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[00:00:00.240 --> 00:00:04.640] This episode is presented with limited commercial interruption by Intuit.
[00:00:04.640 --> 00:00:05.520] How cool is that?
[00:00:05.520 --> 00:00:14.160] Whether you're looking to grow a side hustle or switch things up full-time, Intuit helps tax and bookkeeping professionals chart your own path and connect with customers in meaningful ways.
[00:00:14.160 --> 00:00:18.480] Head to intuit.com/slash expert to learn more or apply now.
[00:00:18.480 --> 00:00:22.480] The riches are in the niches, but how do you find your niche?
[00:00:22.480 --> 00:00:28.800] Today, I want to give you a few exercises and frameworks to identify a potential side hustle niche because there's a lot of stress.
[00:00:28.800 --> 00:00:30.720] There's a lot of discussion around this topic.
[00:00:30.720 --> 00:00:36.880] After all, you don't want to pick the wrong thing, you want to pick a place to play where you can thrive and where you're excited to show up.
[00:00:36.880 --> 00:00:43.120] And that word play is important because when you look at it as a game, first of all, it's more fun.
[00:00:43.120 --> 00:00:50.800] And second of all, when it doesn't work, when your first idea and your first idea might not, you can tell yourself, well, it's just a game.
[00:00:50.800 --> 00:00:57.200] So finding a place to play and experiment and positioning it as such in your mind is the goal of this episode.
[00:00:57.200 --> 00:00:58.800] Now, here's what's rare.
[00:00:58.800 --> 00:01:08.720] And I say this as someone who's published dozens of listicles of side hustle ideas and ways to make money online, ways to make money offline, the best side hustles for fill-in-the-blank persona, but it's rare.
[00:01:08.720 --> 00:01:17.280] It's rare for a guest to say, well, I was Googling ways to make extra money, as one does, and I scrolled down to number 17 on the list and said, you know what?
[00:01:17.280 --> 00:01:18.400] That's the one for me.
[00:01:18.400 --> 00:01:24.800] In fact, the only guest I can remember mentioning that specific path was Vladimir Hernandez in episode 522.
[00:01:24.800 --> 00:01:33.280] He talked about coming across my big list of side hustle ideas and then being intrigued by the idea of getting paid to sweep up parking lots.
[00:01:33.600 --> 00:01:37.200] If you're totally idea agnostic, that can be a viable strategy.
[00:01:37.200 --> 00:01:41.840] And then he went on to build a really nice side hustle, picking up a letter from parking lots in New York.
[00:01:41.840 --> 00:01:53.280] Now, one exception to that would be, you know, if you're looking for kind of a plug-and-play, business-in-a-box type of side hustles, app-based side hustles, and absolutely drawing inspiration from previous guests as well.
[00:01:53.280 --> 00:02:03.720] What is more common is finding that sweet spot, that intersection of interests, skills, curiosity, expertise, network, and market demand.
[00:02:04.040 --> 00:02:07.880] And maybe you've seen that ikigai Venn diagram type of picture.
[00:02:07.880 --> 00:02:09.160] This is a Japanese word.
[00:02:09.160 --> 00:02:11.160] I'm probably butchering the pronunciation.
[00:02:11.160 --> 00:02:15.640] Loosely translates to reason for being or your purpose, your ikigai.
[00:02:15.880 --> 00:02:22.840] It's the intersection of what you love, what you're good at, what you can get paid for, and then what the world needs or what the market wants.
[00:02:22.840 --> 00:02:35.800] For example, Brian Orr, he had experience in podcasting, he had this day job, he had this HVAC company, and really enjoyed the training aspects of it, like helping his team upskill and level up their learning.
[00:02:35.800 --> 00:02:41.160] So he created the HVAC School Podcast, which turned into a super successful side project.
[00:02:41.160 --> 00:02:54.760] Garrett Brown, who you're going to meet later this month on the show, he had a background in hospitality and real estate and ended up creating a profitable glamping site outside of Houston, a luxury camping site, short-term rental business.
[00:02:54.760 --> 00:02:59.560] Debbie Gartner, she knew SEO, she knew online marketing, and she loved making games.
[00:02:59.560 --> 00:03:04.680] In fact, I want to say she said that was her answer in school to the question, what do you want to be when you grow up?
[00:03:04.680 --> 00:03:06.040] I want to be a game maker.
[00:03:06.040 --> 00:03:14.920] So she started making little printable games and selling those on Etsy to the tune of around $1,000 a week when we last spoke in episode 637.
[00:03:14.920 --> 00:03:17.960] But how do you begin to look for that sweet spot?
[00:03:17.960 --> 00:03:21.400] Individually, I think the prompts are fairly straightforward.
[00:03:21.400 --> 00:03:23.560] You want to take an inventory of your skills.
[00:03:23.560 --> 00:03:25.400] What have you gotten paid to do in the past?
[00:03:25.400 --> 00:03:26.280] Your hobbies.
[00:03:26.280 --> 00:03:28.600] What do you like to do if money were no object?
[00:03:28.600 --> 00:03:30.040] How would you spend your time?
[00:03:30.040 --> 00:03:31.240] What lights you up?
[00:03:31.240 --> 00:03:33.560] What do you never get tired of talking about?
[00:03:33.560 --> 00:03:35.960] What do other people ask you for help with?
[00:03:35.960 --> 00:03:39.160] What comes naturally to you that other people struggle with?
[00:03:39.160 --> 00:03:42.840] Or to flip it around, I heard this one recently and I liked it.
[00:03:43.240 --> 00:03:45.440] What do other people irrationally suck at?
[00:03:44.840 --> 00:03:46.880] Is that a fun way to flip it around?
[00:03:46.960 --> 00:03:49.520] Because that's a sign that, well, maybe it comes easy to you.
[00:03:49.520 --> 00:03:51.920] And this is the origin story of the side hustle show.
[00:03:51.920 --> 00:03:57.680] I'd already started a couple side businesses, including one that had turned into a full-time business, so I could quit my job.
[00:03:57.840 --> 00:04:01.600] Felt like I had a little bit of street cred in that area.
[00:04:01.600 --> 00:04:08.000] And I loved talking business ideas and deconstructing the marketing and monetization behind creative ideas.
[00:04:08.000 --> 00:04:14.800] So a little bit of credibility, a little bit of expertise, and the curiosity to learn about other kinds of side hustles.
[00:04:14.800 --> 00:04:17.360] Other people will ask you, well, what's your superpower?
[00:04:17.360 --> 00:04:19.920] And that puts a lot of stress on it.
[00:04:19.920 --> 00:04:21.360] It's like, I don't know.
[00:04:21.360 --> 00:04:23.440] I can't leap tall buildings in a single bound.
[00:04:23.440 --> 00:04:24.560] It's like, what's a superpower?
[00:04:24.800 --> 00:04:26.960] It puts a lot of pressure on you.
[00:04:26.960 --> 00:04:30.640] Another way to frame it would be, what's an advantage that you have?
[00:04:30.640 --> 00:04:33.040] What's maybe an unfair advantage that you have?
[00:04:33.040 --> 00:04:36.160] Because the truth is, nobody's ever really starting from scratch.
[00:04:36.160 --> 00:04:44.560] We're bringing our own history, our own perspectives, and oftentimes our own baggage to the table in our side hustles, but you're not starting from scratch either.
[00:04:44.560 --> 00:04:50.160] And if nothing else, especially in this day and age, you've got the advantage of learning from everybody who's gone before you.
[00:04:50.160 --> 00:04:53.040] Like Newton said, we stand on the shoulders of giants, right?
[00:04:53.040 --> 00:04:54.800] But what's an unfair advantage?
[00:04:54.800 --> 00:05:08.320] You might be thinking of an unfair advantage, some proprietary technology, like some top secret formula like the recipe for Coke, or your mind might go to performance enhancing drugs or a rich uncle who left you a fortune.
[00:05:08.640 --> 00:05:15.280] I think an unfair advantage is anything you can use to get started, stay started, and connect with customers.
[00:05:15.280 --> 00:05:16.240] It's that fuel.
[00:05:16.240 --> 00:05:20.240] It's that fuel that fires creation, connection, and contribution.
[00:05:20.240 --> 00:05:23.200] It could be a new technology or some invention of yours.
[00:05:23.200 --> 00:05:26.480] Being first to market, absolutely could be an unfair advantage.
[00:05:26.480 --> 00:05:30.000] It could be a personality trait like persistence or curiosity.
[00:05:30.840 --> 00:05:36.760] But where the magic often happens is in combining two or more traits in a unique way.
[00:05:36.760 --> 00:05:41.000] And I first heard this described by Scott Adams, I want to say, on the Tim Ferriss show.
[00:05:41.000 --> 00:05:43.240] He's the creator of the comic strip Dilbert.
[00:05:43.240 --> 00:05:50.680] I don't remember if he had a name for this business idea method, but the premise was to look for the areas in your life where you're better than average.
[00:05:50.680 --> 00:05:51.960] You don't have to be the best in the world.
[00:05:51.960 --> 00:05:53.560] Don't put that kind of pressure on yourself.
[00:05:53.560 --> 00:05:57.240] But say you're in the upper half or maybe even the upper quartile.
[00:05:57.240 --> 00:05:59.240] And then you start to combine those areas.
[00:05:59.240 --> 00:06:02.600] In Scott's case, he explained he was a better than average artist.
[00:06:02.600 --> 00:06:03.400] He enjoyed drawing.
[00:06:03.400 --> 00:06:04.520] He was pretty good at it.
[00:06:04.520 --> 00:06:07.880] And he thought he was a pretty funny guy, perhaps funnier than most.
[00:06:07.880 --> 00:06:19.720] So he combined those two advantages and probably also a boatload of persistence and dedication to make a truly unfair advantage in turning Dilbert into one of the most successful comic strips of all time.
[00:06:19.720 --> 00:06:24.280] So what are a few things that you're better at than average?
[00:06:24.280 --> 00:06:25.640] How could you combine those?
[00:06:25.640 --> 00:06:28.520] And what can you do that other people can't or won't?
[00:06:28.520 --> 00:06:31.080] Or what are you better at than the average person?
