How to Build Wealth with Side Hustles Online

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Are you constantly bogged down with money worries? Are you looking for ways to get out of debt and build wealth without living from paycheck to paycheck? Do you know that it’s possible to learn how to build wealth with side hustles online if you’re willing and able to work hard and work smart?

 

Few years ago, I was in a financial quagmire until I decided to take the bull by the horn by taking calculated decisions to create wealth for my future, one step at a time. This blog article will show you how to make things work for you without any bogus claims or hype.

 

These are practical financial advice which you can take to the bank any day or time.

 

First, let’s look at the basic steps to set the ball rolling.

 

Step #1: Order Your Priorities Right

 

Do you know that building wealth is an education in itself? You’ve to learn and consistently practice what you learn. As a wealth builder, you’ve to evaluate every financial decision you make, day by day and from time to time.

 

You must do away with poor financial habits and impulse buying to get things right. If you’re wont to buying this or that product or service at whim and thinking it doesn’t really matter, your walk into financial freedom is far off. You’ve to set your priorities right so as to make wealth sooner or later.

 

A simple way to get good at this is to plan for every expense you only need to fill and invest every extra dollar to earn more money. For example, one of my online side hustles is domain flipping. For every domain name I’m able to sell, I already have an investment plan for it.

 

It saves me the hassles of wasteful spending and regretting it later. If you don’t know where you’re going, you’ll not be able to ask the right questions and know exactly how to get there. If your goal this year is to learn how to start a side hustle business and make money, why not take an inventory of what it will cost you to achieve it and take steps to get started?

 

If you’re focusing on a side business to build wealth, it means you’ve to take it as a priority and be ready to invest some of the money you earn. As it were, where there is no priority or plan for anything worthwhile, you’re bound to fail woefully.

 

Step #2: Learn and Master Financial Intelligence

 

Take it or leave it, financial education is paramount to creating wealth and sustaining it anywhere in the world. And you need to learn and master it. Starting a business you know nothing about is tantamount to failure even before you get step your foot in the door.

 

A simple analogy to buttress this point home is that nobody can handle the steering and expertly drive a car on his or her first day of learning how to drive without making faulty starts. The same way, your desire and investments efforts in building wealth may hit the rocks if you don’t know what you’re doing.

 

Next time, don’t spend money to buy anything without thinking it out first and be sure it’s worth buying for your future good.

 

Step #3: Plant Your Money Trees

 

There are a lot of online side hustles you can use to build wealth assuredly. It depends on what you are good at or like to do. But you’ve to be creative and smart to excel at any one of them. If you ask me, every type of online business you may want to start will be overly saturated but only your creativity and unique angle to it will stand you out from the crowd.

 

But you’ve to plant your money trees one step at a time. If you decide to start with affiliate marketing business and you’ve become profitable at it, you can then go on with the next business idea such as website flipping and so on. This is where having at least smattering of your side hustle business is essential so that you’ll know what tasks to outsource or perform yourself at any point in time.

 

If you’ve done the above ground work to set the ball rolling, you can follow these ground rules for wealth building.

 

• Avoid reflex or impulse buying. Compulsive buying of goods and services you don’t really need will leave you with little or nothing to save and invest for the rainy day.
• Spend high chunk of your money on assets that appreciate or have high secondhand value when you want to sell or flip at a later date or the asset generates regular income.
• Diversify your investments to be on the safe side of life or be able to hedge against uncertain economic events. The common saying that you should not put all your eggs in one basket applies here.
• You’ve to learn more to earn more especially in related and complementary fields of investments, joint ventures (JVs), partnership, starting and growing a business, and so forth.
• Have a vision, budget and plan to guide you on your journey of wealth building so that you can become wealthy within a time frame.
• Keep your spending down to the barest minimum while you constantly find ways to boost your income. You may have to avoid consumer debts like a plague if possible. Don’t bite more than you can chew.
• Take inventory of what you own versus what you owe to help you determine your net worth. Having assets in excess of liabilities is an indication that you’re on the right track or solvent holding other economic variables constant.
• Develop a system and plan to knock off your debt in record time. Taking up side hustles online or second job may speed up your debt free financial journey.
• Have the discipline and willpower to follow your plan to the letter.
• Increase or boost your earning capacity by starting a blog. It gives you leverage over time to monetize your blog as you gain traction and followers.

