Passive income side hustles have become a popular topic on social media platforms like TikTok, where individuals showcase their seemingly quick and easy success stories. However, the reality is that building a passive income business takes time, effort, and dedication. In a recent article for CNBC Make It, Jannese Torres, a successful blogger and podcaster earning $9,300 per month in passive income, emphasized the importance of managing expectations and not rushing the process.
According to Torres and other experts interviewed by Make It, starting and growing a passive income business requires careful planning and execution. Here are four key pieces of advice from successful entrepreneurs who have scaled their side hustles into six-figure successes:
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Use Your Past Experience: One of the most critical factors in the success of a side hustle is leveraging your personal and professional strengths. For example, JP Mancini II, a former car salesperson, used his sales and marketing skills to build a lucrative boat-rental business. By applying his expertise and knowledge, Mancini was able to generate over $466,500 in revenue from his two boats in just one year. It’s essential to identify how your past experiences can benefit your side hustle and set you up for success.
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Set Small Goals and Gamify Your Process: Building a passive income business is a gradual process that requires patience and perseverance. Ryan Hogue, a web developer who now earns over $1,600 per day in passive income, started small with his first venture and focused on doubling his earnings incrementally. By setting achievable goals and gamifying the process, Hogue was able to stay motivated and track his progress effectively. This approach allowed him to expand his income streams and automate his businesses over time.
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Keep Close Track of Your Business’s Finances: Managing the financial aspect of your side hustle is crucial for long-term success. Jannese Torres, a former process engineer turned successful podcaster, emphasized the importance of tracking expenses, setting budgets, and separating personal and business finances. By using accounting software like QuickBooks or Xero, Torres was able to monitor her income streams and make informed financial decisions. It’s essential to stay organized and proactive when it comes to managing your business finances.
- Continually Connect with and Listen to Your Audience: Building a successful passive income business requires understanding and meeting the needs of your target audience. Jasmine McCall, a former Amazon resource manager who now earns $143,000 per month in passive income, credits her success to listening to her viewers and developing products based on their feedback. By staying engaged with her audience and providing valuable content, McCall was able to grow her side hustle and eventually leave her corporate job. Building a strong connection with your audience can lead to sustained growth and success in your passive income business.
In conclusion, starting a passive income side hustle is not a get-rich-quick scheme but a long-term investment that requires dedication and strategic planning. By leveraging your skills, setting achievable goals, managing finances effectively, and connecting with your audience, you can build a successful and sustainable passive income business. Remember that success takes time, effort, and persistence, but with the right mindset and approach, you can achieve your financial goals and create a lucrative side hustle.
