One of the biggest obstacles to people who are considering the private label approach to online business is the cash to get started. But you don’t have to wait for a winning lottery ticket or go rob a bank. You can set up some kind of side job or side hustle to start earning some extra income that you can put into the start of an Amazon business. On the show today is Nick Loper, host of The Side Hustle Show to talk about different side income ideas that you can build that could launch your online business dreams.
But I don’t have time to start a side hustle!
Time is the one common denominator among every one of us. We all get 24 hours and what we choose to do with that time is what matters. On this episode of the podcast, Scott asked Nick Loper what he would say to a person who says they don’t have enough time and his advice was golden. If you’d like to hear what Nick said in answer to that question AND get some side hustle ideas of your own to try out, you’ve got to listen to this conversation.
If you want it bad enough you’ll find a way to do it.
When Nick Loper and Scott were talking about the time crunch we all feel when it comes to making a side hustle or other online opportunity work, they both came to the same conclusion. If you want it badly enough you’ll figure out a way to make it happen. You can’t give yourself any excuses, you just have to find a way to do what you say you want to do. It’s the people who take action who see success. Find out more about Nick’s approach to carving out the time to build side income, on this episode of The Amazing Seller.
Make extra money by buying low and selling high using flea markets, garage sales, etc.
One of the ideas Nick Loper had about how people could begin building side income to help fuel their Amazon private label dreams was to find things at flea markets that you can sell for more on eBay, Amazon retail arbitrage, or other places. It’s an amazingly simple thing to do with just a little bit of research and know-how. And guess what, Nick is on the show today to give you some of that knowledge, so what are you waiting for?
Are you interested in making your first $1000 quickly to get a private label business started?
Scott and his buddy Dom Sugar have been brainstorming a way to help you get a start even though you don’t have any money to put toward a traditional private label launch. Dom has been selling products through retail arbitrage for years and is a pro and knowing how to do it, how to find the right things to sell, and how to make a profit doing it. He and Scott are putting together a 50 person pilot program to see if they are able to help people earn $1000 quickly like they think they can. Would you like in? Listen to this episode to find out how!
OUTLINE OF THIS EPISODE OF THE AMAZING SELLER
- [0:03] Scott’s introduction to the podcast and his guest Nick Loper!
- [1:54] A project Scott and his team have been working on behind the scenes.
- [6:04] How Nick got started working on side hustles and started his podcast.
- [11:16] How do side hustlers find the time to build a part time income?
- [15:07] Strategies for just getting stuff done.
- [21:48] What Nick says to a person who thinks they don’t have time to work on a side hustle.
- [25:08] Side hustle ideas to start earning money immediately.
- [34:38] Nick’s areas of low hanging fruit – the sharing economy opportunities.
- [41:00] Why Scott believes YOU need to give some of these ideas a shot.
TRANSCRIPT TAS 311
TAS 311 : How to Earn Extra Money FAST While Still Working 9 to 5 Job with Nick Loper
[00:00:03] Scott: Well hey, hey what’s up everyone! Welcome back to another episode of The Amazing Seller Podcast. This is episode number 311 and today we're going to talk about how to earn extra money fast while still working a nine to five J-O-B. That's right, a nine to five job or eight to six job or twelve to seven job or twelve to eight job…
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…whatever your hours are a lot of people email me or communicate with me and say, “Scott how do you do it when you're working a full time job? How do you start a business in general? I mean, private labeling or retail arb or whatever you're doing like how do you do it?” It's a great question.
The thing is there's only 24 hours in a day. We all get the same amount of hours but we have to figure out how to carve out some time within those hours so we can make it happen. I've invited on an expert in what they call ‘side hustle’ and he has a podcast, they call themselves Side Hustle Nation and he's got a really, really great story and also some really great tips on a couple of different things. Number one, how to do it when you're working full-time. Actually how to get out there and to make time but the other thing is he's going to give us three or four different ideas of some of his guests that have been pretty successful doing side hustles. Meaning what have they done to raise some money within their business while working nine to five?
I thought that that would be a great topic because a lot of people asked me, “Scott, how do I get started and just raise some capital, raise some money so I don't have to maybe borrow money? I want to just see if this thing is even going to work. I want to get my feet wet. I said, let's go ahead and have Nick on and he can give us like maybe three or four, I think he might even give five different side hustles that people have done to earn some revenue, to get themselves started. Now, before we do jump into today's interview which I'm very, very excited to share with you as you can tell what I did what to say and this was actually like perfect timing because there's something that we've been working on behind the scenes.
