Ep 39: Do the 'Side' Hustle!
Hosts: Jade and Deniece
ABOUT THE EPISODE
In today's episode, our hosts highlight key points for "Turning your Side Hustle into a Profitable Business" while also noting critical points for starting a successful side hustle.
A MILLENNIAL MESS
EPISODE 39 PODCAST SHOW NOTES
Episode Timeline:
[02:05] What is a side hustle? A side hustle is anything that you do on the side that is not your main job irrespective of whether it makes money or not. More and more millennials are thinking of turning their side hustles into a business.
[03: 25] Side Hustles can be very challenging in Singapore especially when combined with other aspects of daily life. Deniece shares that she doesn't have many friends who have been able to successfully keep a side hustle. Although, Jade talks about her friends who have seasonal side hustles which operate only for a certain period in the year. She also has a friend who took up soapmaking initially as a hobby.
[05:55] Deniece narrates the story of the manager of the shop where this episode was recorded, "Gloria Jean's coffee shop" as our hosts have gotten quite familiar with him. The manager had come from a tech background but always had a passion for coffee which was why he put a lot of resources into buying the "Gloria Jean's" franchise rather than starting his brand. His rationale for this was that in order to compete favorably with existing big brands in the industry, it would be necessary to learn the intricacies of the business from those already successfully running.
[10:15] Jade's experience has alternated between working as a freelancer and an employee. A freelancer is notably quite different from being a boss; the difference is that as a freelancer you don't have to manage or pay people and you can just focus on doing your job but as a boss, you have to consider your employees and other aspects of the business.
[11:30] Jade and Denice have many side-hustles together, of which the "AMM" podcast is one, although it is not yet profitable. They also have a school "Emerge" which has 2 departments; Arts and Media. Alongside these, they have a content generation family for Bloomr and TikTok. Emerge is the side hustle they are trying to make profitable, while AMM Podcast is the one they enjoy doing and will keep running for as long as possible. Starting their arts and media school was very challenging at the beginning and came with a lot of doubts, however, they kept going with a lot of work and having support from people. They also had a mindset that "If you are in the arts industry forget about making money, you are in the service industry"
[15:45] "In a service line, it is a rabbit hole to how much you can provide your customers" but still, customer service is very key. So, for businesses in a service line, they must anticipate this challenge; it is difficult to provide good service and make a profit. It is inevitable to have complaints but if a majority of the reviews are good, the business will thrive.
[18:12] Tips for starting a side hustle: Stop sweating the small stuff and just get started; it is easy to feel overwhelmed and get lost in all the details, hence as important as preparation is, it shouldn't stop your first sale. For those who are too concerned about all the details, it helps to reach out to professionals or friends for help but the most important thing is to start by taking the first step. Another approach is to experiment with side hustles, take time out to understand what exactly you have to offer, and do research to get some feedback on your idea from people.
[25:05] it is important to have a long-term plan when trying to start your side hustle. For sustainability, have a plan while starting, find ways to achieve it, and don't deviate from the goal. Copying other people rather than focusing on your plan will leave you always falling behind them.
[27:54] Thirdly, do your research to make sure no one hassles you. While searching for side jobs that involve working for someone else, be sure to sieve out the ones that are not trustworthy. Fiverr and Carousel are good examples of legit jobs. Jade notes that it is important to steer clear of jobs that promise free cash.
[30:44] Bryan Clayton, CEO of "Mow Your Lawn" believes that with side hustles, the less your expenses, the greater your options. The reality is that if you're going to turn your side hustle into your dream business, you're going to have to be able to live on less than $500/week. Most of the time you can tell by talking to someone if they are going to make it or not by way of the sacrifices, they make in personal finances to start the business. "When people want to start something, make sure they have 7 months of rainy day cash first because that is the amount of time the business needs to gain traction" Deniece also describes the sacrifices she has had to make for her side hustles.