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

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As a young adult in my 20s, I would have laughed at the idea. Growing up, I had never known anyone who made money in this way.

Witnessing someone I had faith in hitting what initially seemed like an unattainable target made me feel confident that I could accomplish it as well — although it took me some time to ultimately get there myself.

started to take off.

DON'T MISS: A Comprehensive Guide to Generating Income Online Without Active Efforts

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To increase your chances of building a profitable side business, try following this advice:

1. Do your research

Passive income doesn't mean you won't work. It means you'll put in the work upfront and see the benefits later on. Regardless of the side hustle or passive income project you're starting, doing thorough research can help you avoid costly mistakes.

Many individuals become enthusiastic about their initial concept or opportunity without first assessing the financial viability. For instance, when I initially began selling on Etsy, I produced budgeting templates, only to find they didn't gain much traction due to low demand and intense competition.

As I started to create more targeted and effective products for the store.

It's highly advised to create financial projections and understand expected expenses before making a single investment. One of the primary reasons businesses shut down or struggle is due to running out of funds.

In many cases, this issue can be anticipated and addressed ahead of time if you take the initiative to forecast your expenses upfront.

Set aside dedicated time to nurture your side business.

Developing passive income streams necessitates an initial time commitment, and numerous individuals underappreciate how much time they need to dedicate initially.

It's all too easy to get sidetracked by daily responsibilities, especially if you're a parent or have a demanding full-time job, but those projects that could generate passive income won't become a reality unless you carve out time to focus on them.

Carve out a specific time slot every week to concentrate on your passive income objectives and adhere to it. For instance, I initially allocated 8-10 hours each week to refining the skills necessary for my business, and I persisted with this routine for months.

I am currently working on it and responding to messages and client inquiries.

Learning from successful individuals who earn passive income has shown that achieving success doesn't come from sudden gains, but rather from steady progress toward a specific goal over a long period of time. In short, consistency is crucial.

3. Automate everything

The charm of passive income is that it lets you earn money without needing to put in the effort every day. Automation is the key to making this process work smoothly.

Since I list digital products on Etsy, the platform lets me automatically send items once I receive payment. I utilize Convertkit to streamline my email marketing.

Automating tasks can free up precious time and result in a more consistent income. I've discovered that neglecting to automate leads to more tedious and mentally taxing work, ultimately depriving you of the freedom you need.

4. It's okay to ask for assistance if you need it.

Achieving success typically requires more than solo effort. Receiving guidance from experienced mentors, financial advisors, and industry specialists can greatly improve your prospects for success.

While listening to a podcast by Gold City Ventures that taught me how to sell digital products on Etsy, I was able to successfully create a passive income business using their guidance.

After completing the course, I was able to establish the business, get it up and running, and start generating revenue in approximately a month. It took roughly nine months before I began to have a steady stream of passive income coming in.

Surround yourself with individuals who possess knowledge and expertise you don't have. They can provide you with invaluable advice, keep you on track, and steer you clear of potential problems.

Most importantly, they can encourage you when you feel like surrendering.

5. Diversify Your Income Streams

Dependence on a single income source can make you susceptible to market shifts and unexpected disruptions. I've spoken to numerous business owners still dealing with the aftermath of the pandemic who had the majority of their finances tied up in their business alone.

My passive income portfolio includes shares, fixed-income securities, real estate, and my small business, which sells digital goods via Etsy and on my personal website.

Diversifying investments is important for reducing the risk and increasing the likelihood of consistent earnings.

6. There is no ideal time to begin, so it is best to start whenever you feel ready.

I've seen numerous folks become mired in the planning phase, holding out for that "perfect moment" that never arrives.

Attending grad school and studying positive psychology really helped me overcome my fears. I also attribute that to Marilee Adams's book "Change Your Questions, Change Your Life", which taught me how to respond to challenges with a more open and optimistic approach, replacing questions like "Why bother?" with ones like "What can I learn?"

To be honest, there's no ideal moment to get started, and taking a wrong turn is always a risk. Nevertheless, the earlier you make a well-thought-out move, the sooner you'll be able to learn from your mistakes, and the greater your chances of achieving success will be.

Even small steps, such as beginning to research and educating yourself, can lead to substantial progress over time. It's indispensable not to allow fear of failure or the tendency to overanalyze to prevent you from starting your journey towards achieving a passive income.

She's an entrepreneur, professor, and mother of two, with a strong interest in supporting others in reaching their personal, professional, and passive income objectives. She operates an Etsy shop and also maintains a blog. Money Hacking Mama where she shares financial wisdom and practical advice for women tackling their careers, businesses, and personal lives.

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