[00:02:07] Scott: Because like I said I get a lot of people that say, “Scott I just want to get started but I'm a little afraid to get started. I don't want to pick that dud of a product and I want to learn Amazon. I just don't know if I want to go and shell out $5,000 or $10,000 to get started as far as inventory like what can I do?” I started to talk to my friend Dom Sugar. You guys probably have heard of him. He's a retail arb master, ninja. He's been doing it for 15+ years and what we decided to do is we decided to do a beta group of 50 people only and this is what we're calling the 1K-Fast Track.
Basically what it is is it is for you to be able to go out there literally the next day after the first week's training and start to find product in your local stores, buy them low, sell them high and instantly start to make some cash back. Like that is the gist of it, in a nutshell. But what this will do is it will allow you to understand the process, it will also get you to start earning some revenue and start putting that revenue maybe back into more retail arb or maybe back into a private label product. So it's a way for us to get you started and also to start seeing some results almost instantly once you get things listed.
Like I said, Dom Sugar is a master at this, he knows the industry inside and out, he knows markets, he knows categories, he knows what to sell, what not to sell, when to sell and when not to sell it, all of that stuff and the way it's going to work is we're going to take these fifty people each week through the process and we're planning on it being about a five to a six week program. You're going to be able to go through each week and then you set out to go do the work but you're also able to come back the following week and say, “Hey I've got some issues here or I've got some questions,” and then we can answer them live but also during the week we're going to have a Facebook group just for this, just for these 50 right now and this right here you can submit stuff live and then get feedback.
[00:04:05] Scott: Dom will be there monitoring so be able to get his feedback. Again, we decided to do this for the people that are stuck, they want to get started, they want to start earning a little bit of money and they also want to see if this selling on Amazon thing is for them without shelling out a ton of money. If that interests you, definitely head over to 1Kfasttrack.com and you get all the details there. You can get on the early list and be notified when we open if we've already closed.
You can just learn all of the details on this but let me just say this here again is called the 1K Fast Track because it's our way of getting you started and getting you to that 1K, that $1,000. That is the goal of this program. I'm going to stop talking about this, we can listen to today's guest, Nick Loper and he's actually going to give us some examples of this side hustle of what we just discussed. You’re going to see it in real time and you're also going to learn how to earn that extra money but also while doing or working a nine to five Job. Enjoy the show with Nick Loper.
[00:05:09] Scott: Well hey Nick, thank you so much for coming on the podcast. What's up man? How are you doing?
[00:05:14] Nick: I'm doing great Scott. Thanks for having me.
[00:05:15] Scott: Yeah, no. I'm excited to have you. I've listened to your show probably for the past year, year and a half and I think it's interesting that you've went out there and really found people that are doing this thing we call side hustle. Being able to do it while you still have a nine to five. Now, my audience is really people that are in a nine to five primarily or maybe they are eleven to seven, who knows? But you get what I'm saying.
I definitely think you having like this podcast that is really devoted to that, the side hustle really is going to help people and just even give some ideas on what people can do to even manage their time while working a nine to five because I know you have some expertise in that as well. Before we get rocking and rolling here, why don't you tell everyone a little bit about Nick and where you kind of come from.
[00:06:12] Nick: I'm flattered by that. Thank you for tuning in man. It's a ton of work to put the show together and happy for people are out there listening. Little bit about me. I am a west coast kid, grew up in Seattle, spent a little bit of time in Virginia and in Georgia before moving back to California where I've been for the last ten years. I married my high school sweetheart and I've been working online since 04 and fulltime since 08. My original side hustle, the vehicle that let me quit my job was a comparison shopping site for footwear called shoesniper.com. A pretty random business but had a lot of fun selling shoes for example in Amazon and all these other retailers for a long time.
[00:06:56] Scott: Wow. That was strictly affiliates?
[00:06:59] Nick: That was on an affiliate model.
[00:07:01] Scott: Okay, so you basically built a website, reviewed shoes or compared shoes and then people would find you through SEO and then once they clicked through and bought through your link you'd get paid a commission. Something like that?
[00:07:13] Nick: Sadly never got a lot of SEO love. Very heavily dependent on AdWords traffic and that's ultimately what led to the demise of the site. Just kind of a slow painful shrinking of the margins as cost per clicks went up and as the retailers put the squeeze on the commission rates they're offering even at a high performer level. Eventually we got narrower and narrower and narrower and at certain points, some months like my VA would make more than me. I was like, “This is not understandable.” During the time I was running the shoe business was when I started half a dozen other side projects and most of those flopped, I won't even say spectacularly because they just like fizzled in like entirety, like dark corner of the internet.
But a couple of the projects that stuck around, one was the Side Hustle Nation brand and a podcast and it has been a cool creative outlet for me to report back on here is the marketing stuff that I'm working on, here's the entrepreneur stuff that's going on in my life. Plus through the podcast especially reaching out to all these other successful people and some of them have taken side hustles full time and others say, “Hey, I love my job, I don't every plan on leaving but here is still something I can do in my free time to exercise my creativity, make some extra money,” whatever it maybe.
