Jannese Torres-Rodriguez, money expert, host of the “Yo Quiero Dinero” podcast and author of
“Financially Lit!”, revealed she earned $1 million from side gigs in a recent Instagram post. She also shared three things she wishes she had known at the beginning and lessons she has learned.
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Here are three key lessons Torres-Rodriquez learned from making $1 million from side gigs.
Your First Idea Is Probably Not Going To Be It
Torres-Rodriguez said it took her two years to start making money as an entrepreneur.
“I tried a lot of things before something actually stuck,” she said. “So that first thing is probably not going to be the thing — accept it and move on.”
This can sound like discouraging news for those who may be struggling to come up with one idea for a side hustle, let alone more than one. But keep in mind that each idea that doesn’t work out brings you closer to the one that will.
You’ll learn from every attempt, whether it is successful or not. There’s no magic number of attempts you need to make before you come up with one that sticks, so keep at it!
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Overnight Success Is Never Overnight
“It took me two years to earn any money, and it took me nine years to collectively earn a million dollars,” said Torres-Rodriguez. “Stop comparing your day one to somebody’s year ten.”
This is a good lesson to learn early on, and the reason that many successful businesses start as side hustles. Building a business from the ground up takes time and money, so having income — and benefits! — from another source can make the difference between being able to wait it out and having to give up.
When creating your business plan, allow for at least a year, preferably two, of no profit. This doesn’t mean you won’t have any revenue, but it likely won’t exceed your expenses in the first year or two. Have a plan for supporting yourself from another source during those lean early years.
Torres-Rodriguez’s comment about comparison is wise. It’s easy to look at a business that has just burst onto the scene and think it was an instant success. The reality probably is that the entrepreneur has been working on their idea for years, and it’s just now getting noticed.
Entrepreneurship Is a Skillset
Entrepreneurs can get hung up on the idea for their business — the product or service they will offer, their value proposition, the competitive landscape, and so on. While this is certainly important, it’s also important to learn to be an entrepreneur.
You need to be able to talk about your business (to anyone who will listen!); to understand the economics of things like cash flow and profit and loss; and hone your time management skills.
“In order for you to build the skillset that you actually need to take your business to a million dollars, you’ve got to start practicing, and start that business today,” said Torres-Rodriguez.
As an aspiring entrepreneur, you are already ahead of the curve by knowing these three lessons that Torres-Rodriguez and others have had to learn for themselves. There’s nothing to be gained by waiting, and you can’t start any sooner than today, so start that side gig that could lead you to $1 million in a few years.
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This article originally appeared on GOBankingRates.com: I Made $1 Million from My Side Gigs: 3 Key Lessons I Learned
