Kill your babies - how to side hustle

Hey {NAME} We’ve all got a little side action going on. Nothing wrong with that. But I want to outline a few do’s and do not’s of running a side hustle. DO #1: decide if your side hustle is going to overtake your main source of income. Sounds obvious or maybe presumptuous, but you need to decide if your side hustle is designed to overtake your main source of income. Keeping something going just for the sake of it, because you have an emotional connection, will drain you. Instead, if you genuinely want your side hustle to replace your main income, you need to know A) how much it’s going to need to make in $£’s and B) when it’ll need to do that by. If you decide that it needs to make $100,000 within 2 years, and it misses that mark, you might need to kill it. DON’T #1: fool yourself into thinking you’re creating “multiple income streams” Multiple income streams is a great idea and in theory should provide you with more income. However, what I have found is that people end up working 2x as hard on 2x jobs that provide ½ the income. TRUE multiple income streams happen when you don’t have to work on any/some of them. For example, my Kindle books sell in the background and I don’t market them at all. That’s pretty close to a multiple income stream. BUT - if you think that building up one income stream is hard work, building two is very difficult. DO #2: test what works and kill what doesn’t Something wonderful about side hustles is the ability to just DO something and kill it, if it doesn’t work. Selling t-shirts on TeeSpring? Great! Want to set up an automated YouTube channel? Awesome! Etsy, Kindle, Patreon. Go for it. If it doesn’t take off how you wanted, kill it! Test things that could work, see what does work and cull what doesn’t. DON’T #2: get emotionally attached to any of your work/businesses This is the hardest thing to get to grips with. Running a business is incredibly personal. But the more you can look at what works, what doesn’t and kill/keep, the faster you’ll reach results. I used to sell about 20 different products, and it was only after my business manager ran the numbers, did I see that we spent the same amount of time and money on advertising and sales across all of them, that I could see they just didn’t get the same ROI. But I REALLY struggled with killing the products that didn’t sell. They were my babies! I put so much time and effort into them, that it would be a shame to get rid of them. That decision probably cost me hundreds of thousands of dollars. Kill what doesn’t work. Kill your babies. DO #3: ask yourself how you want to make money in 5 years' time Business and money and side hustles are a long term play. There is no “big score”. In 5 years time, how would you like to be making money? Coaching part time? Affiliate sales? Software? Freelancing? In 5 years' time, what kind of work do you want to do to create income for your life. And start that journey TODAY. When you see your plan as a 5-year gameplan, you can take the pressure off chasing the next big thing. Build long term plays today. DON’T #3: try to jump on trends for quick cash Every time someone has shown me the next big thing, it’s made a few people very wealthy and everyone else a little bit poorer. Lifetime deals, new technologies, launches, new business models. They all require time to mature. No one makes a sustainable living, and repeatedly increases their income, by jumping on new trends when they come up. It’s a myth. Don’t fall for it. Any tips you’d add to this list? Hit reply and let me know Mike Copyright © 2022 Sell Your Service, All rights reserved. Our mailing address is: michael@sellyourservice.co.uk Want to change how you receive these emails? You can [unsubscribe from this list](.