Depending on whether you’re looking to add some extra $ to your pocket every month, or looking to replace your full time job, there’s a few things you might not know.
1. It doesn’t need to be a big deal
- There are lots of opportunities out there to allow you to add some $ to your pocket without changing a lot of what you’re already doing. It’s just about finding the right opportunity that fits your goals.
2. It doesn’t need to take up a lot of time
- Same goes for your time… if you look for the right opportunity that fits your needs, you can often find something that fits the time you have. But let me warn you, nothing comes without some amount of time commitment!
3. You don’t need a lot of money
- There are plenty of options available, especially if you’re just looking to put some extra cash in your pocket each month that does take any, or much money.
- If you’re looking for the bigger pay out, it will take some money, but it might not be as much as you think.
4. Taxes (sales, state, and federal)
- Making money doesn’t come without needing to think about paying taxes at the end of the year! You may flag it as hobby income, but it still needs to be tracked.
- If you’re selling physical products, even if online, you need to be aware of the sales/use tax requirements in your state.
- Track your expenses!!! If you aren’t tracking your expenses, you might be thinking you’re bringing in a lot of cash.. when in fact, you’re expenses are taking up a lot more than you thought.
- If you’re really doing this as a business, track your expenses as they can be tax deductible.
6. Time vs replication
- There are only so many hours in a day, so anytime you can come up with an idea that allows you to easily reproduce/replicate and sell more than once you’ve got a winner! For example, create a template on how to do ABC, then you can sell it over and over without investing any more time. If you’re really good – set it and forget it and watch the dollars roll in.
7. Surround yourself with people that are successful
- Hang out with successful people! Really… it can be a game changer when you’re hanging out with other people that are interested in building a business, or increasing their income and are actually doing it, or have done it. You’ll be surprised at how much it changes your thoughts and what you can learn.
8. Say “No”
- Don’t over extend yourself! Taking on too many ideas/projects will just stress you out and make you go in circles. Get started, focus, and say No to the rest unless you’ve analyzed the investment and feel it’s really going to pay off.
9. Prioritize your Actions
- I’m sure you’ve heard it a million times – 20% of the work you do will be responsible for 80% of the success you achieve. Focus your time and energy on the proven sources of income/projects that have the best chance of paying off big time.
10. Learning when to walk away
- This is a toughy… but you need to know it’s OK to walk away from something when it isn’t working, even if you’ve committed a lot of time and money. Better to walk away and cut your losses than continue to invest time and money without benefit.