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Join us on February 18 with Naveen Sharma for the next episode of Financial Literacy. This episode will focus on, "From Side Hustle to Startup".
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0:00
Thank you
0:29
hello everyone hi friends how are you doing so reporting live from finland again and this session
0:40
uh which is going to be very interesting one so if you have started following this series
0:45
uh then this session is going to be the foundation stone for your startup for your side as well
0:52
so let's call our host first that was that was on time
0:59
all right I mean so in today's episode we're gonna talk about from side hustle to startup
1:07
right and without any further ado I'm gonna pull up the very first question that I have for you is
1:12
how do we actually kick start the journey of side hustle to startup okay so it's a right word that
1:20
it is a journey it doesn't happen right in the blink of eye or on a snap of finger like you
1:26
appeared on the screen but but it's a it's a journey so last few uh sessions we talked about
1:33
what is side hustle right what is there for the full-time employees how can they start it
1:40
and basically it was related to the passion if i have some hobby some passion how can i nurture
1:47
into a side hustle so it can i can diversify my earning portfolios right then we also talked about
1:55
the legal angle to it when what is to be done what not is to be done and how to make a conscious call
2:02
about it informed call about it and if we we have to inform the right stakeholders to get the
2:09
approvals if we are in conflict going in conflict or would be in conflict right might be in conflict
2:16
so now today we will start about if we have shortlisted our hobby our passion so how do
2:23
we make it a big startup and this is the first session in the series so series and then mini
2:29
series so now so all the followers i would request if they have not watched the previous session they
2:37
should go through them and pick up any hobby any passion any business side business they want to
2:44
started with and then we will take it step by step so this is the first part today is
2:51
how to start kickstart this journey so laying out the plan first
2:55
it's a business plan and what does it covers in a business plan I don't know if I can show my screen
3:04
I can. Yeah, you can. Okay. Okay. So if I can share my screen, then
3:16
So this is, this is the sample of a business plan, right
3:23
You can see, right? Yeah, yeah, we can see. Okay, so basically the important part is what business you want to do, you want to start up, what value you will bring to your customers, who will be your target audience or target customers
3:48
So whole world cannot be your customer. That is where the startups fails basically
3:53
So one major point is they think that their product is for everyone. so start from the niche find your right target audience so that you will start right feedback
4:05
if you get start getting the right feedback you will improve on your services and products right
4:11
so that is very important expected finding the target right target audience and then who are
4:17
the influencers so pick up the influencers who can talk about your product your idea your startup
4:24
up and then they can help you grow okay they can help you market to their networks so pick up their
4:31
influencers right influencers then what are the values your product or service will carry
4:37
how will you differentiate yourself if there are others in the market how do you differentiate
4:44
maybe quality maybe speed of delivery maybe uh cost it may be quick ramp up quick ramp down
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so there could be different caveats different levers where you can play along and then pitch
4:59
in your startup idea right so then what how do you market it having an idea opening a startup
5:06
opening a company having a website having a mobile app developed it's everything like having
5:11
a visiting card 20 years back right 25 years back so just having a visiting card is not enough
5:19
so you should have market strategy in place you will pick up the influencers social media
5:28
influencers you will use google adwords or other adwords you will use advertisement on linkedin
5:35
professional network or social media that is tiktok insta pinterest right and then there are
5:44
some organic ways like you will go have some session have some webinar arranged and you talk
5:52
about your service you talk about the problem area you write blogs about the problem area and
5:58
how your service is going to answer that so there are lots of strategies to it but then
6:03
after marketing you will see how you will produce your ideas because this is the business plan
6:09
where you will write everything so this business plan will generally go to the your investors
6:14
but if now if you talk about manufacturing or producing your product or service
6:20
basically it talks about how how will you arrange the funds for investment how many how much funds
6:29
you will know so cash flow basically how much you will earn per product or per service instance
6:35
how your balance sheet would look like predicted balance sheet would look like say after one year
6:41
say after two years three years five years so at least you should have three years plan with you and what is the financial ratio right And then what is the contingency plan If one thing does not work how can you edit your overall strategy
6:57
introduce new product, new service related to your original idea and how agile are you
