{"id":158,"date":"2017-12-04T09:00:48","date_gmt":"2017-12-04T09:00:48","guid":{"rendered":"http:\/\/larrybuffaloboy.com\/?p=158"},"modified":"2017-12-04T09:00:48","modified_gmt":"2017-12-04T09:00:48","slug":"vetting-my-side-hustle-ideas","status":"publish","type":"post","link":"https:\/\/larrybuffaloboy.com\/index.php\/2017\/12\/04\/vetting-my-side-hustle-ideas\/","title":{"rendered":"Vetting my Side Hustle Ideas"},"content":{"rendered":"<p><a href=\"https:\/\/www.amazon.com\/dp\/B01MT0J7KF\/ref=dp-kindle-redirect?_encoding=UTF8&amp;btkr=1\"><img decoding=\"async\" loading=\"lazy\" src=\"http:\/\/larrybuffaloboy.com\/wp-content\/uploads\/2017\/11\/sidehustle.jpg\" alt=\"Side Hustle by Chris Guillebeau\" width=\"332\" height=\"499\" class=\"aligncenter size-full wp-image-161\" \/><\/a><\/p>\n<p><!--more--><\/p>\n<p>I recently read a book called &#8220;Side hustle: From Idea to Income in 27 days&#8221;.The book was about how to turn your side hustle into a legit business, with the idea that you work a full time job and don&#8217;t have time to run a corporation. From my notes I took on the book, I generated a template to vet my future ideas. Like most people, I tell myself &#8220;Hey I&#8217;m the idea man!&#8221;, aren&#8217;t we all? I have plenty ideas, but hopefully now I can vet some of those ideas and figure out which ones are feasible for a side hustle and which ones are just pipe dreams. Here is a sample of my template, maybe I can make another post on actually using it later.<\/p>\n<p><strong>Ideas must be feasible, profitable and persuasive.<\/strong><\/p>\n<p><strong>Bad Ideas:<\/strong><\/p>\n<ul>\n<li>Grand vision, hard to simplify or translate into action.<\/li>\n<li>Something you have no idea how to make, or requires skills you do not have.<\/li>\n<li>Vague, nonspecific idea of the kind of people who will pay for it.<\/li>\n<li>Something that is high maintenance or requires a lot of lead time.<\/li>\n<\/ul>\n<p><strong>Good ideas:<\/strong><\/p>\n<ul>\n<li>Simple<\/li>\n<li>Know how to do already or can figure it out<\/li>\n<li>Solves a problem<\/li>\n<li>Low Maintenance and easy to deliver<\/li>\n<li>Recurring income<\/li>\n<\/ul>\n<p><strong>Three types of businesses:<\/strong><\/p>\n<ul>\n<li>Sell a product<\/li>\n<li>Sell a service<\/li>\n<li>Middle Man<\/li>\n<\/ul>\n<p><strong>Answer These Questions:<\/strong><\/p>\n<ul>\n<li>What is uniquely good and what is uniquely challenging about this idea?<\/li>\n<li>What will you need to get started, how much will it cost?<\/li>\n<li>What potential obstacles stand in the way of launching your idea?<\/li>\n<li>How hard will it be for you to get your first sale?<\/li>\n<li>Has anyone ever done something like this before?<\/li>\n<li>If everything goes right, whats the best case scenario?<\/li>\n<li>If everything goes wrong, what is the worst case scenario?<\/li>\n<\/ul>\n<p><strong>Rank your list of ideas from high, medium to low on these meters:<\/strong><\/p>\n<ul>\n<li>Feasibility<\/li>\n<li>Persuasion<\/li>\n<li>Profit Potential<\/li>\n<li>Efficiency<\/li>\n<li>Motivation<\/li>\n<\/ul>\n<p><strong>Always Remember:<\/strong><\/p>\n<ul>\n<li>In order to make money, you must provide value. Value always comes first. Question: How can I provide value to others?<\/li>\n<li>Expected Income<\/li>\n<li>Expected Expenses = Projected profit<\/li>\n<li>If you\u2019re sitting around waiting for a payday that is clearly never going to arrive, get yourself unstuck and move on.<\/li>\n<li>If you don&#8217;t have a way to get paid, you don&#8217;t have a hustle.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[8],"tags":[],"_links":{"self":[{"href":"https:\/\/larrybuffaloboy.com\/index.php\/wp-json\/wp\/v2\/posts\/158"}],"collection":[{"href":"https:\/\/larrybuffaloboy.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/larrybuffaloboy.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/larrybuffaloboy.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/larrybuffaloboy.com\/index.php\/wp-json\/wp\/v2\/comments?post=158"}],"version-history":[{"count":0,"href":"https:\/\/larrybuffaloboy.com\/index.php\/wp-json\/wp\/v2\/posts\/158\/revisions"}],"wp:attachment":[{"href":"https:\/\/larrybuffaloboy.com\/index.php\/wp-json\/wp\/v2\/media?parent=158"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/larrybuffaloboy.com\/index.php\/wp-json\/wp\/v2\/categories?post=158"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/larrybuffaloboy.com\/index.php\/wp-json\/wp\/v2\/tags?post=158"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}