When Does A Side Hustle Become A Business

When does a side hustle become a business? Now, I was the first one probably to come out of the box and say, side hustle or hustle? Like, is it really worth doing a side hustle depending who you are and how old you are? So get a pen and paper. We have a lot to talk about. What I'm going to talk about is how do you go from that side hustle to a significant income source, a hustle. And my definition of those two, I'll just give it to you right now, is under a hundred thousand is a side hustle, over a hundred thousand is a hustle. And it's the same amount of work. That's what most of you don't realize. You think, well, I just go to work for a little bit. I'm just kind of a side hustle. Just hustle. Blow past it. Quit your job and become an entrepreneur and unemployable. That would be my ultimate goal. We also want to talk about how do you, in the meantime, manage that, say, full-time job or what you're doing and actually grow this, so you can actually do that transition quick. I have a formula for 90 days or less. And anytime you can go to my search bar, and that's already one of my videos I've had from forever ago, on how to quit your job in 90 days and what's the real number you're replacing. It's not your income at all. And then last, how do you prioritize yourself, your self-care, your family, and all the responsibilities? Because taking on a business requires at least six to seven departments. So let's start with that, just so you have a frame of a hustle to a side hustle. And I don't think anyone has ever put this distinction. What is the difference between a side hustle and a hustle? Well, a side hustle, you can sell a whole variety of things in my mind. But if you do a side hustle that's intended to transition, then you have departments. You need marketing. You need sales. You need accounting to manage cashflow. You need to do fulfillment. You need to actually follow through with customer service operations and tech. You can't do it all. You got a full-time job and you want to do a business. So we have a system to help you get to $100,000 in one year on a guarantee. And we do it all the time. But you have to really get clear that the goal isn't to stay in side hustle land. Side hustle land would be like put more cash in your pocket, right? The book I wrote in 2009, which is how do you put an extra 500 to 1,000 in your family's pocket and everybody kind of contributes. In that era, if a family would have put $742 more in their pocket, they wouldn't have gone into foreclosure in that time period between 2008 to 2010. Make a decision. Are you going to stay in a side hustle or go? And what do you do then? So no matter what, you've got to use systems and tools. Like you've got to use a team. You've got to use systems. Minimum, I don't care if you're in a side hustle or a hustle, no matter what to reduce your taxes, you've got to live corporate life and you've got to have a database. Every company I start, whether it starts as a side hustle or goes to a hustle or anything I've ever done, you start with those two things because you can't activate the tax code as a sole proprietor. For example, you might be able to write off a little bit of your phone. If you're incorporated and you live corporate life, you can write off 100%. You write off your vehicle. You write off home offices. You can become employed. Your kids can become employed. All this is possible the more you make. So get intentional. Like what's the problem you're solving? And the clarity between side hustle and balancing, then let's go into number two, your job. How do you balance it? Well, I was in a job and then started Rich Dad Poor Dad. I was the master distributor of the cashflow game. So I mean, morning, noon, after I got off at work and through the weekend, I would just work on this. I mean, it was like consuming me. And so you stop going to lunch with the employees, stop talking to employees because you want to be an entrepreneur. And even if you aren't quitting your job, you have to start noticing that entrepreneurs talk to entrepreneurs, employees talk to employees. What do employees mostly talk about? They complain about where they work. They complain about their boss. They complain about their team. It's all like a whining mill. It's very rarely a celebratory like, what are you doing? How many lives you changing? I mean, our conversations don't even relatively the same. They're completely different. One thing I just put together for everybody is called the 21 Day Integrated Life Challenge. So I'd highly encourage you to grab it. It's a free 21 days where every day you're doing a different task, but it's in the guidance of moving you from just thinking about being a full-time employee, having a side hustle that's going to then move into a hustle. So under a hundred thousand, I'm going to call it a side hustle because you're working just enough. It's making $8,333 a month, which for most of you is a lot. But when you really think about being an entrepreneur and you're going to need to hire some people to help you to do the divisions and the things I talked about, you're going to need to hire some marketing. You're going to possibly need to hire salespeople, or you can do all the sales yourself if you enjoy that. But you're going to have to get a team. You're going to have to get systems. And a hundred thousand is not enough typically to get you and your family taken care of in the way that it is on a job, even though you're being way overtaxed on your job. So let's get the systems in play and let's start making money. So again, I don't want you to start something and then go to market. I want you to go to market and say, Hey market, I'm an expert in blah, blah, blah. What do you want me to teach? And start testing the market, pull the market, survey the market. What do they want? And then start giving them offers and just start building a basic landing page. You don't need a big website like integratedwealthsystems.com. Like that's my master site of everything I do and everything I provide. Go to a landing page, ask for one thing. What do they want? And then start doing some offers and start doing offers locally, start doing offers online. You're going to start putting maybe five, $10 a day into some sort of an ad campaign. So you start getting more and more leads, but make sure you actually then time manage and block, really time blocks what I call it. It's energy management. It's time management. I'm going to come back to that. Before I do, I want you to click that notification button. I want you to hear five days a week and please share with as many people that you want supporting you. You can't be in this conversation alone. I can promise you if you get into the convince people to come with you conversation, it won't work. Part of the reason my channel also exists is for you to not have to do this convincing. If someone starts saying you can't do that, you can't quit your job, you can't do that. So, you know what? Why don't you just watch a little for 10, 15, 20 hours, and then come back to me and tell me that I can't do it because you can do anything you want. You just have to actually do the work in the right order to get it done effectively. How I want you actually testing is pre-sells. I want you testing your offers. I want you pre-selling. I want you in revenue as fast as I can get you in revenue. And you can make money today. You do not have to be legally set up. You don't need all these licenses. You don't need any of that to have someone pay you. And once you start making 10, 12, $15,000, then we're going to get more serious about using some of that money to actually get your corporate structure set up, get your trust set up, get your foundation set right. A lot of you don't even bank right as a person, much less a company. So, I have a lot to teach you in those categories, but let's just get a side hustle up so we can activate the tax code. You can pay less money in 2024 in your taxes. Put some extra money in your pocket for now. And then let's grow into that big hustle, making six to seven, eight figures for those of you that are aggressively wanting to roll and never be employed again. So, I'm here five days a week. Please go to asklaural, A-S-K-L-A-U-R-A-L, asklaural.com. Ask any question, make a request. And I'd love to help you get out of your job into a side hustle and into a real hustle. Talk tomorrow.