Starting a successful side hustle: My best advice for a 36-year-old mom making $10,000 a month or more in passive income.

In my 20s, when I first learned about the idea of passive income, I found it hard to believe. I had never known anyone who made money this way.

After speaking with a woman I admired who made passive income through her real estate business, my perspective shifted. Although it took time, seeing someone I knew and respected accomplish what I thought was impossible inspired me to believe I could do it too.

I was dealing with postpartum depression and struggling with a 9-to-5 job in higher education administration four years ago. However, I decided to start selling digital products like business templates and party games on Etsy as a side hustle. To my surprise and delight, the business began to take off.

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I am a 36-year-old mom of two who earns $10,000 or more in passive income each month from four different streams.

Here is my best advice for starting a successful side hustle:

1. Do your research

Thorough research can help you avoid costly mistakes when starting any kind of side hustle or passive income venture.

Without considering the financial implications, many individuals rush to seize their first idea or opportunity. For instance, when I initially began selling budgeting templates on Etsy, I discovered that they were not popular due to low demand and intense competition.

After conducting research on keywords and trends through Pinterest and Google Trends, I began to create more targeted and successful products for my shop.

Before spending any money, it is crucial to create financial projections and be aware of the expenses that will arise. One of the primary reasons businesses fail or struggle to succeed is due to running out of funds.

If you anticipate expenses, you can prevent this issue from occurring by taking early action.

2. Set aside time to help your side hustle grow

Allocating sufficient time upfront is often underestimated when it comes to generating passive income streams.

To achieve your passive income goals, it's crucial to prioritize your daily tasks and allocate time for your projects.

To achieve your passive income goals, set aside a weekly schedule and stick to it. For instance, when I first started, I spent 8-10 hours each week honing my skills for my business, which I continued for months.

Initially, I spent 20-30 hours per week creating products. Now, I spend only 15 minutes a day working on it, mainly responding to messages and client inquiries.

Consistency is crucial for achieving success in passive income, as I've learned from studying successful earners who have made steady progress towards their goals over time, rather than relying on quick wins.

3. Automate everything

Earning money without daily activity is the beauty of passive income, and automation is your ally in achieving this.

I sell digital products on Etsy, which automatically delivers them once a payment is processed. I use Convertkit to automate my email marketing.

Automating tasks can save you time and maintain consistent income streams. I've discovered that not automating leads to more manual and mentally demanding work, and less freedom.

4. Don't be afraid to ask for help

Seeking guidance from mentors, financial advisors, and experts can greatly increase your chances of achieving success.

I struggled with side hustles for years until I discovered a Gold City Ventures course through a podcast that taught me how to sell digital products on Etsy, which led me to create a successful passive income business.

Nine months passed before I consistently made passive income after completing the course and starting my business.

Seek out individuals with expertise and experience that you lack. Their insights, accountability, and guidance can help you avoid mistakes.

Most importantly, they can encourage you when you feel like giving up.

5. Diversify your income sources

Many business owners are still recovering from the pandemic because they relied solely on their business as their source of income, leaving them vulnerable to market fluctuations and unexpected changes.

My portfolio comprises stocks, bonds, real estate, and my small business, which sells digital products on Etsy and my website.

To minimize risk and maximize returns, diversification is crucial.

6. Remember that there is no perfect time to start

I've witnessed many individuals become stuck in the planning stage, perpetually waiting for the ideal moment that never arrives. I, too, have committed this error.

Studying positive psychology in grad school helped me overcome my fears. Reading Marilee Adams's book "Change Your Questions, Change Your Life" helped me develop a growth mindset and shift my internal dialogue from negative to optimistic questions.

While there's no ideal moment to begin and failure is always a possibility, acting quickly in a smart manner increases your chances of learning and ultimately achieving success.

Taking small steps, such as researching and educating yourself, can lead to significant progress in achieving passive income. It's crucial not to let fear of failure or analysis paralysis prevent you from starting your journey.

Rachel Jimenez is a multifaceted individual who is both an entrepreneur, professor, and mother of two. Her passion lies in helping others achieve their personal, professional, and passive income goals. In addition to running her Etsy store and blog, Money Hacking Mama, she provides financial wisdom and practical advice for women navigating their careers, businesses, and life.

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