 

If you can set your priorities straight, it will be easy to build wealth with side hustles online. You can learn digital skills to increase your ability to earn more. Also, mastering online marketing will help you to sell yourself, brand, product or service to your target audience.

The Best Way to Start a Side Hustle for Beginners

If you’re looking for the best way to start a side hustle for beginners on the internet, this blog post will help you immensely to hit the ground running. The best part is that you can work from home or anywhere in the world and still succeed by leaps and bounds.

 

But before you step your foot in the door, you’ve to understand that the following criteria are necessary for any side hustle business success. A lot of side hustlers get started with vim and vigor and give up sooner than they started when they are not earning quick cash in the process as expected.

 

Making money online from side hustles requires good business idea, consistency, patience and a desperate target niche to serve. To this end, you must not take a leap in the dark by starting a side business without researching a problem in the specific niche market which you’re going to target.

 

After finding a problem to solve, you’ve to take it a step further to validate if your target audience will be “willing and able” to pay for the solution you may recommend. The solution you’re going to proffer could be your own digital product or an affiliate product where you may earn affiliate commission from your marketing efforts.

 

For you to do this successfully, you may have to set up an email marketing campaign where you’ll build an email list of subscribers, build trust and credibility with your list members before pointing them to the solution that will help them to solve their problems.  

 

Tip #1: Avoid Information Overload.

 

If you want to start a side hustle or any internet business for that matter, you must be laser focused on what you want to do. A lot of distractions abound online especially the so-called shining objects syndrome (SOS) which is all over the place and it will demand your attention and money. You should always remember that all that glitters is not gold on the web space.

 

You’ve to go with a side hustle that aligns with your passion, interest and experience and assiduously work with it until you succeed. On the World Wide Web, there is surfeit of advertisements for the next big things that can potently become a bane to your focus and achieving your business goal.

 

You’ve to start small and grow big slowly as you learn and earn in the process. When I was starting a blog with self-hosted WordPress CMS platform some years back, I didn’t know anything to bank on. But with determination and consistent practice, I’ve been able to create blogs and make money online in different niche markets solving problems for my target audience by regularly publishing high quality content as solutions around my target subject matter’s problems and pain points.

 

Tip #2: Take Consistent Action Towards Your Goal

 

I want you to know that you’ll surely make mistakes at the beginning of your side hustle career if you’re a complete beginner or newbie. That’s quite understandable! What is the most important is your ability to take consistent action towards your goal by providing valuable information to your target audience and making money on the internet through any of your preferred monetization models.

 

As you may already know, there are several steps to start an online business successfully which include registering a domain name, buying web hosting, building a website or creating a blog, optimizing your website for on-page SEO, creating and publishing content regularly, monetizing your website, driving targeted traffic to your website, setting up a list building software, just to name a few.

 

The above steps are very vital to your internet business success, and you must have a good grasp of them to excel in the end. So, you’ve to make sure you implement each of the above steps conscientiously, track your web activities with requisite online tracking tools and make improvements where necessary.

 

With that said, here is the best way to start a side hustle for beginners without breaking a sweat.

 

1. Identify a skill or product you can provide on the internet.
2. Research a target market that needs your skill or product.
3. Build an audience around your skill or product.
4. Monetize your skill or product.
5. Track your progress and scale up.

 

Step #1: Identify a Skill or Product You Can Provide     

 

To get started, you’ve to look inward and determine what type of skill or talent you possess to help others get better or solve their pain points. You don’t have to reinvent the wheel here. No! Your goal is to offer unique perspective into the service you wish to provide or product you hope to create and sell online.

 

For example, as a freelance writer for hire, I provide well-researched, high-quality and unique content for my clients at affordable rates which constantly propel them to give me more jobs to do. As it were, there are many freelance writers out there on the internet, but my unique freelance writing services has differentiated me from the crowd.

 

Even if you don’t have existing skill or knowledge to bank on right away, you can learn digital skills of your interest in a matter of weeks and be able to turn it to a side hustle business in no time. It’s not all about providing services with the skills you have; you also have the liberty to create a digital product or app to sell on the internet if you’ve the knowledge to execute it to a Tee.

