27 Part Journey to Starting a Side Hustle — Day Six
Comparing Ideas — Ranking and Stack
In the previous section we looked at creating ideas that were feasible, could be profitable, and current. . as in, they could be executed today with some success. In this next part of the book, the author introduced two more categories that are supposed to further refine your idea selection.
- Efficiency — How quickly can this be executed
- Motivation — How excited are you about this idea
The book presents a table which doesn’t translate easily to this medium post so let’s see how we can illustrate the table here.
Well that worked. Here’s my analysis for the cyber idea. It’s current now as the amount of bad people on the internet increases exponentially every day. The idea is feasible as I’m already trained and have almost all of the tools necessary to do this. From my profit analysis, this was the highest profit. The efficiency is medium because I can only do this when I’m not at work. It’s a very active income that requires me to be physically present. Motivation is medium as well because this stuff is hard. Things don’t always go as planned and every network/client will be different. With that, I’m not 100% excited or motivated, but I like the earning potential and impact of this idea
Here’s the STEM analysis. I really like this idea. It’s current as everywhere you look, there are STEM related items to be purchased. It’s feasible because I already have a few years worth of ideas and resources available. It’s profit is not high, but it’s a passive income that will make money all the time. Also, as the service grows both from a technical and a community perspective, I would expect that profit to increase greatly. Lastly, my son is 7 years old and I have a 3 year old that I want to trailblaze this with. So, my motivation is high as I want the best for my children and I’m sure many parents in the world want the same. All I have to do is create something that they haven’t seen before and I should be set.
And lastly, my DIY idea. If I’m being honest, I don’t think this idea is going to make the cut. It’s feasible, but it requires me to create something that people want to buy to have in their homes. That’s a lot of pressure right out of the gate. People do want custom creations, so it’s relevant in the world we live in today. Profits are okay, there’s a lot of up front money that needs to be invested with the hopes that people will come. It’s not very efficient since I would have to manually create everything and keep stock of everything, and ship everything. The logistics alone make me not be very motivated. The saving grace is that I would be creating something with my hands which I LOVE to do.
Alright, so the next step is to choose something from above and run with it. Given the analysis done, I’ll be running with the STEM idea. It’s something I’m super passionate about. It’s something I can work with my children on. It’s going to have a huge impact on people and it will earn me money well into the future. It’s infinitely scalable. Tomorrow we start taking action so make sure to check back tomorrow so you can read about me rolling up my sleeves and finally taking action on my dreams.