[00:08:35] Scott: The thing I like about your show is it is kind of random in a sense and you're going to basically pick people that are maybe interested in maybe Pinterest or maybe it's someone that's interested in YouTube or something like that. It is kind of random but it still boils down to someone wanting to work for themselves whether it’s part time or full time and then to me it gives them ideas of things that they can do whether it's to get some capital quickly and then reinvest that into something else or if it's just to get your feet wet in this business. That's what I really like about it. Have you found though that you get a really a mix in your audience because there is so many different topics?
[00:09:19] Nick: Yeah, absolutely. It's pretty broad. There's episodes on freelancing, there's episodes on real estate investing, there's episodes on Amazon FBA, there's… It's really all over the map… app development software. It's tough for me because it really fills my own entrepreneurial ADD and I know I have got a hit episode when I hang out being like, “I can totally do that.” The distraction bell starts going off and it's a ton of fun.
[00:09:51] Scott: That is exactly that distraction bell. As entrepreneurs we all struggle with that and it's not easy because once you learn the skills of how everything is built and put together, at least for me like the building blocks it's like when you hear someone doing something you're like, “Okay we'll we just have to adapt that over here.” Like you doing your affiliate site for Zappos, this that and the other thing. You can do that somewhere else it doesn't mean it just have to be for that so you know how that all works. But again it's time. It's that time. Okay, what I do want to talk about because you've done, how many episodes have you done so far?
[00:10:28] Nick: 211.
[00:10:30] Scott: 211 episodes, that's a lot of episodes. I know the work that goes into them and I tip my hat to you my man. It's a lot of work but it's also a lot of fun but you've probably learned a lot through all of those interviews or just the solo podcasts that you've done and through that time even just listening to your audience, I want to dig into that. I want to figure out like these people and again, those people in my audience, your audience that are struggling with this because they want to get started but they have that one thing in their way which is time. “I work nine to five or I work and eight hour day job so how do I fit this into my schedule?” To me a lot of times it's excuses but what are you finding from people that are doing a side hustle? What are they doing to actually be able to do the side hustle or to be able to get this into their schedule?
[00:11:27] Nick: You bet time is the big three that I hear. It’s time, money and ideas. How come I am not starting my business? Well, it's one of those three usually. On the time front… I'll share a kind of what my day looked like when I was building my side business. It was come home from work, got off around five, five thirty, go to the gym, make dinner, clean up and then like from seven to ten was side hustle time. I had the advantage of being young, no family at that time, long distance relationship and I was able to get a lot of stuff done and one day on the weekend and then one day to go out and have fun. That's like an ideal situation trying to build a business but that’s probably not realistic for everybody else. The most important thing to remember is we're all dealt the same 24 hours in a day and that's not going to change. That's like the universal equalizer.
Actually today's episode of the show is not about how to build a side hustle at all, it's not how to get more energy so it's like you're not going to get more hours in your day but at least maybe you can get more energy in your hours and increase that output, increase the motivation and in your health to get that stuff done. What's been effective for me is just like time blocking on the calendar. Like making appointment with yourself saying like, “This is my time.” Even if it’s five minutes, this comes from my brother. He's a tutor and he's trying to become a tutor like a freelance tutor and like do coaching and stuff on the side. It’s like, “I'm going to spend five minutes.
I don't care if I worked all day, five minutes before I go to bed, I'm going to work on my website, I'm going to do something proactive for my business and of course…” And he's got a little like visual chart on the wall that says I'm going to check this box that says, “Invest that five minutes.” He's like of course once you get going ten minutes, fifteen minutes, half an hour but it's like daily consistent progress, that is really helped him and it's helped me. The podcast is a good example. It takes more than five minutes to produce but like putting it out week after week after week compounds. You start to see that result even if in a moment it's like, “What am I possibly going to get done in five minutes.”
[00:13:32] Scott: Yeah, that's huge and because you said five minutes I'm thinking to myself, “Okay, what are you going to get done in five minutes?” But like what you said after that, usually that five minutes leads into thirty minutes or more. I don't know how many times I've sat at the computer and I said I'm going to sit down only for an hour and I look up at the clock I go, “All right, just twenty more minutes, that's it.” Then I look at it again I go, okay, just maybe twenty more and before you know it I've been three hours in because I got into something.
[00:13:56] Nick: Yeah, you pounded out a three thousand word post or something. You feel great.
