106 – A bunch of ways to finance your “Real” business: Tom talks Side Hustles

Episode 106 Side Hustles- from a new perspective that I guarantee you haven’t heard before.

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Main Event
Side Hustles – I’m going to tell you this right up front. This episode is not going to simply give you a list of a bunch of side hustles. There are tons of those lists on line. I’m going to tell you how to approach a side hustle from a multimillionaire’s point of view and how you can get rich “from” side hustles not from “doing” side hustles….at least not doing them forever just to scrape by. The term side hustle actually appeared before I was born and that’s a long time ago. Most people say the term appeared around 1950. It never caught on in a big way until just after the last recession when people were scrambling to make extra income. Now in the Internet age side hustles can include online businesses, but I’m going to take a little different attitude about this. Those of you that have listened for a while know that I’m totally immersed in online business since it has the ability to scale to as big as you want and it has vast opportunities for recurring income that doesn’t require your personal time after you get it going and the risk is extremely low compared to any brick and mortar type business.
I’m going to concentrate on side hustles from the viewpoint that you are trading time for money in the short run to finance your real online business in the long run. Side hustles that require you to trade time for money are certainly OK with me to grab some needed cash in an honorable way. But just because it’s honorable, doesn’t mean it’s a good idea to base a business strategy around it. Anytime you are trading time for money, you are violating my work, get paid, paid, paid, paid and paid some more rule.
You might say, “Well Tom, you are trading time for money in your mentor program.” And I would agree. The difference being I’m simply teaching the things I’m already doing in my online business and for much larger amounts of money. Also, my staff of subject matter experts that I employ to work on my stuff, do a good bit of the one-on-one training with the mentees and I only have to take care of the mentees on the bigger picture stuff which is interesting to me to help them solve problems. So not only do I get paid, but it’s not boring. Plus, I get a percentage of their profits that goes on to a cap of $50,000.00 so after I get them going each student provides a recurring income for me until they reach their cap and then they’re not stuck with me forever, but I get paid a fair rate for my knowledge. It’s very fair for everyone and that’s why it’s been the most successful and longest running mentor program in the field of Internet Marketing.
Anyway, back to side hustles. What I don’t want you to do is to think of your side hustle as permanent in the way that you are doing the side hustle yourself on and on and on to make some cash flow.
Here’s how you could make yourself rich with your side hustles. And before I get into that I want to highlight something. No matter how big the Internet marketing field becomes and no matter how smart it is to learn how to do an online business, there will always be people (at least until they all die off) who want to do things with their hands and in person. Hey, I’m glad there are those people. When one of my front doors is sticking, I’m thrilled that I know a guy who can know and do just the right adjustments to make it open and close really smoothly. I know that guy. He’s never going to do an online business. I’ve asked him. He just relies on his carpentry and handyman skills to do his work. What he fails to address is that if he’s unable to do his work, all his income stops. To me this is unacceptable…..especially when you have a family to support. Again. I’m glad people are willing to do manual work, but the smartest ones cash in on their skills in more than one way. Keep that in mind.
Which brings me back to how you make yourself rich with your side hustles. Let’s take an example of dog walking. Let’s say you start a little dog walking service. Maybe it’s pretty low key, just for neighbors or people you know and they pay you a little bit to do it for them when they’re at work or away.
Then let’s say you start researching it a little more and learn how to get clients that don’t know you and you learn how to make attractive flyers for your dog walking service and you learn how to advertise locally and you learn how to set your schedule so you efficiently go from house to house that are grouped together so you’re not running back and forth all over town in between walks. Maybe you get so many dogs you have to get people to help you. You learn how to hire people and do background checks and how to pay them. Maybe you learn how to do holiday specials when people are away and you not only walk and feed their animals, you check their house for them while they’re away. I mean why not add these services. They already trust you coming in their home to get their dog every day. Anyway, you learn all about the dog walking business.
Basically, you are side hustling trading time for money. Those dogs have to be walked and if someone calls off sick, those dogs still need to be walked and you or somebody else has to do it.
So, you took the time to research and do the business. You brought in cash flow from doing the business which was your goal from a side hustle anyway and you built up a nice little business. But oh no! For some reason you have to move across the country. Now what? If this is all you’ve done, you have to drop everything and start over in another place. The only saving grace to that is that you already know how to do it. You just have to get new customers and new employees in the new place.
