Want a Recurring Income Stream Outside 9 to 5? Do This!
We asked 22,000 people on our Instagram what they'd do with an extra £500 to £1,000 a month.
We were flooded with responses and the most common answers were:
- Pay debts
- Overpay mortgage
- Save for a house
- Start a business
Then we asked, “if we showed you exactly what you need to do to create an extra £500 to £1,000 a month, are you prepared to put in the work?”
Only a fraction of the number of people who replied initially said yes.
We worked with a number of people recently to create their membership businesses that now pays them recurring monthly income.
Having interviewed them, today we want to share 5 actions they took that set them aside 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 9 to 5
Here are the 5 things they did to make it a reality creating a recurring income stream a reality:
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 recognised that he's a smart guy.
However, his smartness aside, he was standing in his own way when it came to starting a side hustle that made him a recurring income stream.
The same applied to others we've worked with.
There is a trend we've noticed, which is that, even when we tell people how they can earn that extra £1,000 a month or month, for some, their scarcity mindset holds them back.
For example, here are 50 Best Side Hustle Ideas For Extra Income
In order to actually take that leap and create that extra income, it is better to trust someone else who has the results to prove it to coach you.
This way, you are pulled out of your comfort zone and held accountable weekly, which is what you need to create that income.
Watch this interview of my chat with Kayus Fernander:
2. Work Hard Over a Fixed Period of Time
If you don't have a hard deadline over which you want to start a side hustle or business for recurring income, it just won't happen.
You'll always kick the can down the road, which is what Parkinson's Law says:
Work expands to fill the space that is available to it.
One thing that set Kayus, Felicia, Andy, Pippa, etc apart is that they forced themselves to take action over a defined period.
In this case, it was over 14 weeks. That was it!
No matter what was going on in life, they made creating this side hustle a priority.
If you do the same, coupled with being kept accountable by someone who knows what they're doing, you'll achieve success.
Tied 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 progressively get more costly and opportunities are lost the more 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, seek ways to start today.
Basically, start whatever you've dreamed 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 a focus on the Return On Investment (ROI).
See what you're spending on your learning or growth as an investment and not an expense. This requires a shift in mindset.
3. Use Existing Skills and Follow a Tried and Tested Path
If you think about the different types of ways you can make some extra money, there are too many paths.
Then you throw in the fact that most side hustles or business paths won't provide you with a sustainable income.
You might make money one month and for the next few months, you might not.
This is why it is easier to not only start with your existing skills but if you pair them with a sustainable business model (e.g. memberships), you can create steady income.
Pippa is a Business Analyst (BA) and she teaches others via her membership business to become BAs or earn more as BAs.
Andy is an Angel Investor and he teaches others to become Angel Investors with small amounts of money.
Kayus is a Finance professional and public speaker and he helps others through his membership business to become in-demand speakers.
Felicia is a branding specialist and she helps women in the beauty business to level up their businesses and branding.
You can watch the interviews of Pippa, Andy, Kayus and Felicia here.
Can you see the trend here? Having the existing skills was a core foundation.
However, they paired this with a sustainable model, following a tried and tested plan because they'd seen others get results the same way.
4. Have An Effective Launch Strategy
You can start a business or side hustle but if you don't have an effective launch plan that uses certain mental triggers, it will not work out.
You need an approach to build awareness, interest, anticipation, urgency and scarcity.
Without a combination of these, it is highly unlikely that you might make any money.
However, with careful planning, you can build these elements into your offering, leading to a successful launch that keeps making money.
All the people we've worked with who launched their membership businesses and started making money executed a clear launch strategy.
Most were online-focused launch strategies, something we teach as part of the Architect Programme, and in-person event-led launch strategies.
5. See This As Your Only Option
When you feel like you have other options in life, it is harder to be forced to get outside your comfort zone to get the results you want.
For example, if you know that you'll always have enough money from your job to cover your expenses, you might not have the urgency to start a side hustle with a recurring income stream.
The one thing that unites the people we know who have started their side hustles successfully is that they'd got to a point of no return.
- fed up with their jobs
- desperately in need of another source of income
- searching for something more fulfilling and impactful, etc.
In short, they were tired of BS'ing themselves and had to see these side hustles as a possible way out of the 9 to 5 grind.
Creating a steady recurring income outside of your day job is not easy, but it is possible.
Dreaming about it alone will not get you there. You need to be prepared to do something different and not see yourself as the only source of solutions.
Beyond these, you need to act today. The years of saying you're gonna do something needs to be a thing of the past.
Reflect on the five points I've shared today and accept that creating a recurring income stream is possible for you.
This belief is half the battle won.
Next, decide on who you need to learn from to make creating this source of income a reality. Then take the step and reach out to them to get moving.
Whatever you do, don't just read this and do nothing. No progress happens without taking that first step.
What to read next about creating a recurring income stream:
- Book a call to discuss your membership idea
- How Andy's Side Hustle Makes £4,596 Per Month
- Turn Your Knowledge To Multiple Streams of Income
What to watch next about creating a recurring income stream:
What other questions do you have about creating a steady recurring income stream outside of your 9 to 5? Comment below