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How to Work from Home to Add Supplementary Income to Your Life

How to Work from Home to Add Supplementary Income to Your Life

You’ve had enough settling with your current income. Your boss isn’t willing to give you a raise and you don’t have enough time to drive back and forth to multiple jobs.

Having extra income would allow you to pay off debt faster, enjoy a longer vacation, or quit your soul-sucking job. Afterall, life is too short.

But how could you earn additional income and fit it around your busy schedule?

In today’s online world, you have the ability to earn money working from your laptop. There are hundreds of income-generating opportunities but it boils down to choosing one that’s the most appealing to you.

The problem is, choosing your ideal “side-job” is only half the battle. You’ll have to understand how to market your service, build your reputation and treat your side-job as a business if you hope to succeed.

Most importantly, you’ll need to have the right mindset.

1. Set clear goals to be successful

By this point you already know that you want to start a side-job, but before you start you need to know your “why”.

The going will get tough and you’ll need to be clear on why you started in the first place if you hope to succeed. Start by asking the following questions:

  1. Do I love my current job?
  2. Am I content with my work/life balance?
  3. What will I use the extra money I earn from my side-job for?

Write these questions down somewhere you’ll constantly see them to be reminded on why you’ve started in the first place.

Goals without deadlines rarely get accomplished. Don’t believe me?

If you were like most people back in high school you procrastinated until the last minute before you started working on your essay. Now imagine if there wasn’t a deadline. Your essay would take longer to get completed.

It will be challenging when you’re first starting off to know how long different tasks will take to finish, but you’ll need to set an end date.

Start by breaking down your goal into smaller tasks, and use journals to help you review your daily progress.

2. Set clear expectations from the start

“Give me six hours to chop down a tree and I will spend the first four sharpening the ax” – Abraham Lincoln

Before you start working on your side-job, you need to understand what to expect. Here are the most important key things to consider:

Build patience

Once you’ve chosen your idea, it’ll be easy to find others who are succeeding.

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This is where most people run into trouble because they’ll believe they can reach similar success in a short period of time.

Your side-job can take a few months or even years for it to take off. Most people won’t tell you this because it’s not sexy to hear.

If you plan to succeed in building your side-job you’ll need to have patience. Instead of chasing the money, chase the journey.

Choose a side-job you love, so when the going gets tough it’ll be easier to stay committed.

Make time in your busy schedule

Make time to fit your side-job around your busy schedule. This means waking up earlier and staying up late to build your side-job.

Build systems to maintain consistency. Use tools like Google Calendar to block out time throughout your week and follow them with the same importance you do with your current job’s schedule.

Don’t be afraid to fail

It’s tempting to look at other successful people and assume they knew which job they were going to enjoy working with the most.

The reality is that most failed with their initial ideas before they landed in one they loved. So what’s my point?

Stop overthinking which side-job to start with and allow yourself to fail.

Take Jim Carey for example, he was booed off stage in a comedy club in Toronto and failed to land a part in Saturday Night Live. Nevertheless, he didn’t give up and be eventually became the star we know today.

It boils down to this, pick a job you’re curious about and start working. If you realize that this job isn’t for you, move on to your next idea. Eventually, you’ll find a job that you enjoy working with the most.

3. Increase your odds at being successful

There are no shortcuts to success, but you can avoid wasting time. In certain circumstances, it’s worth spending money to save you time and unnecessary headaches.

You can always get by with the “free” route, but be prepared to spend more time and make more mistakes. Through trial and error, I’ve discovered which types of resources are worth investing in the early stages of your side-job.

These resources include:

Website

Nowadays, if you’re running a side-job, you’ll need a website to showcase your skills and build credibility.

With a simple Google search, you’ll easily find dozens of free website alternatives. The problem with this route is that your domain won’t feel professional (i.e. example.wordpress.com), and you’ll need to understand basic HTML to make your website look professional.

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Instead, purchase a unqiue domain name, and build your website with a professional WordPress theme .

You’ll still have to invest some time in building your website with the paid route, but you’ll have access to premium themes that are easy to install.

Be prepared to invest 1 to 2 weeks to build your professional looking website. Don’t aim for perfection, and focus on your main objective.

