10 tips on how to start a side hustle with a full-time job

Cashflow FI is the point at which you reach Financial Independence through income generated from a side hustle. However, starting a business venture whilst working a full-time job can be a challenge. Here are a few tips to help you find the balance:

Running a side hustle at the same time as working a full-time job is tough, but it's not impossible. By setting realistic expectations, prioritising your tasks, and setting boundaries, you can find the balance and achieve Topia FI. So, start taking control of your financial journey today and live life on your terms. 

Cashflow FI is the point at which you reach Financial Independence through income generated from a side hustle. 

Ten Tips to Start a Side Hustle With a Full-Time Job

The concept that underpins Financial Independence (FI) and everything Topia works towards is very simple. Once you have assets that generate more income than your monthly expenditures, you are free to live life on your terms. As we have discussed previously, those looking to achieve FI have traditionally invested in exchange-traded funds or ETFs. However, it can take years for your ETF to build up enough interest to live off. Instead, you should focus your energy on starting a side-hustle, which in contrast, often only takes a few months. 

The beauty of reaching FI earlier, is that the switch that subsequently goes off in your head also flips earlier. As soon as your side hustle starts to bring in more money than the amount going out, work becomes optional and your life changes. If you’re having a stressful month in the office, you can decide not to go in. If you have a fall out with your manager, suddenly the power is in your hands as to whether you stay or not. Fancy moving abroad somewhere? Leave your job and do it. The only thing that separates FI from a dream, is that it is real, and you have the power to achieve it. 

Undoubtedly, with everything we have just said, you are likely asking why everyone doesn’t start a side hustle? The answer is twofold. Firstly, people are deterred as they feel like they don’t have the business skills or are too lazy to learn them. Secondly (and this is key), most people are put off if their first idea fails. Unfortunately, the reality is, your first, second and maybe third idea might fail. The trick is to get your head down, learn from your experience, and plough ahead. 

Nick Loper, an incredibly successful side hustler who we had the pleasure of talking to recently, backed this up. He approaches every business venture as though it were an experiment. When he comes up with an idea, he sees it as a hypothesis that will be proved or disproved. Either way, he learns from the experience and takes those lessons to better his next experiment. Having a willingness to step into the unknown is essential if you want to be successful.

He also went on to say that when trying to reach FI, it is very difficult to cut your expenses. Therefore, those who are going down this path need to focus on their income, as there are infinite possibilities there; it’s a limitless lever. Imagine being able to increase your income by 50% through your side hustle, and the impact that would have on your FI timeline? 

Now, you may be thinking, we’ve spoken a lot about how revolutionary side hustles can be, but very little about how to start one. As with most things in life, the first port of call is usually Googling something along the lines of: ‘how to make money online’. Unsurprisingly, these searches rarely bear any fruit. Instead, Nick suggests that the best ideas come from a journey of self-exploration. Take time to think about what you’re good at, what you care about, and perhaps most importantly, what problems you have faced and managed to overcome. The chances are, someone else has probably experienced the same problem and would pay you for a solution. 

It's worth mentioning that your idea doesn’t have to be a complex solution that changes the world. Just look at how many dry cleaners or food shops there are down your road. They all have the same revenue streams and if they’ve been around for long enough, you would imagine that they’re profitable. Your idea can already exist, you just need to put a spin on it or market it in a different way.

In terms of resources to get you started on your new adventure, if you discover a course that seems too good to be true, it probably is. To caveat that, some courses will genuinely offer a decent service and will have an order of magnitude that far exceeds any degree you can pay for. Nevertheless, according to Nick, the best way to get started is to figure it out by yourself in the cheapest way possible. You’re likely to learn just as much from an informative $10 book as you will from a $2,000 course; you might just have to think a bit harder!

In summary, side hustles are not rocket science. Your idea can be simple, you just need to commit to the journey and brace yourself for failure. But the potential reward is astonishing. With a bit of luck and a whole lot of determination, you could rapidly start approaching a life lived on your terms within the next year. 

