The way you become rich is to have multiple sources of income. How many times have you heard that proverb? While this is true, most people struggle with where and how to start. The best way to get going is to focus on what you love. If it feels too much like work, then you’re most probably going to hate it as well. Is that all? Well, not really. This is just one piece of the puzzle. There are some key ingredients which will help you put your best foot forward. Here are some of them.
Passion
Without a doubt, this is the main ingredient you’ll need to succeed. Being passionate about what you do will give you staying power. It will help you stay committed as you juggle a full-time job and your new venture. No one knows this better than David Purdon, the owner of BakingBar. David is employed full time at Citigroup, but this has not deterred him from his passion. Since childhood, he always had a soft spot for baking. Like most secondary income ventures it all started by accident. But David has managed to scale it to great heights. Today he is proud of having worked with Cake Boss UK, Marks and Spencer, and Neill’s Flour, among others.
Master your craft
Just because it is a hobby that does not mean you can get away with mediocrity. If you are to take it to the next level you need to put in the work. Remember, it is not just for you anymore. Whether you are providing plumbing services, landscaping or making bar soaps, a certain level of craftsmanship is required. Take the time to develop your skills. The best way to do this is to find a coach or to join a community of like-minded individuals. You’ll be able to learn the ropes quicker. Most of all, practice, practice, and practice again.
Offer useful knowledge
Learning is a continuous process. You can never claim to have learnt all that you need at any point in life. In most instances, your secondary income is going to come from a self-taught skill. In this century, knowledge is readily available. Just by using all the tools that the web offers, it’s possible to start making a secondary income, which has the potential to become your main one.
There are many examples of people who’ve taken their passion and shared it to create cooking blogs, animal Instagrams, poker video blogs, Youtube channels dedicated to video games or creating online casino reviews as those found on Gamble. The list is endless.
Professionalism
The mistake made by most people is to think that professional business practices do not apply to secondary income ventures. Just because you are working from your garage doesn’t excuse you from proper accounting, tax, and general financial management practices. You have to accept that sometimes you might be doing things that you do not like. Business planning and inventory management are all necessary for the success of your venture. Louise Walker thought she would only be sewing the merchandise for Sincerely Louise, her Taxidermy-inspired knitting kits business. Boy was she wrong. She later found out that tasks like administration, and keeping the books were as equally important. These activities ensure the long term success of your venture.
Don’t despise humble beginnings
It is easy to fall into the trap of wanting instant achievement. Overnight success is a farce; things do not happen overnight. You have to be willing to start small and be in it for the long haul. It’s a secondary income anyway; it’s not like you need the money to pay for next month’s mortgage. Who knows, with proper management and a little patience, it can even be enough to buy the whole house one day. Consider the story of Christie’s Direct. If you are a pet lover, then this name will not be new to you. This company was founded in 1992 by Colin and Hillary-Anne. This husband and wife team sold animal equipment from home. Today, it is the most popular pet grooming supplies site in Europe.
Start
The last point but in no way the least important is, start. Research has shown that 84% of the UK population procrastinates. Procrastination will cheat out of earning a secondary income. Start with what you have, and then scale it up. Too often, people lose a lot of time waiting for everything to line up. There’s always going to be something throwing you off your stride. Just start and keep marching forward. You should have that inner confidence and self-determination to keep at it. Once you get going, you’ll realise that it will get easier.
