The Magic of Side Hustles | Side Hustle Ideas 079

Hello everybody hello and welcome to side hustle ideas I am Bill the company's expert oh man I apologize for the late start today um I always seem to be sort of uh running things too quick to the Limit too tight to the limit so that you know if you have one little thing you take a phone call or you talk to somebody it just throws everything off so I'm going to have to get more of a a buffer shall we say between things Uh so that um my schedule isn't thrown off for these live streams

quite so often um welcome welcome to everybody uh this is the live stream where we do uh pretty much weekly where we talk about entrepreneurship and side hustles as the name implies and um this is where basically it's a live interactive uh show where you can get in the chat and ask me questions and tell me what you're dealing with and wondering about and I will do my best to help you out Um yes the title of this episode is the magic of side hustles and lately it seemed like we were talking about a lot

of very technical topics getting into you know a lot of technical details and I wanted to just pull it back and talk a little bit about you know the generalities of what side hustles are what they can do and why you should consider doing one if you have any uh creative drive or any desire to make another income stream uh this is Something that uh is an incredible thing and I'm a big believer in it I I believe that uh you know learning the skills that you do doing this type of activity can really open

a lot of doors for you in life and in your career and give you a lot of options so I'm a big fan of this stuff so I want to um talk about that today um I'm just going to take a couple of minutes here just a couple of seconds and just make sure that my camera is and everything are uh are Looking fine because I had have a chance to do basically any technical preparation whatsoever uh today with my live stream so this has been happening increasingly uh to me lately so hopefully uh it

hasn't been too much of an issue for you guys it would be nice to be able to start on time for example so I'm going to try and make more of an effort to uh to make that happen going forward yes um okay so if you're seeing my beautiful face uh the best hair on YouTube by the way uh as always if you're seeing me you should see a chat box somewhere nearby get in the chat box let me know what you're dealing with what you're struggling with what you're wondering about and uh we can

definitely get into it uh that's the best way to do this kind of thing but let me talk a bit about uh side hustles in general and see if you guys just want to jump in there 14 people thank you for joining me today Um okay so if you are working at a day job okay you have a standard job eventally and they provide you compensation and exchange and this is what a lot of people do um now I've always felt that uh in many ways we are conditioned from when we're children to believe that

this is pretty much the only thing that you can do and that is certainly not the case and as we go into the future it is becoming increasingly not the case um the magic Of the internet and how it connects people and enables all kinds of things to happen and business to be done it's an incredible thing and uh as you can imagine this has really triggered a boom in people being able to do businesses on the side and so the idea was that uh while you work at a day job okay and you you

know put in your 40 hours a week or whatever you do um you know on the side you have something that you do that's entirely your creative idea but it's a Business so you know the obvious thing is that if you have a hobby or you have a passion for something like let's say you enjoy baking brownies or something you know uh that's that's your thing you know or you're passionate about cooking or something like that uh and you might do it for fun right you bake brownies and give it to all your friends and

they all tell you how wonderful they are and you see all your friends getting fatter and fatter in front of you as the years Go by uh you know it's something that uh you do that you enjoy doing that other people like that other people see the value in and so the idea is that uh if you wanted to that would be something that you could turn into its own little business and it could be something that you do on the side part-time where it doesn't affect your day job you still go to work to

work for your employer 40 hours a week uh but maybe on the weekends instead of like Baking brownies for your friends which you would anyway you do that you do that as before except that it's part of a separate business operation and because you do it on the side with your day job it's called a side hustle that's the idea right so side hustles are great in the sense that they can take what you enjoy doing and you can turn it into a revenue stream so you can make money with it so you get money

from your day job and then You get money from yourself and uh when you think about this situation there's actually many many advantages to doing this because a lot of people experience um a syndrome where you would like to do your hobby or your interest but sometimes it feels like there's not a lot of incentive to do it you might have to go to some trouble to do it for example let's say you enjoyed skiing okay uh or something like that it's like a sport It's a Pastime but you know you got to have the

equipment and you can't ski in your own house you have to go to where there's a ski slope of some kind or if you do CrossCountry skiing you got to go to a place where you can do that it might involve driving very far or something it might involve rounding up a few friends and sometimes this can be you know it's a bit of work involved and coordination involved so you got to go to all this trouble just To do your hobby right so wouldn't it be great if there was an extra incentive for you

to do the thing that you're interested in anyway you know to to muscle through all the work you have to do or the uh the lengths that you have to go to to do the thing that you really want to do right you want to do the skiing you're just not that crazy about the you know uh renting a time thing coordinating with friends thing driving An hour there and an hour back you know whatever right but if you were making money at it that would be an incentive to do it right so when you

start thinking about it you think of things like this there's actually a lot of other fringe benefits and direct and indirect benefits to turning your hobby into a business right so this is something that a lot of people do um it also gives you an extra incentive to do it it makes you more passionate to do it Um as people get older and as our life situation changes sometimes it's harder and harder to weave our Hobbies or our interests into our life you know we have family commitments we have career commitments we have other commitments

and it's just you know it gets harder and harder sometimes to like make time for these kind of things and so you know this is another uh incentive to be able to do it um there's all kinds of things now if You were to do it if you were to do a side hustle of some kind okay so you have your day job and then you set up something just on the side very informal right um you know you do something that brings in say I don't know maybe even like a equivalent of like a

couple hundred a month right um by doing what you do anyway it just that now you're offering it uh for sale right so whether you sell products like in the case of someone baking brownies right they bake Brownies and then sell them to people or if you know you have a hobby like skiing or something and then you turn that into a side hustle where you give skiing lessons something like that right it's tied to your hobby it gets you out to the ski slope um and it gets you doing it right and it keeps