7:05
So that is your contingency factor. So everything put together, it becomes a business plan
7:12
Now coming back to our session. That was absolutely great. You covered a lot about some of the great contents that you should have
7:21
And while my side hustle is going so much now, right? Can it still stay as a side business
7:27
Because now it is getting into, you know, we are building a lot of product. Everything is coming in pipeline
7:32
Things are getting better. So can it still stay relevant to being called as a side business
7:37
Good question. But, you know, I need to know the boundary myself
7:42
So see with every startup, there is another term which is very buzzword nowadays
7:50
It's called burn rate, right? And it's not burn rate money. It's how much you burn yourself
7:57
So if you feel burnt, if you feel torn out and if you are working like your main job and your side hustle up to three weeks, month, months and months altogether
8:11
then you will start losing out on your relationships. You will start losing on your health
8:17
And these are the most important things in life. So everyone should have put up a boundary
8:23
How much I want to give in my own effort. If you think it's a promising idea
8:29
and you start gathering, you know, earning some money out of it
8:33
then you start delegating. Put up a delegation network. Who are my trustworthy people or contractors
8:40
i can contract my services too right so you give bits and pieces to different people let them come
8:46
together and they become shareholder in your not in the company but shareholder in your success you
8:52
pay them instantly so so so that's what and this is the another uh fallback what startup guys do
9:01
if someone is helping them they give okay you take 10 equity you take 50 20 that is the
9:09
that's the very uh this is gonna hurt in a long run okay because they run it by emotions
9:16
and these things hurt when they are run just totally run by emotions and not by
9:22
applying some brainer to it so the thing is because if you are typically small startup you
9:29
would need investors you would need and the investors would need a big chunk because they
9:33
are investing money on your thought process right so they will uh take your promise of having a huge
9:40
return and back 3x 2x 4x 8x depending on the evaluation depending on your growth plan and you
9:48
know how robust your idea is so all that put together you need to create a boundary when you
9:56
want to uh your side hustle becoming into startup business and i think in the earlier sessions we
10:02
also discussed that when this side hustle become your prime earning potential right then you
10:10
at one time you switch over full-time to side business you leave your job and then but it is
10:17
not advisable in the beginning days just keep it running enjoy the moment enjoy the ride but then
10:24
there's a conscious call because you start burning yourself yeah and when that burnout happens it
10:31
will take toll on your health for sure your mental health if not at all physical health
10:36
your relationships your friends who supported you in the initial days of this idea right you you
10:45
won't find uh time to call them to have a coffee with them and you know have a chit chat together
10:51
for months and months so so that's that's the bad part of it and we should avoid it to happen so
10:58
So it's a conscious call, basically. I would say that was on the spot, right
11:04
Don't burn up yourself. Usually people end up doing it, right? In the initial days, everyone is very excited
11:08
Let's do it. Let's start something new, right? But then eventually it falls apart
11:13
So that is great. So my next following question I mean to you would be that now that the product is done
11:18
you know, I've also made sure that, okay, how much time I should be contributing in a week or in a month
11:23
So what are the phases of the growth? let's say today let's say i have like a firm uh let's say every month i evaluate right so how does
11:32
that that work in the side hustle it's it's early in early days like uh i i sincerely uh wish that
11:42
someone or from our audience they start working on these side hustles and as we mature our series
11:48
they mature their ideas right so in the early days i assess daily for example
11:55
i am sending i i think that uh a good sandwich in my area i cannot find a good vegan sandwich okay
12:04
so i will start creating uh at least 10 sandwich a day and i will start selling on local delivery
12:11
app which is vault or there are foodora and other things right if i start selling just 10 sandwiches
12:18
of my taste of my choice and then i start collecting feedback
12:23
and based on the feedback i do some some uh you know renditions i i create new flavors
12:33
new maybe after another month or you know so but i my basic uh idea is just plain sandwich
12:42
10 sandwich every day because i can do that i can start that with very easily right there is no
12:50
plenty of cost involved and and uh because i love cooking baking then it's it's for me so
12:59
anyone can start it like this so this is basically a litmus test so even if you don't end up selling
13:06
your ten cent wedges you can call your friends and you can eat up all together so so so that's
13:14
that's the idea now so this is the first phase where you produce up to your safe limit and then
13:23
you have the contingency plan in mind for example i know that it will not uh let the modern
13:32
civilization boss it not you have a good noise cancellation we can merely hear it yeah so so what will happen is second second thing is uh second phase is uh growing a bit so create a bigger ecosystem
