How to Turn Your Side Hustle Into a Cash Machine

BY: - 4 Oct '17 | Money

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Have you ever considered a side hustle? If so, you’re not alone. According to a recent Bankrate survey, over 44 million Americans now have a side gig. A side hustle can bring in much needed cash and, in some cases, even blossom into a full time entrepreneurial endeavor. If you’re itching to start your money making side hustle, consider these tips:

Identify Your Expertise, Passion, or Solution to a Problem

Every single one of us is in a position to provide something unique to the world. And, if it’s packaged in a way that provides value to others, people will be willing to pay for it.

Consider turning your passion into profit. Carey Heywood devoured young adult paranormal fantasies but soon ran out of books that deeply interested her, so she wrote her own and sold them on Amazon as ebooks. Since writing her first book she has sold over 200,000 copies of her novels.

Find a problem and offer a solution. Do you have a dead deer on your property and don’t know what to do with it? Call Matt Coughlin. The Leesburg, VA landscape project manager makes between $500 and $1000 a month on his side-gig removing dead deer from Northern Virginia properties.

Use your current skills for extra cash. Heather Quinn Gage of Texas used her skills honed as a fundraiser for a non-profit theater company to fuel her side hustle consulting for nonprofit organizations.

Commit a Plan to Paper

“If you fail to plan, you are planning to fail” – Benjamin Franklin

You wouldn’t travel from New York to California without a GPS navigator. Likewise don’t start your side-gig without a written plan. This plan will serve as your road map. What exactly will you offer, to whom, and how? How will you acquire customers? What are your revenue, sales and profit goals? Your plan doesn’t have to be perfect. You’ll refine it and change it as your side-gig grows. The important thing is that you have a plan before you start.

Just Get Started

Do you remember the old Nike slogan, “Just Do It”? It encouraged people to stop procrastinating and just get active. No excuses. Too often we come up with brilliant ideas for a side hustle but never implement them. We’re afraid of failure and our fear paralyzes us.

But here’s the beauty of a side-hustle. If you’re smart with your plan and don’t spend money unnecessarily, your failures will not devastate you financially. If you do fail just pick yourself up and try again. The upside is that your venture could become wildly profitable.

Kick procrastination to the curb by creating a deadline by which you’ll secure your first customer. Set this deadline in stone. Once you’ve actually obtained your first paying customer the motivation to ramp up your side-hustle will kick into high gear.

Carve Out the Time for Your Side Hustle

If you’re serious about creating a new income stream then you must treat your side-hustle seriously. Carve time out of your life to nourish it. Set regular work hours for your side-hustle and honor them just as you do the hours you spend on your regular job. Wake up an hour or two earlier to work on your business or cut out the television or Facebook. You may have to even ask your spouse to take on additional household tasks or learn to say “No” to those social events, clubs, or volunteer activities that don’t particularly interest you.

Solicit Feedback, Make Changes, and Repeat

Your customers’ opinions are worth their weight in gold. Constantly seek their feedback and let that feedback guide improvements in your side-hustle. What’s working? Is there something you could be doing better? Are there related services or products customers might consider purchasing from you?

Don’t Jeopardize Your Day Job

Treat your 9 to 5 with the respect it deserves. Someone is paying you to do a job. As tempting as it might be, refrain from using company time or resources to work on your side-gig. You could get fired or sued. Worst yet, your company could stake claims to the fruits of your side hustle labor. Likewise, check your contract or employee handbook to make sure you’re not subject to a non-compete clause that would prohibit you from performing freelance work that’s too closely related to your current job.

Your side hustle can become a welcomed income stream, but in order to make the big bucks you must treat it seriously by providing it the time, planning, and effort it deserves.

BMWK, are you ready to get started on your side hustle?

About the author

Alonzo Peters wrote 298 articles on this blog.

Alonzo Peters is founder of MochaMoney.com, a personal finance website dedicated to helping Black America achieve financial independence.

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3 Reasons You Need to Get Off the Sidelines and Into Real Estate Now!

BY: - 4 Oct '17 | Money

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By: Kito J. Johnson

I have always been passionate about real estate. I remember, as a teenager, I’d drive through subdivisions to look at the houses and walk through new construction properties to admire the architecture, noting the quality of construction. Since then, I’ve done a number of different things throughout my life, but somehow I’ve always been led back to real estate.

When I was 20, I acquired my first home. Not long after doing so, I surfed upon an episode of Oprah to find Robert Kiyosaki sitting on her couch. He had recently written a book entitled Rich Dad, Poor Dad. It caught my attention immediately. I purchased the book and read it from cover to cover thinking, “Hmmm, this is interesting, I think I might be able to do this.”

Before reading the book, becoming an investor hadn’t even crossed my mind, let alone becoming a licensed broker. Armed with a new thought process, I purchased another home and continued to apply the principles I had learned over the next few years. Fast forward to 2008, I had amassed a portfolio of 17 properties. It was amazing to discover my passion as I implemented simple wealth building strategies to create an income from multiple channels.

Generational wealth is an important passion of mine. Creating a means that will outlive you and leave a legacy for your children’s children is something I find fulfillment in teaching to others. With the right tools, you have the power to change the game for your family and build wealth for your children. Having said that, I believe real estate investing is a GAME CHANGER, for the following three reasons:

Everybody Needs It

Real estate is a passion of mine because, it’s true. It’s the one thing that everybody needs, no matter who you are. The reality is that you’re either staying in your own investment or you’re staying in what represents an investment for somebody else. Everybody needs a place to stay.

FREE RESOURCE: Click here to download a FREE resource from the author - How Much House Can I Flip? This FREE video training shares insider secrets to determining how much house you can afford to flip in your area!

God’s Not Making Any More of It

Real estate is a resource that is constant. While the population is always growing, the land area is never increasing.

Even from a biblical perspective, the original promise to Abraham and his seed was that they would inherit a land. The children of Israel sought to possess a singular promise— to inherit land. Our inheritance includes the acquisition and control of real estate.

You Can Own It While Somebody Else Pays For it

Real estate as an investment is the one thing that you can own while somebody else pays for it over time. As you rent it out, your accumulated wealth grows while the property appreciates in value.

Moreover, you can leverage other people’s money to acquire it. It is very possible that with little to no money, good or not so great credit, and with little personal time, you can apply principles sure to increase your net worth.

Knowing the right tools and strategies to real estate investing opened up profitable channels and continues to work for me. It’s the vehicle to create something sustainable that will outlive us and serve our family for generations to come.

BMWK, are you ready to change the game financially for generations to come? Click here to download  a FREE resource from the author – How Much House Can I Flip?

About the Author: Kito J. Johnson is an accomplished real estate broker who specializes in teaching others how to create generational wealth through principles of real estate investing and entrepreneurship. A licensed broker in four states, his stellar 20-year career boasts over 1,000 real estate transactions. A master networker and CEO of Atlanta-based brokerage, Buy N Sell, Inc., Kito has been dubbed “the guy to know” in circles ranging from community leaders to elite investors.

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BMWK Staff wrote 1243 articles on this blog.

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