I Know You Want To Make a Full-Time Income Working Online
Here’s what you need to know
Create at Least 1 Consistent Income Stream That Pays Your Basic Living Expenses
Having an inconsistent income can be extremely stressful. When you’re an entrepreneur or a freelancer, it’s possible that you could make $5,000 one month and then make $2,500 the following month, or less.
If you’re used to earning the same amount of money each month, this can be extremely daunting at first.
When you’re first getting started, figure out how much you need to earn each month to pay your basic expenses (rent, utilities, food, insurance, etc.).
For example, let’s say you add these up and you know you need at least $1,900 monthly. Then, think of ways you could consistently make that each month. This could be a part-time job, teaching English online, consulting, writing, or anything.
When you’re first starting out, you have SO much to learn, which means that you don’t want to be frantic each month over how you’re going to pay your rent. If you have to get a part-time job to do that, don’t be ashamed about it, just do it.
Set Monthly Goals That Will Motivate You and Move You Forward
The goals that you set can either motivate and push you towards success, or set you up to fail. If you’re currently making $1,000 a month in your business, a monthly goal of $10,000 might just discourage you at this point.
On the other hand, setting a monthly goal of $2,000 and then exceeding that will be incredibly motivating for you.
It’s not bad to have long-term goals, but for now, take it a month at a time and focus on improving little by little each week and month.
Also, remember that numbers are just numbers. Rather than focusing on making “50,000” or “six-figures” think about what that money will allow you to do. Will it allow you to go back to school, or travel abroad (after the pandemic), or support your family?
Once you have a deep “why” for reaching your financial goals, the act of doing becomes much easier.
Look for Inspiration but Don’t Compare
Once you know that your basic bills will be paid each month, then you can really have fun creating and building.
You’ve probably read lots of Medium posts by millennials that built six-figure businesses by the time they turned 25, and don’t get me wrong, I love reading those too. We all need inspiration and to see what’s possible.
However, you’re probably finding that too much inspiration can easily lead to comparing and despairing.
We all have unique life experiences and what someone else is doing is not any more valuable or important than what you’ve done.
Find a few key people that really inspire you and follow everything that they do. But after that, try to let go of the rest. Take the bits and pieces that resonate with you and build something that is truly unique to you.
Start With Something You Know
Now, you know you want to start an online business, but maybe you’re not sure what to sell. Should you sell a product, sell services, etc. First, think about what you already know.
For example, if your background is in teaching, start teaching a class on Outschool or upload and sell lesson plans online.
Or, if you have worked in HR or recruiting, offer career coaching.
I’ve said this before, but momentum and mindset are massive when it comes to making money online. There are unbelievable highs but also really low lows. The more you can set yourself up financially in the beginning and build on skills you already have, the easier it will be to increase your income and make pivots later on.
If you’ve heard the saying that it’s easier to find a job when you already have one, this is a similar concept. It’s easier to pivot when you already have income coming in, have clients or customers, and are confident in your skills.
Side Hustle Within Your Business
Even though I work for myself, I have my main business, which is editing, and then I have my “side hustles” as well. For me, it’s essential to differentiate these because it makes it easier to prioritize.
For example, editing brings in at least 80% of my monthly income. Fortunately, I happen to love my editing work and would like to keep this as my main source of income in the foreseeable future.
Because this is my main business, I always treat editing as my #1 priority. I also have a few side hustles:
- Teaching
- Freelance writing
- Medium
- Blogging
- Consulting
I’m not always working on all of these side hustles every single month. For instance, if I’m working with a consulting client, I might write less on Medium or do less freelance writing for that month.
In total, I typically spend 5–15 hours a week on all my side hustles combined.
Having side hustles can be a great way to try out new income streams and bring in additional income. The key with side hustles is to try to find ones that are flexible with your main business
Tip: If you have multiple income streams, try to prioritize which are the most important for you. Then, create a consistent weekly schedule for working on each of your side hustles.
It’s a Long Game, Be Patient
Much like Medium, few people are overnight successes when it comes to online business. Instead, it takes time, commitment, and lots of hard work and focus.
The good news is that if you’re willing to stick with what you’re doing for at least the next couple of years, you’re already ahead of most people. The majority of people will give up in the first few months, but not you. Just keep going.
“Entrepreneurship is living a few years of your life like most people won’t. So that you can spend the rest of your life like most people can’t.” — Unknown
To give you some context, I’ve been working on my own for almost a decade, and it’s only been in the last couple of years that I’ve been able to create the ideal blend of doing work that I love and making the money I want to make. And of course, I still have big goals to keep growing in the future as well.
If I could give you one piece of advice with this I’d say you have to believe in yourself. It’s not a matter of “if” you can succeed online, success will happen as long as you put in the work and keep going.
About five years ago I started to doubt whether I’d ever get to where I wanted to go. I took a little time off some of my projects and I lost my belief in myself.
Fortunately, in the process of feeling stuck, I was reminded that each person’s timeline is different and that I can either be my own biggest advocate or my own worst enemy, it’s up to me.
Keep Trying Until You Find Something You Truly Love
I hate to break this to you, but you might not love your first few ideas or income streams. That’s ok. In the beginning, it’s important to start making money, creating momentum, and building your portfolio of skills.
Once you’re making money and are getting into a good groove, you can start creating pockets of time to try new things.
If you’re not sure where to begin, start with these questions:
- What am I curious about?
- What problems could I help solve?
- Who am I jealous of?
As you ask yourself these questions, make a list of answers that you can refer back to in the future. After you think about these questions, you can also fill any knowledge gaps you might have by taking courses, listening to podcasts, talking to people, or reading books.
A simple conversation could lead to starting a blog, launching a podcast, offering coaching to new writers, or creating a product that you think is missing in the market.
To Sum Up:
Whether you’re just getting started, or you’ve been struggling for years to create an online business, know that where you are right now is ok. Keep going, keep learning from your mistakes, and work on it daily.
Some days you might feel on top of the world and others you’ll feel ready to give up. The important thing is that you don’t give up. You can always pivot, but if this is what you want, know that you will get there eventually.
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