Want a recurring income stream outside of your 9 to 5? Do this!

Want a recurring income stream outside of your 9 to 5? Do this!

We asked 22,000 people on our Instagram what they would do with an extra £500 to £1,000 a month.

We were inundated with responses and the most common responses were:

• Invest
• Pay off debts
• Mortgage overpayment
• Save for a house
• I’m starting a business

We then asked, “if we showed you exactly what you need to do to generate an extra £500 to £1,000 a month, are you ready to put in the work?”

Only a fraction of the number of people who initially responded said yes.

We’ve worked with a lot of people recently to build theirs member businesses which now pays them recurring monthly income.

Having interviewed them, today we want to share 5 actions they took that set them apart from others who at best only dream.

Learn more and book a call here if you want us to help you too.

How to create a recurring income stream outside of your 9 to 5

Here are the 5 things they did to make it happen by creating a recurring income stream:

1. Trust someone else to help you do it

One of the things that stood out when we interviewed Kayus of ‘The In Demand Speaker’ was that he admitted he’s a smart guy.

However, smarts aside, he stood his own way when it came to starting a side hustle that gave him a recurring stream of income.

The same goes for others we have worked with.

There’s a trend we’ve noticed, which is that even when we tell people how they can earn that extra £1,000 a month or a month, for some, a scarcity mindset gets in the way.

For example, here are 50 Best Side Hustle Ideas for Extra Income

To really take that leap and generate that extra income, it’s best to trust someone else who has the results to prove it to you.

This way, you step out of your comfort zone and are accountable every week, which is what you need to generate that income.

Check out this interview of my conversation with Kayus Fernander:

2. Work hard for a set period of time

If you don’t have a hard deadline by which you want to start a side hustle or recurring revenue business, it just won’t happen.

You will always kick the can down the road, as Parkinson’s Law says:

The job expands to fill the space available to it.

One thing that set Kayus, Felicia, Andy, Pippa, etc. apart is that they forced themselves to take action in a set period.

In this case, it was over 14 weeks. That’s it!

No matter what was going on in life, they made creating this side hustle a priority.

If you do the same, combined with being held accountable by someone who knows what they are doing, you will succeed.

In relation to this, it is also important to understand that:

There is always a cost to delay.

This applies to so many different aspects of life.

Things gradually become more expensive and opportunities are lost the longer you delay.

• If you want to invest, start today.
• If you want to start a business, start today.
• If you want to get on the property ladder, look for ways to get started today.

Basically, start whatever you’ve been dreaming of starting today and give yourself a hard deadline.

If you don’t know what to do, ask for help and invest in your success with an ROI focus.

See what you spend on your learning or development as an investment, not an expense. This requires a change in mindset.

3. Use existing skills and follow a tried and tested path

When you think about the different ways you can earn extra money, there are so many paths.

Then you realize that most side hustles or career paths won’t provide you with sustainable income.

You might make money one month and the next months, you might not.

That’s why it’s easier not to just start with your own existing skills but if you combine them with one sustainable business model (e.g. subscriptions), you can generate steady income.

For example:

Pippa is a Business Analyst (BA) and teaches others through her membership business to become a BA or earn more as a BA.

Andy is an Angel Investor and teaches others to become Angel Investors with small amounts of money.

Kayus is a financial professional and public speaker and helps others through his subscription to become in-demand speakers.

Felicia is a branding expert helping women in the beauty industry improve their businesses and branding.

You can watch Pippa, Andy, Kayus and Felicia’s interviews here.

Can you see the trend here? Possession of existing skills was a key foundation.

However, they combined it with a sustainable model, following a proven plan, because they had seen others get results the same way.

4. Have an effective launch strategy

You can start a business or a side hustle, but if you don’t have an effective launch plan that uses specific mental triggers, it won’t work.

You need an approach to build awareness, interest, anticipation, urgency and rarity.

Without a combination of these, it is highly unlikely that you will make any money.

However, with careful planning, you can incorporate these elements into your offering, leading to a successful launch that continues to make money.

All the people we’ve worked with who started their membership businesses and started making money implemented a clear startup strategy.

Most were internet-focused launch strategies, which is what we teach as part of the Architect Program, and in-person event launch strategies.

5. See this as your only option

When you feel like you have other options in life, it’s harder to force yourself to step outside of your comfort zone to get the results you want.

For example, if you know you’ll always have enough money from your job to cover your expenses, you may not feel the urgency to start a side hustle with a recurring income stream.

The one thing that unites the people we know who have successfully started their sides is that they would reach a point of no return.

It was:

• they are bored with their jobs
• who is in desperate need of another source of income
• search for something more satisfying and impressive, etc.

In short, they were tired of making themselves up and had to see these side hustles as a possible way out of the 9-5 grind.

conclusion

Creating a steady recurring income outside of your day job isn’t easy, but it is possible.

Just dreaming about it won’t get you there. You have to be prepared to do something different and not see yourself as the only source of solutions.

Beyond that, you need to act today. The years of saying you’re going to do something should be a thing of the past.

Consider the five points I’ve shared today and accept that creating a recurring income stream is possible for you.

That belief is half the battle won.

Then decide who you need to learn from to make creating this income stream a reality. Then step up and give them your hand to move.

Whatever you do, don’t just read this and do nothing. No progress is made without taking that first step.

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What other questions do you have about creating a steady recurring income stream outside of your 9 to 5? Comment below