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101 | Finding your Side Hustle Idea | Nick Loper

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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 Full Disclosure: We earn a commission if you click this link and make a purchase, at no additional cost to you. 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:
  • 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 Full Disclosure: We earn a commission if you click this link and make a purchase, at no additional cost to you. that had really poor reviews, and found a way to provide better customer service.

Related Article

Nick’s favorite purchase over the last 12 months Genze e-bike 

Links mentioned in today’s show:

Alibaba.com

Smart Passive Income

GoCurryCracker

https://www.choosefi.com/101-finding-your-side-hustle-idea-nick-loper/

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Choose FI has partnered with CardRatings for our coverage of credit card products. Choose FI and CardRatings may receive a commission from card issuers. Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities. Disclosures.
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