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Side Hustle: From Idea to Income in 27 Days Summary – February 2022

Author: Chris Guillebeau

Short Summary
Side Hustle: From Idea to Income in 27 Days (2017) inspires the readers to start their side business with their day job. Moreover, the author has guided the readers on how they can start their side hustle and start earning from it in just 27days.
side hustle: from idea to income in 27 days
Source: amazon.com

Detail Summary

The book Side Hustle: from idea to income in 27 days is written by Chris Guillebeau. In his book, Chris has highlighted the importance of part-time businesses and inspires the readers to earn more by utilizing the skills they already have.

Nowadays, we all have a lot of financial pressure and our day jobs don’t give a lot of benefits. We hardly manage our expenses with our income. So, aside business helps a lot to generate additional income without quitting our day job.

And for that, you can use your skills or what you love to do and start earning from it. It will not only help you financially but also give you freedom. The authors say that all you need is an idea and commitment and you will be able to earn in just 27 days.

Side Hustle: From Idea to Income in 27 Days Key Points

Firstly, you need an idea for a side hustle

For starting your part-time business, you firstly need an idea. For that, you first of all need to figure out what you are good at. This is because we all have ideas to start our business but the ideas should be feasible. You might hit a wall when it comes to coming up with good ideas for your side hustle, but once you get through it, you’ll quickly accumulate more than you can handle. 

Then secondly, we should know whether our idea is profitable or not. Will it give us profit in the long run or not?  and for that do some calculations regarding your investments and other expenses. And especially the profit that you are expecting. No doubt that there is always room for loss. So, consider both the pros and cons and evaluate them.

Thirdly, you need to know how persuasive your idea is. Will you be able to convince anyone about your idea? If yes then start it and stop doubting yourself. But if not then don’t waste your time and think of a better idea.

Consider Features vs benefits

According to the author, just having an idea is not enough for starting a part-time business. There’s a crucial distinction to be made between features and advantages. By transforming your idea into an offer with a big promise, a concrete pitch, and a specific price, you avoid that mistake.

According to Chris, those three pieces should look like this:

Your promise should be a bold, startling remark that emphasizes your idea’s compelling component. When people hear it, they should quickly realize how they may benefit from it. Secondly, your pitch explains how you deliver on that promise. It should be as simple as possible. Then, your price specifies how much consumers must pay and includes a clear call to action.

Tell the story

Finally, you have to create your story. Then assemble your toolkit to launch the idea. Most importantly keep your budget as low as possible ad focus on the quality.

There are some of the things that are free of cost but you should consider before launching your idea.

Credit card and bank account – Create two different accounts for your side hustle, one to retain the money you earn and the other to cover any expenses you incur. (Just make sure you pay for everything you can upfront so you’re not tempted to “invest” too much in the hustle.)

Taxes – Set aside at least 25% of your hustle earnings for tax payments

Invoicing – Use a simple and quick system.

A website. Today, if you’re not online, you don’t exist, and a one-page website is a great way to communicate everything you need to whoever’s interested with a simple link. All you need is a domain and hosting. Thanks to a free content management system like WordPress, you’ll be set with about $10/month.

Service work agreement/contract – This doesn’t have to be a long and involved process, but, if at all possible, include a written document or a personalized email. After you get off the phone, send an email that says, “This is what we agreed on, and this is how much it will cost.”

Legal structure — For most side hustles, operating as a single proprietor is the simplest option. If you determine you need to incorporate, you can do so online for a fraction of the cost of hiring an attorney

Accounting – Another important system that doesn’t have to be sophisticated; all it needs is a mechanism to track income and expenses

Pay yourself – Make regular transfers from your hustling account to your personal account.

Who would I recommend Side Hustle: From idea to income in 27 days?

The book Side Hustle:  From idea to income in 27 days is recommended to students who want to be financially independent. Moreover, anyone who is struggling to afford the expenses of his day job needs to read this book. It will motivate him to start doing side hustle and have more than one source of income with no financial pressure.

Link: https://amzn.to/3PVoqbl