How To Start A Side Hustle While Keeping Your Job

This video is how to start a side hustle while keeping your job. Now that might sound interesting but what if your boss finds you out here in social media and knows you might be leaving? Got a lot of things to talk about so stay tuned. So you want to be your own boss before you quit your job? I got six things we're going to talk about. Number one, get ready because you're going to be in it for the long haul. Those side hustles going to become a hustle and how to make that transition is a whole other video. Cannot wait to share. Number two, what is the side hustle going to be? I have a skill set analyzer. We're going to talk about it at the end as a gift. It helps analyze your skills, your gifts. What are you good at so you can immediately get into making money which is number three. We are going to start a lot of stuff. You're not going to build it and pray they're going to come. You're actually going to sell it and I guarantee they're going to come. Number four is I want you to set what I call a BHAG, a big hairy audacious goal because if you're really going to be leaving, right, that is a big decision, right? Have a big hairy audacious goal. If you're going to be leaving your job we have to evaluate that and then number five we're going to talk about your team and when and how do you hire a team. Number six is what is the amount of cash flow you need built up if you want to decide to quit your job or just keep a side hustle. So let's begin. We got a lot of content to cover. All right. To begin, get in ready for the long haul. How do you, why do I say get ready for the long haul? Because being an entrepreneur is really a way of life. It's not something, you know, where you can go job to job to job. This is a lifestyle, right? And a lot of people don't teach it that way but once you become an entrepreneur like, you know, I'm a serial entrepreneur. I have my hands in lots of different businesses. The more creative and fun adventure you have with them, the more success you have with them, the more you're going to want to do more. So this will become a way of life. I just want to frame it that way because if you have family or soon to have a family, they kind of got to get ready for this. I mean you have a job that probably consumes at least 40 hours of your life. Now you want to add a side hustle. This is going to take some time. So when I did my side hustle, I was working at Chevron and I was like going to jump out and quit. I actually was working in the mornings. I'd take lunch. You stop taking lunch with your employee friends. So you do lunch, you do after work, you do weekends. I mean every minute that you can, you're working on getting this side hustle. Now if you don't want to actually quit your job, then you got to put some boundaries, some guidelines around how much you're going to give to the side hustle but then you got to get some realistic goals financially of what your time is going to equate to. You say, well could I build a system? Well you could but before we get to what you're going to do, let's take this skill set analyzer. At the end, I'll talk more about it but I developed this very cool way for you to assess what you probably are going to be the most successful doing. So inside the skill set analyzer, it'll tell you a variety of things. I can just shortcut some of it and tell a lot of you do what I did. So you know there was a period between Chevron and starting my own company 1996 to about 2000 where I was actually, I joined the Rich Dad Poor Dad team. I was the master distributor of the game. So I sold somebody else's stuff. Now there's a ton of direct sales companies. I have so many clients in direct sales companies. I've owned direct sales companies. I'm in them and selling other people's stuff whether it's a lotion or potion. I just joined a new one. Very cool. In fact, I'll give you that link so if you have no idea what to do, that's a cool side hustle and it's super simple. It's about goal setting right and it's a direct sales company but you'll be on my team. So that'd be kind of cool. I'll give you that link too. So I'll give you some fun things to get started. So selling other people's stuff, being an affiliate of other people's stuff. There's so many ways that you can just begin but again I want to go back to the first point of the long haul. What kind of time commitment are you really going to give it? Because if you come too far in and out, I don't care what anyone says, you give it a week of your life and then you're out for two or three weeks. You give it a week of your life. The inconsistency won't build anything. You should write that down. Consistency is the key to being a successful entrepreneur and side hustle owner at any level. You have to give it consistent time. So if you're going to give it 10 hours a week, give it 10 hours a week but do it consistently. It can't be 10 and then nothing, then 10 and then nothing. You're not going to get anywhere and I don't think, I actually don't think, I know no one tells you that and it's so so important. And then the next thing, let's just get right to it, is I like money to direct my choice. So I want you to do what's called a pre-sell and when you build it, again if you've heard any of my videos, build it, I guarantee they're not coming. Sell it, then build it, I guarantee they're coming. So whether it's a book or it's a product, you want to sell stuff. Get people interested and how you know they're interested is they're willing to buy. $10, $20, $50, right? So you want to buy, you want to have a purchase, right? I have a lot of affiliates of my program. A lot of people sell my books, my games, different products and services that I have and so they'll go out and get a sale, collect the money and then say, hey Laurel, I got a sale. We share the money and then I ship them the product or service or you know send it out digitally. Again, money money money has to be up front. If you cannot make a sale, you're just wandering down a long road of actually not only discomfort but you're going to get disappointed and you're going to get discouraged because sales creates that energy of winning. Like, oh I got it and the other side I want to put around all of this is just you're serving people. Like, I want you to get excited about helping change people's lives whether it's with a product or service in a network marketing company, helping them set goals with this goal link I'm going to give you. Serve, you know, if