This Is What Makes Your Side Hustle Ideas So Potentially Profitable!
By definition you probably consider your side hustle ideas and or strategies secondary in terms of major priority, correct? I mean if or sense you already have a priority or main source of reliable income. Or a main source of income producing assets.
Like maybe you have three to five investment properties of some kind. Or you have a stock portfolio which consistently pays a large enough dividend.
Which either fully replaces altogether or supplements your current primary income to some degree or another. The point being as soon as you and I preface a source of semi reliable income as a side hustle.
This indicates or implies it isn’t currently sufficient enough to replace your primary source of income, correct? Here’s where potentially an entirely different entrepreneurial mindset shift is definitely needed. In terms of your long term marketing vision. Have a closer look and see if you agree?
Entrepreneur If Ever There Was A Time For Some Common Sense Marketing! (This Is Definitely It!)
For just a moment consider your all too typical single location, non franchised mom & pop local hair or nail salon. Including the ones in the upscale areas.
Those owner(s) work incredibly hard typically six days a week, right? And they make local women feel awfully good about themselves. So part of the service they’re performing is emotional not just physical, correct? (And what price can you actually place on that.) This being said. Just like a staggering 95% of extremely well paid professional athletes.
The vast majority of their primary income abruptly stops the moment they stop. Either doing hair or nails, correct? The past statement and overall generalization doesn’t apply to the 5% of athletes or entertainers who learn “how to” either successfully invest their money. Or they learn “how to” successfully create their own businesses or services.
On the other hand. When the average local woman sits down in either the local hair or nail salon providers chair. They’re typically not going to spend over $100 dollars per visit, right? Sure when those annual special occasions take place.
They’ll definitely go out of their way to look their best. But for the most part they won’t consistently be spending that much per visit, right? But if there’s a way. And rest assured entrepreneur it definitely is.
For your average run of the mill local hair or nail salon owner to start consistently earning anywhere from $50-$200 dollars extra per a certain percentage of their current customer base.
Would they not be wise to start profiting from it?
So What Profit Seeking Entrepreneur Really Afford To Consistently Leave Money On The Table?
For a second consider at least some of the ongoing costs to successfully run a mom & pop business or service. Both entrepreneurs probably need some type of a commercial space, right? (Of course some work from home these days. But it’s still not the norm for the vast majority of entrepreneurs or the self employed.)
So there’s a monthly rent or a monthly lease, right? May be you have to make a weekly, bi weekly or monthly payroll too, correct? There’s inventory. You’ll need software.
Business phones, different types of insurance. You probably have various services you pay for. Employee or customer theft to or fraud to contend with. Advertising or ongoing promotional costs of some kind as well as full or part time bookkeepers or accountants etc.
And if your gross front end profit margins are stagnant or worse yet steadily shrinking. And to this point you not only don’t have any type of reliable back end income producing component to your business or service.
Nor do you even realize you should have one. As any of the previously mentioned cost go up. As you know they definitely will. Where will this ultimately lead you? To bankruptcy ultimately.
This Is Why You Definitely Need To Start Creating Some Reliable Side Hustle Income Producing Assets ASAP!
Now carefully consider the following potentially profitable JV (Joint Venture) revenue sharing arrangement with a local, non directly competing, non franchised retail jewelry store owner. (For now we’ll skip the exciting step by step details which would typically be revealed here. In order to laser focus on the overall key concepts.)
Basically the retail appliance owner will initially pay just the owner(s) of the hair or nail salon $50 dollars or X for every lead which converts into a paying customer. (Regardless of “how” much or “how” little they spend on their very first purchase.)
Because going forward as soon as the hair or nail salon owners have each generated 25 or X number of customers each. They now earn $100 dollars or X for every lead which converts to a paying 1st time customer.
Here’s the overall point. Let’s say strictly for convenience of the math. Both the hair and nail salon owners ratio is 33%. Meaning for every 100 extremely time sensitive discount coupons and or and extremely time sensitive gift certificates they pass out to their current and future customer base.
Once Or As Soon As You Know Your Ratios! (Now You Can And Definitely Should Get Creative With Your Marketing Strategies And Tactics!)
On average 33 of them convert to 1st time customers. And now both salon owners earn $100 dollars per customer generated. They each just grossed an additional $3,300 dollars a month or X.
($100 dollars x 33 1st time customers generated = $3,300 extra per? Week or month etc. $3,300 per month extra X 12 months per year = an additional gross profit of $39,600 dollars.)
Multiplied times twelve equals an additional $39,600 dollars. Multiplied per week equals an additional $171,600 dollars per year for both owners. ($3,300 per week X 52 = an additional gross back end profit of $171,000 dollars.)
You include at least some of the current or future stylist occasionally generating a few more 1st first time customer sales for the retail jeweler. And hopefully your marketing eyes have at least been semi opened to what’s potentially possible here, correct?
This is “why” you definitely shouldn’t let your side hustle ideas automatically be dismissed as insignificant or inconsequential. Don’t you agree?
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