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  • Making your side hustle more resilient

     Gunther updated 12 months ago 1 Member · 1 Post
  • Gunther

    Member
    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?

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