[00:14:02] Scott: Yeah, you feel really good. It was saying to yourself, I'm only committing to five minutes but you know if you sit down you've gotten there. It's almost like getting to the gym. If I can just get to the gym, if I can just at least put my tennis shoes on, whatever I could actually be that much closer. It's going to motivate me to want to do it. I'm recently just not… I've been in and out of shape for… I'm not a heavy guy but I've been very, very healthy and very physically fit and then I've been like not so much and then I get back in and it's like I always go back like, “Why is it hard for me to get back in?” And a lot of times I don't have that thing that says you have to get up at this time and you don't have to…
If you can structure that into your routine like you said it's going to just get you started. I love it. I'm sure you've read The Compound Effect. It's right here in front of us what you just said. It's basically just those little things will add up over time and that's really, really huge. Once that you do sit down. I guess this is the next question, how important do you think it is to actually have what you want to work on? Because we can sit down there and look at blank screen and then you're like, “Okay now what do I do?” What's the strategy to getting some stuff done? I guess would be my next question.
[00:15:16] Nick: I'm make an effort and I think I'm getting better at this too. Kind of itemize my top three priorities the night before so I know immediately what yesterday Nick said was important to do the first thing. Then the kind of eliminates that, “Well…” Then you check Facebook and then before you know it your time is gone. Trying to get better about doing that. My friend Julie she hosts a podcast called Time Hackers and I think it’s timehackers.io she described it as like in the professor standing in front of the room with the jar full of rocks and being like, “Hey class, this jar if full, right?” Everyone says, “Yes.” Then he pours in the pebbles and, “Is if full now?” Of course they say yes. Then he pours in the sand and it's like “What about now?” Then he pours in the water and she described the rocks, the boulders, those are obligations.
They take up big chunks of time. Sleep, family work and they are not going anywhere. But the magic is in those pebbles, in the sand, in the water. You got to fill in those gaps and what she went even a step further, it’s like in itemizing her priorities for the day. It was like, “Which one of these is like a sand task? Which one of these is like a water task?” If I find myself commuting, I’ve got half an hour to commute, I’ve got ten minutes before my next meeting like which one of these can I fill in that gap and trying to be even more strategic about that. It's like you get anything done if you’re staring at a four hour block of time but that's not always how the day is presented to us.
[00:16:50] Scott: That makes a lot of sense because like you said, you have to know what you're going to do when you sit down and I love that, the night before I've been trying to do this myself. I have a hundred things I could be doing but it's like what are the three things that I know that I can get done the next day and that are pressing too, that have to get done. There are some things that have to be done. It's funny, I just did a podcast episode and I usually kind of throw something out there as far as like a word to think about or a saying or something. This one here was really simple, it was just like ‘finish'. So by finishing or creating something that you have to start and then finish, you got to have a start point and an end point.
A lot of times people don't think of it that way but if there's a certain task that we're doing, this is how I look at it it's, okay, what's the step it's going to take me from point A to point B and it could be just that small task for us like say it's product research. So it's going to be like, “I'm going to give myself this week and I'm going to do an hour a day for the entire every day.” So that's what I'm doing when I sit down and it's mapped out. When I get to sit down I know that's what I'm doing, I'm not going to go to Facebook, I'm not going to go maybe write a blog post, I'm going to only do that task and I think the thing is that we have so many things that we know that we want to do or that we should do that we get paralyzed. That's hard.
[00:18:07] Nick: It is hard. This is kind of dumb but do you ever do like time tracking experiments and exercises?
[00:18:13] Scott: Oh yah I do.
[00:18:15] Nick: This is something that I found to be effective when especially after a period of like, “What did I get done this week?”
[00:18:23] Scott: I've done it. I've asked myself the same thing.
[00:18:25] Nick: You look back you’re like, “What happened?” You can use a tool like Toggl T-O-G-G-L and they probably have a desktop and a mobile app but I've just done this like in Excel. Star work, start time, what I'm working on and then end time and I found it totally gamifies it for me. It's like you spend thirty five minutes on email or you spend… It's just tricks your brain to being like that can't possibly take that long. At the end of this, what's kind of cool after you do this for a couple of weeks now you have a ledger of where your time is going, you can go through the Tim Ferriss ‘automate, delegate and eliminate’ framework. It’s like, “What do I really need to do?” There might be some opportunities to offload this to somebody else if it's something that still needs to be done but doesn’t' necessarily require my direct input.
[00:19:19] Scott: Again, what you said your gamefy it. You can make this thing where things have, they have checks and balances like where you put it all down on paper. A lot of people don't want to do this. It’s almost like doing an audit of your finances. No one really wants to do that because they don’t want to really know where they are. They just know that I got to make more money but once you have that clear path.
[00:19:42] Nick: Audit is scary.
[00:19:42] Scott: It is. The word is scary. If you get an audit for the IRS all of a sudden, boom you're going to go to jail or something. But it's like you do have to think about it like… And I think you have to do an inventory and you have to see where you're at in wherever you are in the process but I think doing that with your day you'll be amazed at how many times you were just looking at your phone when you didn't need to be. I still catch myself doing that. I'm like, “What am I doing? I don’t need to go check Facebook on my mobile when I just sat down and I was just down on a computer.” I just happened to do it. It's almost like a habit now.
