3 Principles to Turn Your Side Hustles Into $1,000s
Last month, I made $1,705 outside my 9–5. You can do the same.
Last month, I made $1,705 outside my 9–5.
It’s a small amount to some. I know that. It’s also less than half what I make in my day job.
The thing is, towards the end of last year, I had serious doubts about ever making money online — let alone four figures.
December 2018 was a particular low point. As a temporary cleaner, I found myself reflecting on three years at university. I’d learned about quantitative easing, game theory, and other fascinating topics. At that moment, however, I was shifting a skidmark in the men’s room.
Where was my life heading?
Two years later, I now have a steady flow of dollars through online courses, writing, and coaching.
Like all overnight successes, it’s been a long time making. I’ve been creating content — week in, week out — since September 2018. I made my first £1.86 online through an affiliate sale.
At last, it feels like I’ve reached an inflection point.
Here are three important principles that have helped me turn side hustles into $1,000s, and how you can do the same.
Principle #1: Consistently put out content on one platform for two years
It’s not just me saying this. One of my favourite YouTubers, Ali Abdaal, preaches consistency.
He goes one step further. Ali says you shouldn’t think about making money from YouTube until you’ve put out one video a week for two years. Only once you’ve achieved 4,000 hours of watch time and 1,000 subscribers should you consider monetising. (These are the requirements for turning on YouTube ads.)
It’s different for other platforms. For podcasting, you can secure partnerships before releasing a single episode. This is what my friend Sam did. However, it’s worth noting she’d already built an audience on Instagram and Facebook.
If you’re just starting out, Ali’s advice is golden. Produce content, improve, and repeat.
This is what I’ve done. I started podcasting towards the end of 2018 but I didn’t know what I was doing, so I spent $3,000 on coaching.
I then launched Entrepreneurs Can Party on the 4th March 2020. Six days later, it reached number ten in the Apple Podcast charts. I’ve since been releasing two episodes a week.
Fast forward twelve months and I now get paid to help others launch podcasts.
Principle #2: Build meaningful relationships
Sam was one of my very first podcast guests. I’ve been a fan of hers for years and tag her in Instagram stories. We had a connection before I invited her onto my show.
After our conversation, I sent her a gift. I do this for all my podcast guests. I collect their home address in some pre-interview questions and follow up a week later.
The gift I sent was a copy of my favourite book — Anything You Want by Derek Sivers. It’s full of tips and only 88 pages long.
Sam and I have since collaborated on many projects. We’ve held Clubhouse rooms together about podcasting. We’ve taken each other’s courses. She’s also one of my coaching clients as I help her outsource to a virtual assistant.
I couldn’t have planned for any of this. It’s been a natural process, and it started with the question “how can I bring value to this person?”
It’s a similar story with Alex. I’ve listened to his podcast for years and attended his annual summit in 2019. We met in person, got drunk at the after-party, and vowed to keep in touch.
I then took his podcasting course in November 2019 to help me launch mine. He’s since been on my show twice. Now, I get paid to help his clients launch their podcasts.
There’s never been any grand plan. I meaningfully connect with people I’m intrigued by and let things fall as they may.
Principle #3: Excel-erate these relationships
“Your network is your net-worth.” — Alex Chisnall
A couple of years ago, I read Getting Things Done by David Allen. It recommends conducting a weekly review. This is so you can assess where you’re spending your time, how it’s being lost, and where efficiencies can be made.
David applied it to emails, but I saw a different use. I created a spreadsheet to track my friends.
I know, I know — it sounds creepy and cold. Surely I should remember birthdays? I wish this was true. The problem is, details slip my mind, no matter their importance.
This is why I’ve turned to Excel.
“Your mind is for having ideas, not holding them.” — David Allen, Author of Getting Things Done
It’s made up of three sheets. Two of them contain the people in my network, and the third contains their home addresses. On the first two sheets, there are six columns:
- Name
- Birthday
- Home address
- Phone number
- Last contacted date
- Notes
After I chat with a friend, I’ll make notes as soon as I can. These could be important milestones, such as upcoming tests. They can also be something I learned, like their love of tiramisu.
Then, on Sunday mornings, I’ll pour over these notes and update my spreadsheet. I aim to speak to close friends at least once a week. With everyone else, it’s once a month.
This system means I can check in at important times. It helps me strengthen relationships and show people show I care.
Final thoughts
You can’t predict the most exciting opportunities. You may also doubt whether you’re doing the right thing.
I know this from experience. If you told me two years ago I’d be making four figures a month online, I’d have said you’re crazy. It was starting to doubt whether I’d make any money online. Now, I’m getting ready to leave my 9–5.
Here are the three side-hustle principles I’ve found helpful:
- Consistently create content on one platform for two years
- Build meaningful relationships
- Put systems in place to strengthen these relationships
Patience is also underrated. If you’re unemployed, there’s nothing worse than seeing your savings dwindle, so it’s helpful to build something on the side. It takes the pressure off financially and emotionally.
“If you’re under the age of 35, [the fear of wasting time] isn’t even an issue. You can always go back to the practical world in 24 months if you stink or hate what you’re doing… The 9–5 grind isn’t going anywhere.” — Gary Vaynerchuk
My future plans? I’m aiming to make at least $3,000/month passive income by September 2022, and I’d love to backpack around South America.
I’ll give the last word to my friend, Louise. She’s a digital nomad and serial entrepreneur who, for the last five years, has built a passive income of five figures a month. She also travels around the world with her husband.
“There’s never been a better time to earn passive income! What’s stopping you?”
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