How to Side Hustle While Hosting a WordPress Site

You may have heard of the term ‘side hustle’. It’s a term used to describe the money makers that people do while they’re not employed by a company full time. Sometimes, these are passive income streams – like savings and investing – that can be deployed for additional income or for future contingencies. Other times, side hustles can be more hands-on – like freelancing or establishing a business – in which case, the word ‘hustle’ isn’t inappropriate.

For those looking to side hustle, the first step is to determine if this is really what you want to do. Are you looking for a way to bring in more money now? Or, is this something you’re planning to do in the future, but you need the flexibility and freedom to be able to?

Do You Have The Right Mental Attitude?

There are plenty of side hustles out there that don’t require a lot of expertise or effort. If this is your first foray into side hustling or if you’re looking for a way to bring in extra cash flow urgently, you might want to consider pursuing a more passive income stream. In this scenario, you’ll likely want to create a business plan, launch a product or service, and then diligently work your way towards profitability. Once you’ve reached that point, you can consider scaling up your operation, taking on some employees, and reaping the benefits of a stable, profitable business.

In contrast, if you’re looking for a way to bring in some extra cash flow eventually, you might want to consider exploring more active side hustles. In this scenario, you won’t need to create a product or service and can instead look for opportunities to start a business – or to expand an existing one – which you then operate. This type of hustle requires a lot more effort, but the potential to earn is far greater. If you choose this route, make sure that you’re prepared to put the necessary effort in to see it through.

Do You Have The Right Supportive Circle?

Your supportive circle is a group of people that you can turn to for help when you need it. It can include family, friends, and colleagues. In addition, it can include people who know or know of your struggle for cash, which can help them understand why you’re looking to side hustle. Your supportive circle can be a useful source of guidance and feedback as you navigate this new endeavor. They can help you determine if this is the right way to bring in more cash, or if you’re better off continuing on your current path and saving your extra money.

Do You Have The Right Equipment And Tools?

Equipment and tools are necessary for any sort of physical task, and they’re especially important when you’re operating on a limited budget. When planning your side hustle, consider how much you’ll need to spend on equipment and what type of tools you’ll need to use. Some examples of equipment you might need include a desk, chairs, a computer, a printer, and so on. Other examples of tools you might need include legal documents like a partnership or LLC agreement, a contract for service, or a non-disclosure agreement. Don’t forget about the small appliances like a food prep station, a cooler, and a stove as well. These appliances will make your life much easier when you’re preparing food for your customers.

Is This A New Financial Model For You?

The way we look at money today is somewhat different than it was in the past. In the past, people were generally more open to taking on additional financial liabilities – like loans and credit cards – in order to make more money. However, today, having extra money coming in is often seen as a positive development. Individuals are wanting to maximize their earnings potential, which means taking on fewer financial liabilities and instead focusing on generating more cash flow.

If this sounds like you, you’re in luck because there’s a side hustle opportunity that can help you build up some additional cash flow – without taking on too much additional financial risk. It’s called cryptocurrency and, as the name would suggest, it’s centered around the use of cryptocurrencies – like Bitcoin – as a form of payment. You’ll learn more about cryptocurrency below – for now, let’s look at the opportunity that exists.

The Potential For Higher Earnings

If you’re looking to generate some extra cash flow, you might want to consider exploring the cryptocurrency side hustle opportunity. As of January 2018, the worldwide market value of cryptocurrency is around $16 billion.

This makes it a huge market, but also one that’s difficult to break into. However, that doesn’t mean there’s not a way for you to profit from it. If you learn how to invest in and manage cryptocurrency, you can create a passive income stream that can help you achieve financial freedom – just like that.

Let’s dive into how you can make the most of this opportunity.

Buy And Hold

The first step to successfully investing in cryptocurrency is to identify the right coins to invest in. There are plenty of resources online that can help you identify the top coins to invest in according to the current market value and projected growth. Once you’ve found the coin that you think has the best combination of attributes, it’s important to keep investing in it. This is known as the ‘HODL’ strategy – ‘hold’ is another word for ‘stay put’ and it means you won’t touch your investment until the market values have risen. This is an essential aspect of successful investing because, over time, the market values of the coins will increase and they’ll become more affordable. As a result, you’ll make a profit when you sell your coin holdings – especially if you sold at the right time.

Build A Portfolio

Along with investing in a single coin, you can also invest in a mix of coins called a ‘portfolio.’ A portfolio is a collection of investments that work together to generate a profit or loss. When you invest in a portfolio, you are combining your money with a group of other investors in an attempt to generate a bigger return. Buying and holding individual coins isn’t very effective when you are trying to generate a profit because it limits your potential earnings. In addition to this, it creates a lot of stress because you have to monitor the market values of each coin individually.

If you want to make the most of your cryptocurrency earnings, it may be better to invest in a mix of coins and manage your portfolio yourself. This way, you can ensure that you don’t miss out on any profits that may arise simply because you didn’t keep up with the market values of the coins within your portfolio. For instance, let’s say you’ve bought and held onto Bitcoin for the past year and it’s gained in value. If you decide to sell your coin now, you’ll likely miss out on some of the gains because you didn’t update your portfolio with the latest Bitcoin news and information. Not keeping up to date with the market values of your portfolio coins can lead to huge profits being wiped out – even if you are the best stock picker in the world.

Set Up A Management Team

If you’re looking to create a passive income stream and aren’t sure how to go about it, it’s best to hire some help. While you can certainly run an effective management team yourself, it’s not recommended. Hiring a professional management team can help you achieve your financial goals and give you back the time to focus on what matters most to you.

Coin management is difficult because it requires constant monitoring of the market values of the coins you’re invested in. Plus, there are other things you have to keep an eye on like the general market values and the economy as a whole. If you have a busy schedule, finding the time to do all this can be difficult. In addition to this, there are so many different coins to keep track of so it can be confusing trying to keep up with the latest news and information.

If this sounds like you, consider hiring a cryptocurrency management team. These are experts who can scan the market for you, keep track of the latest news and information, and make the decision-making process easier. In addition to this, cryptocurrency management teams can keep track of all the economic data related to your portfolio and help you prepare accurate and timely reports. This will become especially important as you begin to scale up your operation and need to prepare financial statements for lenders and investors.