We start to form these bad habits because it's just we don't want to be staring at the trees anymore which is kind of sad because we just want to be consumed with what's happening. We don't want to miss out on what's happening. I love that and anyone listening like definitely do that and it doesn't have to be with an app. You can use an app. There's one that that's popular. I forget what the name of it is. They usually send me a thing. I haven’t looked at it in forever but I was using it but I found that… Again, pen and paper is better personally because then I can keep a hard copy of it and it makes almost know what's going on throughout the day but I would say anyone listening definitely take a piece of paper or spreadsheet and just be conscious about what you're doing and then write it down.
If you start at your email at a certain time, mark and see how long, how long have you been on doing email? How long have you been working on that blog post or how long have you been working on product research or anything throughout the day. Even at your job, like your lunch hour. Some people have more flexible jobs than others. I know some people say, “How do I find time?” Well sometimes you get an hour and a half for lunch, depending on where you work, you can get an hour but I know people that have taken an hour and half, they don't have any boss breathing down their neck. Well, you got an hour and a half there. Again, I didn't know that we were going to go 100% into this time management. I love it though. I love this stuff. It is fun.
[00:21:43] Scott: I think we all are going to be battling this. We always have things pulling in different directions but really for the person that is again thinking to themselves I just don't have enough time to put into my side hustle, what would you say to that person? Again, they have the same amount of hours that you do. I know me personally and some people can say, “Well, some people are single.” When I started like my businesses even going all the way back to when I was out of my father's business I was probably 26, 27 I had two kids at the time, young, working 60 plus hours a week. When I hear people say that I just say, “You're not going to tell me what you think I want to hear because it's not going to add up. I've been there and I've done it and I've been through when I was working a ton of hours,” but what would you say to that person that's like, “I've got two kids and I work even 10 hour days”? What would you say to that person?
[00:22:51] Nick: It's a universal struggle. Even as a full time entrepreneur I still wish there were more hours in the day. I don't think there's… The grass is always greener. That struggle too. I don't want to go the Gary V route of, “We'll just get up at 4AM and hustle.” There's a reason why sleep is biologically required too. This is for me personally. What I find to get better at is just being honest with myself. Instead of just saying, “I didn't have the time.” Saying, “I prioritized something else.” Which is 100% true and hey brother, I prioritized work and family had like… That's totally fine but just be honest with yourself. Say I prioritized something else instead of I didn't have the time.
[00:23:38] Scott: Yeah, I love that. I love Gary V but that's not me. I'm not going to sacrifice family time because I want to build the business. There's a balance there, I'm all about my family that's why I built my online business and it's a lifestyle business for me but again different strokes for different folks but for me you can still hustle and you can still build that into your day. It just doesn’t have to be like pound, pound, pound every single hour of the day. Okay, that was awesome.
I think it's a thing that we all need to continue to think about but anyone that's listening that's thinking to themselves that they feel like they are in that space, again just go through your day of what you're doing now and see where you can plug something else in. Again I always go back to do you want it bad enough? If there's a big enough pain point that you want it. Like why again? We go back again to the ‘why’ which we've talked about thousands of times in all different arenas out there. It's like, yes that is true, you have to understand that but maybe your why just isn't strong enough for the reasons why you want to build your side hustle or just your business online. You have to start there and see why you're doing what you're doing and is that important enough. Okay, so moving on because I do want to dig into some of these side hustles that you've come across.
Now that you've had this pretty successful podcast with thousands of listeners and you've interviewed some amazing guests and you've seen people where they started with nothing and they build these side hustles, you've been able to track them, can we dig into some of those that might come to mind for you? Because people out there right now are thinking to themselves like okay, there are listening to my podcast and they want to build like an Amazon business or an eBay business or just an online business in general but I don't have enough capital to get started and I want to just raise some initial capital so I can maybe then go down that route. Can we dig into something? Do you have any cool out of the box kind of side hustle ideas you want to share?
[00:25:36] Nick: You bet. I'll really dig into the archives to see which one's going to come to mind. There are a handful that… I know it's a great episode like when I hang up say, “Okay I can do that.” For The Amazing Seller audience you guys are familiar with eBay, one of the fastest ways that I've seen people multiply their money is this buy low, sell high business model. You can do it at scale if you're importing from China or you can do it not at scale, just finding stuff. I met a guy who calls himself the flea market flipper and he is in Orlando Florida. You can find him every weekend at the Orlando flea market looking for, in his words the ‘odd items'. You can invest as little or as much as you want into this business but you can find this weird stuff. It's like this arbitrage place. He told me the story of finding a prosthetic leg for 30 or 40 bucks and flipping it on eBay the next day for 1,000 bucks. He told me about finding these like very specialized used like exercise bikes were like from some physical therapy office.