you thinking about skiing and you know learning about skiing and uh keeping your finger on the pulse of what's going on in the skiing world Right um you know but you're charging money for it right so you're turning your hobby into a business now just so everybody knows um because I know that not everybody is like SK you know totally skilled in business terminology Le flavor of the month business terms um you know business is basically the scientific study of how to make money that's what it is so uh you know you might wonder like

how does it Work if I'm doing a hobby like skiing or baking brownies how does that flip over into business right well the idea is that if you're just doing it for its own take it's not business right so if you're just skiing or baking brownies there's no there's no business component to it but the second you try and offer it for sale say you try and sell your brownies or you try and sell skiing lessons give skiing lessons and selling it for money then it becomes a business Right that's the idea so that's where

uh learning a little bit about business helps and the good news is that business is really not that hard it's pretty simple when it comes down to it um now the other thing the other obvious benefit of doing this if you're the type of person that's interested in doing this kind of thing having a side hustle is that there are a lot of other fringe benefits and one of them is that you have a little bit more security Because you have your income coming from more than one source if you just have a day job

obviously and your income is coming from one employer well you know there's a single point of failure there if uh your company is laying off or something happens right to jeopardize that then it can be really bad because you lose your entire income um if however your income is coming from more than one source say you have a day job and a side hustle and Maybe you could get it to the point where your side hustle is making you 50% of what your day job is making for you um so I don't know your day

job brings in I don't know $5,000 a month your side hustle brings in $2500 a month so 50% of your day job um you know that gives you some extra security because if ever anything happened with your day job if there was any Jeopardy uh and you could be laid off or or something could happen right uh you have an alternate Source of income you know that's secure during that time right you also have the option of Let's Pretend hypothetically something did happen to your day job you were laid off you also have the option

then of putting more time into your side hustle you could take it full-time at that point and it may produce more than $2,500 if it was doing $2,500 when you were part-time maybe you could do more if you work that at full-time right so There's there's some obvious sort of advantages in doing this right um the other Fringe benefit the big fringe benefits that I think are pretty amazing are that you end up learning about business you learn the principles involved in turning your value directly into income right that's what your side hustle is doing

it's taking what you have your ability to work at something and it's directly turning that into Income right as opposed to your day job where that's not what's happening with your day job your day job you're going through an intermediary to turn your value into income you're working for your employer and the employer is the one that really is in charge of uh making a product or service and selling that to customers right they they do all of that they obfuscate all of that from you right they just tell you we need you to Do

this particular task don't worry about the money we'll worry about turning your task into money and then we will give you a of the money we make right that's kind of how it works so you're going through an intermediary to convert your value into income for yourself right so you're dependent on them you can't do that if the employer went out of business or the employer decided to lay you off or you decided to leave wouldn't be able to Turn your value directly into income you would need some kind of employer to be the intermediary

right well beautiful thing thing about uh you know entrepreneurship and side hustles being like a sort of way to get into entrepreneurship that's pretty easy um is that you don't have to use an intermediary you're doing it yourself you're interfacing directly with the customers you're making the sales and you're seeing exactly how your value Translates into wealth right you're seeing the mechanism of how that's working and you're you're uh improving that mechanism right you're doing the things that people are willing to pay for right that they see value it so that on its own is

an incredible skill and in my experience and in my career that's the thing that really separates a lot of uh employees there's two types of employees the ones that understand this and the Ones that don't and the ones that do they are extremely valuable they make better decisions um and they're much more of an asset because they understand what actions translate into more value right they they empirically understand this because they've tried their hand at some kind of entrepreneurial venture they've tried doing this themselves and they've learned a lot right so um so this is

something I encourage for Everyone if you have any kind of interest in doing this uh you know I wholehearted ly encourage you to uh to step into this world to learn as much as you can about it it will help you on so many different levels you know first of all if you can pull it off you'll make some money right okay that's the obvious benefit secondly you will learn a lot of extremely useful skills that can be applied across the board to many different applications in your career And in your life some people end

up turning their side hustle into a full-time business and they become entrepreneurs they become business owners you know that's one way of doing it other people they learn valuable skills doing this and if they get an amazing job offer you know at their day job or in that world in their professional career they can then use a lot of the skills they learned doing a side hustle To apply it directly to their career and that will enable them to achieve even more in their conventional career you know things like learning business principles learning sales understanding

value understanding the importance of listening to your customers and and doing market research um you know understanding what activities add value and what activities don't and being able to distinguish between those two right um you know you'll be able to make much Better decisions for a business if you know that stuff so um yeah yeah there's a ton of it get in the chat uh let me know what you guys are wondering about what you're struggling with you should see a chat box somewhere near my face if you're watching this on a device um if

you're watching it on a TV I know some people watch it on a TV I'm not sure how that works with uh you know being able to participate in a live chat but if you Can by all means do it let me know what you guys are wondering about and I'll be happy to to speak to that in the meantime if you are looking to learn business check out that course that is uh a course uh that I created called the $100 MBA there's a link to it in the description box below and I mean

