The 4 kinds of side businesses you can start

ah, the side hustle. i’ve become somewhat of a (self-proclaimed) expert at doing random things on the side over the course of my life.

the biggest key to successful side hustles that i’ve seen? understanding that you’re not starting a startup. 

get this idea out of your head.

you’re starting a profitable side business to bring in cash and build your capability as an entrepreneur. you are not starting the next facebook – just bringing in some cash to buy your freedom.

side hustles can grow and evolve, but to work they need to have a few traits. they need to:

• solve a problem someone is already aware of
• give someone something they’re looking for
• NOT require a lot of maintenance or hand-holding
• have a no-brainer path to profitability

as far as i’ve thought about it, i think there are 4 ways you can build a successful side hustle:

1. buy an existing asset
2. launch a product on a marketplace with existing demand
3. launch a unique, one of a kind product in a new space where you can buy demand (adwords, facebook, etc.)
4. arbitrage (craigslist, airbnb, trading, uber)

5.) Taking surveys,Market research online

if i were to start another side business now, the platforms i’d look at are:

• skillshare / udemy
• ebay / amazon
• amazon ebooks
• the shopify app store
• the google chrome app store
• any sort of niche marketplace where people buy stuff: wordpress themes, woocommerce themes, etc.
• airbnb

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