The Specific Reason Why You Need to Launch a Side Business (Or Whatever You Want to Call It!)
Day after day, I have people reaching out to me asking what specific steps they should take to land their dream careers. Most of them want to transition into a new role but do not know how to start the process or what they should do to make themselves a stand out candidate.
After spending hours on calls and digging deeper into finding out what they actually love to spend their time doing, many of these conversations end with me pushing them outside of their comfort zone and coaching them to launch their own side project.
I strongly believe that creating a side business or a side project can be your mechanism to unlocking what you truly love to do.
That’s why this article is going to be your definitive guide as to why you need a passion project, and how it can help you achieve a level of success you could only DREAM about.
Alright, so get to the juicy part… What is a “Side Business?”
Whether you call it a side business, a side hustle, or a passion project, it really does not matter. Whatever you want to call it is insignificant compared to what actually matters most: GETTING STARTED.
With passion projects, and side hustles, the goal is always creating space in your life to do more of what you really enjoy. Even with a full-time job, a mortgage to pay, student loans to pay off, and a family, I am here to tell you it is possible to work on your own passion project.
What I have recognized by launching my own “passion project,” RX Ashlee, is that it actually created more enjoyable space in my life where I can fulfill a niche that I really love doing. My side hustle has rejuvenated me, given me a deeper purpose in my life and in my career, and simultaneously helps others achieve their highest level of success (win,win,win!!!).
One of the absolute beauties of developing a passion project is that there are no rules. You don’t need to dedicate 8 hours a day to it. You don’t need to purchase an office space. You don’t need capital investments. You don’t need to create a website. You don’t need anyone’s permission, and most importantly, the opportunities are endless.
The beauty of all of this is there is NO losing, the risks could essentially be zero. Starting a unique project may cost you zero dollars. You just need to commit!
Even if you can dedicate 15 minutes a day to your passion project, you can consider yourself accomplished.
Hold On A Second... Let’s get back to Why YOU should Consider a Passion Project?
Before we get into the nitty gritty of how to launch your own passion project, I want you to take a HUGE step back and ask yourself: “Why am I considering starting a passion project?”
Before you jump into the weeds of developing this new endeavor, it’s important to understand what your goals are and why you want to pursue something new.
Are you creating this side business to generate an additional revenue stream? Is it to aggressively pay off your student debt? Is it to pay for a future dream vacation? Is it to pay for that new kitchen you always wanted? Or is this project going to be an outlet where compensation will not be a factor?
So, before digging too deep into the side business, ask yourself a tough question: What is the purpose of doing this new project?
Everyday, I get a ton of people asking me HOW to differentiate themselves in the market, how to meet new people, and how to get their name out there?
My answer is simple: LAUNCH SOMETHING. Be known for SOMETHING. Be proud of SOMETHING. Create something you’re passionate about and keep working with it.
If you’re in the medical industry, like so many of my clients are, get back to your roots as to why you went into medicine or why you went into your career. Do you currently feel like you are living out that mission? If the answer is yes, how can you ensure you will sustain down this path? What specific steps can you take to ensure your continued happiness and success?
For some people in the medical industry, they asked themselves those questions and immediately said “No, I am not living out my dreams and my mission.” If that sounds like you, it’s time to start doing something about that problem and bring more passion into your life.
The ‘Why’ Behind Launching Your Own Side Biz
Since we’re currently in the depth of self-reflection, it’s time to think about why you want to launch your own side hustle.
As I’ve mentioned time and time again, according to The National Academy of Medicine, physician burnout is at all-time high right now. 1 out of every 2 physicians, or 50%, are BURNED OUT. They have an extremely high degree of emotional exhaustion and a low sense of personal accomplishment.
If you find yourself feeling burned out, or simply want to introduce more of your passions into your work, it may be time to dive in on your passion project and see how far it can take you.
From what I’ve gathered, there are three ways to looks at passion projects:
1) Monetary: A project that you get personal fulfillment while simultaneously earning additional income. So, technically, you are putting in more hours of “work,” but it is work that you ENJOY doing.
2) Standing Out: A project that can differentiate who you are in an already saturated market. Whether or not this project will also bring in more income, the goal of this type of passion project is to ultimately further your career by differentiating yourself from the rest. This could be paid or unpaid.