[00:06:31.080 --> 00:06:32.600] So that's the introspection piece.
[00:06:32.600 --> 00:06:34.440] That's the know thyself part of it.
[00:06:34.440 --> 00:06:44.520] Where it gets a little trickier is in aligning those skills with some sometimes unrelated pains and problems or industries or markets because that's where the money comes from.
[00:06:44.520 --> 00:06:50.200] For that, you got to start to look outwards and ask, what problems are people paying money to solve?
[00:06:50.200 --> 00:06:53.960] And that could be conversations with other people in your network.
[00:06:53.960 --> 00:06:56.280] It could be conversations with other business owners.
[00:06:56.280 --> 00:07:06.040] Dane Maxwell had his famous idea extraction types of questions where you would be asking, well, what's the biggest challenge facing your industry over the next five years?
[00:07:06.040 --> 00:07:08.600] What's an expensive problem that you're dealing with?
[00:07:08.600 --> 00:07:11.400] What's a typical day look like for you?
[00:07:11.400 --> 00:07:14.680] What's the most frustrating or time-consuming part of your business?
[00:07:15.120 --> 00:07:18.160] You're trying to uncover these expensive pains of problems.
[00:07:18.160 --> 00:07:25.200] And even if you don't know the solution right away, it's just if you can find the problem, you can figure out how to solve it.
[00:07:25.200 --> 00:07:26.640] And that's where the money is.
[00:07:26.640 --> 00:07:29.440] You could also use my What Sucks exercise.
[00:07:29.440 --> 00:07:36.000] This could be as simple as a notes app on your phone where you're just making a note of everything that sucks in your life day to day.
[00:07:36.240 --> 00:07:42.320] Things that your spouse, co-workers, partners, neighbors, kids, things that people complain to you about, right?
[00:07:42.320 --> 00:07:54.240] Normally you're trying to be a little more optimistic, but you got to put your pessimist hat and just pay attention to it, kind of like be a magnet for negativity for a week or two and see what sucks in other people's lives.
[00:07:54.240 --> 00:07:59.520] Because on the other side of sucks, there might be some dollars there as well.
[00:07:59.920 --> 00:08:04.720] And then looking also at the pains and problems that you've overcome in your own life.
[00:08:04.720 --> 00:08:08.000] Another methodology from Tim Ferriss is to look at your own credit card statement.
[00:08:08.000 --> 00:08:10.560] What's taken up a big chunk of your expenses?
[00:08:10.560 --> 00:08:12.480] Could you create an alternative there?
[00:08:12.480 --> 00:08:18.960] And it doesn't necessarily need to be something completely new and novel, never before seen.
[00:08:18.960 --> 00:08:23.600] After all, it's something you've already validated by spending your own money on it as a solution.
[00:08:23.600 --> 00:08:27.440] If you're looking at that credit card statement idea as a methodology.
[00:08:27.440 --> 00:08:33.680] Now, you could also take your answers and your constraints and prompt ChatGPT at this point for suggestions.
[00:08:33.680 --> 00:08:38.160] For example, I might type in, and obviously the more detail you give it, the better.
[00:08:38.160 --> 00:08:41.680] But, you know, for the sake of argument, hey, I'm looking for some side hustle suggestions.
[00:08:41.680 --> 00:08:42.480] I like skiing.
[00:08:42.480 --> 00:08:43.520] I like college football.
[00:08:43.520 --> 00:08:47.280] I've got two young kids at home and want to make sure I'm present with them on the weekends.
[00:08:47.280 --> 00:08:52.000] I have experience in content marketing, podcasting, and in the automotive industry.
[00:08:52.000 --> 00:08:58.960] I have a hard time saying I'm an expert in anything, but sometimes people ask me for advice on email marketing and travel hacks.
[00:08:58.960 --> 00:09:02.280] And given just that simple prompt, here's what Chatty came back with.
[00:09:02.280 --> 00:09:09.400] They recommended an automotive insider niche content business blog, YouTube channel, newsletter on car buying.
[00:09:09.400 --> 00:10:39.600] tricks and you know how to buy a used car without getting screwed that kind of stuff they recommended a weekend warrior travel hacks newsletter i really kind of like this one how to maximize school breaks and three-day weekends for affordable travel it recommended another idea as an email marketing consultant for niche creators it recommended a college football road trip guide or podcast which could be an interesting one because we try and do an away game every year with with a group of college friends this year it's going to be madison wisconsin the point is these probably aren't going to be perfect right out of the gate but they're a pretty good brainstorming starting point so i think you could probably do something similar after you complete these kind of know thyself type of questions and the more details you can feed into the ai prompt the better these results are going to be and then you can start the conversation go back and forth hey well how would you get your first customers for that or let's flesh this out a little bit more what does that really look like are you looking for a flexible income stream and one with real career potential i'm excited to partner with intuit for this episode because they're actively recruiting side hustle show listeners to join their world-class network of tax and bookkeeping experts you know intuit as the maker of turbo tax and quickbooks and maybe you're one of the 100 million people who use those products yourself i know turbo tax has made a few of my aprils a little bit easier but as an intuit expert you can work virtually on a flexible schedule and get the support you need from an experienced and credentialed team plus, you'll get free access to Intuit Academy, their free self-paced training program where you can build your confidence in tax prep and bookkeeping skills to start or grow your career.
[00:10:39.600 --> 00:10:47.200] Whether you're looking to grow a side hustle or switch things up full-time, Intuit helps you chart your own path and connect with customers in meaningful ways.
[00:10:47.200 --> 00:10:48.480] Sound like your next move?
[00:10:48.480 --> 00:10:52.720] Head to intuit.com/slash expert to learn more or apply now.
[00:10:52.720 --> 00:10:59.280] That's intuit.com/slash expert, I-N-T-U-I-T.com/slash expert.
[00:10:59.600 --> 00:11:09.440] So, so far, we've been doing some soul searching and taking inventory of our skills and perceived areas of expertise, but now we need to pair that up with a pain or problem because that's what people spend money on.
[00:11:09.440 --> 00:11:11.920] To spend money on painkillers, make this problem go away.
[00:11:11.920 --> 00:11:17.040] Here's how Noah Kagan described part of his idea generating process in episode 237.
[00:11:17.040 --> 00:11:20.240] But personally, solve your own problem because it's more interesting and more sustainable.
[00:11:20.240 --> 00:11:24.800] The other thing, this is a common mistake I've seen, Nick, is that, well, there's someone else is doing it.
[00:11:24.800 --> 00:11:27.440] You know, like, oh, this other guy's already got this or girl's got this.
[00:11:27.440 --> 00:11:30.560] And I'm like, how many Mexican restaurants are in your town?
[00:11:30.560 --> 00:11:30.960] Right.
[00:11:31.200 --> 00:11:31.920] There's a lot.
[00:11:31.920 --> 00:11:33.920] And I'm sure more than one of them makes a profit.
[00:11:33.920 --> 00:11:38.480] So if there's someone else doing it and you're not using them, then there's probably some opportunity for you.
[00:11:38.640 --> 00:11:41.920] What would you say to the person that says, well, I don't know what my strengths are?
[00:11:41.920 --> 00:11:43.840] So two things that I would recommend.
[00:11:43.840 --> 00:11:48.800] And let's take some of your ideas and we can talk about how to validate them because I think that's always helpful for people who are like, well, how would I actually start as a business?
[00:11:48.800 --> 00:11:50.480] So let's come back to that afterwards.
[00:11:50.480 --> 00:11:56.480] If you don't know what your strengths are, the two things that I have found, and I'm only telling you what's worked for me, well, I'll do two and a half.
[00:11:56.480 --> 00:11:59.520] But number one is I just think about the last six months.
[00:11:59.520 --> 00:12:02.640] What have I done that I felt the best working on?
[00:12:02.640 --> 00:12:03.280] What have I done?
[00:12:03.280 --> 00:12:09.760] So when you said, hey, I would work for free on my podcast because I just enjoy it, that is a strength.
[00:12:09.760 --> 00:12:10.160] Okay.
[00:12:10.160 --> 00:12:10.880] That's a strength.
[00:12:10.880 --> 00:12:19.840] A strength is something that you have done that you would basically work for free, or you just feel in the zone, meaning you wake up early, you stay up late, you're just excited to be doing it.
[00:12:19.840 --> 00:12:25.040] So, having conversations like this, it's exciting for me because I get new ideas, I get inspired, I get energy.
[00:12:25.040 --> 00:12:27.040] And it's like, oh, cool, that's what a podcast is.
[00:12:27.040 --> 00:12:28.400] Let me do more of that.
[00:12:28.400 --> 00:12:29.360] And then promoting things.
[00:12:29.360 --> 00:12:31.560] I'm like, oh, I love promoting things on my email list.
[00:12:31.560 --> 00:12:33.000] All right, let me do more of that.
[00:12:33.000 --> 00:12:36.760] So think about, go make a list of everything you've done in the past six months that you really enjoy doing.
[00:12:29.920 --> 00:12:37.400] Make that list.
[00:12:37.720 --> 00:12:44.760] A second thing that you can do if you don't know your strength is think about someone who you like, someone who knows you really well, and ask them via text right now.
[00:12:44.760 --> 00:12:46.360] And I've done this before.
[00:12:46.360 --> 00:12:49.560] And it's generally like, yeah, you seem really good at marketing.
[00:12:49.560 --> 00:12:51.320] I'm like, all right, why don't I just do more marketing?
[00:12:51.320 --> 00:12:52.600] So just text them right now.
