t seem most publicly trading companies paying dividends in their first 10 years even do you? What do you think would have happened if Google started paying dividends right away? You need to create a cash cow before your start milking it (that sounds like something Dr. Phil would say.)

There is no doubt on if one decide to start a business, it has to be very well planned and organized and like you said you have to be very passionate with whatever line of business one decides to start. But passion has also to be applied on everything that you do in life, this is definitely the key for success, either you decide on starting a business or decide to go on paycheck basis.

by: The Financial Blogger | December 8th, 2009 (6:31 pm)

@Smac20, I actually withdraw a part of my fund already because I need money but it would be a better idea to work for “free”

@Cig, amen to that!
However, you will probably fin a way to keep your 9 to 5 job just by “doing it”. Your business won’t survive with this kind of attitude.

Good post! I apply your ideas as well!

@cig, question, if your 9-5 job didn’t pay you a pay cheque, do you still continue to work?

If your answer is no then you are not passionate about it, you’re just there for the money. But if you still continue to work for free, then that’s is a true passion.

@ Jess, the passion comes while your are doing the job, but that does not mean that you are going to do work for free either, we have families and responsibilities, so working for free is not an option unless of course money is not an issue and if that is the case, mind as well work for charitable organizations. Passion is important to grow as a professional and as an individual but also hard work, commitment and determination.

I think you hit the nail on the head, determination, perseverance, and passion are the keys to success.

One of my favorite quotes is by Henry Wadsworth Longfellow: “Perseverance is a great element of success. If you only knock long enough and loud enough at the gate, you are sure to wake up somebody.”

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