13:51
and take one friend as a helper okay or or whomsoever is interested in uh ask them okay
14:01
I'm making sandwich. Can you together make a small cupcake or something? And then we gel well
14:07
and create a package out of it. Right. So, and it will become partner. And then if you think that
14:16
it is a success, right, then the second phase would, the third phase would be you start investing
14:23
into it. He invests a lot, you invest a lot and you know, small, small, and then you grow up. You
14:30
from 10 cupcakes 10 sandwiches to you grow okay we have a demand we have a good feedback people
14:36
are happy and then we have a repeated customers so customer retention is important as well
14:43
and then you start giving some discounts some offers to your existing customers
14:49
right and you can choose because it will be just very small audience you can pick
14:55
like whomsoever bought the most and then send them some gift voucher or something and then say
15:03
okay your photo take their permission and you put it on your website create a small website
15:09
where people can now book in advance for the next week i will need this sandwich this cupcake on
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this day so start so then this is the growth phase number three where you put in some money you
15:23
build some platform for further growth right then you fourth phase would be you set up a kiosk
15:32
you find someone who can stand on the kiosk and start selling this right so regionalization
15:40
sending in the local area so local businesses are aware that this is guy who is and even the
15:46
local audience is aware that okay this is the guy in particular city he's selling marvelous
15:51
sandwiches and cupcakes all together right then you say okay now we have big combo you pick up a
16:00
cafe and you tie up with them you place your sandwiches over there so you are selling on the
16:06
app plus your your sandwiches are available on the nearest cafes as well so that's the fifth phase
16:12
where you increase your venture partnerships right that is you are increasing your network
16:19
your visibility of your product and service then six phase could be you start social media
16:27
advertising you know you and because we are talking about side hustles not the full-blown
16:33
web crm erp business so so that is the way they grow you should have local audience with your
16:40
side right so so the sixth phase was uh to pick up social influences they will talk about your
16:49
product you offer them okay three sandwiches free at your cafe plus coffee as well so something like
16:55
that and I think this every so the growth path could be different for different products but
17:04
local side this is the growth path and if you see that now we are at a very steep curve
17:11
excellent growth path you take a big cafe out of yourself or you partnership with more cafes
17:19
you start licensing your product or your kiosks right then the start you know the building up
17:27
long-term partnerships licensing franchisee options those come in for side hustle still
17:34
you're doing your main job and side is growing side by side without taking a burn out of it right
17:41
this is this is how it goes so there are different growth paths but this is the most
17:47
accurate and most interesting one and you would love it while you are doing it
17:52
i i really enjoyed listening it right how the way you started setting up with 10 sandwiches at home
17:57
right then bringing your friends to all the way up to even licensing it what are you naveen one
18:02
of the judges of shark tank yes that was really nice i mean i'll go back and read it's a shark
18:10
tank not sharp tank oh yeah all right now i mean uh let's now that you have discussed so many great
18:18
feedbacks and the path one can take is there any trade secrets that you know in your journey that
18:24
you have learned or maybe picked up from somewhere else correct so there are lots of trade secrets
18:30
people hardly share these because they are very subtle people tend to tend to forget
18:37
right so when a few i have already shared in this session for example never give your equity so
18:45
easily right because you give the equity where there's a joint interest because it was your
18:53
side hustle your idea people generally give the equity in the side hustles but other people they
19:00
just mind money they don't mind business they don't really gel well with your idea and that is
19:07
where uh you know differences come in between and then other people start getting oh no i'm not
19:14
getting paid it's not my idea it's his idea he will take all loyalty obviously it was his idea
19:20
he will definitely he will reap benefit of it right because he he started it so so this is
19:26
never give away your business share so easily without thinking twice twice right then never
19:34
burn out if you feel burnt then this is not the right side hustle for you or maybe you are putting
19:41
too much time into it okay businesses are not created easily but this is a side hustle we are
19:47
talking about which were your passion which was your hobby right even i just narrated in 5-10
19:53
minutes how you can build up into a good business so but the whole idea is i remain healthy
20:00
i keep healthy relationships i stay alive that is more important than running aside
20:09
and then i still earn money and and you you even if the burnout happen at your full-time job
20:17
right you will start spending half an hour in this business because you are loving it yeah right so that will take away because it a real creative you it a very you know me time
