Destressing the Side Hustle

By: Jim Clark and Conley Oliver
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  • Summary

  • We discuss ways to start side businesses with little or no stress. Real life examples to help you get out of the rat race and start being the CEO of your life.
    2022
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Economics Leadership Management
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Episodes
  • How to overcome the TWO biggest hurdles in creating a side business

    How to overcome the TWO biggest hurdles in creating a side business
    Mar 22 2022
    Welcome to the Destressing the Side Hustle PodcastToday's episode DESTRESSING SMALL BUSINESS WORRIESTheme: We are natural born problem solvers. Sometimes our solutions look like money-making possibilities – side gigs. However, we don’t take action and subsequently experience distress for not acting when we could have. The two primary reasons for this reluctance to act are (1) Fear of Failing or (2) Doubt that we have Time to Do it. Both of these “distresses” can be overcome. Here’s how:OVERCOMING FEAR OF FAILURE – much of our distress about business failure comes from initial fixed-false beliefs we hold about possible roadblocks to business success:Worrying that this business idea already exists which would kill your interestFearing that you could get way too excited about this “fun work” if you took actionBelieving you don’t have enough of the “right” experience to do thisThinking family and friends will laugh at you for daring to try this THINK ABOUT IT: You are experiencing distress about not acting on opportunities that probably would have been successful if you tried. Don’t let this happen! Two Remedies: Be Sherlock Holmes in Finding Essential Information to allay these FEARS:Do find out if someone, somewhere is already doing this and study themSniff out top few related problems customers experienceExplore simple/affordable/dependable ways of addressing the key problemTalk to Savvy Source for Locating First CustomersTest the idea without spending money or too much timeFind an affordable way to become known and reachable Deal with Your Time Demands by Immediately gaining HelpersUse a helper to gain the essential information you needYou will need more than one helper, sooner than laterConsider cheapest help that can do at least acceptable workDon’t pay by the hourProvide Training and AccountabilityShare the riskSimple Side Gigs that require 10 hours a week and generate over $2000/month:Student to Student TutoringSafety Systems for Nervous Short-term Rental Hosts or Home OwnersSqueaky Wood Floor Fix-itsTwo-hour Kayak or Bike ToursFast Fix: Home Furnace Filters, Coded Door Locks, Ceiling Fan InstallsSimple Side Gig Example #1: Two-hour Kayak or Bike TourOVERCOMING FEAR OF FAILURE – overcome fixed-false beliefs that thwart actionBusiness already exists? Lots of Places do it successfully – so pick one to emulateCould get way too excited about this? You’re only going to lead some of the toursYou don’t have the “right” experience? It’s only a 1.5-mile paddle in gently conditionsFamily and friends will laugh at you? For every doubter there will be 5 supporters THINK ABOUT IT: You are experiencing distress about not acting on opportunities that probably would have been successful if you tried. Don’t let this happen! Be Sherlock Holmes in Finding Essential InformationSniff out top few related problems customers experienceExplore simple/affordable ways of handling key problemsTalk to Savvy Source for Locating First CustomersTest the idea without spending money or too much timeFind an affordable way to become known and reachable Deal with Your Time Limitations by using HelpersUse a publicity helper - let a resource like AirBnB set up the offeringYou will need helpers – place Ad at local college for “paddler w personality”Consider cheapest help that can perform acceptably – contact local hs paddling clubsTrain guides, Pay $90/tour for 8 guestsShare the risk – lease used kayaks/paddles from a nearby rental programRun The Sample NumbersHave groups from 4 to 8 paddlers, scheduled and paid in advance @ $120/personMeet up 15 min before start at scheduled location, sign releases and waiversHave helper w truck bring boats to the launch site* - pay $50 to drop/pick boatsRent used tandem Kayaks and gear for 3 hours @ $20/boat/hr or 25% of rental incomeDo the first few 8 guest tours, and pay $290 expenses and make $650 per tourSchedule Fri/Sat 9am tours ea week, May-September. Pay guides $80/tour, net $570Do 8 tours per month for 5 months @ $4560/mo or $22,800 for the season
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    27 mins

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