Everyone should have more than one source of income – even if you like your day job.
Being dependent on a single revenue stream makes you vulnerable.
You’re less likely to feel free to leave your job should it stop making you happy or be in a position to try out something you’ve always wanted to do….AND you never know how it could create many new options for you.
Teresa Greenway was a baker with a passion for sourdough bread. She was also a bit older and not as familiar with technology, so when her daughter came to her and said, “You should teach a class on sourdough,” she said, “How does that work? Do I rent a room at the library? Make flyers?” Her daughter said, “No, we do it online. I’ll just film you in your kitchen, you’ll talk to the camera as if you’re talking to a group of people, and we’ll put it up on Udemy.com” (a site for online courses).
Fats forward 12 months. Teresa’s bread course brought in $25,000 the first year. The next year she branched out, creating 4 other courses including one on “extreme bread fermentation”. Last year, she earned almost $85,000 with her sourdough empire.
Side hustles are more than a small thing. They realistically have the potential to change your life without the risk of losing your day job income. How do you get started?
- Do Something You’re Already Good At
Teresa didn’t need to learn any new skills to get her side hustle going. Her daughter helped her with the technology part. The key skills were something she already knew.
- Get It Going Fast
A key part of a good side hustle is testing. Move fast and break things.
We have a saying: “Move fast and break things.” The idea is that if you never break anything, you’re probably not moving fast enough.” “Move fast and break things” is a motto that Facebook has become known for. Like Zuckerberg states, it means that if you aren’t making mistakes, you aren’t moving fast enough.
The 70% Rule
Mario Andretti, the famous Indy 500 race car driver said, said, “If everything seems under control, you’re just not going fast enough.”
But exactly how fast should you move? Consider the 70% rule. Once you’re at 70 percent, just do it. The book is 70 percent done? Launch it. The project is 70 percent finished? Ship it. You’re 70 percent sure about the decision? Make it.
If you’re editing an article, you’ll usually catch 70 percent of errors on the first sweep, 95 percent on the second sweep, and all but one percent on the third. But, importantly, as you get closer and closer to done, it starts taking much longer to make improvements.
The mistake most side hustlers/entrepreneurs make is to think, “Well, I want to do my best work, so I want to get it to 99 percent perfect” This type of thinking ignores the opportunity cost. If it takes three months to get 70 percent of the way finished, are you better off spending another 6 months getting to 99 or getting two other projects to 70 percent? Getting three projects to 70 percent is better than getting one to 99 percent.
You can’t test something you haven’t launched. You’ve got to have something to start with, ship it, and then revise. Side hustling isn’t about waiting forever; it’s about starting and changing things until something works.
“If you are not embarrassed by the first version of your product, you’ve launched too late,” says Reid Hoffman, cofounder of LinkedIn. Most entrepreneurs fail because they focus on not breaking things instead of on moving fast.
The foundation of the 70 percent principle is this: What feels risky is safe. What feels safe is risky.
The internet, defined as “the network” switched on in January 1983, is now almost 35years old. When it began, it was a decentralized, disorganized, non-commercial system. Look where it is today.
Now look at yourself. With some reasonable effort and planning, you could be making an extra $1000 month. Try things and see what works. Most of the tools are free and right in front of you.
At 70% press Go. Your life-changing side hustle is about to change your lifeby offering you multiple stream of cash, so you can enjoy income security while other hope for job security.