Side hustles, the most commonly glossed-over topic in the FI community, is what we’re diving into this week. Alan Donegan joins us to talk about how a side hustle can be a powerful lever to help you reach FI.
Podcast Episode Summary
- 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 pop-up 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 motivate 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:
- PopUp Business School
- Mad Fientist
- Mr. Money Mustache
- The Escape Artist blog
- PopUp Business School
- Tim Ferriss podcast
- 1,000 True Fans by Kevin Kelly
Books Mentioned in the Show:
