Many people are eager to engage in side hustles to earn extra income, but often find it challenging to get started. Some have tried side gigs for a while but eventually gave up due to not meeting their expected results. The experience of 35-year-old American Ryan Hogue might provide encouragement and inspiration to many. Initially, his side hustle only brought in $4 in profit per day, but he didn’t give up. Instead, he adopted a simple yet effective strategy to achieve his money-making goals, and now he earns over $1,600 per day. He recommends this strategy to others who want to make their side hustles successful, hoping that more people can benefit from it.
In 2016, Hogue was a senior web developer and part-time professor of web development at his alma mater, George Mason University, with an annual income of $117,300. Despite this enviable income, the commute to work made Hogue feel like he was wasting time and money, especially when faced with traffic congestion.
This led Hogue to start exploring other ways to make money. In October of that year, he ventured into dropshipping, which quickly evolved into an on-demand printing company. Later on, he added online courses, one-on-one tutoring services, and a YouTube channel as additional sources of income.
Three years later, his side hustle earnings surpassed the combined salaries of his two regular jobs, prompting him to quit his full-time job in 2020. Documents reviewed by “CNBC Make It” show that Hogue was making over $1,600 per day last year, totaling approximately $11,400 per week.
One key factor contributing to Hogue’s success was a simple strategy: turning his business into a competition he set for himself. Hogue mentioned that when he first started his side hustle, monthly sales were minimal, averaging only about $4 in profit per day. Despite this, he worked hard to double this figure.
“My friends would tease me – ‘Dude, nice, $8?’ But in my mind, I knew I could double that figure, then double it again,” he shared during an “Make It” panel at SXSW.
This “incremental goal” approach made Hogue feel like he was progressing, even if the improvements were small, like earning enough in a day to buy an extra Big Mac compared to the previous day. This mentality of winning the daily competition helped him persevere and grow his side hustle without giving up until it became profitable.
He also recommended this strategy to others striving to succeed in their side hustles, using the Big Mac as a measure of his net worth.
Hogue quantified his success in various ways. He tracked his net worth in an Excel spreadsheet and calculated how many Big Macs he could afford to purchase every 24 hours. In his hometown of Virginia, based on a price of $4.67 per Big Mac, he achieved a record last year of earning approximately 343 Big Macs per day, equivalent to over $1,600.
Despite his current success, Hogue continues to follow this effective strategy. He aims to gradually increase his annual income and explore new side hustles that can help achieve this goal. Once a side hustle generates sustainable income, he reduces the time spent on it and focuses on developing the next revenue source.
Experts suggest that setting small goals and committing to reviewing accounts weekly is the best way to achieve financial objectives, emphasizing that it may take several years to see results. Michael Liersch, the Head of Advice and Planning at Wells Fargo, stated to CNBC in January that one just needs to persist, motivate oneself, and ensure they can achieve their goals.
Starting with small goals is also a common experience shared by other successful individuals. Jackie Mitchell from Ohio, USA, challenged herself to save money to buy a house by setting a goal to earn an additional $10,000 within 100 days. To make this goal less intimidating, she broke it down into daily targets of making an extra $100 each day. She tried over a dozen different side hustles to help reach her goal. In the end, she not only succeeded but also completed the challenge 11 days ahead of schedule.