In this book “Side Hustle”, Chris Guillebeau confirms that anyone can launch a side project that is successful and profitable without quitting their day job. The writer of the New York Times Bestseller “The $100 Start-Up” encourages the reader to take the leap and unleash your inner entrepreneur and run a successful side hustle by turning–no matter how obscure it might be– to an income-generating part-time job.
Keeping your day job while working on your side hustle/business can prevent you from making business mistakes while having some sort of job freedom. It is also beneficial to start such a side hustle while keeping your day job; if you want to transition to the world of entrepreneurship with minimal risk.
Guillebeau defines a side hustle as a hobby that generates money instead of costing you money. You need to plant the right seed, create the right system, process flow and test your idea to see if it’s feasible, profitable and persuasive. He emphasizes that to be a successful side hustler, your idea should motivate you, need a short time commitment, and could be monetized and be explained in a few sentences.
The novelty of your idea gives it a persuasive edge compared to existing competition and a much needed “wow-factor” to push back the buyer resistance.
A primary analysis is needed to examine the feasibility of your ideas such as the projected profit, upfront investment and the time commitment required to work on your side hustle. The author also warns you to be conservative in your calculations and projections.
The three Ps of a side hustle
To turn your idea into an offer you need a promise, a pitch and a price. Your promise is a bold statement that explains to your customers what will they receive and how your service will profit or benefit them.
Your pitch has much more details than your promise. It includes all the features that differentiate your offer from the competition.
And lastly, your price. The elements of your price are not limited to the dollar value of your offer, but also a “call to action” and a deadline as you need to create a sense of urgency to make your customers act immediately.
To execute your idea, you need to make a list of all the resources that you need and make sure that you have all that you need before communicating your offer to your potential customers.
Among the items that you need to execute your idea and start earning money: a website, a social media profile, a scheduling test and a payment system. Guillebeau also emphasizes the importance of leading with the benefits, meaning and explaining to your customer how your service will benefit them and satisfy their spoken and unspoken needs.
Reaching out to the right customer is crucial to the success of your side hustle, by first tapping into your supporters like friends or family members. Then seeking mentors and influencers who have an active communication channel with your potential customers.
Once you start executing your side hustle, it is vital to keep your eyes open and identify what’s working right and keep doing it, and what isn’t to eliminate or modify it.
Originally posted 2018-01-02 15:08:36.