What I wish I knew about Side Hustles (as a millionaire).

hey tech white here welcome back to another episode now today I thought I would give you some of my top tips on how you can start your next site how so and make sure that it is successful as somebody myself has started multiple successful site hustles in the past before I've made millions on these and especially now since so many people are working from home what better time to start a site also when your manager isn't watching over your shoulder checking about what you're doing and the facts are realistically timing wise your opportunities right now couldn't be better because you never actually want to quit your whole job and then try to work on some site also and see if it pans out and you put your whole life at risk you want to be working on these two things in parallel at the same time and then when your site house is starting to really take off that's when you know you can make the switch safe wait so I thought today I would share my personal tried-and-true tips for success in your next project and that's going to start with making sure that your equipment is well set up that brings us to our sponsor and let's roll that sponsor quick pause if you're locked into some expensive cell phone plan that's over building you every month they make sure to check out ting mobile a low-cost no contract paper use cell phone plan that is simple and easy to use what's marketing recently announced that they added a third nationwide network for even broader coverage at lower prices I used to spend sixty to eighty dollars per month for cell phone plans with terrible customer service thinking that there was no other better way until I realized that there are more modern paper used cell phone plans so if you're interested in saving money and you get a free $25 just for checking them out and visit Tech leading comm so there have it give the video a like and subscribe and I'll see you in the next episode but seriously equipment is something not to be ignored as you're working on your site also you know I know a lot of people that are working from home don't try to do your work in your bed using your iPhone or your iPad because these are consumption devices they're very different from productivity devices which is essentially going to be your laptop don't try to get work done on like a iPhone and make sure that you're showing up and putting in your eight hours of work or at least four hours or whatever it is that you've allocated for your site also and I think that if that's the minimum that you do and you make sure that you have a desk an area for you to be productive then your about those already halfway done or I mean actually it's more like two percent of the way done but more or less the same thing and I can show you some scenes of my desk setup you can see it's quite nice I have a nice lamp this lamp has got to be one of my most prized possessions I've pretty much left my wife for it I've got my 4k monitor my standing desk a really cool-looking chair mechanical keyboard so all of this stuff will be linked in the description below if you're interested in getting your home office environment set up just the way I have it which is pro mode the second tip is what is your biggest problem tell me anybody in the audience what's your biggest problem no it is not the technicals it is marketing how'd you get people to actually hear and use your product so I would approach your site also from a marketing perspective what niche community are you part of that you know you can sell to that you can create word-of-mouth about if you have something to announce because if you just want to come up with some new t-shirt website there's no way for you to gain traction on this nobody is going to listen to you no blog is going to write about it marketing is going to be the number one problem for you and this is something I hear an experienced idea founders come up with all the time they just say hey I have this cool idea where tons of people will come to this website and they can buy and sell stuff well this is that chicken and the egg problem how are you going to get people to use your website if there's nobody on there at first you need to gain that critical mass you need to have a step-by-step plan where you can grow the website from one person to ten to one hundred to a thousand to ten thousand people and the website or product or app needs to be functional at every single stage of development if you take a look at Tesla they began with high-end sports cars to help fund the mass market consumer models Facebook began at a Harvard dormitory Amazon began selling books and then over time these projects shipped into mass market models you need to have that stage-by-stage development plan where your product pivots from one to the next all right good what's uh what's problem number two that we have to solve anybody out there no not you anybody else in the back no it is finding the right product market fit so as I see it way too many people especially software engineering people that they're going to focus on the technicals and they're going to create something that they want to make something that's technically interesting to them don't make what's interesting for yourself you need to make something that's interesting for other people for the consumers as I see it too many people are not thinking about the consumers they're focused on themselves they never launch the product because they're just having way too much fun working on some JavaScript framework many people get caught up naming the company making up t-shirts giving themselves fancy titles figuring out what the equity spots are going to be hiring accountants and lawyers but very little time is actually spent developing a really good product and that's really the first thing that needs to be done and you want to focus on this you want to build their MVP do one thing and do it well and make sure that it is solving a real actual problem that people are asking to be solved and one of the worst advice I've heard is to cut out or ignore the people who don't believe in your project because maybe they're toxic whereas in reality I would say that you want to shop your project around launch early iterate fast find that product market fit if there's criticism accept it with a grain of salt and just make sure that you have all of your bases covered in terms of product strategy or design now another tip is avoiding linear growth you want to make sure that your growth is exponential so how can you do that well one thing is I would advise never selling your own time if you ever find yourself selling your