[00:12:52.600 --> 00:12:54.680] Hey, I'm trying to figure out what I want to work on next.
[00:12:54.680 --> 00:12:55.720] This is an even better one.
[00:12:55.720 --> 00:12:58.120] I'll even make it even next level for people out there.
[00:12:58.120 --> 00:13:02.440] Text someone that knows you, hey, if I were to start a business, what kind of business do you think I should start?
[00:13:02.440 --> 00:13:06.440] And they'll actually tell you a business that you're like, damn, yeah, I guess I should start that.
[00:13:06.440 --> 00:13:06.840] Okay.
[00:13:07.160 --> 00:13:11.560] So text a friend, anyone that knows you well, it can't be some random, like, hey, Jimbo, what do you think I should do?
[00:13:11.560 --> 00:13:12.200] It's like, I don't know.
[00:13:12.360 --> 00:13:13.240] Work at Walmart.
[00:13:13.240 --> 00:13:20.520] But the point being is, like, your friends actually have a pretty interesting, and I think most good friends have a good perspective about what you probably should be doing.
[00:13:20.520 --> 00:13:26.120] And if you don't have any good friends that do that, go join an online group, go get involved in Side Hustle Nation, whatever it is.
[00:13:26.120 --> 00:13:28.600] And you can find someone there that can start get to know you better.
[00:13:28.600 --> 00:13:30.120] Like maybe set up a weekly call.
[00:13:30.120 --> 00:13:34.280] But that person then can help reflect from an outside opinion what that is.
[00:13:34.280 --> 00:13:35.560] Lastly, could be therapy.
[00:13:35.560 --> 00:13:37.880] I've done that numerous times over the past 10 years.
[00:13:37.880 --> 00:13:40.760] You know, I go for a year off and on.
[00:13:40.760 --> 00:13:48.760] And I definitely find having kind of like a third-party person reflect on what I say helpful to help me understand what I want and the things I like to do.
[00:13:48.760 --> 00:13:54.200] What I love about this clip is the super obvious in hindsight, but we still kind of need to hear it.
[00:13:54.200 --> 00:13:57.400] Call out of how many Mexican restaurants are in your town?
[00:13:57.400 --> 00:14:01.480] It doesn't take a never-before-seen business idea to make a successful side hustle.
[00:14:01.480 --> 00:14:06.920] There's room for multiple players, especially if you can get specific on who you serve and how you do it differently.
[00:14:06.920 --> 00:14:13.880] Because if you can become a market of one, even if it's just in the minds of your customers, that's a really powerful place to be.
[00:14:13.880 --> 00:14:18.880] Here's John Lee Dumas to explain: Is there such thing as being too niche?
[00:14:19.200 --> 00:14:21.760] Like, I've seen some successful podcasts.
[00:14:21.840 --> 00:14:26.640] We had a guest on recently who had like a laundromat podcast, like how to run a laundromat business.
[00:14:26.640 --> 00:14:28.800] And he was like, It's done surprisingly well.
[00:14:28.800 --> 00:14:30.880] And I said, Well, why do you say surprisingly?
[00:14:30.880 --> 00:14:33.760] And he's like, Because it's a laundromat podcast.
[00:14:33.760 --> 00:14:38.400] But I'm curious, did you seen anything where it's like, I don't know if that's a big enough market to try and serve?
[00:14:38.400 --> 00:14:40.080] It is impossible.
[00:14:40.080 --> 00:14:43.280] And I mean, impossible to be too niche.
[00:14:43.280 --> 00:14:48.320] People always go the other way because they're scared, they're fearful, they have their own self-doubts.
[00:14:48.320 --> 00:14:50.720] And they think, I just need to be able to serve everybody.
[00:14:50.720 --> 00:14:51.840] I want to resonate with everybody.
[00:14:51.840 --> 00:14:56.880] I want to just create a podcast that just inspires other people to inspire other people, to inspire other people.
[00:14:56.880 --> 00:15:05.040] And that fails because that is a weak, pale imitation of other successful podcasts that are out there that are actually doing something specific.
[00:15:05.360 --> 00:15:07.280] And that's why people lose.
[00:15:07.280 --> 00:15:12.800] Why people win is because they say, I'm going to create the best solution to a real problem.
[00:15:12.800 --> 00:15:17.600] I flippin' love that laundromat podcast idea because guess what?
[00:15:17.600 --> 00:15:21.920] He is the best laundromat podcast in the world.
[00:15:21.920 --> 00:15:23.440] He's also the worst.
[00:15:23.440 --> 00:15:25.120] He's the only.
[00:15:25.120 --> 00:15:28.560] And that's why you win in this world because you become the best.
[00:15:28.560 --> 00:15:38.800] However, that is, if that takes you being the only to be the best, that's giving you a chance to win because people will beat a path to your doorstep if you're number one.
[00:15:38.800 --> 00:15:43.280] If you're number two, if you're number 10, if you're number 200, you will lose.
[00:15:43.280 --> 00:15:44.880] Yeah, where can you be the only?
[00:15:44.880 --> 00:15:46.880] That was a line that stood out to me from the book.
[00:15:46.880 --> 00:15:52.720] It was like, hey, when you started YoFIRE, I was the best daily interview podcast for entrepreneurs.
[00:15:52.720 --> 00:15:55.520] I was the worst daily interview podcast for entrepreneurs.
[00:15:55.520 --> 00:15:56.400] I was the only.
[00:15:56.400 --> 00:15:59.040] And that's an interesting place to play.
[00:15:59.360 --> 00:16:05.720] Now, it makes for a great soundbite, but obviously at a certain point, there probably is such thing as being too niche where the market is just too small.
[00:16:05.880 --> 00:16:10.680] But the sentiment I do agree with, and that's essentially to create your own category.
[00:16:10.680 --> 00:16:15.400] If you remember the book, The 22 Immutable Laws of Marketing, I think was the title.
[00:16:15.400 --> 00:16:17.720] I think they call this the law of the category.
[00:16:17.720 --> 00:16:18.680] You want to own it.
[00:16:18.680 --> 00:16:20.920] And if you can't be first, be different in some way.
[00:16:20.920 --> 00:16:22.360] Create your own category.
[00:16:22.360 --> 00:16:28.280] One of my favorite examples of this is April Whitney, who runs a fitness business for petite women.
[00:16:28.280 --> 00:16:30.760] It's called Petite Power Now, P-W-R.
[00:16:30.760 --> 00:16:38.280] Specifically, fitness and nutrition for women 5'4 and shorter, purposely excluding a huge segment of the population.
[00:16:38.280 --> 00:16:39.800] Nope, those are my people.
[00:16:39.800 --> 00:16:51.080] It's not that petite women were even necessarily seeking out this type of information and training, but when they came across April on social media, it resonates like nothing else because she's speaking exactly to them.
[00:16:51.080 --> 00:16:52.840] Best, worst, only.
[00:16:52.840 --> 00:17:04.040] In that episode with JLD, I shared the on-air conclusion that I unintentionally followed that best, worst, only advice with pretty much all of my most successful side hustles.
[00:17:04.040 --> 00:17:10.120] When I started my comparison shopping site for footwear, best game in town, only game in town, worst game in town, right?
[00:17:10.120 --> 00:17:11.080] Best, worst, only.
[00:17:11.080 --> 00:17:13.000] Same thing with my virtual assistant directory.
[00:17:13.000 --> 00:17:16.760] It was the first review platform for those types of businesses.
[00:17:16.760 --> 00:17:19.800] First directory, where you're trying to bring them all under one roof.
[00:17:19.800 --> 00:17:20.760] Best, worst, only.
[00:17:20.760 --> 00:17:26.120] And same thing with Side Hustle Nation, the first podcast dedicated to part-time entrepreneurship.
[00:17:26.120 --> 00:17:31.800] So, and recently, you met Hannah Morgan from Heron House Management in a recent episode.
[00:17:31.800 --> 00:17:34.120] Fully remote house management service.
[00:17:34.120 --> 00:17:46.960] So, rather than start a general project management service, rather than start even a general virtual assistant service, Hannah went niche and she spoke to a pain point that she knew other moms and parents were experiencing.
[00:17:44.840 --> 00:17:51.600] And part of what separates Heron from a general virtual assistant service is that unique positioning.
[00:17:51.920 --> 00:17:56.400] Hey, busy parents, let us handle your to-do list and we'll carry your mental load.
[00:17:56.400 --> 00:18:01.840] So, like Noah said, if somebody else is already doing the thing you want to do, don't let that discourage you.
[00:18:01.840 --> 00:18:10.480] But if you can find a way to make it your own through your own branding and positioning or customer targeting, that's how you're going to create your own category.
[00:18:10.480 --> 00:18:16.320] Now, hopefully, these exercises have uncovered a bunch of potential side hustle ideas and options for you.
[00:18:16.320 --> 00:18:18.640] Options are great, but options don't pay the bills.
[00:18:18.640 --> 00:18:20.720] You got to pick one, you got to take action.
[00:18:20.720 --> 00:18:27.520] That's why next week I'll share 10 questions to help you narrow down your focus and objectively pick the best one.
[00:18:27.520 --> 00:18:29.440] That's right, backed up by math.
[00:18:29.440 --> 00:18:35.440] Just hit the follow button in your podcast app and it'll be automatically added to your device when it's released.
[00:18:35.440 --> 00:18:39.120] Big thanks to our sponsor, Intuit, for helping make this content free for everyone.
[00:18:39.120 --> 00:18:47.040] Intuit, the maker of TurboTax and QuickBooks, is inviting Side Hustle Show listeners to join its world-class network of tax and bookkeeping experts.
[00:18:47.040 --> 00:18:51.920] To learn more or apply now, head on over to intuit.com/slash expert.
[00:18:51.920 --> 00:18:54.880] Again, that's intuit.com/slash expert.
[00:18:54.880 --> 00:18:55.840] That's it for me.
[00:18:55.840 --> 00:18:57.600] Thank you so much for tuning in.
[00:18:57.600 --> 00:19:00.400] Until next time, let's go out there and make something happen.
[00:19:00.400 --> 00:19:03.280] And I'll catch you in the next edition of The Side Hustle Show.
[00:19:03.280 --> 00:19:04.240] Hustle on.

