Black Entrepreneur Blueprint 622 - Jay Jones - How To Pick The Most Profitable Side Hustle Specifically For You

[00:00:00] If you've been thinking about making extra money or you need extra money, I need you to pay attention right now. Because most people don't need another job, they need the right side hustle. Introducing MyBestSideHustle.com, the app designed to help you discover the best side hustle opportunities based on your skills, personality, goals and lifestyle. No more wasting time chasing random ideas on YouTube. No more trying things that don't fit you.

[00:00:27] Whether you want to make an extra $500 a month, replace your income or finally build financial freedom. And it's simple, just take a quick 60 second quiz and let the algorithm show you the best side hustle for you. The best part is you can get started today, even if you don't have experience, money or a huge following. Your next income stream could literally be one decision away.

[00:00:51] Go to MyBestSideHustle.com and discover your best side hustle and start building the life you deserve. Welcome to Black Entrepreneur Blueprint, the number one podcast and resource for black entrepreneurs.

[00:01:18] I'm your host Jay Jones and Black Entrepreneur Blueprint was created specifically to educate and inspire black entrepreneurs to launch, build and grow successful, sustainable businesses. Join us as we help build an economic power base in the worldwide black community by building and supporting black owned businesses.

[00:01:40] If you're currently an entrepreneur or want to be an entrepreneur, you're invited to join us each and every week here at Black Entrepreneur Blueprint. Welcome to the BEB family and get ready to elevate your entrepreneur IQ. Welcome to the Black Entrepreneur Blueprint, episode number 622.

[00:02:07] I'm your host Jay Jones and today we have another outstanding and informative show in store for you. Today's show topic is titled, How to Pick the Most Profitable Side Hustle Specifically for You. How to Pick the Most Profitable Side Hustle Specifically for You. Now, most people don't fail at side hustles because they're lazy guys. They fail because they choose the wrong one.

[00:02:32] And in today's show guys, we're going to go over several different things about how to pick the right side hustle. We're going to talk about the key characteristics of profitable side hustles that are low cost, flexible, scalable, and realistic for busy professionals, beginners, and people living from paycheck to paycheck.

[00:02:53] So make sure you lock in on today's episode and we're going to divulge and discuss everything you need to know about how to pick the most profitable side hustle specifically for you. Now, before we get into today's content, I just want to share a few things with the Black Entrepreneur Blueprint family. First and foremost, I want to welcome all first-time listeners to Black Entrepreneur Blueprint. Welcome to the BEB family.

[00:03:18] Please stick around until the end of today's broadcast and I'm going to share all my social media contact information and resource links such as MyBestSideHustle.com. The new app that came out, guys. Just go there, MyBestSideHustle.com. It's a 60-second quiz.

[00:03:36] And at the end of the quiz, it's going to give you a custom side hustle blueprint with actionable steps taking you from point A to point B and everything is built around your strengths. And it's also going to give you a custom quick start guide to help you make money within 72 hours.

[00:03:55] If you are struggling right now, living paycheck to paycheck, you're looking for extra income, additional income, and you're looking for a side hustle, why not get a side hustle that's designed specifically for you? So go to MyBestSideHustle.com. It's an app and you can start and it literally takes 60 seconds for you to fill out and go through this quiz and find out what's the best side hustle for you. So MyBestSideHustle.com.

[00:04:24] Now, let's get ready for today's show content. So today, guys, we're going to talk about how to pick the most profitable side hustle specifically for you. Now, if you've listened to the podcast for any period of time, you know I always talk about pinpoint and monetize your genius, right? But your genius is the intersection between your passion and your talent. And I just did a cohort, a beta group of the Pinpoint and Monetize Your Genius Mastermind.

[00:04:53] Now, that's a little bit different than a side hustle because that's designed to help you build a successful, sustainable, long-term business. Now, what we're talking about today is a side hustle. Now, this side hustle can absolutely turn into a successful, sustainable, long-term business. But it's usually you're not lifting as much weight. You're not doing as much to start the side hustle.

