How to Start a Side Hustle
Published on Apr 30, 2019
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PRESENTATION OUTLINE
Introductions
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Agenda
- What is a Side Hustle?
- Side Hustle Data
- How to Start a Side Hustle
- Alumni Stories
- Q/A & Discussion
Define: Side Hustle
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"A side hustle is a means of making money alongside one's main form of employment or income."
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Generational Interest
- 50% of millennials have a side hustle (Bankrate)
- 62% of Gen Z considering gig economy (Deloitte)
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How is Extra $ being used?
- 59% use funds for disposable income
- 38% use funds to cover living expenses
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What is driving interest in Side Hustles?
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Millennials!
- Today: 35% of workforce (Pew Research)
- 2025: 75% of workforce (Deloitte)
2018 Deloitte Millennial Survey
- Employers out of step with Millennial priorities
- Perception is that most companies are overly focused on profits
- Climate and Income Equality are top concerns
The Appeal of the Gig Economy
- To earn more money
- Work the hours I want to work
- To achieve better work/life balance
- To be my own boss
- To challenge myself
- To be paid by performance
Technology
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1. Do Your Day Job Well!
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Optimize for:
-Learning
-Growth
-Network
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2. Get Your Finances in Order
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Maximize Savings
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How much can you save by bringing lunch and not going to Starbucks?
$50/week
Savings ($50/wk, 2.2%)
$50/wk
Investment- IRA ($50/wk, 7%)
Compound Interest is:
"the eighth wonder of the world. He who understands it, earns it ... he who doesn't ... pays it."
Warren Buffet
- Bought first stock at 11
- Earned 99% of his wealth after age 50
3. Define Objectives
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Short-term
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Short-Term:
-Extra Cash
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Long-term
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Long-term
- Develop new skills
- Explore new careers
- Build passive income streams
- Build equity
4. Identify Skills & Interests
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Pursue something you're good at
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Pursue something you love to do
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5. Research Opportunities
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Build chatbots for businesses
Super organized and want to work from home?
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Remote Personal Assistant
Artistic and want to sell apparel with no inventory cost?
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Business through RageOn is going well and you want to build your own store?
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Tastemaker and great at social media and influencing?
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6. Develop a Plan
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Develop a Plan:
-Test your idea
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Develop a Plan:
-Create a Realistic Schedule
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Case Study: Uber
- Insurance, registration
- Car payments, maintenance, detailing
- Gas, getting to pick-up point
- Uber/Lyft fees, income taxes
- Median Hourly Pay = $14.73
- Net: $9.73 (Ridester)
Develop a Plan:
- Set Goals/Milestones
7. Resources
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Quora.com: Best side hustles in 2019
Entrepreneur.com: 50 ideas for side hustles
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Blogs
Podcasts
Alumni
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Q/A & Discussion
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