No get-rich-quick schemes — Just hard work and dedication.
Get-rich-quick schemes have a bad rap for all the right reasons. They require very little planning and exorbitant initiation fees. Worst of all, they promise results quickly.
In contrast, side hustles take the opposite approach to making money. There are no short-cuts, quick fixes or one-size-fits-all approaches, and there are no ridiculous ‘initiation' or ‘membership' fees either. Most importantly, side-hustles take time, patience and hard work. They're called side-hustles because you have to hustle to attain results.
But here's the kicker: side-hustles, if done well, are incredibly lucrative. In fact, nearly one in four people in the UK have at least one side-hustle and, combined, these projects contribute to roughly £72 billion in the UK economy, according to a white paper by the Henley Business School. Side-hustles are so effective at attaining income that experts predict exponential growth in this market over the next few years—largely in part due to the rapidly developing gig economy, e-commerce industries and remote working situations.
So, now that we've established the fact that side-hustles actually do make money, let's define them.
What is a side-hustle?
A side-hustle is a side job, business or project that brings in extra income for you—usually on top of your regular job. Most often, it starts small and, when done well, can turn into a reoccurring source of extra revenue. If done really well, it can become your primary source of income. Alternatively, in times of financial insecurity, as many are experiencing now, side-hustles have been the life-saving cushion that helps them survive financially through budget cuts and job losses.
For those who are willing to put in extra work and hours, it can absolutely turn into a six- figure income. I know, because I have one and have helped my clients build their six- figure side-hustles too. My side-hustle programme is catered explicitly towards this emerging market which, now, more than ever, is becoming an essential source of income in our distressed times.
Is a six-figure side-hustle unrealistic to expect?
Yes and no. It all depends on how hard you're willing to work. It also depends on your business experience. For the experienced entrepreneur, it usually takes less time to build a six-figure income—somewhere around six to 12 months. For those with little or no business experience, it usually takes longer; on average, one to two years. So, to answer the question, the expectation of a six-figure income immediately is definitely unrealistic. But, the expectation of a six-figure income with patience, time and hard work is realistic and very attainable.
Curious to see the outcome?
Check the testimonials and learn about my six-figure side-hustle programme and clients.
How do I start and do I need help?
There are quite a few things you need to do before embarking on your successful side- hustle journey. The key word here is ‘successful'. If you want to start a side-hustle without any planning, strategy or foresight, then you don't need to do much—but your chances of being successful are slim.
If you want to start a successful side-hustle, then you'll need to spend time on a plan that sets clear timelines, goals, deliverables and budgets—much like you would for a full-time business. This takes time and can be done on your own—but having guidance and experience makes the process easier.
Why coaches and mentors are invaluable to the experience.
Business mentors are a large part of company success in our modern world. Best- selling books like Tim-Ferris's "Tribe of Mentors" and billion-dollar entrepreneurs like Bill Gates and Richard Branson have all hailed the benefits of having a mentor. That's because a mentor's ‘lived' advice and experiences are truly invaluable. What they provide is an experience in the industry along with tried and tested approaches to business. They also know how to avoid costly mistakes and how to streamline processes for efficiency. Some of these assets can be learned on your own through classes, courses and full-time work at established companies, but they don't replace the wisdom of someone who has already run the gamut. My personal coaching style is surprisingly practical, and precisely because it's practical, it gets results.
Out of ideas?
Check my 20 good side hustle ideas for 2021.
Setting expectations towards success.
Another crucial part of developing a successful side-hustle is goal-setting. Many of my clients come to me with unrealistic goals to start off with. They'll say things like "I want to be a millionaire," and I'll respond "How much do you earn now?". If their earnings make it possible to establish a million-pound business, then I'll let them know that their expectations are realistic. If their earnings are not within that range, I'll tell them that, at this point and time, their expectations are not realistic. This doesn't mean that they can't become millionaires; it just means that they need to adjust their immediate plan to a lower number. When they reach that realistic milestone, they can incrementally aim higher. This is how all good business people approach goal-setting—because this approach works. That's how my clients have become six-figure earners, and that's how I've become a six-figure earner too.
The SMART principle.
The SMART acronym is a good basis for any goal. It asks you to make your goals:
How to apply it?
Imagine you're making 40k a year. A SMART goal would be increasing your income to 60k per year, then 80k, then 100k. To get there, you'll need a business strategy, commitment to daily work and determination when the processes seem difficult. Mentors and coaches help push you to be accountable if you let things slip, which is a massive part of my success process: giving you the encouragement, tools and strong reminders to keep moving when you feel despondent.
No time? No Side-Hustle.
The biggest failures I see in the side-hustle business stem from poor time management.
For sure, time is limited for many. Full-time work, partners, kids, friends and extended family all take up part of your day, but that hasn't stopped some of the most successful people in the world from turning their side-hustles into extremely profitable businesses. The key to handling it all is time management.
The best entrepreneurs I've worked with all have excellent time-management skills. They know how much time they can set aside for their side-hustle, they track the time, they adjust it based on their work and home demands, and they create a practical plan that lets them push in increments toward their goals. Those who don't follow these processes generally end up making excuses for not having enough time. What they don't realize is that they simply just didn't manage their time well.
If there is one part of my job that I love most, it's helping clients with this aspect of growing a successful side-hustle. It is one of the most important foundational elements to business building, and it takes work, strategy and practice to do it well.
Is it worth it?
When some people hear that a side-hustle could take years to turn into a six-figure income, they immediately turn the other way. Some of the complaints I've heard are "that's too long" "I don't have the time to wait that long" and "there's got to be a faster way".
That's when I politely tell them that if they are unhappy with their current work or if they want a real shot at six-figure success, that's what it costs—time. For those who view it as not being worth the time, they usually walk out the door and go back to the routines that made them feel unfulfilled in the first place.
For those who see the value of the time investment, they work with me right away, understanding that months or years of part-time work are a small price to pay for what you get in return: financial freedom.
A successful Side-Hustle is simple to achieve, but not easy.
The steps to creating a six-figure side-hustle are simple, but they aren't easy. They take effort and time. My job is to guide those who truly are dedicated to their goals through the business principles and steps that achieve six-figure success. These steps have worked for my clients and me, and they can work for you too if you have the right mind- set.
Ready to start your side-hustle?