This is the text of my newsletter from 21st September
The theme this week is starting a side hustle online.
I started my online side hustle nearly 10 years ago and it was not long before it became my main hustle.
I never intended to go big enough to have employees, and all that that entails.
Instead, where I need to, I use sub-contractors. This means that where I need specialist skills for a particular project, I’ve always got a revenue stream to charge them against.
I’ve kept my costs low. I didn’t borrow to start the business and I have never borrowed to fund it.
This provides me with a perfect lifestyle: I’m debt-free, doing work that I love, I have plenty of time to follow my interests and I can work from anywhere I want!
The four articles I’ve linked to below all look at different aspects of starting an online side-hustle.
9 reasons to start an online side-hustle
This first article, on Entrepreneur, sets out 9 good reasons for starting an online side-hustle in 2020.
Probably the biggest difference between starting an online hustle now and starting back when I did it is the number of platforms that are available today, and which do not require any technical skills.
Selling stuff on Amazon or eBay, or setting up a website using Wix or Squarespace can all be done without any need for code at all.
Growth potential of eCommerce and the opportunity it provides
This article looks at the development and growth of eCommerce over the past 25 years.
From fairly small beginnings where books and CDs (remember those!?) were all you could buy online, these days there are very few things that can NOT be bought online!
Given the growth of eCommerce, which is undoubtedly set to continue, looking at setting up an online hustle selling something makes a lot of sense.
In the next section I’ve covered the idea of dropshipping as a way of setting up an eCommerce business.
But first: click here to get an idea of the potential in eCommerce.
Start a dropshipping business
If the growth potential of eCommerce interests you, then dropshipping is a popular way to get started.
Dropshipping basically involves running an online shop, but where inventory, stock and deliveries are all handled by the product manufacturer, not by you.
All you have to do is market and sell the products.
So, for example, you could decide to sell t-shirts, find a t-shirt dropshipper, set up your online shop and be in business.
It’s true that you need a website with an online shop, but you can get that set up on Shopify pretty easily (and without any need for coding).
This article specifically focuses on setting up a drop shipping business using Shopify:
How to start a dropshipping business in 5 steps
I’m always sceptical when I see articles that appear to over simplify things!
None-the-less, it is easy to start a dropshipping business, but you will come across some problems along the way – that’s just the way things go..!
Anyway, given that this week’s theme is online, this second article on dropshipping does cover the steps you need to take and, to be fair, it does warn you of the things you will need to look out and be ready for.
It goes through the steps of deciding what you want to sell, finding a drop shipping supplier, creating your platform (which could be anything from an Amazon/eBay account to a full-blown eCommerce website) and starting the promotion.
There are lots of links within the article to more detailed information, so if dropshipping sounds interesting to you it would be worth a read.
OK, that’s it for this week. If someone forwarded this email to you, and you found it interesting, why not join us?
Owner – WealthyDragon