Mentors

The best way to learn is from those who are already in the position you’d hope to be in one day.

This is why mentors are a valuable resource to have as you’re building your side-job. They’ve already learned from their mistakes and know how to overcome the obstacles you’re currently facing.

But where can you find mentors? Mentors come in different forms. You can access them by reading books, listening to podcasts, joining paid masterminds, or paying for one on one coaching.

Start by reading books on your chosen field and gradually work your way up to purchasing your mentor’s premium resources.

Take a look at this guide if you want to learn about how to pick a good mentor for yourself:

A Good Mentor Is Hard to Find: What to Look for in a Mentor

Premium courses

When you’re looking to learn specific skills or overcome a specific struggle, courses are a great option. Why? Because they’re often cheaper than hiring a mentor, and still provide tailored guidance on how to reach a specific goal.

The best courses will come from your mentors. Often times they have courses in their blog or recommend ones that have helped them achieve results.

Once you’re at a mentor’s website, be on the lookout for their “products” or “resources” page.

Network with like-minded people

“Your network is your net-worth”

As you’re starting your side-job, it’s important that you surround yourself with like-minded people. You’ll benefit receiving support from others experiencing the same challenges, and continue to stay motivated.

Think of starting a side-job similar to starting a business, you’ll be marketing your product/service, handling incoming orders, managing your accounting and so on. In other words, you’re an entrepreneur running your small business.

Often times, the entrepreneurial journey is a lonely one. Even if your spouse or kids support you, they won’t fully understand what you’re experiencing. That’s why attending conferences, joining masterminds and attending local meetups can help you reach higher levels while staying motivated.

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4. Be so good you can’t be ignored

By this point, you already know that starting a side-job isn’t easy.

Most people fail because they’re not prepared, but not you. You’re already equipped with setting clear goals, what to expect, and the different ways to increase your odds at succeeding.

What if you still want more guidance with choosing a stable side-job? Here are some popular side-jobs that are in demand and that may be a good fit for you:

Blogging

Blogging has become more popular these past few years.

Today roughly 6.7 million people blog on blogging sites,[1] and 23% of online time is spent on a blog or social media. This number will continue to increase as new technology makes it easier to stay connected online.

Pros:

  • Easy to build
  • Multiple ways to earn income (i.e. affiliate marketing, advertising, courses, etc.)

Cons:

  • Slow at building income (i.e. it can take months or years before you earn sustainable income)
  • Time-consuming to create content with little to no audience

Helpful resources:

Freelance writer

Freelance writing is similar to blogging except you’re strictly writing for other businesses. As blogs continue to grow in popularity, the demand for freelance writers will also rise.

Pros:

  • Strong demand for freelance writers
  • Ability to increase your rate as you gain more credibility

Cons:

  • Challenging to find your first customers
  • You may need to write for free or for a low rate when first starting off

Helpful resources:

Virtual assistant

Roughly 69% of U.S. entrepreneurs build their businesses online.[2] As online businesses continue to grow, they’ll need virtual assistants to help them manage their website, marketing, etc.

Pros:

  • No experience required to start
  • Gain exposure in a wide range of tasks

Cons:

  • Competing with offshore workers can force you to charge low rates
  • Work on many tasks you dislike until you specialize in one or more tasks

Helpful Resources:

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Facebooks Ad consultant

Roughly 80% of Americans use Facebook[3] and almost 1/4 of your time online is spent on social media. That’s why more businesses are starting to invest more money in Facebook Ads.

For the businesses who don’t want to invest time to learn how to manage Facebook Ads, they’ll hire Facebook Ad consultants.

Pros:

  • Many FREE resources available to learn how to manage Facebook Ads
  • As low as $5 entry cost to test ads

Cons:

  • Facebook’s algorithm and policy are constantly changing, making it difficult to keep up.
  • It can take a few weeks or months to view ad progress

Helpful resources:

Amazon FBA

Amazon has grown into one of the largest online retailers and accounts for 43% of all online sales.[4]

Amazon FBA (fulfillment by Amazon) allows you to resell items online without shipping to the buyers directly. You’d go to different stores to find profitable items, and ship them back to Amazon. Since Amazon ships about 1.6 million packages per day, you’ll many opportunities to earn a profit.

