I. The Fundamentals of Side Hustles

• Making money is a skill that involves providing value to people willing to pay for it. There is no "magic bullet" for making money.

• The goal of a side hustle is not just about money but also about freedom. It allows you to live life on your own terms and have the freedom to do the things you want.

• Relying on a single source of income is not a secure way of living. Having multiple income streams provides a safety net and flexibility.

II. Why Start a Side Hustle?

• To gain financial freedom and not be tied to one job.

• To have flexibility and control over your time.

• To do things you enjoy and that don't feel like work.

• To combine incomes and achieve goals such as buying a house.

III. How to Make Money

• The first law of making money is providing value to people who are "delighted" to pay for it.

• There are three main ways to provide value:

  • Services: Providing a service to someone who is willing to pay for it.

  • Products: Creating a product and selling it to people who are willing to pay for it.

  • Content: Creating free content on platforms where monetization happens through the platform, usually via advertisers.

IV. Key Considerations for Side Hustles

• Flexibility: A good side hustle should offer flexibility in terms of time and location.

• Fun: The side hustle should ideally be something you enjoy and doesn't feel like work.

• Finances: The side hustle should generate a reasonable return on investment over the long term.

• Internet-enabled side hustles: These are often recommended due to their flexibility, fun, and financial potential. The internet enables you to attract buyers from all over the world.

• Learning from others: Learn from the examples of others, but adapt the principles to your own context and skills.

V. Six Side Hustle Ideas

1. Writer (Content)

• How: Create content regularly, build an audience, and monetize through sponsorships or consulting calls.

• Example: Jack Reigns, who started a newsletter and charges for ads and consulting.

• Barriers to entry: Low; can start with a free account on platforms like Substack or Beehive.

• How to get started: Read a person's work, do the work of creating your own content, then ask them questions.

2. Content Curator (Content)

• How: Curate content that other people have created.

• Examples: Eduardo Morales, who curates and sells enamel pins on Instagram, and Alex who curates insights from books.

• Considerations: Content businesses are generally J-curve businesses, meaning they may take time to generate profit.

3. Thumbnail Designer (Service)

• How: Create thumbnails for YouTubers.

• Examples: Dill Tomah, who turned thumbnail design into a full-time job, and Matt Brighton, who made money on Fiverr designing thumbnails.

How to find clients: Redesign a potential client's thumbnails to demonstrate your skills.

4. Research Assistant (Service)

• How: Provide research help to content creators or authors.

• Examples: Drew Bernie, research assistant for Mark Manson, and Billy Oppenheimer, research assistant for Ryan Holiday.

• How to get started: Send cold emails with clear value proposition.

5. Remote Sales Rep (Service)

• How: Sell products for companies via Zoom calls or phone.

• Example: Wuter Tui toy Nissan who sells ads for Milk Road daily.

• Considerations: This requires good communication and sales skills.

6. Web Designer (Service)

• How: Create websites for clients.

• Examples: Chris mrreck, who learned to code and now earns money as a web designer, and Henry who built a personal portfolio, engaged with others on Twitter and landed high paying clients.

• How to get started: Learn coding and web design skills through online tutorials, or through practice and building a portfolio.

VI. J-Curve vs. Non-J-Curve Businesses

J-curve businesses:

• Have a period at the start where you invest time and effort without immediate return.

• Include content and product businesses.

• Have a low-friction sales process, where it's easy for a customer to buy.

Non-J-curve businesses:

• Allow you to make money almost immediately.

• Include service businesses.

• Have a high-friction sales process, where the business has to convince someone to buy.

VII. The Importance of Action

• Watching videos about side hustles is pointless without taking action.

• Identify an action point and commit to it.

• Start with one side hustle that you are interested in and learn from the process.