Is side hustles - online income - working extra - entrepreneurship - just not for everyone??

I am doing some self-reflecting, and looking back to 2010, when I tried my first stab at earning extra income as a Team Beachbody Coach and affiliate marketing.

Since then, I have tried - I should say dabbled, in almost every way to make side income, and have succeeded at none.

My main goal is to become debt free, and that almost consumes me. I always seek ways to become debt free.

I have a job that i actually love - I am now 44, and, despite being laid off several times and hating my job in the past, I am a low level executive at a Fortune 10 company. I love my job, I am well respected within my organization, and I get results. i have a lot of responsibilities, and I deliver results.

I think part of my "side hustles" has been to help pay off debt, but it's been in fear of what's next - being laid off. I finally think I have the skills and drive I need that I could find something comparable if anything happened.

So my question is - is the entrepreneur's journey just not for everyone? I know it's not Dan's advice to say "I'll do it when I'm debt free", but maybe I'm just wired to work for a company. I've even thought about coaching for people who want to be leaders like I am, and maybe that's something I could do down the road.

But I was just wondering your thoughts about this are.

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Permalink Reply by Allan Dubon on Tuesday

Hey Michael,

So my opinion is that everyone should have a side gig, but not everyone is cut out for them. What i mean by that, is that it is important to have something on the side as a nice emergency plan or as a good supplement to help with getting out of debt etc.

The problem is that not everyone is willing to put in the time.

I think far too many people think that you have to grow your side thing into your main thing, and that isn't necessarily true. Take yourself for example, you love what you do, and you want to pay off debt quickly. You don't need to grow it into anything full time, just have it speed up the process.

The other part is that most of us who are finding some semblance of success have failed at various things. It is part of the process.

Might I suggest heading over to https://sidepreneurmagazine.com/ and signing up for the newsletter there. Harvey is going to be releasing a course this thursday that helps with time management and I think it would prove quite valuable for you.

Also, if you ever want to have a chat with me, I'd love to see what your journey has been all about. Sometimes having a fresh perspective helps out. Shoot me an email and we can set up a time. [email protected]

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Permalink Reply by Harvey Ramer on Tuesday

Thank you for the plug Allan!

Michael, for myself, a major driver of side business is the belief that I need to create things of my own. A job is a powerful tool for personal and financial growth. However, it caps out quickly in how much income your time can produce.

The only way to get a greater return (that I know of) is to create products. Selling a useful product can produce exponential returns on the time spent.

If your goal is simply to get debt-free, a side job might actually be the best bet.

Often, in side business (or any kind of entrepreneurship) there is a long ramp-up period before income becomes regular. Usually, during that time, there is more expense than income.