How to start making money by shifting your paradigms?

All 9 to 5-ers dream of side businesses and making money online. Extra income, freedom, no boss, etc. It's especially acute after turning 40. Few go through with it

Why don't they start? Let me explain.

There's a trend toward side hustle and "on-the-side" making money nonetheless and it's driven by a few things. 

• First, keeping up with inflation. People outspend their income. 
• Second, living out passions. We push back hobbies, but eventually we say screw it - I want to do it.
• Third, giving something back. Exploring untapped potential (that's stifled at work).
• Fourth, developing new skills.

Studies show over 30% of young people have side hustles. But for older workers, it's not easy. I'll tell you why and debunk the reasons.

Making money is like going to the gym

Picture a side business like a gym membership. Odd analogy, I know. But hear me out.

At the beginning of the year, a lot of people decide to join the gym because they want to do better than they did last year.

They want to improve themselves physically and even mentally reinforce their strength. And they take an hour every day or an hour every other day, maybe a couple of hours on the weekend to dedicate themselves to working out, to getting in physical shape, to better themselves.

Side business is just like that.

This is not about giving up your job. This is not about going in 100%, taking out an extra mortgage.

No, you want to start slowly because this is foreign, but an hour a day, a couple of hours on the weekend, that is all it takes.

Will I be making millions tomorrow

Nope, for 99% of people it takes longer.

Six months? Nah.

A year? Maybe.

But if you don't start today, you'll be just as far from your goal in two years.

So number one reason that everyone says "I can't do this" is fear of failure.

Reason #1 why are you not making money

Fear paralyzes people. Western society hates failure.

Why?

Because you've never been taught to have a side business. You've never been exposed to the entrepreneurial reality.

You were told that the way to make money is to go out, get a job and be paid for it.

A business for yourself is not that hard, though:

1. Solve a problem for other people.
2. Once you do, they'll be ready to pay for you.

That's the concept of any business, big or small. The fear of failure paralyzes people because they literally don't know where to start and they're so afraid of failing.

Our overachieving society in the West has trained us well to avoid failure.

Tips to overcome Reason #1 and start making money:

1. Educate Yourself on Entrepreneurial Realities:
   Gain knowledge about the entrepreneurial journey and understand that setbacks are a natural part of the process. Learning from failures is a key aspect of long-term success.
2. Start Small and Incrementally:
   Begin your side business on a small scale, dedicating limited time initially. This gradual approach helps build confidence and allows for adjustments without significant risk.
3. Focus on Learning and Skill Development:
   Shift the mindset from a fear of failure to a mindset of continuous learning and skill development. View each challenge as an opportunity to enhance your capabilities.
4. Set Realistic Expectations:
   Establish achievable goals and acknowledge that success in entrepreneurship often involves gradual progress. Understand that overnight success is rare, and celebrating small wins contributes to overall success.
5. Seek Mentorship and Support:
   Connect with mentors or a supportive community. Surrounding yourself with experienced individuals who have faced similar challenges can provide valuable insights, guidance, and reassurance.

Reason #2 Why Are You Not Making Money

Time management is an issue too. Life gets busy, I get it.

Kids, chores, groceries - the list goes on. But remember the gym analogy? Make time for your side gig. Just as you can make time for an hour to go to the gym, you can make one hour, you can carve out one hour to start a side business.

Tips to overcome Reason #2 and start making money:

1. Prioritize and Batch Tasks:
   Identify the most critical tasks for your side business and prioritize them. Group similar tasks together and allocate specific time blocks to efficiently tackle them, reducing mental clutter.
2. Establish a Routine:
   Create a consistent daily or weekly routine that includes dedicated time for your side business. A structured routine helps establish a habit, making it easier to integrate into your existing schedule.
3. Utilize Time Blocking Techniques:
   Implement time blocking strategies to allocate specific time periods for different activities. This technique helps prevent multitasking and enhances focus on one task at a time.
4. Learn to Delegate:
   Recognize tasks that can be delegated or outsourced. Whether it's administrative work or specific business tasks, delegating responsibilities can free up valuable time for more strategic and high-impact activities.
5. Use Technology Wisely:
   Leverage digital tools and technology to streamline tasks and enhance productivity. Explore project management apps, scheduling tools, and automation to optimize your workflow and save time.

Reason #3 Why Are You Not Making Money

Lack of clarity is the real challenge. Most folks think, "I want money." But that's not enough. Focus on vision, not function. Ask yourself why you're doing this. What will you do with that cash and time?

This is the clarity that you should be seeking is aligning your desires and pursuits and hobbies and passions and just going after them.

Chase your passion. In the process, you'll create a business and succeed.

Success, eh? Let's talk about tips to overcome Reason #3 and start making money:.