[00:05:20] The side hustle is more designed to help generate income right away. And we're going to be discussing that today, how to pick the most profitable side hustle specifically for you. And remember, guys, the best side hustle is not the trendiest hustle. Right now, there are all types of trends out there and there's a ton of shiny new objects. But remember, the best side hustle is one that aligns with your lifestyle, your strengths, your personality, your schedule, and your goals.

[00:05:49] And that's what we're going to focus on today. Now, most people don't fail because the side hustles don't work, guys. They fail because they choose the wrong one. Now, everybody online pushes the same side hustles. You see, AI, obviously, it's big. That's not necessarily a side hustle because this is something that's here to stay. And I'm a big proponent of AI. But there are a lot of different side hustles going on that are related to AI.

[00:06:17] People are also chasing trends instead of alignment. What's the new trend? What's the shiny new object? And if that stuff isn't aligned with you, guess what? You're not going to be successful, be it in a full-time business, part-time business, or side hustle. Also, one thing you want to talk about or we want to talk about, guys, is today's economy requires multiple income streams. Multiple income streams, okay?

[00:06:46] You understand right now what's going on with the economy. The layoffs are here. People are banking everything on their one job. And when they lose that one job, guess what? Their ass out. So you need to be smart. And like I said before, guys, if you didn't learn anything from COVID, I don't care if you didn't learn anything, but you better have learned that you need more than one income. And I don't care if you're doing well in your job.

[00:07:12] If you feel financially successful, you always need to have a different hustle or different stream of income, okay? Because job security is no longer guaranteed and side hustles, guys, are becoming more of a necessity and not necessarily a luxury. You know, as a serial entrepreneur and business coach, people always come up to me and they ask me, what business should I start or what side hustle should I start?

[00:07:40] What business makes the most money? And basically, guys, that's the wrong question to ask. So the real question is, what's the best side hustle specifically for you? And that's what we want to focus on. What's the best side hustle for you? Now, first, let's talk about why most people pick the wrong side hustle, okay? So a lot of times, number one, they pick based on hype, right? Everybody wants the new hot business.

[00:08:10] Social media makes everything look super easy. And most people never see the back end struggle. And so when you're looking at social media or you're jumping on YouTube, everything looks super easy. Everything is super hot. Just think about how many trends that you've seen within the last six months or 12 months. Everything is a trend and trends will fade. And that's the problem.

[00:08:36] So you can't build a side hustle on just trends because eventually that's going to fade. Another reason that people fail with side hustles is they ignore their personality. So introverts are forcing themselves into high pressure sales. You're going on camera when you really don't want to go on camera. People who hate social media are trying to become influencers. The non-creators are trying to force themselves to be creative.

[00:09:04] So you're going or you're ignoring your personality. You're swimming upstream. You're going against what is natural to you. What is your nature? Another thing that causes people to pick the wrong side hustle is they ignore their schedule. So you may be a busy parent with toddlers, which takes up a whole lot of time. You may have a full-time job. You may be a shift worker or you may have some type of inconsistent schedule.

[00:09:30] So you have to understand what your schedule is and what that will allow you to do and not to do. So if you work in the daytime from 9 to 5, you might not be able to be an Amazon driver. You know, one of those Amazon drivers that are independent contractors because most times they're going to have to work during the early morning and during the day. So you have to make sure that you pay attention to your schedule.

[00:09:57] Another reason why people pick the wrong side hustle is they pick side hustles with high startup costs. If you need extra money, you're struggling right now. You damn sure don't need a high startup costs for a side hustle that may or may not be successful. So it might be an inventory heavy business. So if you're selling physical products, you may have to store up inventory. Okay. It may be an expensive franchise or it could be complicated operations.

