030.The Side Hustle

030 | The Side Hustle | The Unspoken Lever of FI

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In Today’s Podcast we cover:

  • How Alan Donegan of PopUp Business School has turned starting businesses on its head similar to how FI has turned personal finance on its head and caused us to think differently
  • How starting a business is truly one of the ‘pillars of Financial Independence’
  • Brad and Jonathan started up their own business with ChooseFI based on similar principles to what Alan is teaching
  • You need to know what you’re running to in FI and not just what you’re running from with your old job
  • Alan’s FI journey and his goal to get to FI by the age of 40
  • How Alan was nearly scared off from starting a business by the course he took through the British government with Business Link
  • Started up PopUp Business School with his business partner Simon
  • Why Alan believes you don’t need any startup capital, business plans, etc. to start a business
  • Story of a popup café/restaurant in London and how this person didn’t spend a dollar to get started
  • The value of networking and genuine human connection
  • What stops you from starting a business? Money is the biggest issue.  Confidence and scared that it will fail are two others and knowing what to do on a day-to-day basis
  • The value of learning with no risk
  • 5 ways to start a business with no risk
  • #1: What can you get for free?
  • Actionable steps: Search on Google “where can I get X for free”
  • #2: What can you borrow?
  • Story of minivan rental business and how they borrowed the minivan and saved 99% of the original business plan amount
  • The only way to truly test your business and get an honest response is if you ask for a sale and see if they buy
  • #5: Sell Your Value Before You Create It: Sell the idea first, get the money, then produce the content/product
  • Story of Dennis selling lasagna and collecting the money first in order to purchase the ingredients
  • #3: Could you barter instead of using money?
  • In order to feel comfortable asking for things, focus on relationships and giving value. We all have skills that others would value
  • #4: Sell stuff you already have
  • Another option is to sell someone else’s stuff and split the profits!
  • Brad’s idea for an online consignment store
  • How passion and helping others motivates you to work on your business
  • How Alan’s business is helping those who most need the support and how people pay $0 to attend PopUp Business School
  • Hot Seat Questions
  • Favorite life hack: Geographic Arbitrage

Links from the show:

Books Mentioned in the Show:

10 thoughts on “030 | The Side Hustle | The Unspoken Lever of FI

  1. This was one of the best entrepreneurship resources I’ve ever seem (or heard :P). This guy is so smart and speaks so well, you can’t get enough. Good job guys!

  2. Love this Podcast! Do you have any insight for those of us who would like to start a side business but don’t have any idea of what that business should be? I don’t have any hobbies and my day consist of a 9-5 job and then mom/wife duties in between that. Any tips on books to read for inspiration?

    • Hi Allison, just seen the comment. One of the books that has inspired me is Gary Vaynerchuk “Crush It”. That gave me so many ideas and inspiration.

      I have been writing an article about choosing an idea recently which is not quite finished by this might help to start: http://www.popupbusinessschool.co.uk/popup-online-course/step-1-know-your-why

      Some questions to get you going:

      What excites you?
      What annoys you?
      What inspires you?
      Who would you like to spend your time with?
      What difference do you want to make?

      Somewhere in the answers to these questions is a cool business you could start…………

      Message me if you need anything.

      Alan

  3. Brad, Jonathan, and Alan, this is an AMAZING episode that I will review and utilize moving forward on my pursuit of a side hustle and FI.

  4. I’m a little late to the party – just got around to listening to this episode – but WOW – it’s one of my favorites so far! Alan is so energetic and enthusiastic, it’s like he was just hit with Mr. Money Mustache’s optimism gun! His stories really have me thinking differently about traditional business school teachings. I did an entrepreneurship focus during my MBA, yet I feel I learned more in this hour than I did in two years of graduate school. Keep up the great content!

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