#35: How to get your side hustle off the ground

Podcast Summary

• Importance of future-proofing your career and creating a side hustle: Stay adaptable in today's rapidly changing business landscape, continuously learn new skills, and create economic opportunities through a side business. Jeff Goffe's latest book, 'Forever Employable,' offers practical advice on how to prepare for the future.

  Learning from this episode of Nudge is the importance of future-proofing your career and creating a viable side hustle. Jeff Goffe, a successful coach, consultant, and author, shared his insights on what makes a good career and how to grow a side business. He emphasized the significance of staying adaptable in today's rapidly changing business landscape and encouraged listeners to continuously learn new skills. Jeff's latest book, "Forever Employable," offers practical advice on how to prepare for the future and create economic opportunities. Additionally, the discussion touched on the value of personal connections with customers and the importance of using tools like HubSpot's Service Hub to help businesses better connect and retain customers. Overall, the episode provided valuable insights for anyone looking to advance in their career or start a side business.

• Professionals face financial vulnerability as they climb the corporate ladder: As professionals advance, they may find limited senior positions and increased financial risk. Consider acquiring new skills, building a side hustle, or focusing on financial stability.

  As professionals advance in their careers, they may face a shrinking pool of senior positions and an increased risk of becoming obsolete. The interviewee shares his personal experience of this realization, which led him to change his job search strategy and focus on having jobs find him instead. He also highlights the financial vulnerability that comes with relying on a single income, emphasizing the importance of having financial security. The interviewee's career shift towards user experience design led him to spend a decade climbing the corporate ladder, but he ultimately came to the realization that the number of senior design positions is limited, and the further up you go, the more financial risk you take on. He encourages professionals to consider this reality and plan accordingly, whether that means acquiring new skills, building a side hustle, or focusing on financial stability.

• Build your own platform to showcase expertise: To ensure lifelong employability, actively present yourself as an expert in your field by building a platform through sharing knowledge via blog posts, videos, podcasts, or industry conversations. Identify your niche and build a feedback loop through continuous learning and contribution.

  To ensure lifelong employability, Jeff suggests building your own platform by actively presenting yourself as an expert in your field. This can be achieved by sharing your knowledge through various means like blog posts, videos, podcasts, or even participating in industry conversations on platforms like LinkedIn or private forums. The goal is to find the niche that resonates most with your audience and build a feedback loop through continuous learning and contribution to the conversation. Although there may be trial and error involved, this approach can help you identify your unique expertise and attract potential employers or opportunities. It's essential to remember that continuous learning and adaptation are crucial in today's ever-evolving job market.

• Find a unique niche and consistently deliver expertise: To stand out in a crowded market, find a unique niche and consistently deliver expertise. Persistence pays off, even when it feels like shouting into the void. Offering free content can lead to greater returns in the long run.

  To distinguish yourself and stand out in a crowded content market, you need to find a unique niche and consistently deliver your expertise. Persistence is key, even when it feels like you're shouting into the void. The most successful people in any field have become recognized experts by staying focused on their niche and delivering their message consistently. Finding a unique angle, such as Voodoo Doughnuts' distinctive doughnuts, can help you carve out a space in the market. Once you've found your niche and created resonating content, the question of whether to charge for it may arise. Although it may seem counterintuitive to give away hours of work for free, doing so can lead to greater returns in the long run. Remember, the goal is to identify your unique expertise and consistently deliver it to your audience.

• Leveraging free content for monetization: Providing free content can lead to a large audience and monetization opportunities through direct interactions like coaching, teaching, or consulting. This strategy, known as content marketing, can increase revenue and long-term success.

  Providing free content can lead to significant opportunities for monetization. By giving away valuable information through various channels like blogs, videos, and podcasts, creators can build a large audience and generate interest in their work. This interest can then be monetized through direct interactions, such as coaching, teaching, or consulting. This approach, known as content marketing, can lead to increased revenue and long-term success. For instance, Jeff Gothelf, the speaker in the discussion, used this strategy to write and sell a successful book based on his blog content. The power of free is well-documented, and studies show that people are more likely to make a purchase after receiving a free item or experiencing valuable content. By following this model, creators can build a loyal audience and turn their free content into a profitable business.

• Staying Relevant is Key to Being Forever Employable: Spend equal time on delivering work and staying relevant in your industry through continuous learning, content creation, and community engagement to maintain top of mind presence and evolve with the conversation.

  Becoming forever employable can lead to numerous benefits, including the ability to live and work from anywhere, flexibility in choosing projects, and working from home with the added benefits of travel and family time. However, staying relevant in your field is crucial and requires continuous learning, content creation, and community engagement. Jeff's experience shows that at least 50% of his time is spent on delivering work and the other 50% on staying relevant. This continuous loop of learning and sharing is essential to staying top of mind in your industry and evolving with the conversation. The act of becoming forever employable is not a one-time achievement but a continuous process.

• Even a small audience can generate significant income for creators: A small audience of 100 people can provide a significant income for creators due to the increasing number of platforms and the shift from traditional media to diverse media. The average pledge on Patreon has increased by 22%, and the number of creators earning over £1,000 per year on elearning platforms has grown by 20%.

  Building a large audience isn't necessarily required to generate a living from a side hustle or freelance work. According to Li Jin, a partner at Andreessen Horowitz, even a small audience of just 100 people can provide a significant income. This is due to the increasing number of platforms that support creators and the shift from traditional media to diverse media. The average initial pledge on Patreon has increased by 22% over the last 2 years, and the number of creators earning over £1,000 per year on elearning platforms like Teachable and Podia has grown by 20%. So, whether it's a 100 fans or a 1,000, the size of your audience doesn't have to be as big as it used to be. This is great news for content creators looking to support themselves with a smaller following. If you're interested in learning more about going freelance or starting a side hustle, Jeff's book "Forever Employable" is a great resource. Don't forget to leave a review on Amazon if you buy a copy, and sign up for the Nudge mailing list using the link in the description to stay updated on new episodes.