A few months ago I published in this blog my goal and my plan to get into the club of $ 10,000 per month. It is not a short path but having a plan and getting going is the first step to achieve what you propose.
At point number 5 of my entry I explained that one of my short and medium term goals was to buy, restore and sell cars again. Things have gone differently than I expected but the important thing is that I have been able to start a part-time business outside of my current job.
In this post I tell you the keys so that you can also start your business part-time while you have work.
1. Look for references.
A few months ago I met a good friend who is also fond of cars. This friend works as a manager in a bank and has an important position, still loves cars, especially classics and together with two friends has created a business where they buy classic cars. Last year they earned more than $ 100,000 each, apart from their normal work.
Knowing that there are people who do it is an important point to get it too.
2. Look for what you are passionate about.
Taking hours after work for something you like and you’re passionate about is never a problem. In everything we like, we are better than others, which gives us an important competitive advantage. If, besides liking you, giving you money, it will be a brutal incentive.
3. Get rid of what you do not use.
In my case, buying and selling cars requires investment. It is very complicated to do anything without money. For this, in addition to selling the car I had, I sold my iMac, my Canon camera and a video camera I did not use. With this I was able to collect the first $ 4000.
4. Find investors who love what you do.
My plan was to get 5000 $ on my own and get another 5000 $ by borrowing my friends in exchange for an annual interest. I got a friend who lent me $ 1000, not so much for the interest but because he likes what I do. He loves to feel involved in the project. Thank you very much Fernando!
Most of my friends did not pay me the money and I did not get the $ 5000 I wanted, I got them buying and selling cars.
5. Your part-time business should be integrated into your passive income strategy.
In my case, from what I earn per month with my salary, I dedicate 10% to my passive income fund and another long-term purchase fund. Now I dedicate 20% of my income to the fund of buying and selling cars. My goal is to have $ 100,000 in this fund. If a month I do not generate benefits with my part-time business, my fund keeps growing only slower.
This fund also has to exit all long-term purchases. For example, I have to buy a mobile phone. I’m going to buy an iphone. It will come out of the benefits of buying and selling cars.
Now all the effort I make in creating the fund and in setting up the business structure so that it can be done with a dedication of fewer hours still. My work will focus solely on buying cars. Preparing them for sale and selling them will be done by a collaborator with whom I am beginning to create relationships.
6. Feed your professional profile.
In the previous point I was talking about how to create a fund to invest in my case in cars will help me create my passive income fund.
Well, at the professional level, the same thing must happen. Someone who has an interesting life outside of their work has always to contribute. With cars it happens that it is a very important networking tool. Right now I sell good cars but they are neither classics nor supercars, I still have not got the money for it but it will arrive and it will allow me to access very interesting people with a professional profile different from mine.
In the same way, by generating extra income, I reinvest a part in training or in working with other coaches to improve my profile and professional development. In the end you are generating economic means that you have to know how to use.
7. More social life.
I was talking about how in my case, buying and selling cars allows me to do networking. It also allows me to meet many more people out of the professional and make plans.
I have planned a trip to the north of Spain to go see and possibly buy a classic car. It is still an adventure that my part-time business provides me with.
8. Look for the first enjoy.
On October 1st, I put together the first $ 100. At the beginning of May I have $ 10,000. If it is true that I work with a goal. My goal for the end of this year is to reach $ 20,000 and make them mine. I tell you all this because you have to have goals but it is as important to make money as enjoy. If you have to do it with effort to sacrifice, you will not be able to sustain it in the long term.
9. Dedicate one hour a day to your part-time business.
It is important, neither more nor less. Once when I had to sell a car, at lunchtime I escaped to the agency to make the papers and collect the car. If I dedicate more time to the next day less. In my case one hour each day from Monday to Saturday. Not one more nor less. So you force yourself to do the work in the time you have. At the end of the month, if you meet you will have dedicated about 22 hours, month to month is no nonsense.
10. The question that everyone asks. I convert my part-time work into my work?
I particularly No, but everyone makes their decision. In my case, the reasons are as follows. Buying and selling cars is very fun when it is not by obligation. In the end a car is a product that costs a lot of money and the negotiations are hard. Occasionally it does not have an obligation to do so. This allows to be always fresh. It does not stop being an occupation that requires a lot of concentration. It does not stop being to buy and then sell, just like a stock market.
In my case I pretend that my work is an expression of my soul, for that reason I do not care so much not to have a good salary if I have good working conditions. Be it time to do these things, work with interesting people that make me grow as a person and develop a job that makes sense to me. Working in what I like does not have to mean not having an economically comfortable life, that’s why my part-time business provides me with the income that allows me to lead the life I want.
Everyone has their vision and their way of doing things. In this post I told you mine. As in everything, everyone has their way of doing things and everyone has something they like. Search your hobbie and find a way to monetize it.