Making your side hustle more resilient
These are taken from one of my favorite books, The Millionaire Fastlane:
The Five Commandments of Fast-Lane Businesses:
Need – Does the business solve a problem, need, pain, or inconvenience in the marketplace?
Entry – Is there a barrier that prevents others from copying your business and/or competing with you? Large upfront costs/technical skills/proprietary technology/ etc.
Control – Do you have complete control over you business? Would one google algorithm ruin everything? Are you dependent on one big client, or one big sales channel, or one big product?
Scale – Can it be used/consumed by a large number of people? If not, is it a very high priced product or service? To make millions, you must impact millions.
Time – Does the business continue to generate income independently of the time that you put into it?
What are some other ways that we can build side hustles/businesses that are more resilient? Ones that increase the chance of upside, while reducing the risk of failure?
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