Make More Money in Less Time: Work Smart, Not Hard
Do you know many people who would not want to make an extra $1000 each month or more without struggling? Neither do I. I learned long ago that anyone can leave the 9-5 rat race and make a decent living doing something they love. I have done it for 40 years in more than one side hustle. I’m pretty sure I work more than most people, but I am always happy with the project in front of me. If you embrace the concepts in this article and others from OnText.com, you will feel the same way.
Make an extra $1000 each month (or more) if you understand the Pareto Principle
What the heck is the Pareto Principle? You can call it the 80/20 observation. In any business, 20% of causes lead to 80% of effects. Simplified, you’ll recognize 80% of your profits or income (effects) via 20% of your effort or processes (causes). It’s also mostly true that 20% of your customers support your endeavor. And it doesn’t matter if you’re selling yachts or digital downloads.
If you understand this idea, you’ll put your focus and energies into identifying your 20%. What do you do that gets a lot of attention? Do you get a great response from social media or advertising? Is your website the source of most engagements? What kinds of customers seem to buy most of your products? When you release a new book, what excites your readers? By concentrating on these critical tasks, you can increase productivity and efficiency while minimizing time and resources spent on less important activities.
End game? You’ll realize more money in less time, and that’s step one in how to make an extra $1000 per month.
To make an extra $1000 a month, you will likely need passive income
Because of our interest in side hustles, we all understand that passive income creates a model that makes money while you sleep. Stock investments are an example. You buy the stock, and it (theoretically) adds money to your bank account without you having to manage much at all. You participate minimally and recognize a significant return (we hope). Some types of ecommerce, like digital downloads, print-on-demand, or subscription sales, generate passive income. A few other passive types include publishing books or ebooks, developing an online course or webinar, and the very popular affiliate marketing.
Figuring out Parkinson’s Law
In 1955, Cyril Northcote Parkinson wrote an amusing essay published in The Economist. He made the point that work expands to suck up any amount of time allotted. Think about that. If you determine that a job will take you two hours to get through it, that’s how long it will take, even if it should have only needed an hour. Trust me. You’ll find a way to make that true. If you are writing a blog post and you set aside two hours, you’ll check email, answer the phone, and do extra research simply because you have the two hours. So it makes sense to push yourself a tad and set closer deadlines. Focus on the task, eliminate distractions, and be efficient. You have just added an hour of free time to your day.
Why scalable business models are your friends
In The Four Hour Work Week, author Tim Ferriss is all about passive income and scalability to make your work time shorter and your life more enjoyable. So let’s consider Shark Tank’s favorite business concept, scalability. If you tune in to Shark Tank from time to time, you will positively learn a lot about how micro businesses like yours succeed.
A scalable business will grow and expand its profitability without comparably increasing its need for resources or the effort required to reach new, larger goals. You realize more gain without busting your butt.
To be scalable, a project needs
- Low or no inventory: Foe example, selling digital products or drop-shipping items with custom designs reduce the need for physical inventory, storage, and shipping logistics.
- Outsourcing: Utilizing virtual assistants or outsourcing tasks to specialized services can help keep your business lean and efficient. Reselling leftover goods, for example.
- Automation: Implementing software or technology solutions to automate repetitive tasks or processes allows for growth without increasing workload. Example: Lots of us use AI to automate aspects of communications. However, relying on artificial intelligence to totally generate writing, art, or content will not, at this point, provide high enough quality. It’s a good tool for automating some aspects of our businesses.
- High-profit margins: Focusing on products or services with high-profit margins ensures that your business remains profitable even as it grows.
By optimizing passive income streams and scalable business models, you have the best chance of uncovering a sustainable, low-maintenance revenue stream. And that means you will have more time for personal growth, new entrepreneurial opportunities, travel, and activities that make you feel better. If you feel better, you will be more engaged and realize more income, like maybe that extra $1000 per month.
Get offline and do the local hustle
Here’s a revolutionary idea. Finish your cup of coffee, get dressed, and go out into your community to make an extra $1000 each month that’s just begging to be in your wallet. Two facts − everyone is really busy these days, and some people are housebound. Here
Here’s a list of ten side hustles in the real world that will meet your goals, provide exercise, and connect you to your community. There is little to know investment required. You can set aside two hours daily, make up to $500 per week, and Shazam! There’s your $1000 plus every month.
- Pet sitting and doggie daycare
- Dog walking
- Pick up grocery orders for working people or seniors
- Take photos for real estate agents or insurance companies
- Host children’s parties
- Respite care for caregivers
- Drive for a service like Uber
- Custom car washing at people’s homes or businesses
- Yard cleanup
- Window washing
Bonus: Side hustle pitfalls
As I’ve said, my life has been a series of side hustles, and I’m still running down that road having a terrific time and living nicely. I am advising you to be thoughtful and deliberate about choosing your hustles. An effective micro business gives you freedom, significant income, joy, and satisfaction without breaking your bank or adding stress to your life. So think about these roadblocks. You may decide to ignore the advice, but at least you’re aware.
- If someone offers to teach you a side hustle for a few hundred dollars, pass. Find all you need to know about by doing research. Everyone’s experience is unique, so paying a consultant big bucks is risky. Learn from social media groups, forums, YouTube, podcasts, websites, and ebooks.
- High-dollar start-up investments. Avoid like the plague.
- MLM – multi-level marketing schemes (pyramids) are not illegal. However, they’re a great way to end up with expensive inventory in your basement. Most people will spend a lot of money for little to no return. Stress levels are high, and you will need aggressive sales tactics.
- Stay away from licensing situations unless you are passionate about the gig. If you think selling real estate would be nirvana, explore the field. You will need to take a course and pass a state test. Both take time and have hefty price tags, and there are no guarantees you’ll ever sell a property. Salon or personal services like massage – ditto.
Real estate was my first side hustle. I learned an enormous amount, and that info served me well in my personal and business life. I also learned the business is difficult, exhausting, and ridiculously competitive. Never sold a property.
Bottom line
With caution, motivation, preparation, and energy, anyone can be successful in the right side hustle. That’s a truth. We’ve been as specific as we could with these tools and tips so that you can fast-track your micro business. Let us know how you’re doing, what you chose, and what kind of help you need. We’re on your side.
Learn more
Side Hustle Nation, Like OnText, they have outstanding support for side hustlers
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