[00:10:27] So things with high startup costs, you want to get the most bang for your buck. So you have to be strategic when you decide what type of side hustle you want. Okay. Another reason people pick the wrong side hustle is they don't leverage existing skills. My God, leverage the skills that you have. Okay. Most people already possess skills that you can monetize. All right. And your experience has value guys.

[00:10:57] I don't care if your experience is sweeping floors. Guess what? If somebody is paying you right now in the sweet floors, that means that's a valuable skill. So why not turn that skill into something you can utilize for yourself? Okay. Your network. That's something else. You have a network and your network has value. One of my good buddies who I call him, he's a master networker. His superpower is networking.

[00:11:26] If I want to find or connect with somebody, I just go to him and believe it or not, if he doesn't know the person, he'll probably know somebody that knows somebody that knows him. Okay. So your network has value. You don't leverage your existing skills. And I've told this story on the show before. I have a good buddy named George who is an amazing cook, right? He cooks like gourmet meals every night.

[00:11:52] He makes a point to come home and cook and his family always sit down to eat every night together. And his meals are amazing. And the beauty of it is guys, he loves to cook. So what I told him was, I said, man, since you do this every night, you need to buy a little camera setup and you can start filming yourself preparing these, I mean, these gourmet dishes, amazing dishes.

[00:12:17] And I said, what you then start doing is uploading them to social media and YouTube, build yourself a YouTube channel, and then you can eventually monetize it. In addition to getting it monetized by the views, say, for example, you have a line of seasonings, right? You can create, and his name is George, you know, the George's seasonings or whatever. Or if you have any type of products that you want to market and be an affiliate for some of the things that you use.

[00:12:47] So I'm like, man, you do this naturally all the time. And so you're leveraging your existing skills and you're not doing something that's out of the ordinary for you. You're continuing to do what you normally do, and you're being able to leverage those existing skills. Now, of course, he never did it, but I'm telling you right now, if he would have done this five years ago or whatever, he'd be making so much more money than he probably is at his job because he's amazing.

[00:13:16] The plates look good. Uh, he's a great speaker and he's a very likable guy. Remember guys, your best side hustle is usually closer to what you already know than you think. Your best side hustle is usually closer to what you already know than you think. A lot of times we're looking all externally and looking all these different places where the shiny objects are and what everybody's talking about YouTube or whatever social media

[00:13:45] you're on and it's really right under your nose. So we talked about real quick, uh, why most people pick the wrong side hustle. And I want to give you the definition of the perfect side hustle. The perfect side hustle is one that fits your life, not one that forces you to become somebody else. It fits in what you're doing. It fits your life and lifestyle.

[00:14:08] So if you're not super, uh, interactive with people, if you're not super social, then don't pick something that's going to require you to be on camera all the time. The perfect side hustle is one that fits your life, not one that forces you to become somebody else. All right. Now let's talk about some characteristics of the perfect side hustle. Number one, it fits your schedule. You can realistically do something consistently.

[00:14:37] You can realistically do it consistently, whatever it is. Time flexibility matters. So it's about fitting your schedule. If you say you're going to do something and you really know you don't have the hours of time to do it, guess what's going to happen? You're not going to be successful. Number two, and these are characteristics of the perfect side hustle matches your personality. For example, you could be an analytical person, a creative person, a social person, a technical

[00:15:06] person. So if you're an analytical person, you probably want to have a side hustle. That's analytical. You may be into an accounting or finance. That may be something you can make money on the side with creative people. You may teach people how to do crafting, how to sell. Okay. My wife is, uh, she loves to sew. She's getting back into sewing. She's creative, social people. Some people are influencers. So they just have that social thing or technical people.

[00:15:35] Some people are good at technical things. All right. That's characteristic number two of the perfect side hustle. Characteristic number three, use existing skills or experience. I just talked about that. So it could be your work experience. It could be a hobbies, relationship, industry knowledge. I have a good buddy of mine who went through a divorce, uh, something that wasn't his fault.

