Use the Paradox Mindset to Find Your Side Hustle

Transcript of my newsletter from 18th January

Hey there,

‘Think outside the box’ is one of those typically corporate expressions that are intended to make people appear smarter than they really are.

To some people, ‘thinking outside the box’ comes easily. To others, not so much, because we look at problems through the limitations of our past experiences.

But it comes much more easily if you have a method to help you – which is where the idea of the paradox mindset comes in: for example, how can you make something that’s both luxurious and cheap.

If you’re struggling to come up with an idea for your side hustle why not try thinking in terms of a paradox: how can I create this great business with no money?

This week I’ve linked to an article that goes into more detail on the paradox mindset, plus three articles on starting an online business.

How the paradox mindset can make you more creative (and successful)

Embracing contradictory goals is a way of looking at old problems in entirely new ways, which can help you become more creative and, as a result, more successful.

How to embrace the paradox mindset

So you want to start an online business in 2021

Because of my own past experience of losing my job and my only source of income, I’ve long been a strong advocate of having a viable plan B.

And starting an online busines, which can be done very cheaply and run part-time alongside your corporate gig, is a great solution.

One thing to keep in mind, though, is that because of the pandemic there has been a huge growth in new online businesses. And there’s been an equally strong growth in the amount of shopping that’s done online.

So shoppers are becoming more demanding of the ease with which they can shop, delivery times, security and after sales support.

Being ‘easy to do business with’ is something online businesses need to focus on in order to differentiate themselves.

This article explores this and other things to consider as you think about your online business:

Start an online business in 2021

How to start an online casino

If you have a passion for gaming, starting an online casino could be a great way to monetise your hobby, and something that could turn into a very lucrative business.

Of course, this is one of those businesses that suffers from more regulation than many, so you need to learn the industry regulations in order to be sure you remain in compliance.

However, it’s clearly a great business model because there’s a lot of competition – and, as I’ve said before, competition is good because it indicates a good business there.

You just need to study the competition to discover what you can do differently, or better, in order to differentiate yourself.

Here are some tips:

5 tips for starting an online casino

How to start an online shop

If you have a hobby that produces stuff you can sell – photography or painting, for example – setting up an online store is a great way to start a side hustle that could turn into your full-time hustle.

Ultimately you want your own website from which to run your business, but you can start very easily by setting up a shop on Facebook, Amazon, eBay and many other platforms.

Doing it this way costs little or nothing, and you can start by selling just one or two products to test the market.

If that works and you’re ready to expand, then I do recommend getting your own website (as I said last week).

Here are the steps you will need to go through:

How to create and manage and online shop

Fun flashback

Back in 1995 I did a 3-month project in Dallas, Texas. On weekends we used to go out to Lake Lewisville where we lazed around in the sunshine, drank beer, ate burgers and listened to the Eagles – good times!

Here they are, with ‘One of these nights’:

Please share. . .

If there’s someone you know who’s worried about their job and looking for a fall-back plan, please forward this email to them.

And, if you received it as a forward from someone else, why not join us?

If you’d like to browse through previous newsletters you can find them all here.

OK, let me know if you have any questions, thoughts or comments (just hit Reply) – I look forward to hearing from you.

Have a great week, and thanks for coming along for the ride!

Best,

Martin Malden

Martin Malden
Owner – WealthyDragon

Website owner: Martin has been working online since 2006 and focuses on two areas: 1) affiliate marketing and 2) designing and building websites based on WordPress. He has his own WordPress agency, and serves clients in Hong Kong, Australia and the UK.