Working a full-time job and running a side business can be a challenging and overwhelming experience. However, the benefits of having a passive income source can significantly enhance your financial wellbeing and provide an opportunity to break free from your full-time job. In this blog post, we will discuss some tips on how to manage your time effectively and create a successful side business while working a full-time job. You can also check out the full M.O.M. Live episode on this topic:
Calculate Your Expenses and Income
Before starting a side hustle, it is essential to calculate your expenses and income. Determine the fixed and variable expenses and the cost associated with them. This will help you understand your financial situation and know how much money you need to make from your side business to be financially stable. If your bills are equal to or greater than your income, you are living paycheck to paycheck, which can be stressful and a brutal way to live.
Best Times to Work
Finding the best time to work can be difficult, but it is essential for success. You need to determine the time you can dedicate to your side business, taking into consideration your full-time job and other responsibilities. Consider waking up earlier, working through your lunch break, or working in the evenings. There isn’t a perfect strategy, but you need a starting point. If you want to achieve success, you have to put in the time.
Set a Schedule
Creating a specific schedule and sticking to it is critical. Treat your pursuit of passive income sources as you would any other regular job. Commit some quality time and put it on the calendar. Eliminate distractions as best as possible. Identify the time of day when you are most productive and set that time aside for your side business. Create a daily, weekly, and monthly schedule and stick to it.
Starting with smaller passive income projects and building from there is an excellent way to avoid getting overwhelmed. It may be difficult to find a good 200-unit apartment complex for a great price and get commercial financing while working 40+ hours a week. However, buying a house and renting it out can be a good starting point. You can then move on to more significant projects as you gain experience and grow your income.
Take Planned Breaks
It’s essential to take planned breaks every few weeks to avoid burnout. Consider taking a week off from your passive income activities. Even though it might seem like you’re losing ground, your productivity will be about the same, but you’ll be less overwhelmed and much happier. Taking a break will help you recharge and come back with renewed energy and focus.
Avoid Working on Your Passive Income Activities at Work
Avoid using your employer’s resources to work on your passive income activities. Many companies monitor your internet usage and the emails that you send out. Avoid jeopardizing your full-time job before your side hustle can even afford to replace your full-time paycheck. Make sure that you’re not using company resources to promote your side business or work on it during work hours.
Get Involved with Smaller Passive Income Projects
Getting involved with smaller passive income projects that you can manage while still working a full-time job is an excellent way to start. Real estate is a semi-passive income stream that you can start while working a full-time job. You can buy a house and rent it out or invest in a small commercial property. Starting small will help you gain experience and grow your income.
Keep Your Projects to Yourself
Avoid discussing your passive income activities at your full-time job. Many bosses take exception to the idea of you earning extra money outside of your regular job. Be mindful of the company’s policies and the non-compete agreements you may have signed. Keep your side business separate from your full-time job, and avoid discussing it with coworkers.
Meditation is a great way to give your mind a break. Taking breaks and learning to focus can help you manage a full-time job and other activities. Passive income takes time and effort to create, so ensure that you’re giving yourself adequate time to manage it all. Spend some time meditating to help you relax and clear your mind. This will help you focus and be more productive.
Managing a full-time job and a side business can be challenging, but it can be done. Use these tips to help you manage your time and create passive income. Remember to calculate your expenses and income, find the best times to work, set a schedule, start small, take planned breaks, avoid working on your passive income activities at work, get involved with smaller passive income projects, keep your projects to yourself, and learn meditation. Good luck on your journey to creating passive income!