[00:15:59] And he has that specific knowledge or expertise of going through divorce, a bit of divorce, one that he didn't want and bouncing back. Right. It could be work experience. What is your job? What is your nine to five job? And can you parlay some of that into your own side hustle? Okay. Industry knowledge. What do you know about a specific industry that can give you an opportunity to make money? Number four, low startup costs.

[00:16:27] And these are characteristics of the perfect side hustle. Avoid massive risk initially. You know, some of these business opportunities or shiny new objects require a ton of, of resources, a ton of capital. All right. You want to avoid massive risk. Start lean, be able to start off slow and build to see what you have first before you expend all your resources for something that doesn't work. Right. Validate first. And I've told this story before.

[00:16:56] One of my best friends, uh, he knew I was in the e-commerce space. So he wanted to start his own, uh, razor brand. And I kept telling him, I said, Hey, don't go out and private label 5,000 razors first. Let's go and start out and see, you know, let's buy a hundred and see if we can sell them. And he kept telling me, Oh man, but we're not going to be profitable because the costs for a hundred or too expensive.

[00:17:21] I said, I know that I said, I said, I've been doing this, making tons of money, uh, with, with private label and e-commerce. I said, what we have to do first is we want to start lean and we need to validate the concept. We're not trying to make money off of the first 100 razors. And he didn't want to listen. He said, man, I think we should buy this and do this. Now he hadn't sold nothing in his life beside the stuff he sold for his job, which is totally different than e-commerce.

[00:17:50] And I told him, man, I can't do business with you because I know the way you're doing it is wrong. Literally, he's probably still got 4,999 razors sitting in his garage right now because he didn't validate it. And it also cost him close to $10,000 to start that. So number four, low startup costs. And we're talking about right now, characteristics of the perfect side hustle. Number five, you can start part-time.

[00:18:20] I tell people all the time, the best time to start a side hustle or business is when you're currently employed. Okay. You can keep your income while you're building this side hustle and it reduces the pressure. When you have pressure that bust pipes or makes diamonds. And if you don't know what you're doing, guess what? It's probably going to bust pipes. So start part-time.

[00:18:44] The same friend I just talked about, um, a period of time ago when the economy was bad, he lost his job. And then he became what I call a reluctant entrepreneur. Somebody that only starts a business because they can't find a job. And so once again, what he should have done was start the business, the side hustle while he had a job. But as soon as he got a job, he let that go. So that's what I call reluctant entrepreneur.

[00:19:13] And right now we're talking about how to pick the most profitable side hustles specifically for you. And we're talking about characteristics right now, the perfect side hustle. Characteristic number six, it's scalable. Income ceilings matter. And hopefully you're able to grow your business and it can, you can grow up hopefully by becoming automated. Okay. So it can actually eventually replace income. So you want to have something that is scalable.

[00:19:44] So if you're trading dollars for hours or hours, excuse me, for dollars, you have a finite amount of money that you can make. Okay. So you want something that is scalable, something that you can scale. And many times if you're in a service business, you need to learn how to productize your service. Okay. You may have a service business, but you may want to turn that service business into a product.

[00:20:07] So for example, if you're a consultant, what you can do is you can create an online course or workshop that can be delivered on video. And now you have a digital product that you don't have to trade your hours for dollars for. So that's number six, scalable. Number seven, flexible or remote friendly, flexible or remote friendly.

[00:20:32] So freedom matters, location, flexibility, and lifestyle enhancement. So you're looking for something that can possibly be flexible or remote friendly. If that's what the type of side hustle you want. Okay. So what we're talking about guys is how to pick the most profitable side hustles specifically designed for you. Not trying to fit a square, a round peg into a square hole.

[00:20:59] We want to build something specifically for you. So make sure you check out my best side hustle.com. My best side hustle.com. Take the short 60 second quiz and it can help you find and compare you with the best side hustle based on your skills, your interest, and in the things that you're good at. Okay. So let's talk about why multiple income streams are critical today.

