Every finance guru will tell you to get a side gig, especially with the current state of the economy.
Starting your own project that generates additional income is a smart way to maintain financial stability. But as it turns out, it can also make you rich.
Check Out: I’m a Self-Made Millionaire: 6 Steps I Took To Become Rich on an Average Salary
Learn More: 7 Reasons You Should Consider a Financial Advisor — Even If You’re Not Wealthy
GOBankingRates spoke with two self-made millionaires who turned their side hustles into lucrative businesses. Harrison Tang, co-founder of Spokeo, and George Yang, founder and chief designer at Yanre Fitness, shared the crucial lessons they learned from elevating their side hustles into seven-figure successes.
Let’s hear out what these self-made millionaires have to say.
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Dedication And Smart Strategies Will Take You Everywhere
“Having been a self-made millionaire and CEO myself, I have learned a great deal along the way,” Tang said. “Firstly, success is fuelled by passion; having a deep love for your work keeps you going when things get hard. Second, scale up after starting small.”
He said to start with a well-defined niche, improve your good or service, and then develop as the market demands it. Tang also noted it’s imperative to practice sound financial management.
Find Out: I’m a Self-Made Millionaire: I Followed These 7 Grant Cardone Tips To Get Rich
“Watch your spending and reinvest earnings,” Tang said. “Finally, accept failure as a chance for growth. While mistakes are unavoidable, they can also teach us important things.”
Aside from that, he said creating a solid network and surrounding yourself with mentors and like-minded people are also essential. Most importantly, Tang encouraged others to believe in their vision and wasn’t afraid to take calculated risks.
“With dedication and smart strategies, you can turn your side hustle into a thriving business,” Tang said.
Success Is About Self-Discovery
Yang’s company has “a significant presence in both the United States and China.”
“At 60 years old, as a registered dietitian nutritionist, a certified health education specialist and a successful entrepreneur, I made myself a millionaire by decades of hustling,” Yang said. “The lesson I learned about my life: Success is all about self-discovery, passion and real-world experiences.”
Uncovering your true self, he explained, involves digging beneath the surface to reveal who you are. This alignment, he added, often leads to finding your passion.
“Once you grasp your values, strengths and interests,” Yang said, “you can match your pursuits and profession with these revelations. When I first started my career, I was focused on achieving financial success. However, self-discovery led me to establish Yanre Fitness. In the early ’90s, I wasn’t ‘George Yang, the founder.’ I was just a curious enthusiast, fascinated by how fitness machines worked.”
Surrounded by athletes, he said these massive machines seemed less daunting.
“I was the handyman, fixed treadmills for the National Athletes Team in Beijing. I had no manuals, but I learned by doing. Each tightened bolt and adjusted setting wasn’t just maintenance; it was learning from the ground up.” Yang said. “Talking to athletes helped me understand what fitness really needed.”
Dedication Is More Important Than The Outcome
He explained that each obstacle was a lesson, and by 2006, his business had gained global recognition.
“In 1997, a pivotal year, with a mix of insights, ambition and sheer will, I laid the foundation stone for YR Fitness,” Yang said. “Today, as I look back with 300+ design patents under YR Fitness, it isn’t just about a brand’s success. It’s about the journey, the fire, the dreams and the countless hours of dedication.”
A Mentor Can Help You Bridge Gaps
He took those stories, feedback and a sprinkle of his own design magic, and soon his own line of gym equipment started taking shape.
“Having a mentor or guide can be invaluable in your self-discovery journey,” Yang said. “Back in the ’90s, after realizing my thirst for knowledge, many athletes became my mentors. They saw my passion and started recommending books to help bridge my gaps.”
Self-Discovery Is a Journey, Not a Destination
“If you feel lost and unsure about your passion or purpose, start by being kind to yourself,” Yang said. “Remember, self-discovery is a journey, not a destination. Success is a journey, not a final resting place.”
He recommended beginning with small steps, like reflective journaling or trying new activities.
“Seek guidance from mentors and remain open to the process.”
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This article originally appeared on GOBankingRates.com: I’m a Self-Made Millionaire: 5 Lessons From Elevating My Side Gig to Seven-Figure Success
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