This week’s Teacher; Danny Buck
We have yet another essential startup lesson for you today.
If you’re sitting there complaining how hard it is to build your side hustle whilst working a full-time job then this lesson is the one for you.
Danny is the perfect person for this, we were astonished by the amount that this guy has achieved in such a short space of time.
When Danny was 22 he started a marketing agency and grew it to be one of the largest marketing agencies in Europe.
But after building a scaling it, he began to start feeling bored of the same thing day in and day out.
Danny is now the CEO & Founder of CIRCULR Watches
With that boredom to add fuel to his fire, he left and began starting up his own e-commerce brands.
From there, the rest was history.
He left a multi-million-pound business to go back into the startup phase, simply because it is the most exciting phase of building a business.
What is a “Side Hustle”? [08:10 – 10:00]
A “Side-Hustle” for Dan means “E-Commerce”.
Creating and selling any digital products or service based business which can lead to revenue with minimal effort can be technically classed as a “Side-Hustle”
This is totally possible, and more than achievable.
One tip that Dan gives is:
Get up an hour later, and go to bed an hour later
You’ll often find that a lot of people will want to build a side hustle to get our of their jobs, but won’t put in the work to get there.
Put down the PlayStation controller and stop watching that Netflix series and get to work people!
There are two types of people; The people that do it, and the people that dream about it.
If you are going to build a side hustle, it’s easily achievable, and all you need is two hours a day.
What works when building my Side-Hustle? [10:07 -12:45]
Passion is the main thing that works when building your side hustle.
There is no point trying to sell digital products or services on the internet if what you’re selling has no passion behind it.
For example, Dan owns CIRCULR Watches because he has a passion for watches.
It then lead him in that direction.
Forget about the freemium models that we on Facebook claiming that a person made £20,000 a month selling a product online that they did not care about.
It’s not sustainable.
It’s about building a business that you care about, which then leads you to leave your full-time job.
Do people spend too much time on the validation process? [12:46 – 13:55]
A lot of time people will spend days, months and years trying to validate an idea.
Do people want your product?
You have to what Dan would call “Ballsy”.
Dan killed two birds with one stone by launching CIRCULR Watches by doing a Kickstarter.
He wanted to validate the idea and build his community whilst selling the product.
Once the idea was funded successfully through Kickstarter, then that validated the idea.
Although this was a clever a way to validate the idea, it could have gone horribly wrong.
But you don’t have to go down this route, you can validate your idea using the likes of Social Media.
Use Facebook Ads, spend £10 a day and see how people react.
I’ve got no money to build my Side Hustle? [13:56 – 17:00]
This is just an excuse.
A lot of people will use this by saying “I’ve got a really good idea, but I’ve got no money?”.
Money is not an issue, money is just another one of those startup problems to overcome.
You can go to the likes of Startup Loans.
Which grants up to £25,000 on your business plan.
Another option might be Crowdfunding which has had a proven track record with Dan.
We’re living in a time when money is easy to get hold if you really need it, you just need to be smart about how you are getting it.
Back in the 70’s, you had to take your business plan to a bank manager who had to decide whether or not your idea was good.
Now you can take it to the masses and ask them for money!
Also, if you’re building your side-hustle whilst in a full-time job, then you’re surely getting paid from that full-time job?
Where is that money going?
Are you spending your money on things unnecessarily?
Think before you spend, and ask yourself, could this money be going towards my side-hustle?
Should I find a team to help build my Side Hustle? [17:01 – 19:20]
From an equity perspective, you don’t want to give away too much too early, just in case, the idea starts to take off.
Find another person who can help you along the way.
When there are too many people things can get messy very quickly.
You can look for other support networks to help, go to Meetups, join networking groups.
But finding a business partner makes things a lot easier, and gives you more time to focus on what you’re good at.
Another option could be hiring freelancers to help with the workload.
If you know your skills could be more useful elsewhere in the business, then find another person and pay them on a cheap hourly rate to help with the nitty-gritty tasks that you might not so good at.
How long should it before I get paid for my idea? [19:21 – 21:40]
You should never expect to make any profit in the first year of launch.
Your first year should be about figuring out how you can get as many customers as possible.
How do I get the biggest social following as I possibly can?
How do I build the biggest email list I possibly can?
Build your digital assets.
This gives you a platform to launch your idea on which increases the chances the of success.
However, do not get ahead of yourself.
If you’re starting to make sales in the first 3 months then great!
But sometimes this can be short lived.
Simply because you’re probably going to spend that money quicker than you can make it.
Don’t go and buy a Rolex or a new car.
Savour that money and figure out how you can double it.
When should I take the jump to becoming a full-time entrepreneur? [21:41 – 25:50]
This is a tough one.
When you can afford to replace your income and then double that by knowing you can afford to live your life how you want to live it and put food on the table, then you can take that jump.
Whatever salary your full-time job gives you, ask yourself this question, do you need that money?
Can you have the freedom you want?
For Danny, having the freedom to do whatever he pleases was always the biggest driver and motivator.
Having the life of not having to answer to anybody is worth at least 50% of his old salary.
Ultimately, it comes down to when you can financially afford to.
Dan recommends this book; How to Get Rich by Felix Dennis
Which states, always pay yourself a salary out of your business.
How do I get so much done in 3-4 hours an evening? [25:51 –
Dan works on 3 pillars of growth.
The Brand – which covers all of the advertising and marketing.
The Product – which covers the price point and what the product actually is.
The Platform – which covers how it’s going to be fulfilled and what system you’re going to use to get the product out there.
If you focus on those three things, you will be able to work out all of the things you need to work on.
Dan then goes on to recommend ReWork: Change the Way You Work Forever by David Heinemeier Hansson
Find Dan on Instagram
Find Dan on Snapchat; The Danny Buck.
Thanks For Listening!
So then guys, that’s another Startup Lesson covered.
Danny gave so much value in this lesson, we know that if you’re listening right now and you’re building your side-hustle then this is the one for you.
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