Pros:

  • Low-cost entry barrier
  • Amazon Seller App makes it easy to determine if a product is profitable

Cons:

  • Pooled inventory means the product you ship may not be the one your customer receives
  • Not all of your items will sell

Helpful resources:

Start earning additional income!

Imagine working from home and earning enough additional income to pay off your debt faster than ever before!

But that’s not all, you’re earning just as much income from your side-job than you are with your full-time job. You’re empowered knowing that you’re not obligated to work in a job you hate.

You’re surprised to what happens next, your relationships improve, and you’re more motivated than ever to wake up each morning.

All after working long hours, setting clear goals and investing in yourself.

Amazing isn’t it? You know you have the resources you need to build a sustainable income working from home. It won’t be easy but anything worth pursuing isn’t.

Start learning additional income and see how your life begins to change.

Featured photo credit: Pexels via pexels.com

Reference

More by this author

Christopher Alarcon

Finance Analyst and Founder of the Financially Well Off Blog & Podcast

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Last Updated on September 24, 2020

How to Take Advantage of the 80 20 Rule to Succeed in Life

How to Take Advantage of the 80 20 Rule to Succeed in Life

The world of productivity has several hacks or tricks to help you manage your time: to-do lists, the Pomodoro Technique, Parkinson’s Law… All of these strategies are great strategies in their own way, but one strategy stands above all the others: the 80 20 rule.

This particular strategy has been used the most and is regarded as the most helpful in developing time management and other concepts in life.

But what’s so special about this rule? How does it give you success and how do you use it? Let’s explore the specifics.

What Is the 80 20 Rule?

Many people regard this rule as the 80 20 rule, but it has a proper name: the Pareto Principle[1]. The principle was named after its founder,  the Italian economist Vilfredo Pareto, in 1895. Pareto noticed that people in society were divided into two categories:

  • The “vital few,” which consisted of the top 20 percent with respect to money and influence.
  • The “trivial many,” otherwise known as the bottom 80 percent.

As he researched this further, he came to discover that this divide didn’t apply only to money and influence, but other areas, too. Virtually all economic activity was subject to his previous observation.

He observed that 80% of Italy’s wealth at the time was controlled by only 20% of the population.

Since the development of this rule, humankind has used this particular ratio in all kinds of situations. Even if the ratio isn’t always exact, we see this rule applied in many industries and in life. Examples are:

  • 20% of sales reps will generate 80% of your total sales.
  • 20% of customers account for 80% of total profits.
  • 80% of the revenue will stem from 20% of the workers.

Either way, I’m sure you can piece together why people call this rule the 80 20 rule over Pareto’s Principle[2].

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Make Your Life and Your Business More Efficient with the 80-20 Rule - Salesforce Canada Blog

    In terms of how this particular rule will be able to work for you, it’s a matter of applying this rule to how you spend your time. For us to see success, the goal is simple.

    We need to set it up in such a way that 20% of our input is responsible for 80% of our results.

    Another way to think about it is we use 20% of our time on activities that give us 80% of our results in a given area of life.

    How Does the 80 20 Rule Work?

    To best explain this, let’s visualize a bit.

    In an ideal world:

    • Every employee would contribute the same amount of effort to work.
    • Every feature that’s released for an app or product would be equally loved by users.
    • Each business idea you come up with would be a hit.

    In that scenario, planning would be a breeze. There wouldn’t be any need to analyze anything so long as you put in the effort.

    But that’s not reality.

    Yes, the effort is certainly an element, but what the 80 20 principle states is that everything is unequal. Invest in 10 start-up companies, and you’ll find only a few will pass year two and make it big. You’re in a team of five, and there’ll be one person doing more work than others.

    We wish our lives were always one-for-one in terms of input and output, but that’s simply not true. Understanding this is key to understanding how the 80 20 rule really works.

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    So how does it really work?

    It’s a matter of focusing on what’s giving you the most in your life for little of your time.

