Jul 10, 2017
#85: Like many people, Nick Loper used to work a full-time job
that didn't excite him.
Unlike most people, Loper decided to escape his uninspiring work
life.
First, he launched a shoe-comparison website that began collecting
side income. Over time, this side project grew increasingly
profitable, until -- finally -- he thought he could run this
website full-time.
Loper quit his job.
That's when all hell broke loose.
Within days, Loper's website lost 80 percent of its search traffic
and advertising revenue. Loper found himself both unemployed and
without a viable business.
He spent several months correcting course, making his business
solvent again. More importantly, he learned the importance of
creating *multiple streams of income.*
Loper launched multiple small side businesses in order to diversify
his income. Some succeeded; others quietly fizzled out. He made
enough 'small bets' that he wound up with a handful of winners.
Today, his income comes from a cacophony of different sources. He's
diversified.
Loper joins us on this week's episode to explain how to develop a
"side hustle," a small micro-business that provides a supplemental
source of income.
Here are some of his suggestions:
#1: Tap the Sharing Economy
We've heard about Uber, Lyft, Airbnb, Instacart and TaskRabbit --
popular 'sharing economy' platforms that allow people to turn their
car, home and/or time into extra cash.
But beyond those obvious examples, there are plenty of
sharing-economy websites that niche down into higher-paying
specializations, such as:
http://Turo.com -- A website in which you can rent
your car; no driving required. You make money from the asset, not
from your time.
http://EatWith.com -- A dinner-party-hosting website
ideal for people who are skilled cooks, chefs, or party hosts, but
don't necessarily have the capital to start their own
restaurant.
"Each of these is a little mini-search-engine," Loper says.
2. Freelancing / Expertise-Based Businesses
The stronger your expertise, the more money you can potentially
earn. After all, you're not just selling your time; you're selling
your *knowledge.*
Websites that help people profit from their expertise include:
http://TheExpertInstitute.com -- A website where
attorneys look for expert witnesses.
http://Thumbtack.com -- A website for service
professionals, from CAD designers to nutritionists to CPR
training.
http://Wyzant.com -- A website for expert tutors in
every subject from calculus to piano.
http://Clarity.fm -- A website for on-demand coaching or consulting
from experts.
3. E-Commerce
Loper outlines two models for selling physical products online:
- **The Retail Arbitrage Model:** Under this model, you find and
flip items online.
- **The Private Label Model:** Under this model, you design,
manufacture, package and import your own product.
Loper dives into details about all of these side hustle
opportunities -- and also describes the biggest mistakes that he
sees entrepreneurs and wantrapraneurs make -- in today's
episode.
Enjoy!
________________
Resources Mentioned:
Side Hustle Nation http://www.sidehustlenation.com
200 Sharing Economy Platforms http://www.sidehustlenation.com/sharing-economy-make-extra-money
Steve Chou episode of the Afford Anything Podcast http://podcast.affordanything.com/make-100000-year-online-steve-chou-wife-quit-job