I myself have an MBA for what that's worth and I've been the CEO of a small/ midsize company and I put a lot of the learning for that into this this Provides you exactly the same value as if you took a brick and mortar MBA in a university and the reason why it does is because you are doing a self-study course where you're reading textbooks uh you get the same textbooks that they're using in places like Harvard Business School in their MBA program so it's the same material and the difference is that you're ordering the

book off Amazon and you're reading it yourself rather than reading it and then Uh being given assignments on it by a professor in school right now the beauty of this course is that there are no assignments there's no evaluations you can just skim the material if you want you could go really in depth if you want you could do all the practice problems if you wish and uh really really go deep and learn it that way if that's what you're looking for um but how whatever your schedule is and whatever you know the depth of

knowledge is that you're Looking for and the amount of time and effort you want to put into it this is a solution for you so um this is the thing instead of paying five figures and learning it in a brick and morar University on their schedule on their terms you can pay what 1% of that 2% of that like whatever $100 is and do it on your own terms and you don't have to go any deeper than you want so uh I created this course because I believe that this Information you shouldn't have to pay

$50,000 to be taught this information the information itself has been in the public domain for many many years uh just like a lot of mathematics you know charging someone $50,000 to learn mathematics is uh kind of like highway robbery in my opinion it's a bit underhanded so I believe that this knowledge should be freely available to those who want to learn it you know um and I provide videos where I guide you Through the material but mainly you're learning it from the textbooks and if you've ever taken anything in school you've taken like a you

know you've done high school math or something honestly business really isn't that much more difficult if you can take care of like high school mathematics you can certainly learn these business books um you know that's just the reality okay the award for the first person in the live chat goes to Fiat Congratulations Fiat Fiat says uh can you talk about steps to start a side hustle license accounting taxes Etc thanks certainly I can fat thank you for asking such an intelligent question let's get into it okay steps the starting aide hustle now um here's a

deal there are people out there that would have you believe that what you should do is start with a lot of administrative type stuff okay that means figuring out What your business is going to be called registering that business name with the government incorporating it into its own business entity you know start thinking about like as you mentioned filing its own tax return and all this kind of stuff um you know or more regulatory legal kind of stuff like that like you mentioned okay now I'm speaking generally okay I'm speaking General because depending on What

industry you're talking about if you're making brownies that's one thing if you're G giving ski lessons that's another thing um if you are in the medical profession fion doing something selling you know a product that's like you know surgical equipment or something I don't know you know every industry have it has its quirks some Industries are heavily regulated like meaning that you know you'd have to have a license to do that Kind of thing legally right um other things are quite free and open you know you don't have to uh have a license to offer

guitar lessons you know what I'm saying like you know um so it's going to vary by industry to Industry however this is what I say okay the first thing you should do when you have an idea you say to yourself okay I would like to give guitar lessons as a side hustle okay instead of starting with the administrative bureaucratic stuff where You figure out your name you register it uh you know that kind of stuff you start thinking about taxes instead the one and only concern you have is can I sell whatever this is whatever

I my plan is to do can I sell it because if you start by setting up you know companies and incorporating and thinking about taxes and thinking about licenses and you know all this kind of stuff and you do all that work and that work can involve cost You know you have to pay for doing you know a lot of this stuff okay what would be the point of doing any of that only to find that at the end of the day you can't get a single customer no one is interested and you can't get

anyone to be interested right all that work you spent incorporating the company setting it up you know all that kind of administrative stuff it would be pointless right it would have been waste of time Because it doesn't add any value right now let's pretend that you then had a second idea and you wanted to try the second idea instead of um I don't know instead of giving uh guitar lessons let's say you decide okay I'm going to um I don't know I'm going to uh bake brownies and sell them starting to my friends in the

beginning right um I already know uh 30 people let's say I see them semi-regularly and I also go To um some kind of regular event I'm a I'm a part of a social group or a club they meet every weekend and uh you know people bring food and stuff so I'm going to sell my brownies at that event okay just something like that and then the idea is that if if that goes well and I can make a bit of money then maybe I can expand later okay so uh let's say that's your second idea

okay if you start the second idea once again by saying okay I'd have to think of a Company name register the name incorporate it uh file taxes declare to the government that I'm doing this blah blah blah all the administrative stuff right only to find that people say they like your brownies but really when it comes down to it they're not willing to buy them as soon as you start charging money for them nobody wants them which send which tends to suggest that you know they're really not that into it Right and you find that

that idea was a fail also right you'd be wasting your time it would take you so long to try an idea and it would take so much effort and it would take money also to try every idea it' be a very cumbersome process it' be very wasteful so what I recommend is forget about the administrative side just move ahead with trying to validate your idea to see if it's viable and by that I mean go out and try to sell it that's what I would Start with because if you are met with silence Nothing Else

Matters like what's the point of incorporating a company that that can't sell anything like it's just a complete waste of time it's it's a waste of money time and effort right so you would start with an idea you would start seeing if you could sell it right now to be clear uh this would even come before sometimes creating the thing that you're trying to sell right uh instead Of creating something new and then trying to sell it uh sometimes the creating something new thing can be very time cons take take a lot of time it

could be very expensive a lot of effort goes into it but you're doing it because you have this theory that if you then offered it for sale people would line up to buy it right and you'd be able to make a profit that's your theory right but we don't know if that theory is valid until we Actually build the thing and then offer it for sale and see what the result is right so what if you had this Theory and it involved you working for six months in your garage or something um creating a thing

that you think everyone's going to want right you have to put $10,000 of your own money into it you have to spend every waking moment outside of work working on it uh you know and it takes all your effort and all your time only to discover that nobody wants this thing You can't sell it to save your life nobody is interested you think they should want it but they don't they are unwilling to pay for it right so that would be a terrible tragedy right so when I say you start off by offering it for

