Side Hustle: From Idea to Income in 27 Days by Chris Guillebeau
- Everyone should have a side hustle (income diversity gives you more options)
- It's not hard to start a side hustle
- To be successful, you need to be able to generate profitable ideas and pick the best one
- Side hustles are all about action!
What you need:
- The right frame of mind
- The willingness to act
What you don't need:
- A lot of money
- A lot of time
- A business degree or other specialized education
- Experience starting a business
Week 1: Get Ideas
Day 1: Predict the Future
What is the goal that drives your desire for a side hustle?
Day 2: Learn how money grows on trees
Your idea must:
- Be Feasible
- Be Profitable
- Be Persuasive
Day 3: Brainstorm, borrow, or steal ideas
Brainstorm ideas from these basic categories:
- Sell a product
- Offer a service
- Be a middleman
Starter ideas: finite and not scalable (sell your stuff: eventually you'll run out of stuff to sell)
Next Level Ideas (NLI): scalable (buy other people's stuff and sell for profit)
Day 4: Weight the obstacles and opportunities of each idea
Identify constraints and oppurtunities
Day Forecast your profit on the back of a napkin
Use a simple forecast: Profit = Revenue - Expenses
Sensitivity: choose a best, worst, and expected case
Week 2: Select Your Best Idea
Day 6: Use the side hustle selector to compare ideas
Rank your ideas on these qualities:
- Efficiency (how quickly can it be executed)
- Motivation (how excited are you?)
Day 7: Become a detective
Look at what other people are doing and do it better or differently
Day 8: Have imaginary coffee with your ideal customer
Create a specific avatar of your imaginary ideal customer and think about how you serve them
Day 9: Transform your idea into an offer
An offer has a promise (benefit they will receive), a pitch (everything they need to know and nothing more), and a price (and call to action)
Day 10: Create your origins story
Don't just give facts, tell them a story. "I've always been frustrated with
Week 3: Prepare for Launch
Day 11: Assemble the nuts and bolts
Resourcefulness is your most valuable skill as a side hustler.
- Get a separate bank account for your side hustle
- Get a separate credit card for expenses for your side hustle
- Pay for everything up front
- Set aside 25% of your income for taxes
- Be fast with invoicing: get paid quickly
- Insist on written agreement for service work
- Legal structure: go to LegalZoom...
- Set up a simple accounting system. Look for cheap or free, you just need to track income and expenses
- Set up a separate hustle workspace
- Pay yourself first
Day 12: Decide how to price your offer
- Design with recurring revenue if possible
- Consider pricing tiers
- Don't stray from market prices
Day 13: Create a side hustle shopping list
- What will people expereince after purchasing your product?
- What needs to happen for your to deliver that experience to them?
Day 14: Set up a way to get paid
PayPal, Shopify, Stripe, etc.
Day 15: Design your first workflow
Create the processes needed to make your idea work:
- How will prospective customers learn about your idea?
- What will happen after someone purchases your product?
- What else needs to happen in order for your customer to pay for and recieve your product?
Day 16: Spend 10 percent more time on the most important tasks
Only focus on two things:
- Change your customer's life
- Make more money
Week 4: Launch
Day 17: Publish your offer
- Create a Facebook page before a website
- Launch in Beta first
Day 18: Sell like a Girl Scout
Remember, the people who need your product want to hear from you
Day 19: Ask ten people for help
Ask your contacts for a single actionable thing they can do to help
Day 20: Test, test, and test again
You don't know what will be most effective so try different things and record the results (basic A/B testing)
Day 21: Burn down the furniture store
Use promotions to help! Use the psychology of scarcity and urgency to your advantage.
- Announce in advance
- Don't make them jump through a bunch of hoops
- You must provide substantial perceived savings
- Provide an offer they can get excited about
- Test your systems to make sure they work
- When it ends, it ends
Day 22: Frame your first dollar
Celebrate your accomplishments
Week 5: Regroup and Refine
Day 23: Track your progress and decide on next steps
Track what matters and ignore what doesn't. What matters:
- Time (your time spent on the project)
Day 24: Grow what works, let go of what doesn't
Audit your side hustle occasionally:
- What working and how can I develop that further?
- What could I automate or outsource
- What could I do to make more money without spending more time?
- Could I increase prices?
Day 25: Look for money lying under a rock
An easy way to grow is horizontal expansion
Day 26: Get is out of your head
Systemetize where you can, write down workflows and processes