In our eighth weekly recap, we'll highlight the lessons learned in this week of Side Hustle School. Also: more listener Q&A!
Side Hustle School features a new story EVERY DAY of someone who started a hustle without quitting their job. You’ll learn how they got the idea, how they overcame challenges along the way, and what the results are. You need a hustle!
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This is an unofficial transcript meant for reference. Accuracy is not guaranteed.
hello and welcome your listing decided to school and critical about. We have just finished weak number. Eight, what is your weekend. I hope it's a given for you over here. I packing my bags to head out around the world eventually be in London for an event unmarked six. First, I'm heading two Colombo, Sri Lanka, the Boston and Doha. Let me say, hi on Twitter Instagram now, obviously this continue every day as I travel in today's weekly recap got listener questions. Simply even an answer or too, as well as a few lessons and look back on the weak. I us, gambling from Atlanta Georgia. Thank you. So much for your podcast, something I look forward to every morning to start my day off in a kind of inspiring way, my question, today. S for side so how do you go about declaring any kind of revenue? We're gonna, be
Where do you have to do? That's part why I haven't necessarily launched into anything because even the idea of trying to figure out the taxes patient. Distressed me out. So if you have any advice, there greatly appreciated thanks much recovering thanks so much Europe so first, I am neither an accountant nor a lawyer, therefore not qualified to give legal advice: but I can tell you in general terms when you have a new business or a new income generating project, you dont use land to pay taxes on that until the following year, when you file your normal tax return, now, after that in the second year in going forward and a lot of cases only to make estimated payments that you file every quarter. So as you go along a definite want to get some advice about that, but it's usually not difficult in the beginning. As a general rule. I would also suggest that you set aside a good portion beside us earnings. Twenty five percent is a good approximate number. So that when the time comes to pay taxes, you're not caught by surprise, because your party spend that money or done something else with it. So good luck, let us know how it goes
hey requests. My name is John and I'm from San Antonio taxes. I've been working on starting aside hustled my own, so it was really great. When I stumbled on the site. Has the school really loving, story so far, some looking get my woodworking site hustle to a larger audience, but I'm not sure if I should get a store page on site like at sea or get my own domain. One of the pros and cons for purchasing a domain and heavy which route is best rear, thanks in advance for helping John. What's up thanks. So much for listening, excited to hear about your woodwork hassle, so you asked specifically about getting a domain domain is different. A website, you can get it. Online for about ten dollars a year doesn't really or where you get it from may be first simplicity sake, you should get it from the same web host. You're gonna use your actual site but if you dont doesn't really matter, it's easy to transfer it General is, if you find a domain, you like might as well go and buy it because it gets really cheap and, on the whole question of whether you have a profound at sea or another,
for him or you actually built the site. That's almost a whole supper conversation in the long term. It probably is best to build your own website, a deafening urge people to begin working on that as soon as a ready, but, of course, Etsy. Another platforms are super simple, just go on, make a profit and get going to try to do that, and it doesn't preclude you from to any other thing. But if you have a domain name you like, and it is available deadly snap it up. So we look back on a week. A few things stand out episode. Fifty was about american living in Belgium for more than a decade, He returns home and starts making fine chocolate now in this episode. I also made that point about mentorship kind of shared opinion that it's important to focus on what you need to know. Don't This airily need a general mentor. You certainly don't need a girl and you can improve your skills by learning the scale of learning, which is very valuable episode. Fifty one was about the cheap plane ticket site that becomes a million dollar So so, as you know, I got a feature. A range of stories on the show it's totally awesome
When someone makes twenty dollars a month for the first time, I think that's wonderful, remember the first time I did it. It really felt pretty awesome, but is also call to see how aside. Hustle really can grow into something much more substantial. Now, Scott, the guy featured in the story, he has almost an obsession with finding cheat plane tickets and that word obsession, about it. Because obsession has like this negative connotations, but in the side of the world this kind of obsession can be really healthy. It's what has enabled him to be an expert and trusted authority by all those people, almost three thousand people who subscribe to his list now, presumably most of those people, we could say this majority, those people actually are not obsessed with finding she plane tickets But that's ok because they know he is they don't have to worry about, the best deal. They just trust Scott too, provided for them. So there's the. Session for social good observation of the day, episode fifty two and a teacher who creates nontoxic face paint eventually, dishonor today show, I feel like it's. No,
surprise that she made it on national tv, because the story right itself in a headline some projects. Are much better than others for generating that kind of free publicity? As I said in an episode the project often above this I'm making anywhere near the kind of money that we saw in a previous episode. Fifty one This is a mission of choice for Adrian that our teacher, so it's real Important as always to choose your values. Choose your goals, let those things guide, your decisions, also, as I mentioned last week, about Mojave the woman whose reinventing the bra. I think this project is ideal for crowd funding some progress they're much better for cap funding and others. Thing that you manufacture. That has real hard costs where you can make a pitch that says I've already dying part of this. I really believe in this, but I need these resources to get it out to more people that, the government. Well, so I Adrian is incredibly busy, but I was glad to hear that sometime in the future she's planning for that episode. Fifty three was about the queer punk artist, who starts personal fine,
workshops and there are a lot of topics that are really important like personal finance, but have underserved audiences, on a personal finance skills. We need to build, could habit, but some of us might no intimidated by the entire industry, so how data is dead. Justifying it for a group of people who identify with her, and we could say a lot about that. It's really all about identity. Entrust so are you part of a group, a click, a generation, anything it's important for people to know about but can feel inaccessible to some people- lots of opportunity. There episode fifty four. How penny portraits of Abe Lincoln turned into thirty thousand dollars, is yet another example of something you would never know would work until you tried it so, the next time you so idea and someone says, you validating that idea? What's your business plan, what makes you think he's gonna work. Remember stories like these, because there's no way how it before you do it. You just try and see what happens and its good. That more because, as I said, it's been really successful and a fun practical lesson from this.