sale I mean literally you start you start out the first thing you do is if you have an idea start offering it see if you could connect with people that would buy it And then propose to them here I have this thing for sale it costs this much it does this is anyone interested right I would get that message in some way shape or form out there and just gauge the interest if if there's a resounding silence then you might think twice about proceeding to the next step to create that thing or to or to

get it off the ground right if on the other hand you offer this thing and you've got people lined up that are Interested they say hey I'm interested uh you say you charge this much sure okay um yeah let's let's do this you say you have several people that have that reaction that validates that okay this is a thing that other people do want it validates also that other people are willing to pay for it and they're willing to pay the price you need them to pay for you to be profitable um you know and

you can reach those people you can communicate with them and you can Convince them that this is something that they should do right so you've got all that out of the way you you validated all that first as your very first step right then you proceed with the next steps and the next step step number two would be to deliver whatever it is that you were going to do whether it was a service or a product okay uh if it involves creating the product then you would create the product Right and like I've said before

many times on this channel the great thing is that if you're in that situation you can actually get people to order it in advance so they pay up front just like you ordering something off Amazon you pay first and then they send it to you right and you get it you know six to eight weeks later uh you do the same thing so if if creting the thing involves paying out of pocket it involves some Expense you're not having to pay out of your pocket to to create this thing you've sold some of uh you've

sold it in advance or some units of it in advance and theyve paid for it so you then have the cash coming in to fund the creation of the product right um you know and then and then if you do that you complete these transactions and you start selling the stuff and you know then that's when you think about the administrative stuff let's do this Properly let's incorporate let's choose a name let's register it let's do taxes and you know oh there are licenses involved okay let's do this above board properly let's register and get

a license blah blah blah you know that kind of stuff you know there's no point in doing any of that if you're just going to be left high and dry with an idea that doesn't work so that's the general approach I would recommend to people of how to get something off the Ground uh Rock said says yes I tested the market before my business was official by selling to people in the area and in popups okay great yeah yeah that's that's the way I would recommend people do it at says is it better to pursue

a side hustle that aligns with your passion or where the market is how do we tell the difference between sticking with something through the hard times or just being delusional um yeah exactly you don't Want to be delusional um every person who starts any kind of business type thing you start off uh you know with this theory that oh I think this is fantastic therefore everybody else should think this is fantastic too right you know now sometimes we're right and sometimes we're wrong okay that's why some businesses get off the ground some businesses don't right

uh so so you'd want to obviously validate That now your question was what's kind of in terms of like choosing an idea am okay should you care more about what people are interested in or should you care more about what I want to do what I'm interested in right well uh that's that's a great question because the answer is both um you need to have both you know it's not an and or thing it's or like one or the other it's it's you have to have both you're going to be doing this so it can't

be something that You profoundly dislike you know or you're completely not interested in in order for it to be bearable and you know maybe even slightly fun uh it helps if you're interested in doing it a lot of people are interested when they see money coming in doesn't matter what the businesses they're excited about like money coming in as they make here's a sale you know and here's a sale and here's a sale and here's a sale and you're like wow that's awesome now now I'm now I'm liking this right you know so yes there's

some there's some sort of um interest or passion about that but but more than that it really helps if you actually have a passion for whatever this is right I mean that is important so the challenge is can you find something that uh you are interested in to some degree but also that other people want that you can deliver right that that's what makes us a little bit challenging Right uh some people choose to go with like Innovative new things right like uh if you have an Innovative type business you're doing something new and exciting

that no one's ever really done before there are a lot of other businesses that are not Innovative they're you know something tried and true that we all have heard of we all need you know um it's not very kind of sexy but it's a thing that everyone needs I always use the example of the plumbing company Right Plumbing might not be regarded widely as very glamorous and exciting but everyone knows what that is if you say I do plumbing I offer plumbing services um most people will know exactly what that is when you say it

to them right they'll also know exactly why they would need that and thirdly they would understand why it makes sense to pay for that you know I have to pay for this because I I don't want the consequences of not having a plumber Around or something you know oh no my toilet's leaked you know or whatever so um you know what I mean uh there are really exciting Innovative businesses and there's also sort of kind of boring traditional businesses but they're but they're very profitable because it's something that everyone needs there is an established market

for it um everyone's already familiar with it you don't have to like explain to people what it is everyone already knows You know um real estate agent you know like people know what that is you know you know why you might need one right so you know what I'm saying like uh that's kind of some of the things in in place here so so finding something that's like something something that you're interested in but also something that um there is obviously a demand for you know that's that's the kicker right um to ca says I

like your consistency Thank you and I'm sure I pronounced your name name right I specialize in pronouncing people's names precisely the way they're supposed to be pronounced you know I take pride in that and uh and everyone loves it too they uh are in awe of my skills in that area a Fiat says in your experience when someone with a great product or service that's in demand fails bra to not what is the reason why well there's several reasons why but the Probably the I mean I don't have any data on this but my gut

feeling is the reason why it usually fails is because they don't have the sales side together okay now there's other reasons too there could be uh cost structure issues okay depending on what it is right but sometimes sometimes that's kind of a smoke screen because if you really had your your relationships with your customers down if you really understood your Customers you would be able to get round a lot of those uh cost like supply chain issues or cost issues because you can reposition your your company as someone that provides custom Solutions like you could

take a focus strategy or you could be like a premium solution provider so you're not necessarily getting the people that want the cheapest version of this but you're wanting the people that want the best or or a better version of it where they're Prepared to pay more if you offer more if you focus focus on them a little bit more right so it is possible to get around that as a general rule it's very very hard to compete with bigger players on price it's just that's just a failing strategy doing something and saying I'm going