[00:21:28] This is a no brainer guys. We have inflation. We have layoffs. We have AI disruption, economic uncertainty, and companies are downsizing. So one stream of income guys really is no longer safe. It's not safe and it's not prudent and literally it's not smart. Okay. I don't care where you work, right? Things are happening all the time.

[00:21:53] I have both of my daughters are in corporate America with fortune 500 companies and they're getting laid off. Not them. Thank goodness. But people in their space are getting laid off all the time. AI is a disruptor. Okay. I always talk about you can leverage AI or you can get swept under the wave of AI, but you need to understand why multiple streams of income are critical in today's economy.

[00:22:20] And like I said, if you didn't learn anything from COVID, I can't help you. Okay. Okay. Now, um, here's the beauty of side hustles guys. They can help you pay off your debt. They can help you stop living paycheck to paycheck. You know, my, uh, my grandma used to say, you got more month than you got money, right? That means you don't have enough dollars to stretch over that period of time. So it can help you stop living paycheck to paycheck. You can create emergency savings.

[00:22:50] Been there, done that. You ever had a time where there was an emergency and you had nowhere to pull from your car needed fixing or something happened and you don't have those funds. That's what side hustles are for. Now, remember, you can build your side hustle into being able to replace your full-time income. All right. Also, it reduces stress when you got extra cheddar in the bank, right? Everything is a little better. What did he say? Cheddar makes it better, right? And it gives you options.

[00:23:19] You always want to have options. Now you can take that side hustle money. You can help fund investments. You can replace, uh, bad jobs and you can even create generational wealth just with your side hustle. So this is another example. It's not really a side hustle, but this is the thinking or the concept you want to have.

[00:23:43] I was looking at the NFL draft and they have a young brother running back that played at Notre Dame named Jeremiah Love. Jeremiah Love was making about $2 million a year in NIL money at Notre Dame. And now he got drafted, I think number five in the NFL draft. And I think he has a guaranteed contract at like $53 million. But one of the things that he said was super smart, and he's not the first athlete to say this, but he said, what I'm going to do is I'm going to live off of my endorsements.

[00:24:13] I'm not going to touch my game money, meaning that his extra or his side hustle money, his endorsements or whatever else he's doing. And he's going to let that, that NFL money continue to grow. So a side hustle guys can literally change the trajectory of your life and your family's life. All right. So these are some of the things why you need multiple streams of income and why they're critical for you today.

[00:24:41] Now I want to talk about how to identify your ideal side hustle. You want to ask yourself a couple of different questions. What skills do people already ask you to help them with? Right. What do I enjoy doing naturally? What problems can I solve? What industries do I already understand? What can I realistically commit time to weekly? And what would I still enjoy talking about after six months? These are some questions you want to ask yourself. Talk about your self-awareness.

[00:25:11] You want to think about your alignment. You want to avoid comparison and you want to play your game. Okay. Your game, not somebody else's game. Remember, we're trying to build a customized side hustle for you. Okay. So there are tools and resources out there that can help you match, uh, match people with side hustles based on your personality, your schedule, income goals, your strength and experience level.

[00:25:38] And that's why we have my best side hustle.com, which check it out, guys. I'm telling you, uh, I use it. I've sent it out to a couple of other people, uh, when they reached out to me and they love it. And, and the results that I've heard from it are phenomenal. So go to my best side hustle.com. Take the short 60 second quiz and see what comes up for you. You don't have anything to lose literally. All right.

[00:26:05] So these are the reasons why guys, you have to pick the most profitable side hustle specifically for you. And before I get to this last segment, let me just share all my social media contact information and resource links. So as I mentioned, I top talked at the top of the show, my best side hustle.com the app go there right now. You have absolutely nothing to lose and is tremendous things that I've heard about the app. So go ahead and check it out.

