• Side hustles & gigs

  Making your side hustle more resilient

  Posted by Gunther on October 24, 2020 at 3:35 am

  These are taken from one of my favorite books, The Millionaire Fastlane:

  The Five Commandments of Fast-Lane Businesses:

  Need – Does the business solve a problem, need, pain, or inconvenience in the marketplace?
  Entry – Is there a barrier that prevents others from copying your business and/or competing with you? Large upfront costs/technical skills/proprietary technology/ etc.
  Control – Do you have complete control over you business? Would one google algorithm ruin everything? Are you dependent on one big client, or one big sales channel, or one big product?
  Scale – Can it be used/consumed by a large number of people? If not, is it a very high priced product or service? To make millions, you must impact millions.
  Time – Does the business continue to generate income independently of the time that you put into it?

  What are some other ways that we can build side hustles/businesses that are more resilient? Ones that increase the chance of upside, while reducing the risk of failure?

  Gunther replied 3 years, 6 months ago 1 Member · 0 Replies
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