Side Hustle: From Idea to Income in 27 Days


Side Hustle: From Idea to Income in 27 Days
Publisher: Currency
Published: 9/19/2017
For some people, the thought of quitting their day job to pursue the entrepreneurial life is exhilarating. For many others, it's terrifying. After all, a stable job that delivers a regular paycheck is a blessing. And not everyone has the means or the desire to take on the risks and responsibilities of working for themselves.

Book Summary - Side Hustle: From Idea to Income in 27 Days by Chris Guillebeau

Key Insights

Sometimes it is hard to be your own boss, and not everyone can thrive and succeed away from their day job. At the same time, if you have an entrepreneurial spirit, but want to keep your primary job, it may be time to try a side hustle.

In Side Hustle: From Idea to Income in 27 Days, Chris Guillebeau shows readers what it takes to have a successful side business that brings in extra income, while also offering the dos and don’ts for a successful side hustle.

You will learn how to take a hobby that some might consider to be obscure and earn money with it. You’ll learn how to prevent making simple business mistakes with some easy math, and even what the Girl Scouts have to teach us all about business.

Key Points

Side hustles are also a form of job freedom that anyone can achieve

The definition of a side hustle is to have a business venture that is profitable, while also working in conjunction with someone’s paid employment or career. In general, a side hustle is something in which the bare minimum is needed in terms of time and money spent, as well as effort, to bring in extra income.

Having a side hustle means that you have different sources to bring in money. This also helps if you are fired or quit full time because there is still money coming in to pay the bills.

When starting a side hustle, there is no reason to be overwhelmed, as you really should only be starting with an hour per day. Anything over that is likely wasting time and energy. And you don’t need a degree to get a side hustle going.

This is your personal business that you are running, so you don’t answer to anyone else.

With careful consideration and math skills, you can come up with strong ideas that in turn become a solid side hustle

In order to get started figuring out your ideal side hustle, it’s important to determine if your idea has three specific qualities. You must determine if your potential idea is motivating for you if it can be done in a short amount of time, and also if it can actually make you money.

If the answer to those three questions is yes, then you have an idea that is feasible.

In order to determine if your idea can make money, you should be able to describe it to potential customers in two sentences and see if they are interested in your proposal. If your idea is persuasive enough for people to say yes to, then you have something that could in fact make you extra money.

Once you determine whether or not you have an idea that works as a side hustle, it is time to do the math to determine how much money you can make versus how much you need.

Simply put, you should be spending less money on your side hustle than you bring in (otherwise you simply are not making a profit). It is also a good idea to run the numbers two times, once to give yourself a conservative number and once that is more optimistic.

Take your side hustle and build it up with a pitch and how much you plan to charge

Once you have an idea for a side hustle it is time to create an offer for potential customers. Every offer that you make has three components to it: the pitch, the price, and a promise.

Your promise is a bold statement that tells customers what they will get from you and the benefit of going with you over someone else. The pitch itself is what the customer needs to know about what they are getting. And of course, your price is what you will be charging your customer for your services or product. Included with your cost should be a call to action as well.

Your offer should also create a sense of urgency that makes your potential customer realize that they need to hurry to get in on what you are offering them.

You need resources for your side hustle

When getting started with a side hustle it is important to have a shopping list of resources needed.

The first thing on your list should be a website, as this is your home based online. Next, you need to have a social media profile for your side hustle, and while it does not need to be all of the platforms, you should at least be on one or two of the primary sites (either Twitter or Facebook specifically).

The third thing on your list should be a tool for scheduling. While a side hustle may not consume all of your time, it does take time and that means it is important to use time management skills and tools.

The fourth thing you need is a payment system to accept money from customers. This could be as simple as a PayPal account or a shopping cart on your website.

Once these things have been handled, you should make your priority not only making more money but also offering more value to your customers. When you respond to a customer’s needs without them even saying anything, then you are providing them with additional value.

You can also make more money by increasing your rates over time. Once you have established your side hustle and made it something that your customers rely on, they will come to understand that the price increase is something you must do to be compensated fairly as well.

Understand the benefits of your side hustle and make sure the right people are involved to better sell it to others

The Girl Scouts are a good example for people looking to build a profitable side hustle. The reason that they sell so many cookies every year is that not only are their products delicious, but people are aware of this fact.

It is important to emphasize the merits of your product or service. Potential customers need to know about the benefits of your product. It also helps to appeal to people’s emotions.

Once you are able to get the benefits of your side hustle out into the world, get some help. If there is a lot to offer from your side hustle, then there is no reason to do it alone.

There are four types of people you would seek out in this case. Up first are the supporters, who are often friends and family who are there to offer their support. Then there are the mentors, they can offer guidance and feedback about your work.

The third type of person to reach out to are influencers. These are the trendsetters who will be able to spread the word about what you have to offer. Finally, there are the ideal customers. These are the customers who will give you their honest opinion about your product and can evaluate what you have to offer.

These four types of people are your network, and they will help you go far with your side hustle.

Once you can identify what’s working best with your side hustle, do more of that

A business is either moving up and onwards or it is sinking. And in the early stages of your business, it is important to know which direction you are heading.

Once you have gotten started with your side hustle, there is really only one question you should be asking yourself - are you making money.

There are actually three potential answers to this question. Either you are exceeding expectations, you are not doing well and people have not taken to your idea, or finally, you are making some money but it hasn’t really gained any traction yet.

If the third answer is more like what you are experiencing, then it is necessary to look at your metrics. Look at your time spent, profits earned, and how you are growing.

Once you have been able to identify areas of concern, you can typically find a way to improve in those areas by following two basic rules. First, there is doing more of what works and second is to stop doing what’s not working.

While you may want to solve potential problems, it is not worth it in this case. It’s best to concentrate on what is actually working and go from there.

The Main Take-away

No matter who you are, you can create a side hustle that is successful. You do not need a lot of money, time, or resources to start something that is profitable.

You do not need to leave your day job to have a business of your own. This is an extra paycheck on top of the one you already bring in.

Make sure you have a solid workflow when it comes to your side hustle. Utilize lists to keep track of the things you need in your business. Remember that if things are not working, then it is best to let it go.

About the Author

Chris Guillebeau is an American author, blogger, and speaker best known for his book The Art of Non-Conformity and blog. His brand Unconventional guides provide travel and small business topic guides. He is the organizer of the annual World Domination Summit. His blog discusses entrepreneurship, travel, and personal development topics. He graduated from the University of Washington and Athens State University with a degree in International Studies. He lives in Portland with his wife. His second book, The $100 Startup: Reinvent the Way You Make a Living, Do What You Love, and Create a New Future, was released in 2012 and reached #6 in its category on The New York Times Bestsellers list. He maintains a blog at Anderson Cooper 360 and has written for Business Week.

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