Once you have assets that generate more income than your monthly expenditures, you are free to live life on your terms. As we have discussed previously, those looking to achieve FI have traditionally invested in exchange-traded funds or ETFs. However, it can take years for your ETF to build up enough interest to live off. Instead, you should focus your energy on starting a side-hustle, which in contrast, often only takes a few months.

Nick Loper Side Hustle Expert

How to get your side hustle off the ground

Put simply, a side-hustle has the potential to change your life. 

There are many reasons why side-hustles are one of the best decisions you can make. Firstly, and perhaps most importantly, they help you to make more money and reach Financial Independence (FI) sooner. They’re also a great way to build new skills and make new connections. Finally, they allow you to reclaim your time and live life on your own terms. 

The beauty of side-hustling is that once you initiate your first business idea, you begin to build an enterprise mindset and see money-making opportunities everywhere. Suddenly, the smallest of ideas can become a revenue stream. 

In this blog, we’ll cover the time trade-off, how to pick the perfect side-hustle, market analysis and how to turn your side-hustle into a lifestyle business.

But first, let’s look at the benefits of side-hustles in a bit more detail…

The reality is most people view side-hustles too narrowly, seeing them as a means to earning an extra $100 or $200 a week to spend on the weekend. But if you get them right, side-hustles can be transformative, providing you with vast sums of money that can subsequently be used to invest and compound. Once you have the revenue stream in place, it will have a profound impact on the time it takes you to reach FI. 

However, it’s not all about the money. Starting a side-hustle also allows you to learn new skills on-the-job, whether that’s building a website, accounting, or learning how to analyse a basic client contract. All these skills then become a future currency that can be used to make money. There are also financial benefits, such as having the ability to run expenses through your business and consequently reducing your tax burden. As society moves increasingly online, having a personal brand is becoming ever more important. Again, a side-hustle can be used as a vehicle to discover what your personal brand might be and etch it into stone. Finally, in the long-term, you may be able to sell your business and earn a significant sum of money. 

With all of this in mind, you’re probably wondering where to start? Luckily for you, our co-founder Grant has developed a 9-step framework that will help refine your thinking and put you on a path towards success. 

The time trade-off is an important factor to consider when starting a side-hustle. Essentially, it’s about making sure the money you earn is worth the time you invest. To do this, you need to calculate what you predict your actual hourly rate will be and then make an informed decision as to whether the business idea has legs.

It’s worth being aware that side-hustles can be very time consuming. This is particularly true if you are trying to start something that you are not skilled in. In addition, the time commitment isn’t necessarily linear and there will be different points throughout your journey when more time is needed, especially at the beginning. One way to get around this is to block out a couple of morning or nights a week and use them to work on your idea; the time will soon add up and you’ll start to see the money come in. 

The average person is likely going to have to add this time commitment onto their standard nine-to-five job. With that in mind, it’s important to make sure you’re working on something that you enjoy. You’ve likely heard of the adage: ‘If you find a job you love, you’ll never work a day in your life’. The same is true for side-hustles. More on this in the next section…

The million-dollar question, quite literally. In order to answer this question, however, we need to ask more questions. It might seem nonsensical but trust us. 

We thought it would be helpful to list some of the most common side-hustles, to help get your brain juices flowing and get you into that enterprise mindset: 

Even though you may not be a multi-national corporation, market analysis is still critical to the success of your side-hustle. Those who don’t are setting themselves up for failure. Take the time to study your potential customers and evaluate whether the demand for your product or service is growing or declining. In most cases, if you Google search your idea and find that no one else is selling the same thing, it likely means that demand is non-existent, so it’s time to think again. On the flip side, if there are a number of hits after you press Enter, your idea has legs; you simply need to work out how yours is going to be better.

Your research doesn’t need to take long. All you need to do is spend two to three hours doing a bit of desk research. What you should invest your time in is what you are going to beat your competitors on: price, value, story or all three? Find out what all of these are for your competitors and go from there.

