Q&A: “How do you forecast earnings for a side hustle?”
A listener came across my back-of-the-napkin spreadsheet template and is wondering something: if a business or side hustle is new, how can you forecast earnings for it? It’s a good question, but there’s also a good answer.
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What It's About
Can someone spare a napkin?
Notes from Chris
Episode 2066
In the book Side Hustle, I published a back-of-the-napkin spreadsheet template you could use to forecast income in a new business. It was meant to be a really simple tool that anyone can use, and in fact a bunch of people have used it since then. That said, a listener came across this tool and has a question: how do you forecast earnings for a project that doesn’t yet exist? It’s a good question, but there’s also a good answer for it."I read about the back-of-the-napkin forecasting in the Side Hustle book, but I'm still a little uncertain of how you can predict income with a new business. You don't know how many sales or customers you'll get, so how can you even estimate? I'm trying to decide between a few different ideas, and if I had a better idea of their income potential it would help a lot."Listen to today's episode to learn more...
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