Want To Be RICH? Avoid Side Hustle Scams!

The perfect side hustle doesn't exist! Rich people don't think in terms of side hustles! In this Distilled Wisdom Podcast episode, host Adam Ferracane discuss transitioning from side hustles to full-time business ownership. He emphasizes the limitations of side hustles and the importance of solving market problems to build a sustainable business. Adam talks about franchising as a viable business option, highlighting the benefits of training and mentorship. Overall, the episode encourages listeners to take actionable steps towards entrepreneurship.

Adam's franchise company specializes in home service franchise opportunities. Learn directly from Adam Ferracane how he built his successful empire and take advantage of his established brand by becoming  an owner with Refresh! 
Website Link Here:  Refresh Franchising 

Learn About Adam's Franchise Opportunities: CLICK HERE

Transcript

Side Hustle - Episode 25 Audio Only

[00:00:00] Are you scouring YouTube looking for the perfect side hustle? Do you spend all this time just going from video to video? Maybe this is the right fit. Maybe I should do dropshipping. So, you want to get into dropshipping, you know the possibility is real, but you want to get started today. Maybe I should do a Spotify store.

Now, if you're wondering how to sell on Shopify, Then this video is going to answer all of your questions. Maybe I should just mow lawns on the side. Well, I'm going to share with you guys how you can make 300 a day mowing lawns. Here's the problem with this type of thinking. The side hustle is never going to replace your permanent job.

It might solve a temporary pain where you're generating a little bit more income for yourself, but it's going to exhaust your resources in the time that you have available. To actually focus on solving the bigger problem, which is you're not making enough money in your job. And the real solution is to transition into becoming a business owner.

So actually owning your own business, owning the asset, [00:01:00] and making that your full time gig instead of your side hustle. There's a ton of videos on here of I did 10 different side hustles, and I'll tell you which ones are the best. Today, I'm going to rank the best to the worst side hustles using this tier list.

At the end, I'll rank one as S plus, which is the best. Well, none of them are the best because the best is whatever you dedicate to, and you actually turn it into a full time career. It doesn't matter what it is. Where you should start is by identifying for yourself, what is a problem that you can solve within the market?

What is that thing out there that you can solve for? Every business solves a problem, or every successful business anyway, solves a problem. That problem could be a wide array of anything, really. Write down, sit down and write these things down, and write down the problems that you think that your specific skill sets can solve for.

When you find whatever that is, Then start working towards creating a business out of that. Don't view it as a side hustle. View [00:02:00] it as your future replacement for whatever you do today. Dedicate your time and resources to learning as much as possible about solving that problem. For example, Amazon solves the problem of convenience.

That entire business model is not about retail. It's about solving the convenience factor and getting a package to you the next day. That's why Amazon is so successful. It's the same with every single business out there. You want to identify something that is a pain point for other people or companies solution that you can potentially offer for it.

Now this doesn't sound like rocket science, right? I'm sure if you're out there looking at this, this, this isn't a novel idea, but how do you actually do this is where the complication starts coming in. How do you actually dedicate yourself and create a business model that'll flourish? And that'll actually succeed in the long run.

You have to start educating yourself, yes. But really, the big thing you have to do is just get started. Start working towards it. Again, just [00:03:00] don't view it as a temporary solution. Don't view it as a side hustle. fastest and most successful way to start dropshipping right now. View it as your progression towards your exit of your job.

Now you might need resources and there's a lot of videos on here, which this one, I can't wrap everything into a single video. I can't teach you how to do a business plan, monitor your profit and loss statement, how to set up your operating software. I can't do all of this in one specific video. If you are serious about doing this, there's a number of different options you can take, right?

If you risk adverse, you can go out into the market and you can find what this is, design a business plan for it, and take a loan and actually leave your job. Dive all in and go full time. I know that scares a lot of people, but that is the most effective way in my opinion to do it. If you're a little more reserved and you don't want to leave your job and you want to start it on the side, it's going to be difficult to go start it [00:04:00] on your own.

Or in my case, I would encourage you to buy a franchise. If you can't take that leap and you can't just jump right into the business and start it. Let's say, for example, you decide you're going to open a cleaning business and you're going to start cleaning people's homes. You might start doing this on the weekends and that would technically constitute a side hustle, right?

Because you're, you're full time employed Monday through Friday and you only do this on weekends. The next step you need to take is once your weekends are full and you're working full time on this, Quote, quote, side hustle, then you're going to start transitioning to talking to your employer to see if you can go down to part time and you're going to go down to part time at your job and you're going to fill the remainder of that week.

So maybe it's two additional days for the week with your side hustle and you're transitioning into a full time role. Once you get to the point that that is full, you're going to transition from leaving your employer, replacing that income, and going full time into the business. Now, I'm going to caution you.

Depending where you're at in your [00:05:00] career, this might be a temporary pay cut. Even full time in the business, even if you have your full week wrapped up and you're doing all the work hands on. If you're a high paid individual or you have a decent salary, this might actually be a temporary pay cut for you.

So, there may be some sacrifice involved in this period of time. But then you're going to work towards, once you're out on your own, stacking in additional people. Now, you can stack other people while you're doing part time at your other job, too. So, you're going to work at, though, growing the business to a point where it can sustain your current lifestyle.

That's really the, the main first step. is getting the business to a level that it can sustain whatever you need to cover as your personal life expenses. This looks wildly different depending on the individual. You might need a hundred thousand dollars a year in one situation. You might only need 30 if you're single and you know you can sleep on your parents floor.

You're going to slowly transition to where you can replace your current lifestyle with the business. Work your way out of the business and then [00:06:00] transition into scaling the business up. So this can take years. This isn't an overnight thing. It's disingenuous for anybody out there that's encouraging somebody to take a side hustle and that it's going to become this massive business and make them a millionaire if they're viewing it.

on a temporary basis as a side hustle. I'll be honest. I'm probably one of the most qualified people in the world to be teaching you this today. I've done nearly a million in sales on a TikTok organic store. I think it's ridiculous that these videos exist. If you're interested in learning more about business ownership, I'm a franchisor.

Follow my podcast called Distilled Wisdom. This has been an episode of Adam's Corner on the Distilled Wisdom podcast. My chat with you one on one.