For someone who has never undertaken market analysis, it can seem daunting, so we though we’d give you some advice:

The ultimate goal of a side-hustle is to turn it into a lifestyle business. In essence, this is a business that is built around your life, rather than a business that you build your life around. It’s a job that you love doing. It’s a job that gives you the autonomy to decide when you want to work. It’s a job that has the flexibility you need to live life on your own terms. 

So, how do we know when our side-hustle is ready to become a lifestyle business? 

Hopefully this blog has been helpful and has got you thinking about what your side-hustle could be. The framework that’s been shared is the exact path that was taken to build Grant’s business, allowing him to reach FI. We recommend that you work on your side-hustle for 6 months, then read this again. As your lifestyle changes, you’ll likely see things you didn’t before. Once you’ve nailed your business, you can then do more important things than making money, like living your life! 

Put simply, a side-hustle has the potential to change your life. There are many reasons why side-hustles are one of the best decisions you can make. Firstly, and perhaps most importantly, they help you to make more money and reach Financial Independence (FI) sooner. They’re also a great way to build new skills and make new connections. Finally, they allow you to reclaim your time and live life on your own terms.

Getting your Side Hustle Off the Ground

There is no denying that a recession can be a challenging time, but it can also be an opportunity to start or grow a side business. Here are a few side hustles that have proven to be effective during tough economic times:

E-commerce platforms like Amazon and eBay make it easy for anyone to start selling goods over the internet. With more people shopping online due to the pandemic, now is a great time to start an online store. Consider selling items that are in high demand or seem to be trending. You don’t necessarily have to create something new, just think of a new way to market it.

These are just a few examples of side hustles that can be effective in a recession, but there are plenty more options out there. The key to success with any side hustle is finding a niche that matches your skills and interests, and putting in the effort to grow and market your business. 

However, we are aware that it can sometimes be difficult knowing where to start; that’s why we created Topia Plus. Our expert coaches will be with you every step of the way, ensuring that your side hustle is making you money in no time. You can then input your income into the Topia app and watch it accelerate your journey to financial independence. 

There is no denying that a recession can be a challenging time, but it can also be an opportunity to start or grow a side business.

Recession Proof Side Hustles

Can financial independence help me live a more mindful life

Financial independence is not just about money. It is a state of being where you have control over your life and the ability to make choices that align with your values and goals. Achieving financial independence can help you live a more mindful and present life by reducing financial stress, allowing you to focus on what matters most to you.

One of the key benefits of financial independence is that it can help you to be more present in the moment. When you are not worrying about money, you can be more focused on the now and fully engage in the activities you are doing. You can take time to appreciate the small things in life that bring joy, whether it's spending time with loved ones, enjoying a beautiful sunset, or practicing self-care.

Financial independence also provides the freedom to pursue activities that bring you happiness and fulfillment. You can take time to travel, volunteer, or pursue hobbies that bring you joy, without the worry of how you will pay for it. This ability to live a life on your own terms can help you be more present and mindful in all aspects of your life.

Another way financial independence can help you be more mindful is by giving you the time and space to reflect on your values and goals. When you are not constantly worried about money, you can take the time to think about what truly matters to you and what you want to achieve in life. This can help you make more intentional choices and live a life that is in alignment with where you want to be.

At Topia, we believe that achieving financial independence is a key component of living a more mindful and present life. Our platform helps you take control of your finances and create a plan to reach financial independence, so that you can focus on the things that matter most to you. Whether it's spending time with family and friends, pursuing your passions, or simply taking time to relax and recharge, financial independence will help you unlock it all.

Financial Independence and Living a More Mindful Life

Can financial independence help to take a sabbatical 

Taking a sabbatical is an amazing opportunity to take a break from the daily grind and recharge. It can be a time to explore new interests, travel, or just relax and reflect on life. However, for many people, taking a sabbatical seems like an impossible dream. The fear of lost income and job security can be a significant barrier. However, financial independence can provide the freedom and security needed to take that long-awaited break.

