1. Get Ready to Make Money by Jim Clark

1. Get Ready to Make Money

This course will show you specific steps for starting a Sideline that generates your own money.

Learning Outcomes

  1. By the end of this course you will choose a good Sideline idea, identify what you want to achieve, and clarify the uniqueness of your idea.  
  2. You will also be able to establish clear and measurable goals for your Sideline as well as sift through competing time demands.

What's included?

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Contents

1.1 Identifying and implementing your Sideline interests
1.1 Identifying and implementing your Sideline interests
1. First crucial step: Pick a Sideline you would enjoy doing, even if you are not yet an expert at doing it.
2. Write a short paragraph about what you want to do with your Sideline.
3. Add two sentences to your paragraph, showing how this idea would be unique.
4. Add two more sentences integrating customer needs with your desires.
References
1.2 Funding college through Sidelines rather than loans
1.2 Funding college through Sidelines rather than loans
1. If possible, start your Sideline in high school to gain traction before going to college.
2. Write down your ideas, even if you can’t start a Sideline any time soon.
3. Better understand how to grow your Sideline incrementally.
4. Pick a Sideline that has the potential to include helpers—such as tutoring.
References
1.3 Lacking relatable experience at starting a Sideline business
1.3 Lacking relatable experience at starting a Sideline business
1. Dare to dream – imagine a lineup of people wanting to buy your idea.
2. Consider your Sideline idea is a good idea until proven otherwise.
3. If nervous about showing your new idea to others, discuss it with a close friend anyway.
4. Focus on who benefits from your idea and how rather than worrying about money making.
References
1.4 Picking a low-risk, high-reward Sideline to get started
1.4 Picking a low-risk, high-reward Sideline to get started
1. After picking a small starter Sideline idea, do a very simple trade-off assessment on paper.
2. On the left side, list the pros to pursuing this Sideline.
3. On the right, list the cons (negative factors) that detract from your enjoyment in pursuing this idea.
4. Highlight the top four factors from both sides.
References
1.5 Recognizing and communicating what you want to achieve
1.5 Recognizing and communicating what you want to achieve
1. For your new Sideline idea, state desired outcomes you want to achieve.
2. Eliminate or rewrite any “don’t want to do” statements. They only add negativity.
3. Have the “want to do” statements pass a 3-way test: are they Kind? True? Necessary?
4. Frame desired outcomes that involve others around flexible agreements.
References
1.6 Directing your curiosity toward believing the impossible is possible
1.6 Directing your curiosity toward believing the impossible is possible
1. Given your Sideline goals, what is an ‘impossible’ goal you might want to go for?
2. For a seemingly impossible goal, what might be a byline you say that makes it attainable?
3. Share your impossible goal with others who might have good suggestions.
4. Identify an experience in your life where a seemingly impossible goal worked out.
References
1.7 Finding the uniqueness in your Sideline to create a competitive edge
1.7 Finding the uniqueness in your Sideline to create a competitive edge
1. Accept that your Sideline idea may not be better than existing businesses.
2. Determine the uniqueness of your idea by evaluating price, quality, and efficiency of similar businesses.
3. Once you establish uniqueness of your product, try to estimate the size of your base.
4. Calculate the desired pricing to determine the number of customers to be served.
References
1.8 Establishing clear and measurable goals in order to direct your energy
1.8 Establishing clear and measurable goals in order to direct your energy
1. In starting a Sideline, define business goals that also make you happy.
2. Connect your goal to your preferred customer’s related need.
3. Continually review what you want vs. what preferred customers want.
4. As your Sideline grows, so too will the importance of matching your goals to customer needs.
References
1.9 Sorting through competing time demands that can hurt your school performance
1.9 Sorting through competing time demands that can hurt your school performance
1. Once you know available time for your Sideline, see if your overall plan can include it.
2. You may need to “chunk” available time for your Sideline.
3. The results of your chunking may alter your preferred customer groups.
4. Build your marketing initiatives around the scheduling demands of your Sideline.
References
1.10 Learning from reformed losers about how to overcome objections to developing a Sideline
1.10 Learning from reformed losers about how to overcome objections to developing a Sideline
1. There is benefit in seeking up to 10 diverse sources of information to interview.
2. Do online searches and interviews to locate people who represent diverse views.
3. For each contact, write out two or three pertinent questions to ask.
4. Separate each of the contact’s comments into: a) strategy b) opportunities c) threats.
References
1.11 Receiving too much information can kill your Sideline idea
1.11 Receiving too much information can kill your Sideline idea
1. Interview diverse sources about unmet customer needs.
2. Field test the idea on-site with diverse sources of expertise.
3. Remind yourself that you will be responsible for your Sideline successes.
4. Don’t "over-trust" every comment about the feasibility of your idea.
References
1.12 Soliciting high quality information about best and worst practices
1.12 Soliciting high quality information about best and worst practices
1. Research detailed information about successes and failures at doing this activity.
2. Pursue various viewpoints or insights about telltale signals of success and failure.
3. Do search-and-learn missions to increase information about your Sideline income potential.
4. Share your Sideline idea with people who have diverse perspectives and let them react.
References
1.13 Don't be discouraged by criticism
1.13 Don't be discouraged by criticism
1. Develop Questions and Answers to help others understand the purpose of your Sideline idea.
2. Tell critics that you expect some Sideline aspects to fail and that you will learn from this.
3. Recognize the importance of proceeding with your next best step.
4. If your Sideline grows unexpectedly, your complaints from critics will also grow.
References
1.14 Imitating success of others can reduce your Sideline development time
1.14 Imitating success of others can reduce your Sideline development time
1. Before choosing to innovate, study design features of successful Sideline competitors.
2. Acknowledge differences or similarities between your idea and a proven Sideline success.
3. Before proceeding, do broad online research for other successful models to emulate.
4. After locating successful models, innovate in ways that benefit your desired customers.
References