101R | Side Hustle Coaching Series Part 4

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101R _Blog_ Side Hustle Coaching

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Looking for the best credit card to start earning travel rewards points? The Chase Sapphire Preferred is our pick. With a 50,000 point signup bonus (after spending $4,000 in the first 3 months), the $95 annual fee waived the first year, and ultra-flexible points (transfers to 13 airlines & hotels!), this is our top choice!

Brad and Jonathan talk about their experiences with W2 jobs and building side hustles, Jose shares his own side hustle tip, and Alan and Tallis wrap up the 4-part Side Hustle Coaching Series.

  • Brad and Jonathan are jumping into planned spontaneity.
  • Do your actions align with your values?
  • Brad recounts how the accounting firm he worked for right after college, one of the biggest in the U.S. at the time, folded and within 9 months no longer existed.
  • W2 jobs aren’t all that risk-free after all.
  • Having a side hustle is about diversification.
  • Jonathan talks about how Dani is building an audiobook side hustle, using some of the techniques and strategies that Nick Loper talked about in Monday’s episode.
  • Willingness to pivot your side hustle idea gives you a better chance at building a side hustle that actually works.
  • Voicemail from Jose with a side hustle tip from Task Rabbit – sign up to help others with random tasks, and add a little extra cash to your pocket.
  • Brad’s opting to rent a car through Turo, through which customers rent someone’s personal car, similar to AirBnB.

Side Hustle Coaching Call

  • Episodes to review: Episode 30, Episode 56 (Part 1), Episode 77R (Part 2), Episode 85R (Part 3)
  • Tallis reviews how her initial cold calls, starting from further away geographically and becoming increasingly local as she refined her sales pitch.
  • Tallis has 4 dance classes she’ll be teaching soon!
  • Tracking results and feedback from the start of your business is important.
  • Measuring results, and using valid tools respected within the medical community will be important to Tallis’ business.
  • Where does Tallis want her business to go in the next 2 years?
  • Keep pressing forward – it’s impossible to know how the business might grow, but Tallis is building entrepreneurial skills and opening options for her future.

 

Links:

10 Big Chain Stores That Will Secretly Match Amazon's Low Prices

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3 thoughts on “101R | Side Hustle Coaching Series Part 4

  1. I liked this round up better than the episode it was based on. I really need to tee up some planned spontaneous adventures. The “does your life align with your values” is one of the best ideas I got out of Your Money or Your Life. Loved the idea that you don’t have to have a unique idea. I get hung up on this one a lot. “You don’t have to have THE idea, you just need to take action”. The IKEA assembly is a great idea.

    Great discussion about the dangers of putting all your eggs into an industry basket. One of the reasons I’m so late to FI is because I got laid off from 4 jobs in a row in the late 90s/early 00s: laid off from a dot com, laid off from the oldest law firm in my city when they folded unexpectedly (rather like Brad and Arthur Anderson), laid off when a law library was eliminated, laid off when an industry consortium didn’t get funded because members budgets were cut and they couldn’t pay the membership fees. I really did feel like Typhoid Mary for awhile!

  2. Loved this episode! I have started a side hustle in the past year. Similar to Turo, I own a Peer to Peer rental business (NeighborTools) but our niche is tools instead of cars. We are currently operating in the Greater Triangle area of North Carolina however, we are looking to expand and scale across the nation so please let me know if anyone is interested in helping make that happen! Feedback is always welcome, please check us out at NeighborTools.com and let me know your thoughts on how we could offer a better service for our users. Thank you!

  3. Great talks about building side hustle again, especially Nick’s effective thinking method pertaining to testing ideas out to create a profitable side business from 5 to 9.
    Before I moved to the US, I had some in-depth exposure to procuring products in China. Soon I found my way to knowing about Amazon FBA services after settling down. The next thing, I remember, was that I spent all my fractional time of a day 7 days a week on filtering out products online and reaching out to the suppliers in China. Very unlikely would you hear people on those Amazon FBA podcasts talk about this– a very interesting finding that I’d like to share with people here.
    Alibaba.com is, like Nick said in the show, what commonly known by the US audience as the main market to hit when sourcing products for the Amazon businesses. But very few people know that there is a Chinese version of it, which is called 1688.com. When I compared my search results between Alibaba.com and 1688.com, interestingly, I found that many companies have their company webpage on both platforms. However, the price of a product made by the same company was marked up at least 30% on Alibaba.com in comparison to the price shown on1688.com. Guess what, those manufacturers using Alibaba B2B services saw the need of differentiating the markets thus divided the buyers into the international and the domestic. For international buyers, they charge more because the international buyers usually can afford more or simply because they typically think the price they get from Alibaba.com is still cheap in USD. As the Chinese companies see that most of the foreign buyers don’t even know what 1688.com is, they are comfortable setting different price levels to the buyers on the two platforms. I am a native Chinese therefore it was in my advantage to skip over this and got to buy products in a bulk at the same rate they’d charge their local clients. Another advantage using 1688.com is that all the communications were in Chinese and were on Wechat or Aliwangwang ( 2 very important communication apps used widely in the daily life of all Chinese. You would hear from the salesperson much sooner than via emails. Chinese including myself don’t like to check emails). Everything was talked through at each phase much more efficiently in their native language, compared to the experience I had one time using English to start out the inquiry with the sales via the InMail system on Alibaba.com.
    For those who are looking for strategies to save costs for their Amazon businesses, give it a try on 1688.com. You will be surprised how powerful it is and how great it could help you cut the markup BS. If you need a translator, you can go to Fiverr and find a Chinese international student here in your city/town to hire for this job, or like Tim Ferriss leveraging cost-effectiveness outsourcing work to India, hiring a helper who would work for you remotely from China. You can easily find such person using the Chinese counterpart of Fiverr —https://www.zbj.com/, where millions of Entrepreneurial Chinese millennials price their skills for extra income.
    If anyone needs help in the mentioned field, or just wants to discuss more, feel free to contact me here by leaving me your comment. I’d love to have a further chat about this.

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