Prompt 2: Key Takeaways

Now please extract the key takeaways from the transcript content I provided.

Extract the most important key takeaways from this part of the conversation. Use a single sentence statement (the key takeaway) rather than milquetoast descriptions like "the hosts discuss...". 

Limit the key takeaways to a maximum of 3. The key takeaways should be insightful and knowledge-additive. 

IMPORTANT: Return ONLY valid JSON, no explanations or markdown. Ensure:
- All strings are properly quoted and escaped
- No trailing commas
- All braces and brackets are balanced
Format: {"key_takeaways": ["takeaway 1", "takeaway 2"]}

Prompt 3: Segments

Now identify 2-4 distinct topical segments from this part of the conversation.

For each segment, identify:
- Descriptive title (3-6 words)  
- START timestamp when this topic begins (HH:MM:SS format)
- Double check that the timestamp is accurate - a timestamp will NEVER be greater than the total length of the audio
- Most important Key takeaway from that segment. Key takeaway must be specific and knowledge-additive.
- Brief summary of the discussion

IMPORTANT: The timestamp should mark when the topic/segment STARTS, not a range. Look for topic transitions and conversation shifts.

Return ONLY valid JSON. Ensure all strings are properly quoted, no trailing commas:
{
  "segments": [
    {
      "segment_title": "Topic Discussion", 
      "timestamp": "01:15:30",
      "key_takeaway": "main point from this segment",
      "segment_summary": "brief description of what was discussed"
    }
  ]
}

Timestamp format: HH:MM:SS (e.g., 00:05:30, 01:22:45) marking the START of each segment.

