In recent years, the topic of additional income and financial security has become increasingly present in the public space – both on social networks and in everyday conversations. More and more people are looking for ways to improve their financial situation, but at the same time, a small part of them manage to build a sustainable result. What we need to know… Hristo Simeonov, who is part of the Light Griffin team, speaks to FACTI.
- Mr. Simeonov, the topic of “additional income“ is everywhere on social networks. Why do you think this model never works for most people?
- Most often, the problem is that people underestimate what it really means to build an additional income. Many of them perceive it as something side, almost like a hobby, which should start bringing results quickly and with minimal effort. In reality, however, a second income requires the same thinking as a business - deep analytical thinking, a systematic approach, discipline and a willingness to not succeed the first time. Another key point is the lack of perseverance - people start, but do not last long enough to see results. The combination of unrealistic expectations and lack of consistency is the main reason why this model does not work for most people. Above all, it is a matter of self-confidence, faith, a desire for hard work, research, readiness to make mistakes and learn from them.
- You often say that the problem is not only in money, but in the way of thinking. How does thinking really affect a person's income and financial results?
- This is the most important thing and I most often see serious problems there - in the way of thinking, in the perception of the world. Many people in our country have reactionary, inert thinking and behavior. They have grown up in a routine that leads to a lack of motivation for development, resignation and, accordingly, low income.
Prosperity requires exactly the opposite - responsible, critical and analytical thinking and behavior towards oneself, which must be adapted to the needs of society and the market. This symbiosis between the needs we identify and the solutions we offer can initially bring us satisfaction from our contribution to society, but also make us wealthier.
- What are the most common mistakes people make when trying to start a side income or a small business?
- First of all - it is subjective, a lot depends on the entrepreneur's profile. One of the most common mistakes is that people do not take what they do seriously enough. They underestimate the quality of the product or service and do not put themselves in the customer's shoes. The second big mistake is the lack of perseverance - they start with enthusiasm, but quickly lose momentum and interrupt the process. The third problem is related to the comfort zone - many people are not ready to face the reality of entrepreneurship, which includes competition, mistakes and the need to adapt. These three things in combination often stop development at the very beginning.
- In Bulgaria, more and more people are looking for financial security outside their main job. Is it realistic today for a person to build a second income without a large start-up capital?
- It is possible, but it is not as easy as it is often presented. The lack of capital is usually compensated for with more time, effort and learning through practice. It is important to make a distinction - A small start can be achieved with minimal funds, but building a stable and sustainable income requires either investment or long-term work. Many people underestimate this process and expect quick results. The reality is that without knowledge, skills and perseverance, the chance for sustainable success remains limited.
- Do you see a difference between the “quick money schemes“ that are advertised online and sustainable income-building models?
- The difference is significant. “Quick money“ usually only work for people who already have experience, built skills and a clear strategy. For the rest, they often create unrealistic expectations and lead to disappointment. Sustainable models require time, testing and gaining experience – there is no universal formula. In the long run, what works is consistent development in a specific direction, not the search for the “next quick opportunity“.
- Which business models do you think work best in Bulgaria in 2026?
- Models that solve a real and clearly defined problem work best. There is currently an increased interest in digital products and services, including those that use technologies such as artificial intelligence for optimization and efficiency. But what is more important is not the model itself, but how well it is aligned with the needs of the market and whether the person behind it has the ability to develop it. Successful businesses are usually built where there is clear demand and consistent action.
- Many people have ideas, but never start. Is the fear of failure the bigger problem, or the lack of a clear strategy?
- Both play a role, but the fear of failure, and the fear of success, at the heart of which is the avoidance of change, is the bigger, more significant problem. It blocks action from the very beginning. The lack of strategy often comes precisely from this - when a person does not start, there is no way to build clarity. In practice, it is seen that confidence comes through action, not before it. Therefore, the biggest mistake is procrastination, not failure itself.
- In your opinion, does the Bulgarian business environment encourage entrepreneurship, or does it rather make people seek security and work “from paycheck to paycheck“?
- The business environment has its challenges, but at the same time there are enough opportunities. What we need to know and remember is that if there is a will, there is a way. This is a completely true statement here - Bulgaria is a country in which there are all the available conditions, the market and its opportunities are open. There is no shortage of successful examples. What is needed is the right orientation, knowledge of the environment, the requirements and specifics of your niche, the competition, the demand and supply of your product. People often seek security because it is the more predictable choice, but that does not mean that there is no alternative, which for many would be the only way to a decent income in our country.
- What is the most important advice you would give to a person who wants to get out of financial survival and start building a sustainable income?
- The most important thing is not to resign yourself and start acting, instead of waiting for the perfect moment. To look for options and be open to suggestions. Many people waste years in preparation without actually taking the first step. Real change comes from consistent action, even when the results are not immediately visible. Over time, this builds experience, confidence and a real foundation for sustainable income.