The smart dog walker would have been documenting all the things they learned along the way. They would have been shooting video on how to handle certain situations with the dog. They’d write up everything they knew on how to get clients, and they’d show samples of ads and flyers that work. They’d tell about insurance and business licenses and they’d be setting up paperwork and online systems to run and track the business and …….and this is a BIG and. They would be paying close attention and making mental notes about who they know who might like to buy the business should they get tired of running it or for some reason need to quit like because in this example they’re relocating. It would be a shame to do all that work building up a business in a certain location and have to just walk away.
They would compile all this information they learned and put it into an online course that would sell I’d think anywhere from $39.00 to $97.00. If they offered to throw in some consulting, they could probably get a couple hundred bucks. This course could then sell over and over again online to anyone that speaks English that likes or is at least interested in dogs and there are many millions of those people. Then it could be converted to Spanish and other languages if they wanted to increase their sales.
Do you see how the side hustle of walking dogs was temporary, but the results of the side hustle could make you rich. Just for fun, let’s just run some conservative figures here on your course. Let’s say this course ends up selling for an average of $97.00 when you consider upsells or addons you could add to the basic course (we cover upselling in Episode 22. You definitely want to listen to that one.) And let’s say you sell ten of them a week. That’s $970.00 / week times 52 weeks $50,440.00 in income. And yes, there are some expenses against that income, but if you learn the stuff I teach you, they are miniscule. What if you could sell 20 a week? You just made $100 grand without leaving the house or picking up one piece of poop. Unless you got so excited from seeing the money come in you pooped yourself LOL
Do you remember a little while ago I said the smartest people cash in on their skills in more than one way?
One way would be to continually operate your dog walking business because you love it and make good cash flow and you still sell your dog walking business course. You’re double dipping there. You’re getting money now from two sources instead of one.
Another way would be to sell your dog walking business and guarantee you would not compete with the person you sold the business to as long as they were operating in that area plus you sell your dog walking business course. Again, you’re double dipping. In this case you get a chunk of money or you finance part of the purchase of the business and get a recurring income from it until paid off. And if they don’t pay, you take the business back and start running it again ….maybe they ruined and you have to work it back up or you sell it to somebody else.
If you lived in a large area, another way would be to sell your current dog walking business, move or simply open a dog walking business in another part of your city, operate it and build it up to sell and again still sell your dog walking business course all around the world. …Double dipping for the third time.
I hope you’re getting the idea here folks. The side hustle is just to get some cash flow coming in in the short run. The long run of selling something over and over again is where the money is.
Now, you can add and add to this.
Let’s say you or your spouse is a great handyperson …..mostly the term is handyman, but I have to be politically correct here.
You rinse and repeat what you did in the dog walking service. You actually do the jobs for cash all the while documenting what you do and how you do it. How you get clients, insurance, advertisements, tools, vehicles, etc. and then make an online course out of it. Maybe you have a ton of videos in your membership site showing people how to fix common problems. Maybe you have a sales course on how to talk to potential customers on the phone. Maybe how to get shirts printed up that make you look professional and also advertise your business (you could do this for the dog walking service too). Maybe how to treat the client’s home so you show all kinds of care. I’ve seen people bring paper booties which probably cost almost nothing compared to how I felt that the person was really going the extra mile to take care of my home.
You put all this stuff in a course and sell it everywhere just like the dog walking service. Established clients are always saleable to someone so you keep good records and maybe you even sell maintenance contracts so that every fall you clean their gutters and pick up leaves or check their hot water heater, put graphite in their door locks, power wash their deck or whatever they are willing to pay for that’s recurring and a pain for them to do. Every year you’re getting extra money from them. With established clients paying you regularly, you now have a big asset that is saleable to someone else and again. Just like the dog walking, how you do all this stuff can be put in a course you can sell everywhere.
Do this with more and more side hustles and you’ll have a full-time business selling courses and you’ll never leave the house unless you want to and you could be bringing in a fantastic income.
So, that’s my take on side hustles. Again, there’s tons of them that you could be doing, but you have to think bigger if you eventually don’t want to do the side hustle yourself anymore to bring in a little piddly amount of money.
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Next episode 107 Mark S.A. Smith He’s a perfect follow up to this episode in that he’s all about teaching you about systems and running your business like a CEO instead of a worker bee. I’ll catch ya on that episode.
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