Prompt 4: Media Mentions

Now scan the transcript content I provided for ACTUAL mentions of specific media titles:

Find explicit mentions of:
- Books (with specific titles)
- Movies (with specific titles)  
- TV Shows (with specific titles)
- Music/Songs (with specific titles)

DO NOT include:
- Websites, URLs, or web services
- Other podcasts or podcast names

IMPORTANT: 
- Only include items explicitly mentioned by name. Do not invent titles.
- Valid categories are: "Book", "Movie", "TV Show", "Music"
- Include the exact phrase where each item was mentioned
- Find the nearest proximate timestamp where it appears in the conversation
- THE TIMESTAMP OF THE MEDIA MENTION IS IMPORTANT - DO NOT INVENT TIMESTAMPS AND DO NOT MISATTRIBUTE TIMESTAMPS
- Double check that the timestamp is accurate - a timestamp will NEVER be greater than the total length of the audio
- Timestamps are given as ranges, e.g. 01:13:42.520 --> 01:13:46.720. Use the EARLIER of the 2 timestamps in the range.

Return ONLY valid JSON. Ensure all strings are properly quoted and escaped, no trailing commas:
{
  "media_mentions": [
    {
      "title": "Exact Title as Mentioned",
      "category": "Book",
      "author_artist": "N/A",
      "context": "Brief context of why it was mentioned",
      "context_phrase": "The exact sentence or phrase where it was mentioned",
      "timestamp": "estimated time like 01:15:30"
    }
  ]
}