to do it cheaper than than everyone else that's pretty damn hard usually when you're a small operation larger uh companies have economies of Scale that means they they can do things more efficiently than you can because they're big they can scale up they can take advantage of like for example when you buy something in bulk usually you get like a a a premium price like a cheaper price for something because you're buying a lot of it at once right so for example like hopefully everyone can understand that you have someone that's buying their their raw

materials or something their inputs in bulk they Will always have an advantage over the small oneperson company that's trying to compete with them because the oneperson company is not buying their stuff in bulk right but but does that mean that the onep person company can't compete absolutely not the one person company can compete and they are can compete in some pretty major ways um one of them the most basic way is the focus strategy that's where you know you're not trying to sell to everyone in their brother You're trying to sell to a very specific

type of customer who you know who wants special attention right for example let's let's say you want to buy a bicycle right you're just into bicycles right you're that type of person and I think we all know about them right uh you could buy a bicycle at Walmart right now would that be a designer bicycle that an Olympic champion would use probably not it'd be a Generic made in China bicycle you know whatever and that might be good for for a lot of people right it's cheap it works right but but let's say you're a

biking Enthusiast okay you're like a cycling Enthusiast you're not going to use the $100 Walmart bicycle you want the $11,000 premium bicycle that they would use in the Olympics or something I don't know right so do you go to Walmart to buy your bicycle no you go to the little Tiny cycling shop where you walk in and it's all just bicycle stuff right because that company is competing to with Walmart Walmart's big and Walmart sells bicycles but the cycling shop is small they also sell bicycles but they compete with Walmart successfully because they cater to

a different type of customer they cater to the person who's really really really into bicycles right and they want all the little uh accessories And they want the very Bas the the latest best titanium framed bicycle you know um that's painted all kinds of fancy colors you know and it's got AI on it um the self-driving bicycle you know and um you know you can't find that stuff at Walmart if you try and talk to the Walmart attendee in the bicycle department they won't know how to help you right you go to the cyclist shop

where they have expert salespeople and they sell the top stuff that's where you Go right so that's one example of how a small player like a oneperson company can go head-to-head with a large company and and and still succeed it's because you're not trying to do the same thing you're not competing on price and saying come to us because we're cheaper than Walmart you're saying no we're not cheaper than Walmart but that's okay because we're way better than Walmart when it when it comes to this little Teeny tiny thing bicycles right now obviously that's just

an example I made up off the top of my head it's probably not the greatest example but hopefully you get the idea um oh I got to I got to say your name again this that that that that's really good news um sucasa says yes it was that okay great wow wow that's very kind of you I'm I'm uh if if that's true then right on if if It's not true then thank you for saying so uh sukasa says what do you think about risk rking all your savings because most people aren't saving much and

usually they just have to risk their life's savings usually people in their early 20s should they wait um here's what I think about it um if you've heard that it's crap okay you don't have to risk your life savings and you should not risk your life Savings now if we rewind to what I said about 10 minutes ago 15 minutes ago somebody asked me um Fiat asked me and said how would you start like what would you do if to get a side hustle off the ground what would you start with and I said I

would start by putting your sales pitch out there if you think you can sell this product or this service to these people okay let's put that to the test go to those people um And propose like hey I got this for sale it costs this much who wants one right that's the first thing you do you haven't created this thing yet you you haven't actually offered it for sale yet but this is what you do just to gauge interest let's see if anyone responds right now the whole point of doing that is that let's say

nobody responds you know you might think to yourself okay maybe I'm looking in the wrong place you see my mistake maybe was That I went into on social networking and I went to a a place in social networking where I thought those type of potential customers gather so that if I did a post in that group or whatever they would see it they would jump on it because this is exactly what they're looking for and you know they'd be contacting me to say I'll take do right but it but that's not what I got it

seems that nobody interested so okay maybe this is not the way to reach those People I still think they're out there but and I still think they'd be interested in what I'm proposing this thing for this price under these conditions from me um maybe I'll try something else I'll go to a physical event okay not on the internet not virtual but like a physical event we're going to go to a trade show where everyone talks about that stuff it's the brownie baking competition of your part of the world right Where everybody dresses like a combination

of Aunt Jima and Lucille Ball and they bring their best brownies to this event and it's a brownie tasting event it's like a brownie off if you will and surely fans of brownies will go there and I'll be able to uh interact with them and if I sort of hand out flyers or hand out cards or put up a booth then these people will uh come to to me and Order brownies in advance or whatever I'm trying to do right you know Well let's say you do that you show up and you start talking to

people about it nobody's interested right well have you spent your life savings yet no you haven't and this is a good thing because you probably just avoided making a very big Financial blunder right if you had spent your life savings try to like register your company and buy a bakery and you know hire employees and do an assembly line of brownies to create you know a th000 Brownies a day that you're then going to sell to people that you're assuming will show up you uh might have been very disappointed if you'd gone ahead and done

done all that right because it seems like not many people are interested in that kind of product or at least your ability to get them interested is not really there there's no evidence that it's going to work so it's a good thing you didn't Spend your life savings trying to do that you shouldn't have to spend any real money I know that seems counterintuitive to a lot of people but it's true big companies exist to solve big problems small oneperson companies exist to small to to solve small problems right if you are a small one

person company and you choose a major challenge like you say I'm going to start an airline I'm going to start an airline in My garage you know it's like well you know that's going to take a lot of capital it's a very Capital intensive thing that would be the kind of thing you would leave to a big company right but if you say listen I'm going to offer cleaning services to Airlines you know how the airplane comes in at lands and then you have to clean it all up restock it with food refill it with