3) Totally unrelated to your field: Taking up a new project that, on paper, has nothing to do with your career field. This is solely to learn a new skill or venture out of your comfort zone. I state “on paper” because you could utilize these news skills as “transferable skills” into a new role. This could be paid or unpaid, choice is yours. An example of this is I am a pharmacist, but I dip into the party planning business. Project management is a specific skill that I use while planning an event, but this skill is transferable into any new management role.
Why Everyone Should Have a Passion Project of Their Own
Whether or not you are looking to start a totally new career or simply expanding your skills, having a passion project is something everyone should try their hand at. I have witnessed several clients launch a passion project, and within just a few months completely altered the way they look at their 9-5 job. Before the passion project, all they thought about was how dissatisfied they were in their current role. Post-launching a passion project, they had something else that was emotionally filling them up, and something else that was making them remember why they went in to their careers to begin with.
I’ve also witnessed and coached a few clients into completely leaving their 9-5 and transitioned into full time passion project business… I LOVE coaching these type of ambitious clients… you know who you are, and I love you for it!
So, think about it: you could stay in your traditional role and have a maybe happy career, or you could make it your own and be completely passionate about the difference you’re making each and every day.
Steps on How to Specifically Launch a Side Hustle
If your current position is wearing you down, or you’re finding yourself connecting with everything in this blog, it may be time to start your own passion project.
Prior to your launch, these are a few steps to consider:
What do you enjoy doing?
Who is your audience?
How much specific time do you have to dedicate to this?
What is your WHY? Why do you want to do this?
What is your goal in launching a side project, a side business?
Reflect on the three different project paths I provided you and really think about WHAT it is you want to gain out of putting energy into this work.
“Isn’t the Goal to NOT Have to Work More Than One Job?”
If your purpose in launching a side hustle is to purely make extra cash, you’ll probably look at it as if it’s just ANOTHER JOB.
However, if you take a step back and actually think about what is it that you like to do, you should be able to find something that feels like it’s worth your time and energy.
Before you throw yourself into a passion project, make sure you’re making the most of your natural gifts.
In the end, taking the time to narrow down what you’re passionate about, what unique skills you have to offer, and how it can help others will allow you to spend more time doing what you love.
So, yes, the goal is to NOT have to work more than one job. Until you’re able to fully transition your side hustle into a full-time project, limiting yourself to what you’re passionate about will help you feel energized and fulfilled rather than burned out.
One of the main points of the perseverance principle is that you should reflect and invest more time in YOURSELF. After all, doing more of the things you love to do is critical to overall happiness.
Think about it this way: according to the book High Performance Habits, by Brendon Burchard, high performers are HAPPIER then lower performers. The reason why I bring this book up and this specific fact is because, if you are happier and doing more things you enjoy, then you more likely to be a better performer in any role.
A perfect example of a successful Side Hustle
Have you heard about Your Financial Pharmacist? If you haven't then you should check them about immediately. These guys are not only side hustle experts, but they are awesome guys.
After paying off his student debt in just a few years, the founder, Tim Ulbrich, PharmD, started blogging about the steps he took to earn financial freedom. His blogs went viral, and since then two more Tim’s joined YFP, Tim Baker, CFP, and Tim Church, PharmD. Since 2015, they’ve been invited to speak at many different organizations and pharmacy schools, wrote a book called the Seven Figure Pharmacist, they have a very successful and incredibly informative podcast, and a brand new online course teaching students, residents, and all levels of practitioners specific steps on how to pay off your student loans.
When I asked Tim U. about why he started this blog he said “...I just wanted to help pharmacists understand that they too can have financial freedom, our profession deserves this.”
If you look at the definitive reasons as to WHY you should launch your own side business, YFP hits all of them: passion, carving out a unique niche, educating, and to set yourself apart as an expert in your field.
Your Own Version of Success
Success of a side business is very clear and can take two different paths: It can pull in an extra stream of income OR, even better, if can turn into your full time career.
Ultimately, passion projects are all about rejuvenation and bringing passion back into your life. One of the most surprising benefits of adding a “second job” to your day is how much it can energize you throughout all of your other roles.
Remember, 24 hours in a day for everyone. How will you spend every minute of it?
Also, if you love this blog or my previous blogs, do me a HUGE favor and share them with your friends, family, colleagues. It really would mean EVERYTHING to us here at RX Ashlee! My whole team puts a ton of energy into creating content for you! If you have a topic we should cover, contact us!