They were liquidating them for 200/300 bucks turned around and sold it for 2,000 bucks and I met people doing the same thing with phones. I met people doing the same thing on Craigslist with like appliances and it's the same thing. Buy low, sell high. Trying to figure out where can I find some margin today? The Craigslist seller that I met actually makes a full time living, supports his family through some buying and selling stuff on Craigslist and how he said he got started. “Hey, look I'm 20 grand in debt, my goal is to find $50 a day, $100 a day worth of profitable items.” That's how he set it up. It’s just like that one mental thing. That's my goal of the day and if I can get more, great but if I… That's what I'm shooting for.
[00:27:30] Scott: I love that. That's great.
[00:27:32] Nick: I like that model. Another one that comes to mind specific for your audience is the product licensing model. This is very, very inexpensive to start. You can file a provisional patent for less than $100 but if you're going through the trouble of private labeling something or like making a tweak to an existing product you’re an inventor essentially and instead of investing all the capital to have that thing manufactured and shipped halfway around the world, the gentleman I talked to Stephen Key about this runs a company called InventRight.
He made the argument like, “Look, why don't you license that to a company that already has the manufacturing capacity, already has the distribution in place, already has this marketing machine in place and just take a cut like a common licensing deal could be 3% to 5% and they sell millions of dollars worth of this product over the next ten years like… And you don't have to work it all. All you have to do is pitch that them.” That one was a really interesting angle.
[00:28:35] Scott: It is. That’s a great idea. You hear that on Shark Tank a lot. Mr. Wonderful wants to do the licensing deal all the time. But if you can do that, I never really thought of it when you make those slight like tweaks to it, technically you could file for a patent on that. That's a great idea. It's a great idea.
[00:28:54] Nick: Yah what’s an example… One of the ones that he gave was an idea of like a window on a medicine bottle so you can have like more information on it, like you're rotating sleeve basically. He had another one that was like a Michael Jordan like basketball hoop, like a Nerf basketball hoop. Something like Random stuff finding a company out there that already has that capacity to do it. Those two that come to mind. Let's see. What else have we got?
[00:29:25] Scott: It's funny. Going back to the eBay and I tell people all the time like, “Listen if you don't have any money to get started you probably have stuff in your house you could probably just unload on eBay.” Everybody says eBay is dead. eBay is not dead. It's still there, there's still people selling on thousands, if not millions of dollars a year through eBay. A funny story back when I was just starting, and I told the story on my show before but I'll tell it again. I basically, my wife and I we found these wooden bridges, these little floor foot cedar bridges at the Christmas tree shop which I don't know if you’re familiar with that but that's more of maybe east coast place but basically it's a store, they open all year round and they have all these types of products and my wife had seen they were selling for like 25 bucks there but they were selling on eBay for like 120 bucks at the time.
We filled our van, at the time we had a minivan, I got the kids. We loaded in like 20 bridges and we brought them home, we listed them all, we sold them all out and it actually put money, that put money towards our kids’ tuition. At the time we were sending them to a private school so it was like… Again, that was like an aha moment for me. I'm like, “Holy crap. I can just buy stuff and then just resell it? It's not even my product.” I had my taste of… It wasn't private labeling.
It was more or less like he said flipping product. We've done it for other things as well. Small little trinkety things but it's work but again if you're thinking to yourself like what can I do to get started right now that's one thing that doesn't require a lot of capital. I love the mindset of, “I'm going to find something today that I can make 50 bucks profit total on what I can find.” I love that because it's a target so we have something we can go about and try to find. That's really, really good.
[00:31:16] Nick; The flea market flipper guy says he’s getting his wife in the business and she was like specializing in baby clothes and he told me like she refused to spend more than $3 on an item. They can be very, very low investment and just a way to multiply that cash, a little bit faster.
[00:31:30] Scott: I'm going to have to get in touch with him. You'll have to put me in touch with him. That'd be cool. I love the flea market flipper.
[00:31:37] Nick: I think he might be a good guest for you too. Those are the two different ways to go about the product model or using physical products. The third way, one of the physical product side, it’s actually a print on demand model where you don’t have to hold the inventory. I’m most familiar with this from the world of self-publishing, from the world of kindle books, using create space to… You know, Prime eligible. It's crazy. They’ll print your book for you and ship it out not holding inventory and that stuff. Merch by Amazon really hot right now, it’s kind of invite only, holding pattern but there are a couple of others that I think are cool. One is called Red Bubble and the other is called Zazzle where if you got some design chops and even if you don't like if you have an interesting idea to put it up for sale on there so I met a girl for my recent book called Buy Buttons who was a Zazzle seller and she was doing like wedding invitation, bridal shower invitations and stuff and she raised this point.