fuel and then so they can Take off again with another load of passengers right that turnaround time is very important and you say I know a bit about Airlines I used to work in an airline I know that they really need people that can get in there and do the cleaning properly you know that are very efficient at it so I'm going to offer those Services that's something I can do you know that's a small problem and you can win at that but saying I'm going to start an airline no that's a big problem That's

best left to a big company uh you know don't spend your life savings trying to get into that game right does that does that make sense you shouldn't have to really spend any money all you should really risk is your time being wasted don't create the product before you sell it try selling it first to see if there's any interest then if there is and only when there is then you can create the product and you still don't have to spend your money if you think About it because you can do things like I mentioned

earlier you can if you found interest you can pre-sell whatever you're going to make so that people pay for in advance so you get the cash that you then use to create it and then you fill those orders right so you still don't have to pay money out of your own pocket really to get it off the ground whichever way you slice it okay so it's not about spending life savings it's about understanding the principle it's About having a good idea it's about being able to connect to potential customers and validating your idea and only

when you've done that doesn't make sense to take the next steps Nur Hyatt 81 says get startup funding you can but I don't recommend it I've worked for many years with a lot of startup companies that are in that world and uh unfortunately I got a very bad taste in my mouth by observing all that stuff from the inside it really seems Like a scam and the reason I say that is because startup funding is often not a grant it's a loan and it's a loan that you have to personally guarantee that means if you

take the money and you use it to start up your business and your business fails you still have to pay back back the loan now considering most startups fail Most like your first idea will most likely fail 95% chance it'll fail but you'll learn a lot does it make sense to go $50,000 into debt on your first idea that pretty much kills your entire startup foray like you'll never go further into it because then you have to get a day job to pay back your loan you know what I mean it's underhanded and I think

it's a very slimy of a lot of uh financial services Companies to offer these kinds of funding to startups because they don't care about your idea they make you guarantee that you're going to pay it back so they really don't care what you do with it all they're trying to do is sell a loan right so be very careful if you go down that route okay that makes validating your idea so you know it's going to work even more important if now you're throwing like debt financing into it you know what I mean so just

be very Careful I really don't recommend the thing I've observed is that people take the money and then they go to work on the stuff on the activities that they like to do the administration getting office space getting a website printing business cards you know this kind of stuff and they blow their money on that stuff because that's the easy things to do it's easy to th the to spend money and throw things money around what's Hard is or or harder that especially a lot of introverted types and Technical types don't want to do is

they don't want to do that validation they don't want to see can I get customers interested in this so that they will pre-order it I'm building this or I'm providing this it costs this much would you like some if you do here's where you order it right now how many orders have we received right have they paid when you Make an order you have to prepay right so it costs $100 or $1,000 or $10 whatever it is how many orders have we made today right how much money do we have coming in and if the

answer is zero well I don't know maybe this idea is not going to work we have to work on that we have to solve that problem before we go any further or you risk all the work you and all the money you spend to be like a total Throwaway it's like throwing it into a bottomless pit okay so just be very careful about the funding thing that that amplifies the Jeopardy okay um Mario says or Mario I I always thought it was fun to say Mario that's how they say it in Britain because they they

don't say it right they say Mario uh says I need some guidance I'm a supervisor for a logistics company recently found out my lead driver makes More money than myself how do I approach this with my employer and gain a wage increase uh well that's a that's kind of not what we're talking about here we're talking about side hustles and Entrepreneurship um you know I actually have a I have a live stream coming up in an hour where we do talk about that like HR nitrous so so save that till then okay uh Rock I

would also attend a food festival or holiday event because everybody is Expecting desserts yeah yeah like if we're talking about the thing you know like yeah exactly this is where you could think of great ideas right what do people in that industry do what do people in that world do you know find out get to know them if they're you know potential customers they're your prospects find out how they think what they're interested in where they're looking you know what they're open to and what their attitudes are about Various things that's what'll tell you like

what you should do you know if you understood all these people perfectly you would know exactly what to do that they would be interested in that they would love and that they would pay for and you you would know exactly how to communicate that to them you know and convince them um sukasa says thanks thanks for answering my question with you you're Absolutely welcome suas was an intelligent question uh bro speaks this great at real time image what his books and courses would be like well thank you very much yes if you are interested in

learning business check out that course course that's the course I made for this kind of stuff uh you can learn everything you would learn with an MBA like if you went to a university and took a 2-year degree that's what you can learn it's a course but really it's a Program because you learn the content of multiple courses um the catch is that it's all completely self-study so you're getting a pile of textbooks these are the same textbooks they're not written by me they're written by absolute experts in the field they're the textbooks they use

in places like Harvard business school in their NBA program and in many other top NBA programs around the world they're like the the gold standard of learning the Various subjects like marketing and accounting and that kind of stuff right so all I'm doing is I provide you videos that sort of guide you through it the learning comes from reading the books now you can just skim the books and get a very cursory understanding you kind of you know what it is it's there if you want to go deeper or if you really really wanted to

you could go very in-depth you could do all the practice problems and everything All the case studies and you would get the same result as if you had gone to a 2-year full-time MBA uh like Master's of business administration degree in a brick and mor University you would get the same result you would know the same stuff so so if that's any value to you if that's what you're looking for um check that out it's $100 that's like 2% of the cost of doing that at a university so um that's why I created that I

think that universities charge Way too much for that kind of knowledge the knowledge has been in the public domain for a very long time you know the vast majority of it so why are they charging so much to teach that to you um milky drop says I worked in health startup for three years so stressful and I don't think I would want to do it again I was one of the founding team members but I was just laid off in August still looking for a new job well if you were laid off I mean that