 

Your major task is to identify a skill you have which a group of people will find valuable online and use it to fill a need or gap in the marketplace. For example, if you have high negotiation skills, you can become a highly paid web broker when you bring potential buyer and seller together to close deals in any niche market.

 

Step #2: Research a Target Market that Needs Your Skill

 

Until you’re able to discover a market for your product or service, it will be a futile exercise thinking of starting a side hustle business to make money on the internet. In addition, you need enough of these people in the marketplace who will need your service or product to make your time and money investments worthwhile.

 

You may have to conduct market research using several online tools available (both free and paid) to uncover potential needs and wants to attend to. You can also conduct online survey or use questionnaire to elicit information from your target niche. With a list building system in place, this will be quite easy for you to achieve.

 

Also, using the search features available in niche forums and questions and answers sites, you can easily tamp down and gauge the popularity of your topic or subject matter before taking a decision to pursue it as a side hustle.

 

Keyword research tools should not be excluded when conducting market research to discover pain points and problems to solve. Google Keyword Planner is free for Google Ads advertisers and you can start with it to test the waters.

 

Step #3: Build an Audience Around Your Skill or Product

 

It takes two to tangle in business i.e. you, the seller, and the buyer. No matter how talented you are in your chosen field or how stellar your product is, you cannot make money from it if no one is there to pay you for it.

 

And the greatest hurdles you’ll face with your target audience amongst others are trust and credibility. You’ve to work and earn it with time. You cannot do this overnight because people buy from who they know, like and trust which can only happen from constant contact, creating rapport, regular interaction and building relationship with your ideal audience.

 

This is why building an audience is critical to your side hustle business success. Having an audience to regularly interact with will create rapport with them i.e. your readers, followers, fans, leads, clients and customers. As a matter of fact, trust and relationship will create a level playing field for both the seller and buyer.

 

But before that, you must have something going for you to command their attention and respect such as your charisma, expertise or thought leadership, negotiation or marketing prowess, patience to answer questions, and so on. Any target audience worth the salt is not looking to mediocre but an expert in the industry to lead them in the way.

 

So, you’ve to do everything within your power to be an expert on a subject or topic that is of interest to a group of people who are ready to pay you when you provide a service or deliver the goods to them. If you’re not sure of your expert status as of now, you can enroll in a course, buy an ebook on a topic, download a video and learn from there.

 

The truth is that the be-all and end-all of online marketing is having a target audience that is willing to listen to what you have to say and take the requisite action as you’ll direct them to do. To this end, the best way to start a side hustle for beginners is to:

 

1. Start a blog targeting an ideal audience in a specific niche market,
2. Build a list of subscribers who can become a pool of potential customers in the foreseeable future,
3. Regularly publish high quality content as solutions to burning questions in your target niche to demonstrate your expertise, and
4. Monetize your content in any desirable business models acceptable to your industry or market.

 

Step #4: Monetize Your Skill or Product

 

Now that you have a target audience you can call your own, it’s time to monetize your skill or product. Let’s assume you own a blog focusing on personal finance. The next step is for you to consistently publish high quality content on the blog website on how to pay off debts, save and invest, and so forth.

 

As soon as you’re able to hit thousands of views per month, you can be rest assured that monetizing your blog will be a winner. You can monetize your blog with:

 

• Contextual adverts such as Google AdSense, Mediavine, etc,
• Affiliate links related to relevant products and services,
• Sponsored posts,
• Your own digital products such as ebook, video, etc.
• App or software created by you,
• And so on.    

 

Step #5: Track Your Progress and Scale Up

 

Making more money on the internet is about smart work and not necessarily hard work alone. Your goal is to work less and earn more. And the best way to achieve this is by tracking your progress with online tools, analyzing it and scaling where possible.

 

Google Analytics and Google Search Console are good places to start because they are free to set up on your blog or website.

 

If you are a freelance writer for hire like me, you can integrate digital marketing services including SEO (search engine optimization) to your suites of offerings to scale up and boost your income.

Personally, the best way to start a side hustle for beginners is to create a blog and take it up from there. It doesn’t matter if you are providing online business services as a freelancer or creating digital products to sell. It’s from your blog website you can build an audience whom you can promote products and services to from time to time.