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:
- 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.
Nick’s favorite purchase over the last 12 months Genze e-bike
Links mentioned in today’s show: