Comparing 3 income sources and a plan forward

[Dufresne85]

I'm looking for insights here from experienced entrepreneurs.

I realized the following when comparing the income from:

- random upwork projects
- full-time job
- side-projects

The random upwork projects 'hurts' the most - yes its quick money, but feels time consuming and barely 'worth it' - they feel most like a job compared to my full time job.

The full time job 'hurts' less, as in more time to deliver work. The pain is not as noticeable, because suddenly a 'large' income is given at the end of the month. If this income would be paid out daily - it would be more painful, because you get more aware of the time you put in and the income that provides.

Side-projects, these 'hurt' in the way that there is not always an income, but when it comes - its the sweetest income of all. The projects run on themselves and can generate more, if more is spent in advertising/marketing.

According to chatgpt - the plan should be the following.
Can't say I disagree completely, but I am afraid its playing it too safe?
How do you think this plan should look like going forward aiming for maximum income?
Should upwork and my full-time job be stopped and should I actually look at freelancing full-time and building automated sideprojects (I thought that should be my logical next step)?

Example Plan​

1. Full-Time Job:
   • Continue as the primary income source.
   • Monitor job satisfaction and burnout levels.
2. Upwork Projects:
   • Take on high-value projects selectively.
   • Avoid low-value, high-effort projects.
3. Side Projects:
   • Allocate specific hours each week.
   • Invest in learning and improving skills related to these projects.
   • Gradually increase marketing and automation efforts.

 

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[cmh]

I'm looking for insights here from experienced entrepreneurs.

I realized the following when comparing the income from:

- random upwork projects
- full-time job
- side-projects

The random upwork projects 'hurts' the most - yes its quick money, but feels time consuming and barely 'worth it' - they feel most like a job compared to my full time job.

The full time job 'hurts' less, as in more time to deliver work. The pain is not as noticeable, because suddenly a 'large' income is given at the end of the month. If this income would be paid out daily - it would be more painful, because you get more aware of the time you put in and the income that provides.

Side-projects, these 'hurt' in the way that there is not always an income, but when it comes - its the sweetest income of all. The projects run on themselves and can generate more, if more is spent in advertising/marketing.

According to chatgpt - the plan should be the following.
Can't say I disagree completely, but I am afraid its playing it too safe?
How do you think this plan should look like going forward aiming for maximum income?
Should upwork and my full-time job be stopped and should I actually look at freelancing full-time and building automated sideprojects (I thought that should be my logical next step)?

Example Plan​

1. Full-Time Job:
   • Continue as the primary income source.
   • Monitor job satisfaction and burnout levels.
2. Upwork Projects:
   • Take on high-value projects selectively.
   • Avoid low-value, high-effort projects.
3. Side Projects:
   • Allocate specific hours each week.
   • Invest in learning and improving skills related to these projects.
   • Gradually increase marketing and automation efforts.

What is your industry? What are these side projects in general?

The ChatGPT plan is a joke IMO, it basically is telling you to do what you are already doing. I did the same thing as you seven years ago -- I went through all 4 of my income sources to figure out which ones were the most promising. That was before I knew CENTS, but I came close. The key thing I did, though, was to totally stop 1 of my activities, and severely curtail the other.

The question for you is, what are you trying to do here? If you are trying to build a B2B company, then UpWork is good. Make sure you are well-branded, and you'll slowly accumulate clients that use you "IRL". If your job is to make self-running side projects (presumably SaaS?), then do that. IOW, I'd put either #2 or #3 on the back burner.

UNLESS, #2 or #3 already provides a living income. In that case, ditch #1 for max time savings.