Financial independence means having enough savings and passive income to cover your expenses without needing to work for an income. This allows you to take time off work without the fear of financial ruin. Instead of worrying about how to pay the bills, you can focus on taking a break and enjoying life.

If taking a sabbatical is a priority for you, creating a financial plan that includes saving and investing for financial independence is key. This may involve making lifestyle changes and cutting back on unnecessary expenses. It may also involve starting a side hustle or investing in real estate to create passive income streams.

At Topia, we understand the value of taking time off to recharge and reset. Our app is designed to help you achieve financial independence, which in turn can allow you to take a sabbatical or pursue other passions. We provide you with the tools and resources to set achievable financial goals, create a budget, and track your progress. By taking control of your finances, you can create a path towards a more fulfilling and balanced life.

In summary, financial independence can provide the freedom and security to take a sabbatical and pursue your passions. By creating a financial plan that prioritizes financial independence, you can take the steps towards achieving this goal. With Topia, you have the resources and support to make your dream of taking a sabbatical a reality. What are you waiting for? 

Taking a sabbatical is an amazing opportunity to take a break from the daily grind and recharge. It can be a time to explore new interests, travel, or just relax and reflect on life.

Financial Independence and a Sabbatical

Can financial independence increase my job satisfaction?

Do you feel stuck in your job, longing for a change but unsure of how to make it happen? One way to increase your job satisfaction is to strive for financial independence.

Financial independence means having enough money saved up that you no longer have to rely on your job to pay your bills. This can give you the freedom to choose a job that aligns with your values and interests, rather than one that simply pays the bills.

One of the key benefits of financial independence is the ability to be more selective about the work you do. You can pursue work that is more meaningful, challenging, or fulfilling, without worrying about the pay. This can lead to a greater sense of purpose in your work and increase your overall job satisfaction.

Achieving financial independence also reduces financial stress, which can be a major source of unhappiness in many people's lives. When you are no longer living paycheck to paycheck or worrying about making ends meet, you can focus more on the work itself, rather than the monthly income. This can lead to a more positive attitude towards your work and a greater sense of fulfilment.

Another benefit of financial independence is the ability to take risks in your career. When you're not dependent on a steady paycheck, you can pursue career opportunities that may be riskier but have a higher potential payoff. This can lead to greater rewards and a greater sense of accomplishment in your work.

If you're feeling stuck in your job, financial independence may be the key to unlocking greater job satisfaction. Topia can help you get there by providing resources and tools to help you save and invest for the future. With a little planning and effort, you can achieve financial independence and start living life on your terms. 

Financial Independence and Job Satisfaction

The question of whether anyone can become financially independent is a complex one, as it depends on a variety of factors such as income, savings, and investment strategy. However, there are a few key principles that can help anyone on the path to financial independence.

The first principle is to start as soon as you can. The power of compound interest means that if you start to invest early, your money has more time to grow. There is no right or wrong time to start thinking about financial independence and making a plan to achieve it, but there are definitely better times (i.e. now!).

The second principle is to live below your means. This means spending less than you earn and putting the difference into savings and investments. This is often easier said than done, but it is a key component of achieving financial independence.

The third principle is to diversify your income streams. Making money from different sources means you will be resilient to economic downturns and changes in the job market. This can include starting a side business, investing in real estate, or even earning income through a hobby.

It's also important to keep in mind that financial independence is a journey, not a destination. It's not an easy or a fast process. It requires patience, discipline, and a willingness to learn and adapt. If you have all of these, along with a surefast strategy, anyone can take steps towards financial independence.

Financial independence is definitely achievable for anyone, but it requires a long-term commitment, a solid plan, and the ability to adapt to changing circumstances. At Topia, we know all of this can sound scary, but we also know how life changing it can be. If you're interested in finding out how we can help you live a life on your terms, check out our website: 

Reaching Financial Independence

Financial independence is when you have enough passive income (investments, side hustles, property, savings etc) to cover your expenses - at this point you’ve reached your utopia. While the process of achieving financial independence may seem daunting, the benefits are well worth the effort. At Topia, we truly believe that financial independence is life changing, but don’t take our word for it. Here are 10 benefits of reaching financial independence:

Reaching financial independence is a long-term goal that requires planning, discipline and hard work, but the benefits are life-changing. It's important to note that financial independence is different for everyone and the number or type of benefits you'll experience may vary from these mentioned above.

