I have deliberately set a bold target
Itis time to set some new income goals for next year. I had a choice of setting either a bold target or a more realistic one. My concern with setting a realistic target is that I may reach it. It’s better to think BIG. Even if I miss my target, I’ll still be more than happy.
I love experimenting with different side hustles. Some will work and some will fail. I double down on the successes and ditch the failures.
By setting a target date of 31 December 2023, I’m giving myself 16.5 months to reach my target. It’s bold but achievable.
Why a target of $8,000?
This is approximately how much I made from my best side hustle of all time, my e-commerce store. That was many years ago and I have coasted a little since then. Now it’s time to get back on track.
I have 5side hustles ideas that I am already working on or plan to start soon. They are as follows:
Side Hustle #1 — Writing (Target $3,000 per month)
I have been writing here for almost 10 months. I’ve earned an average of around $700 per month so far, with my best month being a $1,695 payday. I am confident that I can reach $3,000 per month by the end of 2023.
I have already taken one writing course and started a second one. I’m also in the process of implementing changes to what I write and the way I publish. These should produce big dividends.
As well as Medium income, I also plan to get writing income from Substack and Ko-fi.
Time needed: 1–2 hours per day. More when I’m taking writing courses, as I am at the moment.
Side Hustle #2 — Index Funds (Target $1,000 per month)
This is not a true side hustle, but I’m counting it as one, as it will be generating income. It will require practically zero work. My funds are mostly invested, but I will add extra funds automatically every month.
All I need to do is check that stats once a month.
Time needed: Zero. It runs itself.
Side Hustle #3— Crypto (Target $2,000 per month)
This side hustle will take a little more work, but not too much. I will couple my hodl strategy with some limited trading. Hopefully, the market will continue to pick up as it has been recently.
There is a danger that this could produce negative results, but I’m hopeful that this will be a big winner.
I have much more ambitious targets for this over the next 5–10 years.
Time needed: 2–3 hours per week.
Side Hustle #4 — Print On Demand (Target $1,000 per month)
This will be a brand new side hustle. This is a saturated market, but I recently did some VA work for someone that does this. I’ve picked up some tips and hope that will help me hit the road running.
I will focus on digital art, to begin with. This is the side hustle that I’m the least confident about. It has potential though, so it is worth putting in the effort to test it out.
I will likely sell on Redbubble, Printful, and Etsy.
Time needed: 1 hour a day.
Side Hustle #5— Niche Content Website (Target $1,000 per month)
This will be another brand new project. I already have a niche in mind and also have a list of possible domains.
I will kick this project off myself, but I’ll then likely hire a VA to do the day-to-day work. That will mean I need to pay money upfront, but it should be well worth it.
I follow a few people that run niche content websites. They all do pretty well, although the work needed to get to $1,000 a month is pretty tough.
I recently wrote about how you can set up a blog for just $33 for a year.
Time needed: 1 hour a day. More during the set-up stage.
Total time needed for all the above: 3–4 hours a day.
I will provide an update in the months to come. This will most likely be at the end of this year. If I can get to 20–30% of my target by then, I’ll be quietly confident of reaching my final target.
I will likely have to make adjustments to the above projects. Some could be dropped, while new ones might be added.
One other side hustle that I’m considering is a rental property. I need to wait until at least next year though, as I need to see how the property market reacts to the current economic situation.
Once I reach my $8,000 target, I’ll repeat what works on a bigger scale and aim for higher targets.
I will do all the above mostly while traveling.