Making Extra Income Ideas Pay
I’m a big fan of the entrepreneurial spirit. Few things are more rewarding than working for yourself. Being your own boss has almost too many advantages to name, not the least of which is the freedom from a set schedule and the total absence of a dress code. If you feel like workin’ in your Rocky and Bullwinkle slippers, knock yourself out!
It can be scary, yes, especially if you’ve never done it before, but the fear passes and when it does, some days it doesn’t feel like you’re working at all! That’s when you know you’re doing it right.
There are really only three things you have to do in order to put your extra income ideas on a sustainably paying basis and maximize your chances for long term success. They sound easy, but they’re a lot harder than you might think. They are:
Settling on one or more extra income ideas
Marketing and Testing
Sustained, persistent action
That’s it. If you’re missing any of these, you *will* fail. There’s no point in sugar coating it. No point in coddling you, so I’ll say it again. If you’re missing any of these, you will fail.
Seriously.
So they’re pretty important. Important enough to spend a bit of time with each.
Extra income ideas are easy to come by. Dime a dozen. Anybody can come up with a bucket full of perfectly valid million dollar ideas over lunch, brainstorming with your friends. Here’s one I though up just while writing this sentence: You could create a database to track the resources and demand trends of volunteer organizations in your community (Salvation Army, Goodwill, etc). Currently, these organizations exist mostly in isolation. Side by side, but with little communication and cross-talk. By creating a platform for sharing resource, capability, and demand data, you could dramatically enhance the effectiveness of these organizations at a time when they’re trying desperately to do more with less.
Tie in churches and food banks, scale it nationally and there you go. Ideas are easy. Even good ideas are easy. I’d be willing to bet that you could stop reading for five minutes and come up with five (or more) perfectly workable extra income ideas, so having the idea is only part of the equation. An important part, to be sure (you can’t proceed without a plan, and the idea you choose informs your plans), but just sitting there on the shelf, it’s not going to do anything for you. So come up with some extra income ideas. Settle on something, and then get ready to take the next step.
Testing and Marketing. Build a prototype. Hand sell your idea to a few people to find out a) if there’s a genuine interest in whatever you’ve created, and b) to find out firsthand if you can do it profitably. Once you’ve proved the concept, market the hell out of it and constantly experiment with various marketing techniques to find out what works best for your specific offering. Marketing isn’t “once and done” no matter how you do it. There’s always testing, tweaking, and improving. It will be your constant companion and will be absolutely essential to making your ideas pay!
Lastly, and the point at which most people fail, you need to ACT! Having an idea, proving its concept and a bit of marketing won’t make you successful. Having that as a framework for focused, determined, sustained action will.
So don’t work on your extra income ideas for 2-3 weeks and give up if they’re not performing to your expectation.
It takes WORK to succeed.
Don’t give up.
Do the work
You’ll be glad you did.
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