CLASSROOM: Different Categories of Side Hustles

Notes from Chris

Episode 1115

Welcome to Week 4 of our new Classroom series!

Last week we talked where moneymaking ideas come from. I gave you a number of examples, including some suggested by listeners (my favorite: call your dog on Skype service). We looked at four ways to find high-potential ideas:

• Observation: paying attention to the world around you, perhaps noticing something that could be improved
• Problem solving: making lists of problems and brainstorming solutions in the form of products and services
• Asking questions: looking for the reasons, stated or subtle, for why people spend money (and deciphering what else they might buy)
• Experimentation: just trying out whatever comes to mind

Most business ideas fall into two broad categories: providing a service or selling a product, one way or another. A product is something you sell, a service is something you provide. Products can be digital and services can be virtual, but most of what we’ll look at this year can fit into one of those two big buckets.

Listen to today's Classroom episode to learn more...

 

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THIS WEEK’S ASSIGNMENT:

For every idea you’ve come up with so far, classify it as a product or service and notice if you learn anything from that process. If you’ve had five ideas, are they all products, all services, or a combination of the two?

Which of the ideas are you most excited about, which of them seem the most feasible, and which seem to have the most potential?

The answers to those questions are going to lead us straight into next week’s CLASSROOM episode, which is all about deciding on the best idea to pursue at any given time.

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Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,