The $100 Start-up helped change the name of the game when it comes to side hustling.
Years ago, starting a business meant drafting a fifty-page business plan, finding a bank or investor to fund the idea, and working full-time to make that business viable. That is no longer the case.
With the internet, increasing globalization, and the litany of third-party service providers, it is possible to start a business that can be funded for under $100 and only takes up a handful of hours every week. This blog for instance! Or POD services, teaching yoga in parks, walking dogs, dropping shipping gourmet coffee, and infinitely more. These side hustles are all viable businesses.
Merriam-Webster sites that the world is in flux, but it generally means “work performed supplementary to one’s primary job.” Usually, this means doing something you enjoy, or at least find interesting, and doing the work to monetize it. For me, my goal is to have this blog cover all my monthly bills.
Reading the book, The $100 Startup by Chris Guillebeau made me realize this dream is a possibility.
Also, check out this guide on the 9 Questions you should ask before starting your side hustle!
Insights from the $100 Start-Up
Insight #1: You need passion, skills, and customers to make a side hustle viable
It is great to be passionate about something, but if no one will pay you for your passion, it isn’t a side hustle. For instance, I like making and drinking coffee, but no one will pay me to make coffee for myself. However, if I made a pop-up coffee shop for a farmer’s market where I brew and sell my coffee to interested customers, then I have a side hustle. You need to find what you are passionate about (link to the tribe of mentors, see insight #9 about having to do it for yourself), a skill you can bring, and something people are willing to pay for.
Insight #2: Make a one-page business plan
As alluded to earlier, a business used to have large manuscripts describing in detail what they would do. This will not work for the side hustler. Let’s continue the pop-up coffee shop and I plan to sell artisan coffee. Real gourmet with all the milk and lavender. However, after a month of doing the farmer’s market, I realize what is making up 80% of my sales is the dark roasted coffee. I would then pivot to focusing on selling the dark roasted coffee and abandon the gourmet stuff. I wouldn’t have time to go update the manuscript, nor would it be helpful. What is better is to keep a one-page business plan. Chris has the plan in his book on page 102, and it prompts us to ask ourselves questions like: what will you sell? Who will buy it? How will your business idea help people? What will you charge? Etc. keeping it simple and actionable will make the business viable and able to change as the time calls for it.
Insight #3: Whether going big or small – work on your business
Plan to be successful. Even if the first several side hustles don’t work, don’t give up if this is what you want to do. Eventually, you will hit success if you keep learning. People will always tell you to scale and go big and bigger. But this is your show, ask yourself, “what does freedom look like to me? What do I want for my business?” Maybe you do want to go big and make it a full-time role, then scale up. Or maybe you would like to keep it a small weekend thing, or even split the difference – all the options are completely perfect, it’s what you want to do with it. regardless of which path you take, you need to step away from the day to day firefighting to work on the business itself. This can be: business development, offer development, fixing systemic issues, review pricing, and customer communication. Grow the business this way in addition to your product or service offering. It will help the business stand on its own, will generate more income, and should alleviate problems down the road.
Insight #4: Find out what you are afraid of
Life is filled with what-ifs and fear. Starting a side hustle can cause a lot of fear and self-doubt. Both externally, “what if people steal my idea? What if I make a fool of myself?” and internally, “I’m not good enough to make this successful. Others with more resources have failed, what makes me think it will be different?” The comforting thing is in the 1000s of case study Chris has studied, almost everyone has experienced these fears. It is completely normal! Big success stories generating seven figures starting had these fears, and to an extent still do. What are you afraid of exactly? Sit with the feeling and nail it down. Then think of how you can minimize these concerns and start on your side hustle. It will always be a little scary but waiting to start will never make your dream side hustle a reality.
Main Take-Aways
- Pick a side hustle that focuses on something that will interest you for the long run, you have skills in that area, and that people are willing to pay for
- Instead of making a business manuscript, make a one-pager describing your business. It is easier to pivot that way and also forces our thinking to be very specific with what we are offering
- Do you! You don’t need anyone’s permission to start a side hustle, and it can be as small or big as you want it to be.
Action Item
What is the business idea you are looking into starting? How can you get it started this weekend for under $100? See if you can at least put together a minimal viable product to see if there is interest in your product or service!