If no media is mentioned, return: {"media_mentions": []}

Full Transcript

[00:00:00.240 --> 00:00:04.640] This episode is presented with limited commercial interruption by Intuit.
[00:00:04.640 --> 00:00:05.520] How cool is that?
[00:00:05.520 --> 00:00:14.160] Whether you're looking to grow a side hustle or switch things up full-time, Intuit helps tax and bookkeeping professionals chart your own path and connect with customers in meaningful ways.
[00:00:14.160 --> 00:00:18.480] Head to intuit.com/slash expert to learn more or apply now.
[00:00:18.480 --> 00:00:22.480] The riches are in the niches, but how do you find your niche?
[00:00:22.480 --> 00:00:28.800] Today, I want to give you a few exercises and frameworks to identify a potential side hustle niche because there's a lot of stress.
[00:00:28.800 --> 00:00:30.720] There's a lot of discussion around this topic.
[00:00:30.720 --> 00:00:36.880] After all, you don't want to pick the wrong thing, you want to pick a place to play where you can thrive and where you're excited to show up.
[00:00:36.880 --> 00:00:43.120] And that word play is important because when you look at it as a game, first of all, it's more fun.
[00:00:43.120 --> 00:00:50.800] And second of all, when it doesn't work, when your first idea and your first idea might not, you can tell yourself, well, it's just a game.
[00:00:50.800 --> 00:00:57.200] So finding a place to play and experiment and positioning it as such in your mind is the goal of this episode.
[00:00:57.200 --> 00:00:58.800] Now, here's what's rare.
[00:00:58.800 --> 00:01:08.720] And I say this as someone who's published dozens of listicles of side hustle ideas and ways to make money online, ways to make money offline, the best side hustles for fill-in-the-blank persona, but it's rare.
[00:01:08.720 --> 00:01:17.280] It's rare for a guest to say, well, I was Googling ways to make extra money, as one does, and I scrolled down to number 17 on the list and said, you know what?
[00:01:17.280 --> 00:01:18.400] That's the one for me.
[00:01:18.400 --> 00:01:24.800] In fact, the only guest I can remember mentioning that specific path was Vladimir Hernandez in episode 522.
[00:01:24.800 --> 00:01:33.280] He talked about coming across my big list of side hustle ideas and then being intrigued by the idea of getting paid to sweep up parking lots.
[00:01:33.600 --> 00:01:37.200] If you're totally idea agnostic, that can be a viable strategy.
[00:01:37.200 --> 00:01:41.840] And then he went on to build a really nice side hustle, picking up a letter from parking lots in New York.
[00:01:41.840 --> 00:01:53.280] Now, one exception to that would be, you know, if you're looking for kind of a plug-and-play, business-in-a-box type of side hustles, app-based side hustles, and absolutely drawing inspiration from previous guests as well.
[00:01:53.280 --> 00:02:03.720] What is more common is finding that sweet spot, that intersection of interests, skills, curiosity, expertise, network, and market demand.
[00:02:04.040 --> 00:02:07.880] And maybe you've seen that ikigai Venn diagram type of picture.
[00:02:07.880 --> 00:02:09.160] This is a Japanese word.
[00:02:09.160 --> 00:02:11.160] I'm probably butchering the pronunciation.
[00:02:11.160 --> 00:02:15.640] Loosely translates to reason for being or your purpose, your ikigai.
[00:02:15.880 --> 00:02:22.840] It's the intersection of what you love, what you're good at, what you can get paid for, and then what the world needs or what the market wants.
[00:02:22.840 --> 00:02:35.800] For example, Brian Orr, he had experience in podcasting, he had this day job, he had this HVAC company, and really enjoyed the training aspects of it, like helping his team upskill and level up their learning.
[00:02:35.800 --> 00:02:41.160] So he created the HVAC School Podcast, which turned into a super successful side project.
[00:02:41.160 --> 00:02:54.760] Garrett Brown, who you're going to meet later this month on the show, he had a background in hospitality and real estate and ended up creating a profitable glamping site outside of Houston, a luxury camping site, short-term rental business.
[00:02:54.760 --> 00:02:59.560] Debbie Gartner, she knew SEO, she knew online marketing, and she loved making games.
[00:02:59.560 --> 00:03:04.680] In fact, I want to say she said that was her answer in school to the question, what do you want to be when you grow up?
[00:03:04.680 --> 00:03:06.040] I want to be a game maker.
[00:03:06.040 --> 00:03:14.920] So she started making little printable games and selling those on Etsy to the tune of around $1,000 a week when we last spoke in episode 637.
[00:03:14.920 --> 00:03:17.960] But how do you begin to look for that sweet spot?
[00:03:17.960 --> 00:03:21.400] Individually, I think the prompts are fairly straightforward.
[00:03:21.400 --> 00:03:23.560] You want to take an inventory of your skills.
[00:03:23.560 --> 00:03:25.400] What have you gotten paid to do in the past?
[00:03:25.400 --> 00:03:26.280] Your hobbies.
[00:03:26.280 --> 00:03:28.600] What do you like to do if money were no object?
[00:03:28.600 --> 00:03:30.040] How would you spend your time?
[00:03:30.040 --> 00:03:31.240] What lights you up?
[00:03:31.240 --> 00:03:33.560] What do you never get tired of talking about?
[00:03:33.560 --> 00:03:35.960] What do other people ask you for help with?
[00:03:35.960 --> 00:03:39.160] What comes naturally to you that other people struggle with?
[00:03:39.160 --> 00:03:42.840] Or to flip it around, I heard this one recently and I liked it.
[00:03:43.240 --> 00:03:45.440] What do other people irrationally suck at?
[00:03:44.840 --> 00:03:46.880] Is that a fun way to flip it around?
[00:03:46.960 --> 00:03:49.520] Because that's a sign that, well, maybe it comes easy to you.
[00:03:49.520 --> 00:03:51.920] And this is the origin story of the side hustle show.
[00:03:51.920 --> 00:03:57.680] I'd already started a couple side businesses, including one that had turned into a full-time business, so I could quit my job.
[00:03:57.840 --> 00:04:01.600] Felt like I had a little bit of street cred in that area.
[00:04:01.600 --> 00:04:08.000] And I loved talking business ideas and deconstructing the marketing and monetization behind creative ideas.
[00:04:08.000 --> 00:04:14.800] So a little bit of credibility, a little bit of expertise, and the curiosity to learn about other kinds of side hustles.
[00:04:14.800 --> 00:04:17.360] Other people will ask you, well, what's your superpower?
[00:04:17.360 --> 00:04:19.920] And that puts a lot of stress on it.
[00:04:19.920 --> 00:04:21.360] It's like, I don't know.
[00:04:21.360 --> 00:04:23.440] I can't leap tall buildings in a single bound.
[00:04:23.440 --> 00:04:24.560] It's like, what's a superpower?
[00:04:24.800 --> 00:04:26.960] It puts a lot of pressure on you.
[00:04:26.960 --> 00:04:30.640] Another way to frame it would be, what's an advantage that you have?
[00:04:30.640 --> 00:04:33.040] What's maybe an unfair advantage that you have?
[00:04:33.040 --> 00:04:36.160] Because the truth is, nobody's ever really starting from scratch.
[00:04:36.160 --> 00:04:44.560] We're bringing our own history, our own perspectives, and oftentimes our own baggage to the table in our side hustles, but you're not starting from scratch either.
[00:04:44.560 --> 00:04:50.160] And if nothing else, especially in this day and age, you've got the advantage of learning from everybody who's gone before you.
[00:04:50.160 --> 00:04:53.040] Like Newton said, we stand on the shoulders of giants, right?
[00:04:53.040 --> 00:04:54.800] But what's an unfair advantage?
[00:04:54.800 --> 00:05:08.320] You might be thinking of an unfair advantage, some proprietary technology, like some top secret formula like the recipe for Coke, or your mind might go to performance enhancing drugs or a rich uncle who left you a fortune.
[00:05:08.640 --> 00:05:15.280] I think an unfair advantage is anything you can use to get started, stay started, and connect with customers.
[00:05:15.280 --> 00:05:16.240] It's that fuel.
[00:05:16.240 --> 00:05:20.240] It's that fuel that fires creation, connection, and contribution.
[00:05:20.240 --> 00:05:23.200] It could be a new technology or some invention of yours.
[00:05:23.200 --> 00:05:26.480] Being first to market, absolutely could be an unfair advantage.
[00:05:26.480 --> 00:05:30.000] It could be a personality trait like persistence or curiosity.
[00:05:30.840 --> 00:05:36.760] But where the magic often happens is in combining two or more traits in a unique way.
[00:05:36.760 --> 00:05:41.000] And I first heard this described by Scott Adams, I want to say, on the Tim Ferriss show.
[00:05:41.000 --> 00:05:43.240] He's the creator of the comic strip Dilbert.
[00:05:43.240 --> 00:05:50.680] I don't remember if he had a name for this business idea method, but the premise was to look for the areas in your life where you're better than average.
[00:05:50.680 --> 00:05:51.960] You don't have to be the best in the world.
[00:05:51.960 --> 00:05:53.560] Don't put that kind of pressure on yourself.
[00:05:53.560 --> 00:05:57.240] But say you're in the upper half or maybe even the upper quartile.
[00:05:57.240 --> 00:05:59.240] And then you start to combine those areas.
[00:05:59.240 --> 00:06:02.600] In Scott's case, he explained he was a better than average artist.
[00:06:02.600 --> 00:06:03.400] He enjoyed drawing.
[00:06:03.400 --> 00:06:04.520] He was pretty good at it.
[00:06:04.520 --> 00:06:07.880] And he thought he was a pretty funny guy, perhaps funnier than most.
[00:06:07.880 --> 00:06:19.720] So he combined those two advantages and probably also a boatload of persistence and dedication to make a truly unfair advantage in turning Dilbert into one of the most successful comic strips of all time.
[00:06:19.720 --> 00:06:24.280] So what are a few things that you're better at than average?
[00:06:24.280 --> 00:06:25.640] How could you combine those?
[00:06:25.640 --> 00:06:28.520] And what can you do that other people can't or won't?
[00:06:28.520 --> 00:06:31.080] Or what are you better at than the average person?