own time like getting paid 50 bucks for an hour's worth of work and you see this and say the restaurant industry working as a waiter driving uber cars these are all forms of selling your own time where you get one for one trades and at the end of the day that most anybody can really be paid this may be a hundred two hundred bucks an hour and that's if you're pretty good and what you really want is like a trade that is one to ten or one to a hundred or one to a thousand and that's the way you really start making more money examples of higher leverage are like building an app or website writing a book selling recipes selling mass-market t-shirts making YouTube videos for all of these you put in the constant amount of time no matter how many people end up buying your product and no matter what business you're in you want to automate yourself out of it as much as possible to free your time to work on any other future developments and I would also consider the industry wave that you are on like if you take a look at the t-shirt industry that's pretty flat it hasn't really gone anywhere but if you take a look at it like tapioca restaurants in Japan has just been booming there's been an exponential growth in that everybody is just crazy for tapioca milk tea over there and these exponential growth they don't last forever they eventually flatten out so the timing really matters moving on at this point it may also be good to do a quick back of the envelope pricing check just to make sure even in the most optimal best-case scenario how much money do you think that you can make from your side hustle like if you're selling t-shirts and you're making $10 each you would have to sell 10,000 of them just to make $100,000 in sales that sounds like a lot of teachers to be selling that's when you may realize you'll need additional product lines like maybe have 10 different t-shirt designs sell a thousand copies of each or raise the t-shirt price and you also want to consider the process of onboarding a new user there's a test that we liked in the fang industry known as the mom test which is can you get your mom to sign up to whatever app or feature that you're building and if you can't then that means that it's way too complicate it and you need to make it simpler and easier for the user to use because the fact is the mainstream unwashed masses they're just not as passionate about your industry as you are so you need to make sure that your messaging is clear and simple to explain why your product is so good now my next tip it's a simple one but one that I always check with myself and it is to make sure that you truly believe in the product because many times people will go out and start asking other people for their time for their money for their investments for their belief in the product whereas you yourself haven't even put in any of your own money so why don't you first put in say 10 thousand dollars of your own cash and just put that into the business and make sure that you're not going to be able to get that out and if you ask yourself if you're willing to do that then you may double check your goals your business plan and you may realize that hey this business that idea that you had it was just a lofty idea that maybe you knew deep down inside it wouldn't really work and that means you need to go back and double-check your business plan and every stage of growth to make sure that it is more secure put in your own time and money before you start asking for anybody else's and one tip a great way to validate an idea and we did this other time over in the apps industry was to take a look at what's already out there what your competitors are doing and that's a good baseline for what's already working out there and then you can take that concept improve on it and add your own ideas and spin on it to make it even better and push the industry forward and then the last and final tip your cytosol is just make sure that you're passionate enough about it to do it long term you want to make sure that you're committed for six to 12 months many people I know they have some idea but then they never actually get to it because it's just too much work it's in the area that they're not very interested or passionate about I think all of us know some way or another in which you could be making money but we simply just don't do it because it's not interesting to us so ask yourself deep down what area you're really interested in what thing you can imagine yourself actually pursuing for say six to twelve months consistently day in and day out until you acquire deeper knowledge about the field that you're in and we acquire that niche deep knowledge that's what's really going to start setting your projects apart and allow you to build something really great and undoubtedly you're gonna have hard times you're gonna fail a number of times but what's really gonna keep you motivated is having fun in the process make success fun now to succeed in your site hustle you're gonna need infrastructure and capital and that is where ting Mobile comes in so check them out over at tech lighting calm ting Mobile is a nationwide cell phone plan with no contracts where you pay only for what you use so for anyone still on those odd cell phone contracts that lock you in for two years and they provide terrible customer support and give you way more minutes and data and voice plans that you need tons of random features that are useless and then you end up over paying for these bloated services month after month well you can simplify your life and save a lot of money at ting mobile so ting Mobile is a more modern paper use no contract cell phone plan all you do is send them a dollar they give you a SIM card you put it in you activate it and you're ready to go and remember King recently announced that they added a third nationwide network for even broader coverage at lower prices than what you're normally getting plus you get free $25 just for checking out their servers so head on over to tech lighting comm and give them a try so they'll do for me I hope you enjoyed the video if you did remember to please give it a like and subscribe I really appreciate that remember to follow me on instagram at tech lead HD and I'll see you next time thanks bye

Channel: TechLead

Views: 282,349

Keywords: side hustle, side hustles for extra money, money management, best side hustles, passive income, personal project, small business, business success, starting a small business, small businesses, how i became a millionaire, side hustle ideas, make it, financial independence

Id: rGvyDEsJHLI

Length: 10min 47sec (647 seconds)

Published: Thu Mar 19 2020