If you're selling, something in one channel see if you can sell it their channel, because in his case Maureen this that sales picked up when he chose to list is item on Amazon dot com, and this is a great sag way too our final story of the week. How to Sure it's on Amazon makes seventeen thousand dollars in a month, and this just came up yesterday, but I know it's gonna get a bunch of interest to remember. If you have questions about this or anything else, gonna site and learn more. You can find resources and of course you can also asked me a question which we may play on a show, meaning that I want to take away from this. In kind of conclude, this wrap up with is that side hustles do not have to be sustainable be very easy from a traditional business or start happy perspective, to criticise things first and say. I work it's great that she made that money, but is this really sustainable other people going to enter the market it? Something is going to evolve Now, all those things may be true or they may not be. She may actually be able to keep doing this for years to come. Only time will tell second here.
They are saying even if it went away tomorrow, wouldn't have been worth it only made more than fifty thousand dollars on this project last year, leading up to that big seventeen thousand dollars a month in December, so presumably she's going to keep making mine from this It is great but, as I said, if it ends at one point, it doesn't really matter because she's already been very successful with it. So remember that somebody asked you, as your project, sustainable economy, able to scale it can have an exit plan. These are questions may very well not apply to what you're doing and that's ok are also coming up this week. I've got a bunch of stories, including several that I think you're gonna like there is a Microsoft employee who creates a hullo, hooping class there'll, be a special not only edition of science or school teachers somewhat. Who creates a product based off the fifty shades of gray phenomenon, not win that story, here. I will provide a disclaimer. I know we have some families, hang together, so people listening with their kids, which is awesome, but I don't have a responsible for opera conversations in your house out, so you get some advance warning and then there's a fun all ages story of a guy named gold,
and PETE who move to New Zealand to pan for gold and now make something like forty thousand dollars a year on the side. Actually make that money from paying for gold. That project didn't you well as you'll hear, but it did lead him to something much better. That is very successful and, of course, much more and curly recording the second extended cut I said last month I did one called the power of observation, for I talked in more depth about some of these topics. Inga backing down that one. If you haven't listened already, this one is going to focus on started platforms and eminent show you at least eight platforms that you can use right away where you can create an account and began making money in a very short period of time and the rest, making this episode is this really comes directly from hearing from many of you, have heard from a lot of you. Do you want you're, a bit more about sites like fulfilled by Amazon, at sea, five or creative market etc, including our strengths, and wait says why some of them might be better for you than others to run double, in a lot of detail in a special episode which should arrive in a few days
you enjoy that any other stories. Your awesome subscribed episodes welcomes right. You, your phone tablet or computer internet in Itunes, can do that on a website that in spotify- and I only ask once a week here- is my ass. If you are enjoying the shall be very grateful. If you go and leave a quick right, in Itunes. It just takes a couple of seconds When I go above and beyond even also write, a quick review, say why you're listening to satisfy school doesn't take longer. It means a lot and it will help other people discover the shop. You can always find it sources outside of school sport, dot com, see where I'm going next the workshop series and probably some other funds stuff now episode I mentioned, and inspiration is get but action. Is even better. I want you to take action when a feature your story here I look forward to hearing about what you are doing in the side of the world. I have to see you tomorrow. Everyday next week with more fine stories and actionable ideas. New story is uploaded. We did so on eastern time, I'm critical about this aside for school,
Transcript generated on 2020-08-07.