Financial independence is when you have enough passive income (investments, side hustles, property, savings etc) to cover your expenses - at this point you’ve reached your utopia.

Benefits of Financial Independence

As 2022 draws to a close, we’ve spent some time reflecting on what an amazing year Topia has had and our plans for the future.

Before we share our thoughts, we wanted to say thank you. Without your engagement and support, we would not be in the position we are today; ready to help the world unlock financial freedom. We have accomplished an immense amount in 2022 and the product continues to evolve. Feedback has been integral to the development of Topia, and your help has made our job so much easier. 

That being said, the past year has not been without its challenges. Building something that meets users’ needs and helps accelerate their journey to Financial Independence (FI) is difficult to do via a tech platform. We have had countless conversations trying to work out the most effective way to do this and ensure it meets the demand of our community. 

Much of the past year has been spent making sure that someone can log onto Topia and all of their finances will be linked and automated, ready to track. We want it to be an app that requires minimal effort. But with individuals having such a variety of assets and being at infinitely different life stages, this has proved to be tricky. Nevertheless, after countless hours on zoom calls, progress has been made and we’re confident that we have achieved our objective. Knowing that we are working towards something that will make a genuine difference to people’s lives makes it all worthwhile. Topia is still a work in progress, and it will likely take two to five years for it to hit a perfect sweet spot, but we will get there. 

One of the key beliefs we have at Topia is how precious our life and time is. People often set about earning their millions, but in isolation, the money is useless; it’s just numbers on a screen, coins in your purse or paper in your hand. The real power of money is that it gives you the freedom to spend your time however you want: Financial Independence. It is this perspective that we want to share with the world. Luckily for us, there is a diverse pool of enthusiastic people who also believe in the benefits of FI. Together, we have built a community that share learnings, ideas and solutions, all in the hope that more people will be able to live a life on their terms.

Where Topia comes in is the way in which we help our community reach FI. Traditionally, the way to reach FI is through cutting your expenses and investing any money that you save. The thinking is that after 10 to 15 years, the compounded interest accrued from these savings will be enough to cover your living expenses and you’ll no longer have to work to live. Yet over the past year, we’ve taken a different approach and coined it ‘Topia FI’. 

We discovered that if we want to accelerate our user’s route to FI, we need to focus on income. By doing this, we can speed up the journey to FI from 10 years to approximately 10 months. Ideally, these income streams will be passive, meaning once they are set up, the amount of effort you need to invest is minimal. This could be through buying property and renting it out or through a side-hustle. Whatever choice you make, Topia will be there to support you.

You will have noticed that we have used the word ‘community’ a lot in this blog; this was a very conscious choice. We understand that oftentimes, the decision to reach FI can lead you down a very lonely path, especially if none of your peers are also trying to do the same thing. To remedy this, over the past two to three years, we have built up a community of avid FI enthusiasts who will all be reachable via our app. In addition, our paid-for service will include access to exclusive online coaches who will give you tailored personal advice dependent on how you choose to create your income streams. Everyone has different ideas about how they want to increase their revenue, and we want to nurture that and cater for it. 

We look forward to sharing more details with you in the new year. There are some really exciting developments coming up and we can’t wait for you to be a part of them. Thank you for sticking with us and believing in our big dream; it’s only going to get bigger.

As 2022 draws to a close, we’ve spent some time reflecting on what an amazing year Topia has had and our plans for the future. Before we share our thoughts, we wanted to say thank you. Without your engagement and support, we would not be in the position we are today; ready to help the world unlock financial freedom. We have accomplished an immense amount in 2022 and the product continues to evolve. Feedback has been integral to the development of Topia, and your help has made our job so much easier.

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