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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