that's Kind of different than being a Founder right like a found a Founder technically is the person who's in charge right you are the owner you are the manager you're in charge so you know you wouldn't being laid off would not be the right term you know you you just decide to wind it down you would decide not to do it or you would decide to leave right but someone kicking you out that suggests that you're not you're not the founder right um I know what you're Saying you're one of the founding team members I'm

a very cynical person I need to warn everyone about that I would just assume that's some polite little term they use to make everybody feel nice about the fact that they are not the founders right you know the founding team um and also team members you know like not to get hung semantics and stuff but like that also seems a bit I don't know it seems a bit belittling to people you know you're team member I know it's A technical term there's nothing derogatory about it but sometimes the way and how it's used right but

listen milky drops uh I'm sorry you had a bad experience there are just like there's all kinds of employers some really good and some really really bad ones out there uh there's all kinds of startups you know some are uh you know run by essentially ultimately like you know VC like like Venture Capital uh funds and things you know they don't care about Anyone they just care about money and they're very ruthless and they treat you like crap you know that that's basically the the common theme there are others that it's like a small business

it's like a I know this is a cliche but it's like a family you know like literally like a family where people are actually nice to each other and they all want to help each other and they all care about each other and they feel like a team like they actually feel like an actual Team team pulling together where they're where they're personally and emotionally invested in it you know and um you know like there there's some very very good startups out there on a personal level that treat everybody really really well um it it's

it takes all kinds to make a world you know and we see this it really runs the Spectrum it sounds like you w working for one of the the the amazing ones so I'm sorry to hear that better luck next time don't stay uh you Know it might be a blessing in disguise if it came to an end you know you you were there for a while you learned a little bit you saw some stuff and now it's time to move on if it wasn't that great you know hey this is maybe a good thing

you move on you know onwards and upwards right next time you know you'll land with a bunch of people that actually care about you and they value you a little more uh roxan says I was thinking Of doing crowdfunding to get some pre-orders it's low risk and I will get sales before spending a ton on inventory yes you can do that um I personally I don't have a lot of experience with crowdfunding I've worked with a couple of startups who have done it but I didn't see all the details of how they did it and

I didn't really understand the the way that they did it like what the draw was um to me it still does seem like you have the same problem before You which is you have to get the awareness out there to people who would be interested in what you're doing and who would pay for your product or or your service in business speak you call it an offering offering means like a product or a service or a combination thereof that you're selling okay so if you like crowdfunding is like you have to get a crowd of

people to want to to want to help you Financially right now if you had a crowd of people that you know they all um you know were willing to give you money uh presumably you know I I know it doesn't technically mean this but it almost means this that would kind of mean that you would have your uh business validated right you have a crowd of people that are willing to give you money they're willing to pay for your product but I understand with Crowdfunding that there could be two different groups of people there could

be a group of customers that actually want your product and they're willing to pay for it but there could be another crowd of here might be friends and family that they don't really want your product but they do want to help you so they're willing to give you a couple of bucks or something you know um so I understand there's two there could be two different crowds so if you already Have this crowd over here like friends and family that will support you financially or or willing to contribute to your business you know great but

to me once again because it distracts from what I said is what I recommend the first step to be which is validation and I also said you shouldn't need to spend any real money to start this up you shouldn't if you think you do you haven't put enough thought Into how you could start it up okay for example if you're picturing a restaurant you want to own a restaurant let's say that's your ambition okay but you think oh it costs hundreds of thousands of dollars to own like a restaurant whether I'm leasing it or I'm

you know buying it either way it's expensive right so Bill how can you say that I don't need to spend any money if I want to try and do a restaurant well this is what I say I say like think of The value of a restaurant why do people go to a restaurant think about this one option would be food okay there's some food that you get at that restaurant that you can't get anywhere else and you go for the food because you love it you must have that food okay if that's the reason you

don't have to have a brick and mortar building to sell that food right in this day and age if it just say like let's pretend it was coffee okay Like a type of coffee um you could Brew the coffee at home and then you could have it delivered you know what I mean like you could have a friend drive it in their car and deliver the coffee to someone's house like a pizza right um I've never had a takeout pizza as you can tell from my physique and uh you know don't believe anyone who suggests

otherwise um you know what I mean like you don't have to spend $200,000 getting like a restaurant property fully equipped with its own kitchen and employees like and staff to be able to sell a coffee to to the public you know what I'm saying there are cheaper ways you could have like a you can have like the equivalent of a hot dog cart if you really wanted to but my point is that there are cheaper alternatives to get the business off the ground in like the First phase get this coffee out there get fans of

your coffee out there and then if it makes money and if it's growing then might make sense to move on to phase two where you get a physical property like you have either a a booth in a mall or an actual building like that would serve as a restaurant right you know so you do it in stages you work up to that right so you should never need like a ton of startup Capital to start these businesses you really Shouldn't it's a matter there's always a solution where you don't need the startup Capital it's just

you got to put some thinking work into it how can I scale this down right how can I do this at a smaller level right maybe uh for example the restaurant thing and let's say it was coffee uh instead of selling the coffee directly to the public maybe there's other options where you'd sell the coffee Frozen to a grocery store so that They put their cof your coffee product on their shelves and you don't have to like deliver it to the public and take orders by individual members of the public you just sell it to

