Does copying side hustle formulas work

On social media sites such as YouTube you will find countless videos or articles about a passive income or side hustle formula that made someone wealthy. And as a new or experienced side hustler research and learning play a big part in success. Those titles or headlines grab attention, as they are intended to do. So before you go and copy a side hustle formula consider these 5 things.

Every video, article, and piece of media has a purpose. As the reader or viewer it is your job to consider what the purpose means and if the information is believable. As a side hustler this is of utmost importance. You will be investing time and possibly money into this side hustle, so it is important that you fully understand what you are getting into, both the good as well as the bad. All of this information has context. Is this an annual or monthly plan that they talk about. A good example is if someone is releasing an article or a video every month about how they are doing, there is a possibility that it is a genuine update and there is a possibility that it is simply to get your attention.

2. Consider the market place

Every side hustle exists in a market, with its leaders and supply demand relationship. Just because you are copying a formula doesn’t guarantee success. Oftentimes you are copying the formula of a market leader or someone who believes they are an expert. Most of the time there are major aspects that allow the market leader to succeed. It could be their staff or assets whether they are financial or technical. Someone who wants you to believe they are successful will focus on things that get you attention such as buzzwords associated with your goal such as monthly earnings. This is where the market comes in, not every side hustle has the same earning potential or demand, so it is up to you to do your research.

3. Market innovations

Side hustles are like businesses on a very small scale. Innovation and growth are the key to survival and success. The market is constantly changing, there are always new entrants and competitors entering on a daily basis. Being able to innovate with changing trends is vital. A formula doesn’t account for trends, and rarely offers guides that tell users…

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