20:34
and then you will enjoy it trust me so so for me everyone should try it at least
20:41
everyone should try it at least because as i said we are hardwired since our childhood our education
20:50
was like that that you you study you get a good job you become employed hats off no no no so we
21:01
study we understand the logic of money we understand the logic of business yes we work we work with
21:08
loyalty to any company altogether but then we know that when company fires they fire 10 000 12 000
21:16
people without naming them right and there are lots of hue and cry which is happening on the
21:21
social media professionals who like linkedin and all people are they are just heartbroken
21:28
seeing their employee you know fellow colleagues go within us just over an email so so i think we
21:37
should we should be ready for those days and this will save you from that as well
21:43
so everyone should try it everyone yeah go ahead so yeah so these were these were a few
21:52
trade secrets and the growth secrets i told you start from local because it's a side business
21:58
and within the local you can deliver fast your services you are locally present right
22:04
i'm in philand i cannot start a side hustle in gen 9 i bet you can
22:09
you have resources you can do anything and i know you're doing it i have lots of lots of friends in
22:17
chennai from c-sharp as well so but i'm just saying that yeah you should have a local presence
22:24
because it will it will take your own expertise and passion to kick start it and once you grow
22:32
you go into till the franchisee model trade the investors and set up a big big enterprise all
22:39
together and when you grow this is the last but you know not not last but very important point
22:45
when you grow never never ever uh you know ignore the new startups new entrepreneurs who come up
22:54
with to you walk to you with uh new ideas right new interesting ideas so never neglect any idea
23:02
it can be big it's like a seed you give good uh you know soil good water good heat warmth
23:14
and it will grow for sure so every idea has its own time but i am i must say we should
23:20
by the way i like your bandana thank you It's surprising that I'm wearing a warm coat
23:31
Yeah. And I put your T-shirt, right? You are running in T's
23:36
To me, you're good. I'm young. Come on. I'm young. Yeah. Okay
23:40
I don't feel good. Nothing to be offended. Yeah. But while you talk about the side hustle size, one thing that reminded me, you're talking
23:49
about how you can grow side hustle and burn out. it just reminded me that even c-sharp on the end of the day it was a side hustle in the very first
23:56
place isn't it uh no because i'll tell you uh even for my age when it started it started with
24:05
the problem he could not find answer to then he looks talk to different friends and then he
24:11
thought of hiding you know having all the knowledge put together in a knowledge base
24:16
so that was c-sharp corner and then it was open to all everyone can come you know learn share the
24:24
ideas so i think that is what and still i think c-sharp still is a community right we we have not
24:32
commercialized it to the level that people don't feel it although running this much large community
24:40
arranging events and all that it takes money altogether so sponsors have to be there but
24:46
still the end person don't feel like it's i'm paying for this knowledge you're right no one
24:53
is paying for it yeah you're right yeah no one is paying so it is not a side hustle yeah it's a
24:58
community and that's what we have but we have given ways uh you know we have become the foundation
25:07
to lots of side hustles altogether so if you check our audience there are lesser number of
25:13
employees but lots of freelancers who have their own business or employees turn into freelancers
25:20
right they became educator they become speakers they become you know they picked up some niche
25:28
field they wrote about it and then they they grew it all together into business so and after every
25:36
session i remember all of our speakers we call like ceo cxos of the companies they all sat together
25:42
and we have one-to-one session with the mvps where they ask question about these converting
25:49
this thing into business and then they get good advice over there so yeah they do they do and we
25:56
have a conference coming up again in month of october um and i see we're already reaching at
26:01
about 30 minutes I mean that was a great episode around uh side hustle to start a man I know as you
26:07
said in the beginning this is part one and we'll be doing part two in about a couple of weeks any
26:11
final thing you want to plug in uh before we just wrap up the show uh so I I'll just uh will reiterate
26:19
everyone should do it at least once you will enjoy it and you will find your creative uh persona
26:28
coming emerging from you and then you definitely would get more engaged your family friends would
26:37
love it and i think it's it's a beautiful thing to do to get your hand dirty on so i think it's
26:44
everyone should do it and in the next hustle we will brainstorm on the business plan further
26:51
how to create a product like we created sandwiches today i'm going to go grab one after this all right everyone thank you so much once again thank you
27:03
for this absolutely amazing episode we'll see you in about a couple of weeks until then take
27:08
good care of yourself and keep hustling keep snowing
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