[00:06:31.080 --> 00:06:32.600] So that's the introspection piece.
[00:06:32.600 --> 00:06:34.440] That's the know thyself part of it.
[00:06:34.440 --> 00:06:44.520] Where it gets a little trickier is in aligning those skills with some sometimes unrelated pains and problems or industries or markets because that's where the money comes from.
[00:06:44.520 --> 00:06:50.200] For that, you got to start to look outwards and ask, what problems are people paying money to solve?
[00:06:50.200 --> 00:06:53.960] And that could be conversations with other people in your network.
[00:06:53.960 --> 00:06:56.280] It could be conversations with other business owners.
[00:06:56.280 --> 00:07:06.040] Dane Maxwell had his famous idea extraction types of questions where you would be asking, well, what's the biggest challenge facing your industry over the next five years?
[00:07:06.040 --> 00:07:08.600] What's an expensive problem that you're dealing with?
[00:07:08.600 --> 00:07:11.400] What's a typical day look like for you?
[00:07:11.400 --> 00:07:14.680] What's the most frustrating or time-consuming part of your business?
[00:07:15.120 --> 00:07:18.160] You're trying to uncover these expensive pains of problems.
[00:07:18.160 --> 00:07:25.200] And even if you don't know the solution right away, it's just if you can find the problem, you can figure out how to solve it.
[00:07:25.200 --> 00:07:26.640] And that's where the money is.
[00:07:26.640 --> 00:07:29.440] You could also use my What Sucks exercise.
[00:07:29.440 --> 00:07:36.000] This could be as simple as a notes app on your phone where you're just making a note of everything that sucks in your life day to day.
[00:07:36.240 --> 00:07:42.320] Things that your spouse, co-workers, partners, neighbors, kids, things that people complain to you about, right?
[00:07:42.320 --> 00:07:54.240] Normally you're trying to be a little more optimistic, but you got to put your pessimist hat and just pay attention to it, kind of like be a magnet for negativity for a week or two and see what sucks in other people's lives.
[00:07:54.240 --> 00:07:59.520] Because on the other side of sucks, there might be some dollars there as well.
[00:07:59.920 --> 00:08:04.720] And then looking also at the pains and problems that you've overcome in your own life.
[00:08:04.720 --> 00:08:08.000] Another methodology from Tim Ferriss is to look at your own credit card statement.
[00:08:08.000 --> 00:08:10.560] What's taken up a big chunk of your expenses?
[00:08:10.560 --> 00:08:12.480] Could you create an alternative there?
[00:08:12.480 --> 00:08:18.960] And it doesn't necessarily need to be something completely new and novel, never before seen.
[00:08:18.960 --> 00:08:23.600] After all, it's something you've already validated by spending your own money on it as a solution.
[00:08:23.600 --> 00:08:27.440] If you're looking at that credit card statement idea as a methodology.
[00:08:27.440 --> 00:08:33.680] Now, you could also take your answers and your constraints and prompt ChatGPT at this point for suggestions.
[00:08:33.680 --> 00:08:38.160] For example, I might type in, and obviously the more detail you give it, the better.
[00:08:38.160 --> 00:08:41.680] But, you know, for the sake of argument, hey, I'm looking for some side hustle suggestions.
[00:08:41.680 --> 00:08:42.480] I like skiing.
[00:08:42.480 --> 00:08:43.520] I like college football.
[00:08:43.520 --> 00:08:47.280] I've got two young kids at home and want to make sure I'm present with them on the weekends.
[00:08:47.280 --> 00:08:52.000] I have experience in content marketing, podcasting, and in the automotive industry.
[00:08:52.000 --> 00:08:58.960] I have a hard time saying I'm an expert in anything, but sometimes people ask me for advice on email marketing and travel hacks.
[00:08:58.960 --> 00:09:02.280] And given just that simple prompt, here's what Chatty came back with.
[00:09:02.280 --> 00:09:09.400] They recommended an automotive insider niche content business blog, YouTube channel, newsletter on car buying.
[00:09:09.400 --> 00:10:39.600] tricks and you know how to buy a used car without getting screwed that kind of stuff they recommended a weekend warrior travel hacks newsletter i really kind of like this one how to maximize school breaks and three-day weekends for affordable travel it recommended another idea as an email marketing consultant for niche creators it recommended a college football road trip guide or podcast which could be an interesting one because we try and do an away game every year with with a group of college friends this year it's going to be madison wisconsin the point is these probably aren't going to be perfect right out of the gate but they're a pretty good brainstorming starting point so i think you could probably do something similar after you complete these kind of know thyself type of questions and the more details you can feed into the ai prompt the better these results are going to be and then you can start the conversation go back and forth hey well how would you get your first customers for that or let's flesh this out a little bit more what does that really look like are you looking for a flexible income stream and one with real career potential i'm excited to partner with intuit for this episode because they're actively recruiting side hustle show listeners to join their world-class network of tax and bookkeeping experts you know intuit as the maker of turbo tax and quickbooks and maybe you're one of the 100 million people who use those products yourself i know turbo tax has made a few of my aprils a little bit easier but as an intuit expert you can work virtually on a flexible schedule and get the support you need from an experienced and credentialed team plus, you'll get free access to Intuit Academy, their free self-paced training program where you can build your confidence in tax prep and bookkeeping skills to start or grow your career.
[00:10:39.600 --> 00:10:47.200] Whether you're looking to grow a side hustle or switch things up full-time, Intuit helps you chart your own path and connect with customers in meaningful ways.
[00:10:47.200 --> 00:10:48.480] Sound like your next move?
[00:10:48.480 --> 00:10:52.720] Head to intuit.com/slash expert to learn more or apply now.
[00:10:52.720 --> 00:10:59.280] That's intuit.com/slash expert, I-N-T-U-I-T.com/slash expert.
[00:10:59.600 --> 00:11:09.440] So, so far, we've been doing some soul searching and taking inventory of our skills and perceived areas of expertise, but now we need to pair that up with a pain or problem because that's what people spend money on.
[00:11:09.440 --> 00:11:11.920] To spend money on painkillers, make this problem go away.
[00:11:11.920 --> 00:11:17.040] Here's how Noah Kagan described part of his idea generating process in episode 237.
[00:11:17.040 --> 00:11:20.240] But personally, solve your own problem because it's more interesting and more sustainable.
[00:11:20.240 --> 00:11:24.800] The other thing, this is a common mistake I've seen, Nick, is that, well, there's someone else is doing it.
[00:11:24.800 --> 00:11:27.440] You know, like, oh, this other guy's already got this or girl's got this.
[00:11:27.440 --> 00:11:30.560] And I'm like, how many Mexican restaurants are in your town?
[00:11:30.560 --> 00:11:30.960] Right.
[00:11:31.200 --> 00:11:31.920] There's a lot.
[00:11:31.920 --> 00:11:33.920] And I'm sure more than one of them makes a profit.
[00:11:33.920 --> 00:11:38.480] So if there's someone else doing it and you're not using them, then there's probably some opportunity for you.
[00:11:38.640 --> 00:11:41.920] What would you say to the person that says, well, I don't know what my strengths are?
[00:11:41.920 --> 00:11:43.840] So two things that I would recommend.
[00:11:43.840 --> 00:11:48.800] And let's take some of your ideas and we can talk about how to validate them because I think that's always helpful for people who are like, well, how would I actually start as a business?
[00:11:48.800 --> 00:11:50.480] So let's come back to that afterwards.
[00:11:50.480 --> 00:11:56.480] If you don't know what your strengths are, the two things that I have found, and I'm only telling you what's worked for me, well, I'll do two and a half.
[00:11:56.480 --> 00:11:59.520] But number one is I just think about the last six months.
[00:11:59.520 --> 00:12:02.640] What have I done that I felt the best working on?
[00:12:02.640 --> 00:12:03.280] What have I done?
[00:12:03.280 --> 00:12:09.760] So when you said, hey, I would work for free on my podcast because I just enjoy it, that is a strength.
[00:12:09.760 --> 00:12:10.160] Okay.
[00:12:10.160 --> 00:12:10.880] That's a strength.
[00:12:10.880 --> 00:12:19.840] A strength is something that you have done that you would basically work for free, or you just feel in the zone, meaning you wake up early, you stay up late, you're just excited to be doing it.
[00:12:19.840 --> 00:12:25.040] So, having conversations like this, it's exciting for me because I get new ideas, I get inspired, I get energy.
[00:12:25.040 --> 00:12:27.040] And it's like, oh, cool, that's what a podcast is.
[00:12:27.040 --> 00:12:28.400] Let me do more of that.
[00:12:28.400 --> 00:12:29.360] And then promoting things.
[00:12:29.360 --> 00:12:31.560] I'm like, oh, I love promoting things on my email list.
[00:12:31.560 --> 00:12:33.000] All right, let me do more of that.
[00:12:33.000 --> 00:12:36.760] So think about, go make a list of everything you've done in the past six months that you really enjoy doing.
[00:12:29.920 --> 00:12:37.400] Make that list.
[00:12:37.720 --> 00:12:44.760] A second thing that you can do if you don't know your strength is think about someone who you like, someone who knows you really well, and ask them via text right now.
[00:12:44.760 --> 00:12:46.360] And I've done this before.
[00:12:46.360 --> 00:12:49.560] And it's generally like, yeah, you seem really good at marketing.
[00:12:49.560 --> 00:12:51.320] I'm like, all right, why don't I just do more marketing?
