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What It's About
A reselling side hustle helps this Aussie shift into high gear!
Business Model
Reselling
Skills Required
Resourcefulness & Research
Complexity
Medium
Profit Potential
Medium
Words of Wisdom
Ryan’s 9-to-5 job has been incredibly helpful to his success because he gets to see the business operations of a larger company in action. However, it’s the lessons he’s learned through trial and error, like sustainable pricing and customer interactions, that have helped him the most.
Fun Fact
Here's one I bet you haven't heard: the world’s longest “tandem” bicycle was more than 67 feet long and seated 35 people, but the most expensive bike ever made was artist Damien Hirst’s ‘Butterfly Bike’ which sold at auction for $500,000.
Notes from Chris
Episode 609
For Ryan Tierney, a 28-year-old account manager for a bicycle wholesale business from Brisbane, Australia, his side hustle idea came to him on the heels on a painful breakup, while he was staring at the bottom of his second pint of chocolate ice cream. Ryan had been saving money to buy Christmas presents when he received the news of his girlfriend wanting to move on. A helpful friend suggested that instead of wallowing with a third pint of ice cream, he should go out and spend that money on himself. Ryan, an obsessive cyclist, had his eye on some premium bike gear from the US but was held back by the “hideously expensive” freight fees. His next thought? Start a distribution business and get the products at a cheaper price, while bringing a sought-after brand to Australia. All that sounded great while drinking beer with his friends the next night, but when Ryan looked into it a bit more, he realized that he would need more than $15,000 to get started… which was a lot more than he had saved for a few Christmas presents. But, not to be dissuaded, Ryan began researching other products he could sell within Australia. He had been getting into adventure cycling and camping trips and had discovered a brand that sold straps that bind various items and gear together. Ryan also was a fan of another company which sold 3D printed bike racks. With these two products and a personal connection to the cycling community in Brisbane, Ryan decided to take the risk and get the wheels turning on his side hustle, which he called Urban Dwellers. And he didn’t spend $15,000 to do it… he spent about $3,000. Targeted ads had done their job and Ryan discovered Shopify’s free 14-day trial. He signed up, created his storefront, and learned his way around the platform. He ordered a small stock of 100 straps and 50 bike racks, investing much of that $3,000, and got to work on building relationships with other cyclists to promote his new store. Two years later, he brings in 60 orders a month result in about $5,500 of sales. Of that, he typically brings in $1,200 a month in profit. His take-home revenue is conservative because he uses much of his profit to reinvest into Urban Dwellers and purchase new products, or send samples to potential stores. Ryan is always on the hunt for new products to distribute, especially if he gets to put them through their paces on one of his many bike adventures. He’s also been trying to grow his side hustle by reaching out to different kinds of stores beyond the cycling industry. His main motivation for putting the pedal to the metal? The ability to travel. Ryan’s been saving his side hustle profits so he can automate his business and travel the world with his new girlfriend (not the one who dumped him before Christmas—she's actually a writer on the Side Hustle School team!). He’s shifted into a new gear, getting a grip on his life and climbing to the top.MENTIONED IN THIS EPISODE:
- Urban Dwellers: If you're looking for something to take your cycling to the next gear, head on over to Ryan's website
- Shopify: Ryan used Shopify to setup the website for Urban Dwellers, and they're offering a 21-day trial and exclusive discount for all Side Hustle School listeners!
- Online Bike Store Owner Gears Up for Hands-Off Profits: After following his wife around Italy, an Irishman takes life by the handlebars—breaking the cycle of new jobs by learning how to drop-ship e-bikes
- University Director Turns Draining Problem Into Profitable Power-Up: He panicked whenever he saw his phone battery running out, but he could never find the right power bank to fit his needs—so he decided to power-up and make his own
- Graphic Designer Chalks Up Gripping Side Hustle: Joining Crossfit community changed this stay-at-home dad’s life, so he wanted to give back… and preferably get paid along the way. He finds the solution in sourcing gym chalk from an overseas supplier
Quote of the Day
"The best part is being able to go to work and have sales coming through the day. It’s extra motivation when my phone beeps with a new sale, and I get to test products I already wanted to try. But now it’s for business!"
—Ryan Tierney #SideHustleSchool
