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The Secret Sauce for Successful Side Hustles: The 3 Key Ingredients

I have been experimenting with  innovative ways to make money outside of business, investments and full time work for over 3 years. However, in the last few years, 99% of these companies have gone bankrupt. However, now that I have more business experience, I realize  they all failed for the same reason. I couldn't figure out how to grow this side business.

Scaling up a side hustle, according to U-Ming Lee, implies increasing this hourly revenue numerous times over a period of time, such as 2x, 3x, or 10x while putting in the same or less effort:

The only way you’ll earn any more is by working more hours. A scalable side hustle is one in which your income is not limited by the amount of time you put in. It takes the same amount of time to write and sell an e-book to ten people as it does to a thousand.”

I built firms with bright potential and made other people six figures every year. However, I was only able to make a few bucks with them. I'll explain why I couldn't figure out how to scale them here so you can avoid my mistakes.

Why couldn't I scale my digital side hustles?

They all failed for the same scalability reason: I regarded them as a single content production opportunity rather than integrating all of my resources to produce something that would persist over time. I became a coach and subscription content writer for a particular reason: to assist those close to me with an issue that I was familiar with: investing. However, there came a point when they no longer need my services, and I didn't have any channel or social network through which to market them, so I just abandoned the initiative. I would not have had to forsake any initiatives if I had the YouTube channel, in addition to my consulting session, Amazon shop, and exclusive content subscription services.

What went wrong with my vending machine company and Facebook store?

Having a food vending machine and a technology store in the Facebook marketplace were two of the best enterprises I could think of for someone who is useless as a vendor. When I first launched the food vending machine company, my intention was to provide a fast snack option in the building where I worked.
The idea for the Facebook store occurred to me while I was in college and my work didn't pay enough to meet my expenditures. For my first job, I had expertise servicing equipment, and everything looked to be going well at first, but being an independent seller has numerous complexities that I couldn't handle. Also, I wasted a lot of time on people who didn't show up for the appointment or didn't want the equipment at the end, so I concluded it wasn't worth it to keep going.

What I'm doing differently from the only two side hustles I currently have

My primary platform has acted as a portfolio for me to locate new customers and prospects, and the time has functioned as a learning tool. Initially, I worked on a project basis, but with time and customers, I was able to grow to larger projects and charge per hour. I discovered a method to charge more for my services while working the same hours in both side hustles, and I searched for ways to simplify and automate procedures to make my job simple yet successful.

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