Author Topic: feedback for a potential side hustle?  (Read 1260 times)

clarkfan1979

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feedback for a potential side hustle?
« on: March 15, 2021, 01:08:44 PM »
I have Ph.D. in Applied Social Psychology and I teach community college. I self-manage 3 rentals (4 doors), which does require some time, but not too much time. My regular job is about 1,000 hours/year. My rentals are 150 hours/year.

I'm currently searching for a remote side hustle that requires about 100-200 hours/year. I could teach an extra on-line class each semester. The pay would be around $2,500 to $4,500 for one class. It would probably be about 100 hours. Instead of teaching, I am considering a side-hustle that I could potentially scale. 

Based on my personality, I have always done well with 10-year plans. When I buy rentals, I will read the 10-year plans of the Universities near by or the 10-year plans of the city or county.

In August 2011, I left grad school and got my first real job. My wife and I started with a net worth of zero. If I am projecting to August 2021, our net worth should be around $1,025,000. About 800K in real estate equity, 175K in retirement accounts and 50K in cash.

During this time, we averaged 80K/year in W-2 income and an additional 2-25K/year in rental income. During the first 4 years, our combined working hours was around 70 hours/week. During the last 6 years, our combined working hours is around 50 hours/week. This is combined, not each.

I think we have done well in striking a balance between lifestyle and growing our net worth. I can help people anticipate their needs 5-10 years before they happen and also help with non-linear growth of income, net worth and skills. I could provide evidence based projections based on my academic background of Applied Social Psychology. Behavioral Economics was born out of Social Psychology.

I would like to provide a 10-year plan for individuals based on their current situation. This will be around 1,000 words (4 pages) and maybe 4-5 graphs. I'm guessing it will take me about 20 hours to create something like this for people when I get started. However, I should eventually be able to do it in 5 hours.

Any suggestions, recommendations or things to consider? How much do you think I can charge for this product in the beginning and how much after a couple years of success and repeat customers. Customers could theoretically get one every year. I could charge less if they are a repeat customer.

seemsright

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Re: feedback for a potential side hustle?
« Reply #1 on: March 15, 2021, 04:50:02 PM »
That is the most liberal arts thing I think I have ever read. And I have a degree in Art. How are you going to find people to even product that type of product? And are you going to have annual assessments on the plan?


You might want to try out the idea on one of those freelance type websites. But to me this is one of the most bananas ideas I have ever read which means you will make coin on it. People buy stupid shit all of the time. You could market this smartly it could take off.
 

secondcor521

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Re: feedback for a potential side hustle?
« Reply #2 on: March 15, 2021, 05:00:08 PM »
Who is your target market?

Answering that question will help you both with sales and marketing, and also the pricing question you asked.

You should price it based on its value to the customer.  Let's say I buy one of these things from you.  Obviously, I'd read it.  But what does it do for me?  Why do I care what's in the report?  Does it help me decide if I want to change jobs, or invest differently, or have kids sooner or later?  How's it going to make me money, save me money, or make me happier?

You'll also want to look at your competition.  How does your target market fill this need now?  Who would they go to instead of you (or do they just go without)?  Why should they go to you instead of where they're going currently?  (These kinds of questions can help with pricing also, because you can compare what those other folks are charging, and compare your offering to theirs.)

norajean

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Re: feedback for a potential side hustle?
« Reply #3 on: March 15, 2021, 07:57:34 PM »
Anticipate their needs before they happen?  A very interesting idea. Remember life is what happens while we are busy planning.  How will you anticipate the important financial events like child birth, divorce, inheritance, new job, loss of job, etc?  Otherwise, the plan is just a projection of average behavior which is unlikely to be the case for any particular person.

scantee

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Re: feedback for a potential side hustle?
« Reply #4 on: March 15, 2021, 08:22:08 PM »
How about creating an online course teaching people how to make their own 10-year plan? Do the work once to create the course and then focus on marketing (which will be the tough part regardless of what approach you take).

terran

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Re: feedback for a potential side hustle?
« Reply #5 on: March 15, 2021, 11:22:47 PM »
I can't tell if this is meant to be financial advice, but there are some pretty strict laws around that, so proceed with caution and make sure you understand the lines you can't cross without becoming a certified financial planner and/or getting a series 65 or series 7 license.

ohsnap

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Re: feedback for a potential side hustle?
« Reply #6 on: March 17, 2021, 12:33:05 PM »
How about creating an online course teaching people how to make their own 10-year plan? Do the work once to create the course and then focus on marketing (which will be the tough part regardless of what approach you take).

I like this idea better than the original proposal.  The original idea seems like a combination of financial planning and life coaching, and my guess is that anyone who needs such a combo would be unwilling to pay the price you'd have to get to make it worth your time. (esp if it's the 20 hour version to start).

Metalcat

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Re: feedback for a potential side hustle?
« Reply #7 on: March 17, 2021, 12:41:20 PM »
How about creating an online course teaching people how to make their own 10-year plan? Do the work once to create the course and then focus on marketing (which will be the tough part regardless of what approach you take).

I like this idea better than the original proposal.  The original idea seems like a combination of financial planning and life coaching, and my guess is that anyone who needs such a combo would be unwilling to pay the price you'd have to get to make it worth your time. (esp if it's the 20 hour version to start).

Thirded. This is a MUCH better idea.

Speaking as someone who has a lot of experience being paid to help people figure out what to do, it doesn't actually matter how good you are at it, it matters how good you are at getting other people to be good at it, and that's a COMPLETELY different skill set.

If you don't already have skills in coaching, trying to be a coach is a painful challenge.

Besides, a course structure is scalable, and can put your product at a much more reasonable rate.
Do you have any idea how many hours it would take to be able to assess someone's life and make a 10 year plan for them??? To do that responsibly would take several expensive hours of your time.