My 4 streams of income as an architectural designer (passive and active)

Summary

In this video, an architecture designer shares their journey of building multiple side hustles while working in architecture. After realizing the financial limitations of a traditional career path, they leveraged skills like hand drawing, 3D rendering, and photography to create side businesses. Their story emphasizes the importance of diversifying income streams, using passive income to gain more free time, and the freedom to pursue creative passions. They provide practical side hustle ideas for young designers, such as website design, architectural photography, and selling artwork online, aiming to inspire others to explore entrepreneurial opportunities.

Takeaways

• 😀 Graduating as an architect may not always lead to high-paying jobs immediately, but side hustles can supplement income significantly.
• 😀 Earning $3,000 to $4,000 extra a month from side hustles can have a big impact on a young designer’s life, providing financial freedom and more creative opportunities.
• 😀 Starting side hustles didn’t require abandoning architecture—moonlighting in the evenings and weekends allowed for extra income while still holding a full-time job.
• 😀 It’s essential to learn how to price your work correctly—initially undercharging can lead to financial challenges, but refining your pricing strategy can lead to success.
• 😀 Diversifying income sources through both active (e.g., freelancing) and passive (e.g., Etsy shop) income streams can provide greater financial security and freedom.
• 😀 Passive income streams, like an online store, require time and effort initially but can eventually become almost self-sustaining with minimal weekly effort.
• 😀 Side hustles offer the freedom to explore new skills and hobbies, which can be as rewarding as the financial benefits.
• 😀 Having multiple income streams reduces the financial risk of relying on one job and can provide greater control over your career and lifestyle.
• 😀 Side hustles can also serve as valuable training wheels for running a business—learning tasks like tax filing, invoicing, and bookkeeping helps prepare you for future entrepreneurial endeavors.
• 😀 Architects and designers can start side hustles by leveraging their existing skills, such as website design, photography, 3D modeling, and creating artwork or illustrations.
• 😀 Platforms like Etsy, Upwork, and Fiverr provide accessible ways to sell services and products, even for beginners, and can be used to build a steady stream of income.

Q & A

What inspired the speaker to start a side hustle after graduating from architecture school?

The speaker was initially disappointed by the reality of earning a low salary as an architecture designer. They were inspired to start a side hustle after realizing the financial limits of their full-time job and looking for ways to generate additional income, especially as a young designer in Silicon Valley surrounded by entrepreneurial friends.

How did the speaker balance their full-time job and side hustle in the beginning?

The speaker started by moonlighting on freelance projects in their evenings and weekends. Although they weren’t sure if moonlighting was allowed by their employer, they managed to take on extra work and charge clients for their 3D rendering services, eventually learning how to price their work more effectively.

What mistakes did the speaker make when pricing their freelance services initially?

The speaker initially charged a low, nominal fee based on what they estimated to be their hourly wage as a regular designer. However, they didn’t account for taxes, equipment costs, overhead, or profit margins, which led them to earn less than expected in the early stages of their side hustle.

What changes did the speaker make to their work schedule to better balance their full-time job and side hustle?

The speaker negotiated a flexible work schedule with their employer, agreeing to a 32-hour, four-day work week. This allowed them to dedicate Fridays and weekends entirely to their side hustles, creating more time for their freelance projects and personal passions.

How did the speaker transition from 3D rendering to hand-drawn sketches as a side hustle?

The speaker realized that 3D rendering work was becoming more competitive with international vendors offering low rates, so they shifted to hand-drawn sketches, a skill they had honed from childhood. This niche skill allowed them to offer unique, specialized work that was highly sought after by architects, interior designers, and developers.

What was the impact of the speaker's Etsy store on their side hustle?

The speaker’s Etsy store, initially started as a hobby, grew into a profitable side business. They began selling hand-drawn sketches of cityscapes and iconic architecture, and within a few years, their store generated a projected annual revenue of around $30,000. This became a source of passive income, as the business began to run itself with minimal effort.

Why does the speaker emphasize the importance of building passive income alongside active income?

The speaker emphasizes passive income because it provides financial security and flexibility. While active income involves trading time for money, passive income, such as from an Etsy store, generates revenue even when you're not actively working. This gives you the freedom to pursue other creative interests and reduces the risk of relying on a single source of income.

What is ‘lifestyle business’ and how does it relate to side hustles?

A ‘lifestyle business’ refers to a way of structuring your work life so that you can focus on personal passions, work fewer hours, and maintain a better work-life balance. By building side hustles that provide multiple income streams, the speaker believes it’s possible to work in a semi-retirement mode, where you have more freedom to be creative and enjoy life.

What are some of the practical skills the speaker learned from starting side hustles?

The speaker learned valuable skills like managing taxes, bookkeeping, invoicing, and possibly even filing for an LLC. These skills are essential for running a business, and they act as a form of training for anyone considering entrepreneurship in the future.

What types of side hustles does the speaker recommend for architects and designers?

The speaker suggests several side hustles for architects and designers, including website design (helping small businesses improve their online presence), architectural photography, drafting and 3D modeling for other designers, rendering, selling artwork (like hand-drawn sketches), and offering freelance services on platforms like Upwork or Fiverr.