In the current high-cost environment, many people are seeking additional income to buy a house, a car, or for other major expenses. The idea of making tens of thousands of dollars a month by spending just 15 minutes a day on a side hustle may seem unbelievable to many, but it has become a reality for American woman Rachel Jimenez. So, how did she manage to do it?
Rachel shared her secrets to success on CNBC’s “make it” show, hoping to inspire more people to successfully build their own money-making machine.
Four years ago, Rachel struggled with postpartum depression and her 9-to-5 job in higher education management was not bringing her happiness. She decided to start selling digital products such as business templates and party games on Etsy. To her surprise, this side hustle started taking off and brought her a substantial passive income.
Rachel now earns $10,000 or more per month from four streams of passive income.
Of course, starting a new business can be time-consuming initially, but once the business is on track and you learn how to automate it, making money becomes easier. Here are some of Rachel’s success tips shared on CNBC’s “make it”:
Doing thorough research can help you avoid costly mistakes.
Many people get excited about their first idea or opportunity without doing proper research. Rachel mentioned that when she started doing business on Etsy, she created budget templates which didn’t sell well due to low demand and high competition. It was only after spending time researching keywords and trends through Pinterest and Google Trends that she started creating more specific and successful products.
She strongly recommends doing financial forecasts before spending money to understand your expenses and avoid running out of funds. One of the main reasons businesses fail is due to running out of money.
Even though a side hustle that eventually brings passive income requires time investment in the beginning, many people underestimate the time they need to allocate upfront. Daily tasks may distract you, but if you don’t set aside time in the beginning to develop the business, it will never become your money-making machine.
Rachel suggests scheduling dedicated time every week to focus on and work towards your goals. For example, in the beginning, she spent 8-10 hours a week honing her business skills for several months.
She said she initially spent 20-30 hours a week actively creating products. Now, she only spends 15 minutes a day managing her business, including responding to messages and customer inquiries.
“Success doesn’t come from quick wins, but rather slow and steady progress towards specific goals over time. Consistency is key,” she said.
The beauty of passive income is that it allows you to earn money without investing a lot of energy daily. Rachel mentioned that automating everything is the best way to save time.
“Since I sell digital products on Etsy, the platform can automatically deliver after processing payment. I use Convertkit to automate my email marketing,” she said.
“Automation can save your time, help you maintain a steady income source. If you can’t achieve automation, it means more manual and mental labor, less freedom,” she added.
No one can achieve success entirely on their own. Seeking help from financial advisors and experts can significantly increase your success rate.
Rachel said she dabbled in side hustles for years, but it wasn’t until she took a course from “Gold City Ventures” on selling digital products on Etsy that she successfully created a passive income business.
After completing the course, she was able to start and make money in about a month. About nine months later, she started consistently earning passive income.
Relying on a single income source makes you vulnerable to market fluctuations and unexpected changes. Rachel’s passive income portfolio includes stocks, bonds, real estate, as well as selling digital products on Etsy and her own website.
Diversification is crucial for risk mitigation and increasing sustained returns.
Rachel noted that many people get stuck in the planning phase waiting for the “perfect time” that never arrives. She made this mistake herself but positive psychology helped her overcome her fears. The book “Change Your Questions, Change Your Life” by Marilee Adams helped her cultivate a growth mindset and change her inner dialogue to ask questions like “What can I learn?” instead of questions that hinder progress.
There is no perfect starting time, and failure is always a possibility. However, the sooner you take action wisely, the sooner you will learn and the greater the opportunities for growth.
Taking even a small step forward, such as researching the market and learning, can bring significant progress over time. It’s important not to let the fear of failure hinder your path forward.
Like Rachel, many successful people share a common trait – they are not afraid to research and they don’t give up easily in the beginning. Francisco Rivera, a 26-year-old American man, discovered a video about print-on-demand side hustles on YouTube and was inspired. After researching, he found that T-shirts or mugs in print-on-demand had many competitors, but candles in print-on-demand were a new category. He also liked to add witty phrases to the candles to make them more appealing to consumers.
This print-on-demand business not only had low investment risk but also brought him substantial income. According to documents reviewed by CNBC’s “make it,” his sales on Etsy were approximately $462,000 last year. What’s more enticing is that he only needed to spend about 20 minutes a day to manage this business on average. Occasionally, he would spend an extra hour or two researching trends and designing new candle labels.