[00:12:51.320 --> 00:12:52.600] So just text them right now.
[00:12:52.600 --> 00:12:54.680] Hey, I'm trying to figure out what I want to work on next.
[00:12:54.680 --> 00:12:55.720] This is an even better one.
[00:12:55.720 --> 00:12:58.120] I'll even make it even next level for people out there.
[00:12:58.120 --> 00:13:02.440] Text someone that knows you, hey, if I were to start a business, what kind of business do you think I should start?
[00:13:02.440 --> 00:13:06.440] And they'll actually tell you a business that you're like, damn, yeah, I guess I should start that.
[00:13:06.440 --> 00:13:06.840] Okay.
[00:13:07.160 --> 00:13:11.560] So text a friend, anyone that knows you well, it can't be some random, like, hey, Jimbo, what do you think I should do?
[00:13:11.560 --> 00:13:12.200] It's like, I don't know.
[00:13:12.360 --> 00:13:13.240] Work at Walmart.
[00:13:13.240 --> 00:13:20.520] But the point being is, like, your friends actually have a pretty interesting, and I think most good friends have a good perspective about what you probably should be doing.
[00:13:20.520 --> 00:13:26.120] And if you don't have any good friends that do that, go join an online group, go get involved in Side Hustle Nation, whatever it is.
[00:13:26.120 --> 00:13:28.600] And you can find someone there that can start get to know you better.
[00:13:28.600 --> 00:13:30.120] Like maybe set up a weekly call.
[00:13:30.120 --> 00:13:34.280] But that person then can help reflect from an outside opinion what that is.
[00:13:34.280 --> 00:13:35.560] Lastly, could be therapy.
[00:13:35.560 --> 00:13:37.880] I've done that numerous times over the past 10 years.
[00:13:37.880 --> 00:13:40.760] You know, I go for a year off and on.
[00:13:40.760 --> 00:13:48.760] And I definitely find having kind of like a third-party person reflect on what I say helpful to help me understand what I want and the things I like to do.
[00:13:48.760 --> 00:13:54.200] What I love about this clip is the super obvious in hindsight, but we still kind of need to hear it.
[00:13:54.200 --> 00:13:57.400] Call out of how many Mexican restaurants are in your town?
[00:13:57.400 --> 00:14:01.480] It doesn't take a never-before-seen business idea to make a successful side hustle.
[00:14:01.480 --> 00:14:06.920] There's room for multiple players, especially if you can get specific on who you serve and how you do it differently.
[00:14:06.920 --> 00:14:13.880] Because if you can become a market of one, even if it's just in the minds of your customers, that's a really powerful place to be.
[00:14:13.880 --> 00:14:18.880] Here's John Lee Dumas to explain: Is there such thing as being too niche?
[00:14:19.200 --> 00:14:21.760] Like, I've seen some successful podcasts.
[00:14:21.840 --> 00:14:26.640] We had a guest on recently who had like a laundromat podcast, like how to run a laundromat business.
[00:14:26.640 --> 00:14:28.800] And he was like, It's done surprisingly well.
[00:14:28.800 --> 00:14:30.880] And I said, Well, why do you say surprisingly?
[00:14:30.880 --> 00:14:33.760] And he's like, Because it's a laundromat podcast.
[00:14:33.760 --> 00:14:38.400] But I'm curious, did you seen anything where it's like, I don't know if that's a big enough market to try and serve?
[00:14:38.400 --> 00:14:40.080] It is impossible.
[00:14:40.080 --> 00:14:43.280] And I mean, impossible to be too niche.
[00:14:43.280 --> 00:14:48.320] People always go the other way because they're scared, they're fearful, they have their own self-doubts.
[00:14:48.320 --> 00:14:50.720] And they think, I just need to be able to serve everybody.
[00:14:50.720 --> 00:14:51.840] I want to resonate with everybody.
[00:14:51.840 --> 00:14:56.880] I want to just create a podcast that just inspires other people to inspire other people, to inspire other people.
[00:14:56.880 --> 00:15:05.040] And that fails because that is a weak, pale imitation of other successful podcasts that are out there that are actually doing something specific.
[00:15:05.360 --> 00:15:07.280] And that's why people lose.
[00:15:07.280 --> 00:15:12.800] Why people win is because they say, I'm going to create the best solution to a real problem.
[00:15:12.800 --> 00:15:17.600] I flippin' love that laundromat podcast idea because guess what?
[00:15:17.600 --> 00:15:21.920] He is the best laundromat podcast in the world.
[00:15:21.920 --> 00:15:23.440] He's also the worst.
[00:15:23.440 --> 00:15:25.120] He's the only.
[00:15:25.120 --> 00:15:28.560] And that's why you win in this world because you become the best.
[00:15:28.560 --> 00:15:38.800] However, that is, if that takes you being the only to be the best, that's giving you a chance to win because people will beat a path to your doorstep if you're number one.
[00:15:38.800 --> 00:15:43.280] If you're number two, if you're number 10, if you're number 200, you will lose.
[00:15:43.280 --> 00:15:44.880] Yeah, where can you be the only?
[00:15:44.880 --> 00:15:46.880] That was a line that stood out to me from the book.
[00:15:46.880 --> 00:15:52.720] It was like, hey, when you started YoFIRE, I was the best daily interview podcast for entrepreneurs.
[00:15:52.720 --> 00:15:55.520] I was the worst daily interview podcast for entrepreneurs.
[00:15:55.520 --> 00:15:56.400] I was the only.
[00:15:56.400 --> 00:15:59.040] And that's an interesting place to play.
[00:15:59.360 --> 00:16:05.720] Now, it makes for a great soundbite, but obviously at a certain point, there probably is such thing as being too niche where the market is just too small.
[00:16:05.880 --> 00:16:10.680] But the sentiment I do agree with, and that's essentially to create your own category.
[00:16:10.680 --> 00:16:15.400] If you remember the book, The 22 Immutable Laws of Marketing, I think was the title.
[00:16:15.400 --> 00:16:17.720] I think they call this the law of the category.
[00:16:17.720 --> 00:16:18.680] You want to own it.
[00:16:18.680 --> 00:16:20.920] And if you can't be first, be different in some way.
[00:16:20.920 --> 00:16:22.360] Create your own category.
[00:16:22.360 --> 00:16:28.280] One of my favorite examples of this is April Whitney, who runs a fitness business for petite women.
[00:16:28.280 --> 00:16:30.760] It's called Petite Power Now, P-W-R.
[00:16:30.760 --> 00:16:38.280] Specifically, fitness and nutrition for women 5'4 and shorter, purposely excluding a huge segment of the population.
[00:16:38.280 --> 00:16:39.800] Nope, those are my people.
[00:16:39.800 --> 00:16:51.080] It's not that petite women were even necessarily seeking out this type of information and training, but when they came across April on social media, it resonates like nothing else because she's speaking exactly to them.
[00:16:51.080 --> 00:16:52.840] Best, worst, only.
[00:16:52.840 --> 00:17:04.040] In that episode with JLD, I shared the on-air conclusion that I unintentionally followed that best, worst, only advice with pretty much all of my most successful side hustles.
[00:17:04.040 --> 00:17:10.120] When I started my comparison shopping site for footwear, best game in town, only game in town, worst game in town, right?
[00:17:10.120 --> 00:17:11.080] Best, worst, only.
[00:17:11.080 --> 00:17:13.000] Same thing with my virtual assistant directory.
[00:17:13.000 --> 00:17:16.760] It was the first review platform for those types of businesses.
[00:17:16.760 --> 00:17:19.800] First directory, where you're trying to bring them all under one roof.
[00:17:19.800 --> 00:17:20.760] Best, worst, only.
[00:17:20.760 --> 00:17:26.120] And same thing with Side Hustle Nation, the first podcast dedicated to part-time entrepreneurship.
[00:17:26.120 --> 00:17:31.800] So, and recently, you met Hannah Morgan from Heron House Management in a recent episode.
[00:17:31.800 --> 00:17:34.120] Fully remote house management service.
[00:17:34.120 --> 00:17:46.960] So, rather than start a general project management service, rather than start even a general virtual assistant service, Hannah went niche and she spoke to a pain point that she knew other moms and parents were experiencing.
[00:17:44.840 --> 00:17:51.600] And part of what separates Heron from a general virtual assistant service is that unique positioning.
[00:17:51.920 --> 00:17:56.400] Hey, busy parents, let us handle your to-do list and we'll carry your mental load.
[00:17:56.400 --> 00:18:01.840] So, like Noah said, if somebody else is already doing the thing you want to do, don't let that discourage you.
[00:18:01.840 --> 00:18:10.480] But if you can find a way to make it your own through your own branding and positioning or customer targeting, that's how you're going to create your own category.
[00:18:10.480 --> 00:18:16.320] Now, hopefully, these exercises have uncovered a bunch of potential side hustle ideas and options for you.
[00:18:16.320 --> 00:18:18.640] Options are great, but options don't pay the bills.
[00:18:18.640 --> 00:18:20.720] You got to pick one, you got to take action.
[00:18:20.720 --> 00:18:27.520] That's why next week I'll share 10 questions to help you narrow down your focus and objectively pick the best one.
[00:18:27.520 --> 00:18:29.440] That's right, backed up by math.
[00:18:29.440 --> 00:18:35.440] Just hit the follow button in your podcast app and it'll be automatically added to your device when it's released.
[00:18:35.440 --> 00:18:39.120] Big thanks to our sponsor, Intuit, for helping make this content free for everyone.
[00:18:39.120 --> 00:18:47.040] Intuit, the maker of TurboTax and QuickBooks, is inviting Side Hustle Show listeners to join its world-class network of tax and bookkeeping experts.
[00:18:47.040 --> 00:18:51.920] To learn more or apply now, head on over to intuit.com/slash expert.
[00:18:51.920 --> 00:18:54.880] Again, that's intuit.com/slash expert.
[00:18:54.880 --> 00:18:55.840] That's it for me.
[00:18:55.840 --> 00:18:57.600] Thank you so much for tuning in.
[00:18:57.600 --> 00:19:00.400] Until next time, let's go out there and make something happen.
[00:19:00.400 --> 00:19:03.280] And I'll catch you in the next edition of The Side Hustle Show.
[00:19:03.280 --> 00:19:04.240] Hustle on.