1. Define Your Vision and Purpose:
   Clearly articulate why you want to start a side business beyond financial goals. Consider your passions, values, and long-term aspirations. This clarity will serve as a guiding light throughout your entrepreneurial journey.
2. Set Specific and Measurable Goals:
   Break down your vision into tangible, achievable goals. Establish specific milestones that you can track and measure. 
3. Align with Personal Values and Passions:
   Ensure that your side business aligns with your personal values and passions. This alignment fosters a deeper connection to your work, making it more fulfilling and sustainable in the long run.
4. Regularly Revisit and Refine Your Vision:
   Recognize that clarity may evolve over time. Regularly revisit and refine your vision as you gain insights and experiences.
5. Create a Strategic Plan:
   Develop a strategic plan outlining the steps required to achieve your vision. Break down the plan into actionable tasks, providing a clear path forward. This plan serves as a practical guide, reducing ambiguity.

Reason #4 Why Are You Not Making Money

Financial insecurity is a big issue. Everyone thinks entrepreneurs are broke. What if it all fails? 

This is why I'm calling it a side business.

I'm not suggesting that you go in cold turkey, give up your well-paying job that you probably been at for a number of years. Where you're respected and you know what's what, don't give it up.

Use that as a means of financing the expenses that you will have as you're starting up a side business. Watch my videos that I have on YouTube. I talk about creating boundaries.

I talk about creating separation between your personal business and your corporate business.

Going back to the gym example, you do not go to work in your gym sweats. No, you change. The same thing is true: you change for your side business.

Keep your day job. Finance your side gig with it. Create boundaries. and other tips to overcome Reason #4 and start making money:

1. Maintain Your Current Job:
   Keep your existing job to ensure a stable income while starting your side business. This provides financial security and allows you to fund your venture without immediate financial strain. Leave only when taxes on side business = your after tax income in your job
2. Create Boundaries Between Personal and Business Finances:
   Establish clear financial boundaries between your personal and business accounts. This separation helps in tracking expenses, maintaining financial discipline, and ensuring your personal finances remain stable.
3. Explore Low-Cost Digital Initiatives:
   Start with low-cost or no-cost digital platforms for your business, such as online marketplaces, social media, or website builders. This minimizes initial investment while still allowing you to test and grow your business.
4. Gradual Financial Investment:
   Start with a modest budget for your side business. Gradually allocate funds based on the growth and success of your venture.
5. Diversify Income Streams:
   Consider diversifying your income sources. Explore various revenue streams within your side business, such as offering digital products, affiliate marketing, or online courses.

Reason #5 Why Are You Not Making Money

People think they need loads of resources. A million dollars, legal knowledge, you name it. But start small! Go digital, try Shopify or something. Don't kill your idea before exploring it.

You're experienced, right? Use those skills! Create an online course. It's not expensive, maybe $200 a month. Need help figuring it out? That's what I'm here for!

Book a call with me. We'll chat about your challenges. All I ask is for some honest conversation.

Finally, we've got lack of support and perfectionism holding us back. They manifest themselves in:  procrastination. The thief of dreams.

And I know we have been trained for "perfection". I remember my corporate days. Everything had to be perfect. Presentations polished for the president. But solopreneurship? Not the same game.

Tips on tackling Reason #5 and start making money:

1. Embrace the Minimum Viable Product (MVP) Approach:
   Shift the focus from perfection to launching a minimum viable product (MVP). Start with a version that meets the essential requirements and refine it based on feedback and real-world usage.
2. Challenge All-or-Nothing Thinking:
   Avoid the trap of all-or-nothing thinking. Recognize that imperfections are part of any process, and small, imperfect steps are better than no progress at all. Focus on continuous improvement rather than waiting for perfection.
3. Accountability Partnerships:
   Form accountability partnerships with peers or mentors who can provide encouragement and hold you accountable. Sharing your goals with someone else increases commitment and reduces the tendency to procrastinate.

Do something, anything, and do it quick. Let your audience decide if it's worth it. A minimum viable product beats six months of butt-sitting. Trust me, I've been there.

I have a whole program on this and if you want to explore this with me, I'm more than happy to.

I've done it for many people and I am here to spur your imagination and alleviate the fears that you have.

Conclusion 

On balance there are many reasons why corporate nine-to-fivers hesitate and use as excuses to not start their business. I want to recognize and acknowledge those barriers and then to tell you that those barriers are usually in your head and they're not in reality. 

They are not the ones holding you back, it's you.

The potential that you can unleash will not happen overnight, but with small incremental steps you cannot imagine what you can achieve in a year.

If you resonate with what I have to say, if you like my approach, then we can engage and I can guide you through the process of starting your side hustle.

Be well.