    Going back to the few examples I’ve presented above, consider this:

    • If two start-ups you invested in are making it big, focus on having a more direct hand, and see if you can help them prosper more.
    • If 20% of sales reps are giving you 80% of your sales, focus on rewarding those and keeping their spirits high and motivated.

    These scenarios can go on and on, but the idea is to place your efforts on the 20% that is actually making the difference in your life. Another term that’s good to know is the diminishing marginal utility[3].

    Pareto didn’t come up with this one, but the law goes as follows: each extra hour of effort or worker will add less “oomph” to your finished results.

    Eventually, you’ll hit a point where you will spend a lot of time on small and unimportant details, similar to perfectionism.

    So before hitting that point, you want to have a laser focus on the most important details, from family and relationships to your work or business. Prioritize the activities that are going to move you forward the most, and be wary of adding extra time, effort, or more hands into those particular tasks moving forward.

    How to Take Advantage of the 80 20 Rule

    So now that you have an understanding of the 80 20 rule and how it works, what is the best way to take advantage of it?

    Depending on where you are applying this rule, this can be used in all kinds of fashions.

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    For example, you can apply this rule to goal setting, as demonstrated by Brian Tracy in this video:

    Or you can apply it in terms of general productivity as explained in this article: What Is the 80 20 Rule (And How to Use It to Boost Productivity)

    The core of this rule is that it forces us to ask ourselves the questions we wouldn’t consider otherwise. It helps us to place our focus in the right places with regards to all things in life.

    In short, the 80 20 rule places us in charge of our lives and helps us set out on our goals and dreams. With this in mind, here are some things you can consider concerning this rule.

    1. Focus on Your Big Tasks First

    While this is the essence of the 80 20 rule, it’s still worth mentioning. Why? Because so many of us feel intimidated by the biggest task. We instinctively avoid it and opt for smaller tasks first.

    We think that if we complete enough small tasks that we will feel motivated to finish that really big one later. But that’s really false hope at work.

    Once we finish off a lot of small tasks, we either feel drained, or we tell ourselves we’ll do this the next day.

    Instead of doing all that, bite the bullet and tackle the largest task first.

    If you need help with prioritization, check out this article.

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    I argue this by challenging you to ask yourself this one question:

    “Is the task I’m about to do the top 20 percent of my activities or the bottom 80 percent?”

    I’m sure you’ve seen time and again you or other workers spending a lot of time on one task for most of the day. In those kinds of grinds, you’re barely getting ahead and have next to nothing to show for it. That’s because they’re putting all their attention on work that’s in the 80 percent.

    It’s normally the big tasks that are part of the 20 percent.

    Another way to think about this is that everything we do starts a habit. If every day we spend our energy on low-value tasks, we will always prioritize those.

    2. Stretch This Into Personal Life

    While I’ve been talking about business and setting goals, remember you can use this in other areas of your life, too.

    Take your personal life and ask yourself some of these questions:

    • How much TV do you watch on a regular basis? What sort of shows are you legitimately into? These questions can help you in recognizing what shows you are watching purely for consumption. By applying the 80 20 rule, you can cut back on Netflix, TV, or YouTube video consumption and prioritize other areas of your life.
    • What does your wardrobe look like in terms of colors? Are there specific colors that you like? Knowing what you wear most times will help you in sorting out your wardrobe significantly. It also saves you time to come up with what to wear every morning.
    • How many newsletters do you actually read? This question can help you in figuring out which newsletters to unsubscribe to and can clear up a lot of space in your inbox. It can also relieve pressure from having to check your emails constantly.
    • How much time do you spend on your phone every day? How much of that time is actually doing something meaningful? These questions can help you in clearing out various apps that aren’t helping you with your goals. In fact, this can curb the need to check your phone constantly.

    Final Thoughts

    The 80 20 rule is the productivity hack that many of us need, and for good reason. As you can tell, it’ll help you to focus and prioritize the more important aspects of your life.

    Not only that, but it’ll maximize those outputs at the same time and ensure you’re not spending too much time working on them. All you need to do is start asking questions and taking action.

    More Techniques to Help You Succeed in Life

    Featured photo credit: Austin Distel via unsplash.com

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