If you Google wedding shower invitations, Zazzle is on page one. If I was trying to build my own brand to do this then it would be a much, much harder market to crack. Here's this market place that already has a built audience of buyers that she was able to take advantage of and it's all print on demand. She's just uploading digital designs, you do the same thing on Etsy and Red Bubble is the other one that I mentioned and now T-Spring pending is coming to Merch by Amazon. Another interesting angle to play around with. Everybody has got like a T-shirt idea. That's one that I'm looking forward to playing around with.
[00:33:19] Scott: Yeah, I know. It's funny because we've been hearing more about Merch and definitely interested in that and I’ve actually already put in a request on the three of my brands and trying to get approved because I think that will be really fun and I can't wait to report back to our audience and see how we've done and share what we're doing but then also learn from other people what they are doing. I think it’s a great opportunity but as people are listening, there's a ton of different ideas. A ton of different angles. There's no lack of ideas and things that you can do. It's a matter of picking something and then running with it. I know that's easier said than done.
But there's tons of opportunity out there and I think one of the easiest ones right now like you said would be to buy products low and sell high on eBay. That would be like easiest thing that someone can do like right this second. If they can stop listening to us and they can do that. It's like literally that simple. This has been awesome. We've gotten into a lot of different things here but I think they are important because this is where people in my audience take time and upfront capital. How do I get enough money to get started and this is a way to get you started and also manage that time. Is there any last little bits of advice that you'd like to give someone that might be in that nine to five thinking to themselves, I want to get out of nine to five? We can always keep going, right?
[00:34:54] Nick: A couple of the models so the buy low sell high model. I love it. Probably the other areas of low hanging fruit that I see for people in a nine to five would be taking advantage of the “sharing economy”. The what I see as a kind of renaissance of peer to peer to commerce and Amazon, eBay are certainly a part of that but this would be your Uber drivers in the world, the Airbnbs’ hosts of the world, your Caviar delivery people of the world. I even met a guy who sent me a note said, “I want to make ten grand this year dog sitting on rover.com, dogvacay.com,” Both of these sites are like Airbnb but for dogs.
I was like, “Are you kidding me. That is nuts.” It's just like these opportunities that come up and there is one of these platforms for anything imaginable and it's really just kind of cool to see the opportunities that they've opened up so really low hanging fruit. My Uber driver in Chicago put it this way. “When I want to make money, I turn on the app.” He was between jobs and just, “I'm going to go out and drive. I’m going to do something proactive to earn a few bucks.” Then this other side is the freelance model where it's like you got some skills, what problems can you solve for people.
The couple of platforms that I like for that one is clarity.fm which is just by the minute consulting platform or if you're looking for help in topic XYZ you can find experts related to that area. It's not a huge amount of money but brings in a few hundred dollars a month at least in my case. You can set your hourly rate, whatever you want to but the cool thing about it versus some place like Upwork is there's a floor to the rates and it's 60 bucks an hour versus Upwork’s global minimum wage of $3 an hour whatever it is. Like that one and then the other platform that I'm going to still kind of excited about is Fivver.
[00:36:55] Nick: The $5 market place. The reason I like it is they've really upped their game the past few years in increasing the average order size because they take a cut on every sale through there. So it's in their best interest to have bigger packages too but they've allowed you to add different tiered pricing packages to your offer. They've allowed you to do custom quotes up to $10,000 and so it's a really interesting platform that doesn't involve any bidding and that you can find a right niche or put your service or even your own product. I’ve sold digital products on there as well. A pretty fun way to ring the cash register.
[00:37:35] Scott: Those are some great ideas. Again, people just have to think a little bit outside the box depending on where they are and again some people listening they are already up and running in their business but they want to add another revenue streams. These are other ideas of different revenue streams. I know myself, I don't want to be dependent on one revenue stream ever. I look at these as opportunities and things that you can fall back on. I actually did my episode 300 and I talked all about my story. Actually I had one of my business partners interview me on the show, going through my journey and what I learned also going through this whole podcast thing.
The one thing that he asked me was like, “Why do you think that you've been able to try these different businesses and even though you were scared at times like why were you able to do it?” And I didn't realize it until we went through this. It's kind of a therapy session in a sense. I'm like I don't really know. I guess because I’ve always had a safety net in my mind that I can always go back to the thing I just left or I was leaving. If I was a construction worker I can always go and start building houses for people or doing remodels. After my photography, if the next thing didn't work I can always go back and start taking photography or taking pictures again for people in different industries but I never had to.