you clean their house, I want you to be proud about helping clean their house and like I know the person who helps me with my house. She loves, you know, what she does to make my house beautiful and our property like that. So, you know, you're always going to be serving somebody. Your satisfaction isn't just in the money, right? It's in the consistency of following up and serving people's lives. So, I'd put that in there too. So, right now I just want to pause and I want you to comment about your side hustle, right? What do you think you might do? Let's just brainstorm some ideas. So, put in your name, your information and what are some ideas? Maybe come up with two or three that are top of mind that you could do as a side hustle and our team will be back in commenting and brainstorming and maybe even tweaking it just a little to assure you can get that first sale. So, now let's go on to the next three pieces, which is a big, hairy, audacious goal. Now, a big, hairy, audacious goal is tied to really are you going to leave that job or not, right? Because if you're just looking to $1,000, $2,000, little bits of money every month, that's not probably going to be enough to go quit a job. But if you want to say, you know, I've been successful doing a little bit on this side hustle. I want to go for a six figures. I want to go for $120,000. I want to go to $10,000 a month. That's not a side hustle anymore. That's the hustle, right? So, now you're transferring and you're transitioning. So, at that point, I really want to caution you to not do everything yourself. It's one of the common mistakes for people who go from side hustle to hustle. And quite frankly, even if you have a job and you're doing a side hustle, if you're not good at some of the things you need to hire, you need to hire sooner than you think. It's one of the biggest mistakes I see entrepreneurs make and they end up doing too much. They get exhausted. The money's not coming in and they feel like a failure. I call it the self-fulfilling, you know, cycle of defeat. And it's not because what you're doing is wrong. It's the way you're doing it's wrong. You're not hiring a team. You're doing everything yourself. You're managing your family. You've got your job. It's just too much. If you're going to go set a big hairy audacious goal, you want to stay in your lane, strengthen your strengths, hire those weaknesses as fast as you can. So, yeah, there'll be this time where the cashflow won't feel as much because you'll be paying other people. And then there's this tipping point where all of a sudden you'll have extra cash and then no, you still aren't going to pay you. You're going to put it into new investments, which is a way of paying you. But when I say pay you, a lot of times people go out and, you know, buy big screen TVs and upgrade their cars and all of that. I don't want any lifestyle moves until you are a millionaire in assets. Then we can worry and expand your lifestyle. So with a big hairy audacious goal, you're starting to make that judgment of can this with a team, create the cashflow that I need to live the life that I really want and have more. So you got to know like the hustle when you're making six figures or more, and you're used to living on 60 say as an employee, all that extra money can go and invest in, start the compounding power. And you can be like off to the races and millionaire in three to five years. So let me give you a formula before we part ways. Those of you that are employed, here is the formula a hundred percent successful with all my students who have used it to decide when to quit your job, to do the side hustle, which then really needs to be a hustle, a real business. So let's just say after taxes, what do you take home in your bank account as an employee, right? So if you're being paid 60 grand, you know, you don't take home five. Maybe you take home four. Let's just say four for easy math. So you're being paid 60, right? Taxes, maybe a benefit plan, August taken out. You take home in your bank account is four, which that's what you're used to living on. Now, if you have health benefits, you might need a little bit more, right? And I can tell you there is great health insurance for entrepreneurs. For a family of three, I pay less than four something, 400 bucks a month. So it's not thousands and thousands of crazy dollars. Now, if you have health issues, of course it is. So I'll have to configure that. So again, comment, this is a comments video. Tell me what you're doing and what you want and what you need so we can help and answer. So the formula, let's just say you make 400 or 4,000, you're used to living on that. The goal in deciding when to quit isn't just about putting a bunch of cash away. It's about cash flow. So when you get this side hustle up to half of what you bring home, two, right? Remember you're only working maybe 10, 20 hours max on this, and you can get that to 2000 a month. After month one, you're going to get ready, gear up, create some more sustainability, hire some team as you need. As you get to month two and three, by month three, if you've created 2000, 2000 or even a little bit more, it's time to really consider quitting because now you're going to give all the 40 hours to this business that's already at two. You're going to blow past four. I promise you most students get to six, seven and 8,000 and it just happens. It happens really fast. So replacing your income is not the goal. It's replacing half of the cash that you bring home is the goal. I promise it works. I've had a lot of students do it. So go to the description below, and I have two amazing things for you. Number one is our skill set analyzer. You're going to go through it thoroughly and it might take you like a little bit of thinking time. So maybe read through it the first time, come back to it and then fill it out. That'll help you identify what really could this side hustle be. And then if you don't have a side hustle and you want to be on my team, I've just started building. It's a very cool, easy goal setting, direct sales company. And I love it. Why? Because it looks at seven areas of your life. I teach eight areas of your life. It's close enough. It's technical. It's awesome. It's an app on your phone. I love this thing. It helps keep you accountable and can easily be a side hustle for any one of you. And you know, we get to work closer together. So click on those links below. Both of them are in the description and I will see you on the next video.