The Money Mustache Community
Learning, Sharing, and Teaching => Entrepreneurship => Topic started by: Rachel_the_Lark on July 23, 2017, 06:25:32 AM
-
Current Stats:
- By day I'm working in analytics, so not a full on developer but I write some scripts (It's more using code to pull/manage data rather than creating something). I also recently got my MBA so I try to use that to add business value to the data results I find.
- My only attempt so far at a side hustle was posting some photography on Fine Arts America. I've gotten some visitor hits over the past few months but no actual sales. I imagine this is partially because of the sea of options but also the fact that I'm not that good.
I'm currently brainstorming ideas for a bigger (or at least more successful) side hustle. So I see two potential paths to go down.
- Using my knowledge/experience as a head start. Even if I wanted to do other coding related work, it should be a smoother transition based on the experience I already have. The problem with this is one of the things that lead me to this site is the underlying desire to not be doing this kind of work forever.
- Learn something new...particularly something hands on. I am one of the least DIY people you've ever met, so it would be nice to build some new skills there. I could also in theory document my path to gaining skills (blog or youtube or something) but I'm not sure how long the path to profit would be. Plus I'd worry it's just an excuse to throwaway money on an expensive "hobby" if it's an epic failure.
So how do I decide which path to take? Or are there some low-cost easy ways to dip my toes in and test the waters?
-
from most of the research I've done, and most of the successful people I've spoken to or heard speak, start by scratching your own itch. So, it doesn't have to be something you are an expert in, but just something that you know more than others. And, if you can find something that you would like to see or find, then maybe others are looking for that same thing.
So, I guess I'm leaning more toward finding a need or gap to fill, and spend some time getting better at it, or even if there is already some one that is the best at it, learn from them, and then try to repackage it for consumption.
-
There are usually profitable niches to be found on the overlap of knowledge or skills, even if your skills or knowledge aren't world class. (You may not be the best X or the best Y, but you're the best X that also knows Y.) It sounds like you have (or are willing to learn) several seemingly unrelated fields of knowledge and skill. Maybe try to brainstorm ways to combine them in unique ways.
-
That makes sense...thanks!
-
This may be too general a comment, but I observe there's a power law dynamic with jobs and small businesses and entrepreneurial ventures.
E.g., the average person (maybe) does so-so...
The slightly above average person, say that person at the 70th percentile, does quite a bit better (maybe double the average?)
The 80th percentile person does double the 70th percentile.
The 90th percentile person does double the 80th percentile.
Because of this, I'd think you want to play to your strengths... or, alternatively, work hard at developing new strengths in your side hustle that ultimately let you get a bigger payoff.