If I had to I could. I've always set up these little safety nets in my mind that allowed me to say I'll give it a try and if it doesn't work I can always go back but it's also built my skillset because every time you do something and even if it doesn't work like you, you've tried things doesn’t work, doesn't mean that didn’t yield you assets because you're gaining that knowledge of that marketplace or of that system or that strategy and now you can adapt that to the next thing or you can be the consultant that maybe your business model didn't work but you know someone else with a better story around that and then you can be their consultant or whatever. There's just so many different ways that you can do. I love the fact that the Uber driver too like if you want to earn some money like really quickly just become an Uber drive and turn on the app and you can start making money.
[00:39:40] Scott: Even though it might not be great, great money it's money. Then you just reinvest that into your business, in your ideas. I love it. This has been great. Any other last tips. You seem like you're full of them. Any last tips before we do wrap up or are we good or you got more?
[00:40:00] Nick: I'm downloading episode 300 right now so I can check that out. I love that. Picking what's next doesn’t mean picking what's forever and if anything it's been an evolution and some of my best ideas have come from just little side thoughts out of failed projects so I love that. Last bit of tip so we'll piggyback on that is think like a scientist. Put on your experimenter’s hat and it gives yourself the permission to fail in a way. Don't make a bet you can't afford to lose but that's what all this stuff is. That’s what Scott’s been doing that’s what I've been doing for years. As you know, it's a series of little experiments and we don't have the magic formula. We don't know what's going to happen at the end of it but we're better off for having tried it.
[00:40:45] Scott: That's great. Little experiments. It's funny because the little experiment that I ended up doing that showed me that that business model could work was Amazon. I tried doing that and it worked and then that brought me to the podcasting and sharing what I was doing and here we are and it's like it's just crazy how things all start to fit together from different experiences and those things I did before that brought in money and I'm not doing anymore but it still brought in money then and that helped me get to where I am today. I agree man, there's a ton. I'm sure we can talk another three hours on this stuff because it's just… There's so much that we can do but again a lot of times people get overwhelmed.
That's the other thing that I find. I want people from this episode, from your knowledge and the things that you share today, I want people to really take-away the time thing. I want people to understand that we all have the same amount of time but really do an audit on your time. Like do that. You could do that instantly. It doesn't cost you a penny to do it but just do it, it's going to… Maybe you're going to say to yourself, “Holy crap. I can't believe I'm spending that much time on these certain things,” but that's okay. It's awareness now. And then the other thing is if you're wanting to create your own little side business or side hustle to get some income coming in so you can then invest in what you really want to invest in then pick one of these business models and give it a shot.
Try a little experimenting like Nick had said. I love it Nick. I want to just thank you again. This has been awesome. I'm sure we'll have to have you back on do an update, maybe you can give us some new side hustle ideas, maybe that you’ve come up with. I'm loving these guests that you can maybe introduce to as well. I love the flea market flipper. I love the name. That's amazing. I just want to thank you once again. I truly appreciate each and every thing that you shared here today and I just want to say thanks for coming on and taking the time out of your day.
[00:42:35] Nick: You bet. Thanks for having me.
[00:42:36] Scott: All right. There you have it. Another great interview, conversation, whatever you want to call it. I just love this podcast for a lot of different reasons. One of them is because I get to sit down with people like Nick and pick their brains and then share it with you and we all get to learn together. I know myself personally I'm going to go back, reevaluate my days, do a little bit of an audit and see where I'm wasting time because I know even though I get the privilege of working from home every single day I know that I'm probably letting sometime slip away that I could be focusing on something or things that are more important and structuring that better and I'm going to do that myself.
That's one thing. If you guys are at all serious about starting a side hustle of some kind or a side business, you want to definitely see where you can fit that into your schedule without at also getting into your personal life. Sometimes that can be a challenge. Now I did want to give a little shout out to Nick and if you guys want to go over and check out more of side hustle nation just head over to sidehustlenation.com, check it out, he's got some really cool resources there. A great guy like I said. Maybe reach out to him. Let him know that you heard him on the podcast and that you really appreciate him taking time to share his wisdom and his knowledge with us on this episode. If you guys want to download the show notes and the transcripts to this episode, everything we talked about, any links they will be over at theamazingseller.com/311.
Definitely go check them out. Again, that's theamazingseller.com/311. The last thing I would like to do is remind you very quickly that if you’re interested at all at getting started with us in the 1K Fast Track head over to 1Kfasttrack.com, get on that interest list, I am super excited to get started working on that, if you couldn't tell already. All right guys, I'm going to let you guys go. You guys are amazing and I want to remind you guys that I am here for you, I believe in you and I am rooting for you but you have to, you have to… Come on say it with me, say it loud, say it proud, “Take action.” Have an awesome, amazing day and I’ll see you right back here on the next episode.
LINKS MENTIONED IN THIS EPISODE
- www.SideHustleNation.com – Nick’s site.
- BOOK: The Compound Effect
- www.TimeHackers.io podcast
- Toggl tool
- Red Bubble
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