The Millionaire Housewife’s rules for every side hustler
Whether you are looking to make some extra income or start a business while working, side hustling is no small feat. You must learn to balance your commitments, stay consistent and grow while you’re at it. Temi Ajibewa, founder of The Millionaire Housewife Academy – an online platform that has helped over 5,000 women start their online businesses, shares her golden rules for side hustle success. Rule 1: Discover Your Passion Your passion could be an issue you feel strongly about or something you do effortlessly. Side hustles based on passion tend to be more sustainable because you are self-motivated to go on even when things get tough. If you are not sure what your passion is, here are 3 ways to get started: Look out for things you do well without incentives and recognition. Ask people who know you what they think you are passionate about. Consider problems people often ask you to solve because you find them easy to solve. Rule 2: Turn Your Passion into Profit Doing what you are passionate about is one thing. Knowing how to make money from your passion is a whole different ball game. Here are 5 basic steps I teach my clients to monetize their passion. 1. Find the problem your passion solves Your passion cannot bring you money unless it solves a specific human problem. For you to monetize your passion, you have to discover the hell your passion can get people out of. If you cannot find a hell, you might not have a monetizable passion. It is best as a hobby. 2. Find your money tribe The next step to monetizing your passion is finding people who are willing and able to spend money on solutions to their problems. These people are your money tribe. If you are not sure how to identify your money tribe, ask yourself this question – If I throw a concert, who will be first in line for tickets? 3. Turn your passion into a skill To have a passion valued by other people, you must be able to do it competitively well. When this happens, your passion becomes a skill. You can prune your passion by volunteering, learning through a mentor or taking online classes. 4. Create a product from your passion Your passion must become a product or service for you to make money from it. A great way to turn your passion into a product is by teaching people what you know for a fee. When I started to monetize The Millionaire Housewife Academy, I created e-books, DVDs and online classes to teach people what I knew about starting and growing an online business. I always recommend starting off with digital products because they are easier to maintain and become lifelong assets people all over the world can buy. People pay for products and services, not passions. 5. Promote your hustle You must shamelessly promote your passion if you want to make money from it. You can’t afford to be shy if you want your passion to be more than a hobby. If you are nervous, start off by promoting your hustle to people in your network. Price is only an issue where value is in dispute. Once people realize the value they’re getting from you, paying you becomes non-negotiable. It all starts with finding and monetizing your passion. Learn more about how to start a successful online side hustle at The Millionaire Housewife Academy.
6 Ways to Harness and Monetize your Many Passions
Asides the obvious fact that the recent economic downturn has forced several young people to have multiple sources of income, it is quite the norm these days to meet people who have a full-time job and are running small businesses on the side. They are also known as “side hustles”, and even full-fledged companies complete with all the bells and whistles. Sincerely, it is now a reality that a single income cannot sustain a comfortable lifestyle and this has pushed the average young Nigerian to get creative and take a dip in the entrepreneurship pool. Here are six ways to convert your many interests to money in the bank: [bctt tweet=”Take on practices that will not only push you out of your comfort zone but also work on improving your weaknesses – @tolanithomas ” username=”SheLeadsAfrica”] Leave your comfort zone Starting and running a business is not for the fainthearted, it will constantly push you out of your comfort zone. For example, if you have a fear of speaking to strangers, you will have to overcome that when networking and marketing your services to potential customers. Take on practices that will not only push you out of your comfort zone but also work on improving your weaknesses. You don’t have to be an expert, just be comfortable enough to deliver value that people want and need. You need more than passion It’s great to be passionate about your business ideas, but don’t let your enthusiasm blind you from reality. Be honest with yourself! Ensure there is a market to tap into and you are ready to put in the work. Get honest feedback from people around you; even friends and family by offering your services to them. You have to be truly good at what you do. Your passion could be making people’s faces up, but are you skilled enough to train others? Also bear in mind that as a business owner, you’ll be responsible for reporting taxes, marketing your business and sorting out your finances. Are you ready for all the responsibility? Offer Real Value What void can you fill in the market? For example, if you are a makeup artist and there is no makeup studio around you, that could be a viable business opportunity. The goal is to take advantage of the gaps in the market, that way you stand out and enjoy greater returns before the copycats join you in that space. Ask yourself how you can make the industry better? Is this the business that keeps your entrepreneurial juices flowing? Let’s say your passion is making furniture. Why are you better than your competitors? Is it because your materials are sourced locally? Or your products are unique and one of a kind? That would be more appealing to customers as opposed to buying generic mass-produced furniture. When I started my consulting company, I had used several competitors. I knew what made them great, but I also knew what I wanted that they didn’t offer. I knew how to better the services. I started it and here we are! [bctt tweet=”Six ways to convert your many interests to money in the bank: 1. Leave your comfort zone… ” username=”SheLeadsAfrica”] Convert your Passion to Cash There are several ways to make money off your passions: Selling an actual product such as clothing, beauty products online or in a store. Sharing your knowledge about your passion by blogging, writing books or making videos. Between sponsorships, subscribers and selling your own products, you can make a decent living. For example, Arese Ugwu turned her passion for financial literacy into a book – The Smart Money Woman – into a book that is being sold in several countries in Africa and the UK. Offering consulting services by giving advice on anything from law to skincare. Investing in an idea you are willing to financially support. Creating a software or gadget that makes life easier for people. For example, if you were a makeup artist, you could create an app that helps people find the right makeup products for their skin tones. Start an event around your passion, such as a regular meetup, seminar or a festival. Make Fun a Priority Maintaining your passion when starting a legitimate business can be difficult. Some people even forget exactly why they started a business in the first place. To prevent that from happening, always make fun and passion a priority. Your passion should reflect on your company policies, your passion should be communicated to your employees when you are hiring and they have to be equally passionate about your business as well. [bctt tweet=”Don’t wait till you master the craft before you start your business. You can learn as you go – @tolanithomas ” username=”SheLeadsAfrica”] Improve Your Skills It would be great if you have a lot of experience, however, don’t be too hard on yourself, there’s always room for growth and learning. For example, a furniture maker may be great are creating unique tables, but not so good at creating sofas. You can learn as you go along your journey, don’t wait till you master the craft before you start your business. Malcolm Gladwell says it takes 10,000 hours to become an expert in any field. Nonetheless, don’t let the perceived amount of time it would take you to be the best at what you do deter you from moving ahead with your plan. It may not take you that long to master your craft, as you long as you keep looking for ways to improve your skills. Always ask for feedback and track your progress. If you’d like to get featured on our Facebook page, click here to share your story with us.