Holidays for many side hustlers the holidays are a time when they’re putting in the extra time. But these not-so-normal times may well generate a few extra rationalizations for easing off the gas pedal.
Some favorite takeaways:
Your brain is programmed to accomplish short-term tasks for more immediate gratification.
I like the Warren Buffett strategy of listing several goals, then paring it down to five goals, and then to one goal.
I had heard, but never really learned, the term, ‘kaizen’–small steps toward continuous improvement.
Chris uses Trello for his ‘break it down’ strategy. I went ahead and signed up. I had done so four years ago and never followed up. Gee, seems procrastination really is hard-wired into some people.
“You have to pick carefully. I’m actually as proud of the things we haven’t done as the things I have done. Innovation is saying no to 1,000 things.” –Steve Jobs [I just installed the Escape 2 app to keep me focused.]
I liked the quick bullet-pointed review at the end of the post.
Of course, the enduring notion rattling around in my head is: “Am I creating these posts to put off my other projects?”
Just a thought: While you may have an entirely different approach to side hustle success, you have to give Chris credit for his versatile and ever-evolving strategies to reach listeners/viewers/readers. He IS a prime model for this niche.
Yep, I’ve never really spent time looking at online entrepreneurs’ income reports. A lost opportunity to learn. [Challenge: Get past the ‘Geez, I’m getting left in the dust!’ reaction and strap on your thinking cap.]
I had two Economics degrees and no economic/business experience. I almost felt like a fraud. I decided to start the photography business to a.) prove it to myself that I could run a business, b.) put my degrees to use, and c.) pay off the camera.
Advice and Lessons: Four key questions: “What skill set do I have that I can market?” “What am I so passionate about or interested in that I wouldn’t mind pursuing this interest the rest of my life regardless if I got paid?” “With this skill, what problem can I solve?” “How can I add value to my customer beyond what others are doing?”
Turning point: My first solo wedding once I started the business, I charged $2100, which was almost how much I was making in three weeks. If I could make three weeks worth of income in a weekend, I knew something was there.
Lesson: Volunteering introduces you to great people and supports great causes.
Lesson: Seek information and feedback from veterans in your industry.
As I get older, I value and am protective of my sleep. As soon as I feel my productivity slowing, I shut down for the night and go to bed. No Netflix, no Instagram, just bed.
The Golden Rule is really the only rule you need in business, “Treat others the way you want to be treated.” Be kind. Delight your customers. Listen with intention.
What could have gone better? Marketing. Sometimes, your competition will be marketing or branding experts even though their product or service is sub-par. Doesn’t matter. Something they are doing in their marketing resonates with the customer.
Let’s revisit–in more detail–resources I’ve suggested in previous posts.
Today, I’ll condense the first ESI Money interview suggested in this post. Lots of valuable information in the interviews, but I can’t very well copy/paste acres of the content, so I’ve provided a short background followed by advice and lessons learned.
Background: At the time of the interview [May, 2019], three main side hustles—house hacking, consulting and freelance web design—made up the majority of his side income.
Advice: 1. Creation of something new seems to be a lot harder than stepping into a role which already exists. 2. Focus is incredibly important in life. I was trying to do too much, and when I started, I didn’t have the time to fully dive in and give it my all. 3. Luck doesn’t happen unless you put yourself in those situations where you can “get” lucky. 4. For my subscription box, which I started in 2017 and have since closed down, I ended up closing out with a loss of roughly $20,000. I did make roughly $15,000 in revenue, but I wasn’t passionate about it. 5. Think about this for a second: in 5 years, you’ll be on this Earth for 43,800 hours. How many hours does it take to implement your idea? 100?