a chain of grocery stores and that's one of the coffee products they carry just locally you know so you're only dealing with like really One customer is that chain of stores you know maybe you talk to the owner and they're open to doing it you say hey okay here's a sample right and They say yes yes we'll do this you know I'm just I'm just thinking of ideas off top of my head but the point is there's always a cheap alternative to valid the idea and then start bringing money in and if it's a success

then you can grow then you can scale up and you know you you you pay for different things that will result in you know scaling up the sales uh milky drop says yes it was VC funded and you're right at the semantics of the founding team they hired a lot of Us to help build the product and then let us go yeah yeah that's unfortunate it it would be nicer if people were more transparent but the problem is you know I hate to say it but in some situations there's advantages to them if they just

exploit people it it works out better for them you know the problem is they burn their Bridges right and sometimes you can you can get a feel for what they're going to do or what they're liable to do by evidence of How they're acting right so if they're if they're lying about small things then you know be on your guard they might lie about big things and so on right you know but I'm sure milky drops I'm sure you're a little older a little wiser for this experience you know and the great thing is is

that if you've been in a couple of bad situations when you're younger you generally tend to wisen up to spotting those situations early when you're older so you can avoid them and You end up in much better places that's what happened to me and that's what has happened to a lot of people um nura says why is it that so many Founders are former product managers that's what I saw at the why combinator website well why combinator I mean that's a whole other thing that's like Tech that's Innovative Tech startups and it's very specific Innovative

Tech startups they're in that whole like Silicon Valley sort of ecosystem there that's a whole other thing that's a bit of a bubble I'm not I'm not from that world so you know I don't pretend to know much about it you know that's the world of sort of like High Roller VC companies and you know all this kind of stuff and um you know it's a whole different thing like the rest of the world operates differently like think in every city you've got people starting up Construction companies you know drywall companies you know like like

there's all kinds of small business happening everywhere wherever you are in the world you could be in like the middle of the boonies you could be in some other country that's you know like far flung from Silicon Valley in the United States you know like but there's all kinds of small business happening there's all kinds of startups happening they're maybe they're Not maybe Innovative Tech startups but or or maybe some of them are you know you never know to do Ai and stuff I mean people can do it in their basement um you know what

I mean but there's all kinds of activity happening everywhere across almost every industry you know looking special case this bubble which is Silicon Valley and some of the Innovative Tech stuff they're doing that's not representative of the larger world right you know for example oil and Gas they don't behave the same way the tech world does uh you know what I mean like agriculture food production they don't behave the same way um you know a power distribution and energy they don't behave the same way uh construction and you know real estate they don't behave the

same way services like accounting and financial services and you know things like that they don't behave the same I mean it's all completely different So remember like don't take um you know very specific advice that happens in like a very specific industry in a very specific part of the world and then just generalize that and say that's how everything works just be on your guard against doing that that's why if you have a theory this is what you would test in the validation phas phase of doing your side hustle or startup right you would go

and try and connect with customers and if you you see if your Theory is correct do these people respond in the way that you're hoping to this thing that you're proposing you know that's why you put that to the test now as for uh project uh product managers I haven't seen that but then again I gather that you're talking about a very specific industry type thing here so I'm I'm not going to I'm not going to dispute that with you I'm sure you're correct um Rox San says thanks for your advice I'll need to get

In touch with stores to sell my products yeah that's one way of doing it or you could go direct to the public you know you don't need like um you know the thing about startups is that you're in the real world there are no rules and I mean that in a good way it means that you don't have to go through Gatekeepers to get to success you know now if you talk to stores to sell your to carry your product great you know um that's definitely one way of doing it um Will those stores promote

your products will it be something that they will drive sales towards your products you know the jury's out on that you'll have to figure out how that's going to work but you can go direct to the public you know you could say look I don't need necessarily some Champion to believe in me I'm going to go direct to the public and if I can get the public to like what I do albe it in small numbers I might Have something here that I can then build you know so there's many ways of doing it that's

why you know you come up with an idea and then you validate it before you spend any real money and effort on it and there you go so we've reached the end of the chat I see there's 3 people here thank you for joining me on this um I have decided special announcement I have decided that uh I'm most likely going to do another Live stream another weekly live stream I'm I'm going to tack on another one and it might be very short in the beginning um but I'm thinking of calling it private Equity rundown

so you you heard it here first where I'm going to talk about private Equity so most people don't know what that is most people don't care but there's a lot of money in it and it's interesting to me because it's the buying and selling of businesses and stuff like that is it Related to this stuff kind of but I'm not going to combine it into side hustle ideas side hustle ideas is something completely different it's kind of what we did today it's what you can do with your creative idea and step into the world of

business at like a you know basic low level learn the ropes and you can keep it as a little thing that just supplements your income or you have the option of like ramping it up maybe replacing your day job by doing it Full-time and becoming a a business owner and that's how you make your fortune and that's what you do with your life it's a combination of you know a creative idea a creative Venture uh something you have a passion for with you know a sort of uh job that that earns your income you know

it can be it can be a fantastic thing and uh that's kind of what we talk about here but I'm thinking of doing this and uh to talk about sort of highle business ideas Because I don't really have an out outlet for that on YouTube and I know there's not a huge demand for it on YouTube but I want to do it anyway just to see uh if it goes anywhere so if you're interested in that there's a chance I might pilot that this week maybe on Friday or Poss or or for sure next week

so we'll see about that anyway thank you to uh roxan to milky drops to uh sucasa to Mario to Fiat to uh at to Everybody who participated and everybody was here you guys are awesome I wish you nothing but success in the future I will be back next week next week at the same time for another edition of side hustle ideas so see you then take care