101 | Nick Loper, founder of Side Hustle Nation, talks about the benefits of developing a side hustle, and methods to actually develop a good side hustle idea.

 

• You can only cut so much from your expenses; a side hustle helps you expand your earning potential.
• Nick thinks working just a 9-5 job is risky – what happens if you get fired?
• Nick advocates several methods for developing side hustle ideas.
• Method 1: Intersection Method
• • Write out three columns with lists that include what you can do, what you like to do, and the people in your network.
• Nick used the Fiverr website to test out his first side hustle idea.
• How important is it to pivot, instead of being discouraged by failure?
• Some of the best ideas are developed once a business is already in motion.
• Method 2: What sucks?
• • Find simple sticking points in life and solve the problems.
• Some people find things on Amazon that suck, and find a way to make them better.
• There are manufacturing companies in China and the U.S. that work with small orders and require minimal up-front investment.
• You don’t need a brand-new idea, you just need a different market.
• Recommended episodes from Side Hustle Nation:
• • Episode 173: How to Turn Your Ideas Into Recurring Revenue, with Stephen Key
  • Episode 263: The Top 3 Amazon FBA Private Label Product Research Strategies for 2018 and Beyond
• Method 3: Rip, Pivot and Jam
• • Find a business model that’s working, pivot it to a new market, product, etc., and then do the work.
• Are there side hustles that Nick no longer recommends?
• Sometimes the opportunity cost for a side hustle may not be worth the cash.
• One of the best side hustle ideas Nick has heard: Flea Market Flipper.
• How difficult is it to develop a passive-income side-hustle?
• Think Maids: found a category of businesses on Yelp that had really poor reviews, and found a way to provide better customer service.

 

Links:

Alibaba.com

Smart Passive Income

GoCurryCracker