We all want to make more money. It’s human nature. But this skill is never taught. Instead, we are taught how to be employees. Creating wealth is a totally different set of skills. It’s not taught in school. It’s not taught by our parents. It’s not even taught at our jobs.
Creating your own wealth is the best way to really make money. Working at a job has a limit of how much money you can make. It’s called your salary or wage. You can’t make more than that. You can work as hard as you possibly can and do your job better than anyone else, but you will still make what you are contracted to make. Sure, you may get a small bonus and/or a raise at the end of the year, but this is usually peanuts. Why? Because companies actually pay worker less than the worth of the work they’re actually doing. It makes fiscal sense for the company to underpay their employees in order not to lose money. If they pay too much money for their employees, then they won’t make money.
That is why we are all limited at our 9-5 job. How do we get rid of this limitation and uncap the potential to creating real wealth. The fastest way wealth accumulates is through equity. Equity is owning something. This could be through the stock market, owning a business, owning real estate, and so on. Anything you can own and sell is equity. Preferably, that equity should be increasing in value if you ever want to actually money. Stocks increase in value to be sold at a later point. Growing a business increases in value as its revenue and fan base goes up. And real estate increases in value the more work that is put into the property and as the market and property value grow. All these things require ownership or equity.
Now some may take this as an argument for quitting your day job and starting your own business. And that’s not what I’m saying at all. Chances are if you’re reading this that you are just starting out on your wealth creation journey. This means you have to be careful with the wealth you have because it may not be much depending on where you are in your career. The best way to manage this is to start a side hustle. Find something that you like to do or that you don’t mind doing. It doesn’t necessarily have to be your passion or something you love, but it’s best if the new hustle isn’t mind-numbing to you.
The best way to attack a side hustle is to create a fan base. Lots of people like the idea of jumping into a business and order a lot of product inventory before they have anyone to sell it to. They think demand magically appears through a couple Facebook or Instagram ads. This all comes at a cost and isn’t a sure thing to get orders. Furthermore, your fan base will be increase extremely slow. Instead of buying a lot of inventory with uncertainty whether it will sell or not, focus on growing your fan base first.
Do this by helping people with their interests, working for free, offering them free solutions, or by just doing what you love online. The internet makes it super easy to grow a fan base online through any type of medium like social networks or YouTube or blogs. Put out content that you find interesting and make sure it’s good content. For this part, it’s best to start small. Try not to cover a variety of topics. Wait until the fan base has grown for that. Starting small will attract your niche and loyal fans.
Once you develop this core fan base, then it will become time to when you can turn that into a business. This is a much more certain way of creating something people want. If your fan base knows and appreciates the work that you’ve done, then they are more likely to buy from you than someone else. Building up this fan base also helps you become more interactive with your customers and helps you understand what they need and want. I advise even just asking them what product could help them on their journey. Boom. You just found your first product to sell and now you’re off to the races.
Creating wealth can mean different things for different people. There is no right answer to this mystery. However, there are easier and less risky ways to start than others. For one, don’t quit your job right away. You need to develop a fan base first and loyal fans. This can easily be done on the side of your normal day job. Once you have your fan base, be interactive with them to figure out what they want and look for when buying a product in the niche you chose to attack. This method mitigates the downsides of starting a business. It avoids quitting your job up front. It avoids buying inventory and ads before you proved demand. And it avoids spending your time on something that never had a chance of making you money. Instead, focus on building a fan base. It’s relatively free and there is no downside. The only downside is if people don’t resonate with it. If that’s the case just move on to a different niche. You have nothing to lose.
Focusing on the fan base is an easy and more certain way of creating wealth. Start off by making content as your side hustle, then use your fans as a way to interact and get to know what they want. Then sell them what they want.
If you have any advice on creating wealth through a side hustle, please leave a comment below. Thanks for reading.