[00:26:35] My best side hustle.com. Now, if you want to connect with me guys, anything long, hit me on my email, jjones at black entrepreneur blueprint.com. Facebook black entrepreneur blueprint Instagram. I have a two IG accounts. The first one is Jay Jones for real J A Y J O N E S the number four R E A L. Second one is black entrepreneur blueprint. LinkedIn connect with me there.

[00:27:00] Go to LinkedIn, type in Jay Jones, black entrepreneur blueprint, uh, Twitter or X as it's called. Now you can connect with me at Jay Jones, 001 J A Y J O N E S 001. And also YouTube, make sure you subscribe to the YouTube channel family. We have additional content on YouTube that is not on the show. Go to YouTube, type in black entrepreneur blueprint and connect and subscribe there.

[00:27:27] Also for all you first time listeners, we drop a new episode every Monday morning, 5 AM Eastern standard time on all your major podcast platforms and YouTube. So wherever you're watching this or listening to this, make sure you hit that subscribe button. So you'll be alerted when the new episodes drop and you definitely don't want to miss this heat that we bring every Monday morning. Now let's get back to the last segment of the show. So side hustles guys.

[00:27:57] Uh, once again, one stream of income is no good. So if you're tired of guessing what business to start, if you want a side hustle that you, that actually fits your lifestyle and life, take the quiz and discover the best side hustle for you. My best side hustle.com. You also want to focus on guys. Um, you know, you get matched in this within 60 seconds. So it takes all of your information, uh, your likes, dislikes, your strengths, your weaknesses,

[00:28:26] and it matches you up to an actual side hustle. So you have a custom side hustle blueprint with actionable steps, meaning that it's not just going to tell you what's the best side hustle for you. It's going to give you actionable steps and it's built around your strengths. And the beauty of it is they also give you a custom quick start guide to help you start

[00:28:49] making money in 72 hours by giving you daily action steps for the first 72 hours. So it's not just, Hey, this is what's probably good for you, but it's actually giving you the blueprint and walking you through everything. So you can start making money. So the goal isn't just to make extra money guys. The goal really is to create options. And when you have options, then you got all types of availability of things.

[00:29:17] You can quit your job if you want to, if you're making enough money, you can go on trips, you can do whatever you need to enhance your lifestyle. And really that's what it's all about. It's about helping provide you the resources you need to live the lifestyle you need. Okay. It's about creating options. All right. So make sure you go to my best side hustle.com. Take the quiz, find out the side hustle that's built for you.

[00:29:45] Also remember, even if you don't go to that link or that app, remember guys, multiple streams of income, multiple streams of income. And I'm going to leave you with this. Remember a lot of times your side hustle was right under your nose, right? So, um, my dad always used to say, you're stepping over dollars to pick up dimes, right? And what he meant was the real big stuff is literally right in front of you, but you're

[00:30:14] stepping over that because you're ignoring it or you don't know how to identify it. And so once again, identifying the easiest and most profitable side hustle is something that you want to do because if it's not aligned with who you are, guys, guess what? You're probably not going to be super successful. If you're an introvert and you're trying to start a side hustle door to door salesperson, guess what? You're going to fail. Not because you're not smart.

[00:30:43] It's because you're not aligned. You're not doing something that you have innate talent to do per se, or that you have the express knowledge that you need to be successful. So stop swimming upstream guys and start trying to find a side hustle that is aligned with you. Go to my best side hustle.com. Take the quiz, find out what's what and see if it makes sense for you. Now I say this each and every week because it is true.

[00:31:11] We get more and more downloads because of you, the BEB family. I appreciate you guys so much. Please continue to spread the word about the podcast, the blog, the ecosystem, the online courses, everything designed to help you elevate your entrepreneur IQ. Remember, it's not about me. It's not about you. It's about us. It's about building an economic power base in the worldwide black community by building and supporting black owned businesses. Love you guys.

[00:31:40] See you same time next week. Peace.