Something that I have been guilty of in the past has been romanticizing side projects. Before I write a line of code, collect an email, or sketch out an idea I'm dreaming of what could be. I am sitting on a beach with a fancy drink. Heck my laptop isn't even in the picture. The dream of passive income is alive and well!
So what is the problem with romanticizing? The problem is that our dreams can balloon so much that we never take a step toward them. If I'm honest with myself, earning a living from a side project is scary. The pressure to replace my income becomes too great for me to experiment. Too great for me to take my time and learn. I don't want to fail, so I don't even try.
What if we viewed side projects as investments instead of instant income replacements?
Instead of attempting to replace our income right out of the gate, like I have done, why not attempt to make an extra $500-$2,000/mo. We can invest in learning skills and growing our current assets.
I put money into an IRA and 401k ever month. Why can't I have a side projects that I view as small investments as well?
Changing our perspective can help us build, test, iterate, and move on faster. If something gains traction we can throw our energy into it. If it flops, we can move on without completely throwing in the towel. Have you ever heard the term “cut your losses”? The more you have invested the harder it becomes to kill an idea or project. Even if it has zero traction. This prevents us from moving on to things that could be something.
Lesson: don’t take too long to learn something isn't going to work.
Let your side projects add up.
Investments can grow. They compound with interest. Earning an extra $500 per month over become $30,000 over 5 years. Throw that cash into an investment account and you are starting to set yourself up!
A lot of us dream about financial independence. This is a big part of pursuing a side hustle. Becoming a full time indie entrepreneur isn't the only path forward. Having a great job and a successful side project for a couple of years can position you well.
Where I am at.
Starting small is my new method. I’ve prevented myself from taking a first step many times because my projects were too ambitious for me. Not any more. I launched Bootstrap Logos as an investment.
I love designing logos. I have no intention of replacing my salary with this project. But I think I can learn and earn revenue through a project like this. Revenue that can set me up for bigger things in the future. Who knows, in a year or two I could be sitting on that beach living the dream. But for now I’m having a great time exploring ideas, and creating new experiments. If they fail, they fail. If they catch on, then awesome! At least I am moving.
Happy building.
Hi Kyle, nice article. I was checking out your logo site, some thoughts: when you click on a logo, it takes you to the logo page. I was expecting some insight for each one. Like "this log works perfect for ____ ".
The checkout is a bit confusing, it said “logos from $150”. But the I only have a $300 logo option plus a $150 extra. I can uncheck both, and the checkout button complain if I click , wouldn't be better if the first option is always checked? Just my 2 cents :)
Nice article. And yes, think of your side projects to invest in yourself. It ALWAYS pays off.
Another reason not to romanticize side projects?
They break your freakin' heart when they don't work out. And it can take days, weeks, MONTHS, to recover!
So a little detachment is a good thing.
Good read! How much are you making with your logo side project?
This is a good idea, but it's also important to know when to quit. Sometimes quitting too early on a good side project will hurt your investment. I'm still struggling with this.