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How to earn ₹50,000 / $700 per month on the side, mostly passively
From $100/mo to $5000/mo ideas and beyond. Including the shifts in mindset & frameworks necessary
Based on my experience running tons of side hustles over the past 5 years
1 RT = 1 insight
Thread incoming?
From $100/mo to $5000/mo ideas and beyond. Including the shifts in mindset & frameworks necessary
Based on my experience running tons of side hustles over the past 5 years
1 RT = 1 insight
Thread incoming?
Based on @BehereBaba’s thought provoking tweet the other day.
Will compose my thoughts into a thread if there’s interest / will delete this thread otherwise haha https://twitter.com/BehereBaba/status/1358805243673276417
Will compose my thoughts into a thread if there’s interest / will delete this thread otherwise haha https://twitter.com/BehereBaba/status/1358805243673276417
Alright this thread is happening.
Day full of meetings with @10kdesigners, so will start later today and expand tomorrow.
Let’s do this!
Day full of meetings with @10kdesigners, so will start later today and expand tomorrow.
Let’s do this!
0/ Let me be clear: @10kdesigners is my full time gig.
I quit a high paying job at a (now) unicorn startup to go all in, early in 2020.
If it wasn't for the side hustles, I would've never had the confidence and conviction.
Here's what I learned
I quit a high paying job at a (now) unicorn startup to go all in, early in 2020.
If it wasn't for the side hustles, I would've never had the confidence and conviction.
Here's what I learned
1/ What makes $$ for someone, might not make $$ for you.
I've built things that didn't take off and made $0. But the same thing was launched by someone else that made $$ or raised $$$$$
I've built things that didn't take off and made $0. But the same thing was launched by someone else that made $$ or raised $$$$$
2/ The default outcome for side hustles is a natural death.
Your goal is to do whatever it takes to beat the odds.
Two concepts that have helped me:
- Product Market Fit (PMF)
- Founder Market Fit (FMF)
Here's what they mean:
Your goal is to do whatever it takes to beat the odds.
Two concepts that have helped me:
- Product Market Fit (PMF)
- Founder Market Fit (FMF)
Here's what they mean:
3/ To distil these concepts very simply
PMF: does the market want your product?
FMF: are you the right person to work on this?
PMF + FMF = deadly combination
PMF: does the market want your product?
FMF: are you the right person to work on this?
PMF + FMF = deadly combination
4/ Here's a snapshot of some things I've tried
Insight: any of these can be made into a six or seven figure ($) business if PMF and FMF is sorted.
Insight: any of these can be made into a six or seven figure ($) business if PMF and FMF is sorted.
5/ Does that mean XYZ is a good idea and ABC is bad?
Nope.
There are no good ideas and bad ideas.
There are ideas that are good for *YOU* and ideas that won't work for you.
Nope.
There are no good ideas and bad ideas.
There are ideas that are good for *YOU* and ideas that won't work for you.
6/ Okay shit, just realized this is going to be a looong thread.
Sit back, grab a snack, relax.
Will continue soon.
Sit back, grab a snack, relax.
Will continue soon.
7/ The one single mindset that will go a long way in cracking side hustles:
Experimentation
Experimentation
8/ Experimentation mindset doesn’t just mean trying things out.
The goal is to test a hypothesis, run an experiment with bound variables and fixed time, retrospecting and then taking (or not taking) an action.
The goal is to test a hypothesis, run an experiment with bound variables and fixed time, retrospecting and then taking (or not taking) an action.
9/ Treat your career as a series of experiments.
Start with small, low cost experiments.
Double down on what works.
Cut out what doesn’t.
Start with small, low cost experiments.
Double down on what works.
Cut out what doesn’t.
10/ How do you define “works / not works”?
The goal isn’t just to make money.
It’s to find a way of making money that you enjoy.
The goal isn’t just to make money.
It’s to find a way of making money that you enjoy.
11/ Let your interest guide you.
Want to try YouTube?
- Make your first 10 videos. Set the bar low. Pick a topic that comes naturally to you.
Want to try XYZ?
Figure out what your experiment will be.
Want to try YouTube?
- Make your first 10 videos. Set the bar low. Pick a topic that comes naturally to you.
Want to try XYZ?
Figure out what your experiment will be.
12/ Starting with the money in mind is probably the best way to fail.
However once you’ve run enough experiments, doubling down means monetisation.
However once you’ve run enough experiments, doubling down means monetisation.
13/ Story time
The year is 2018.
I come up with an idea to make a chrome extension that shows crypto prices and news every time you open a new tab.
The year is 2018.
I come up with an idea to make a chrome extension that shows crypto prices and news every time you open a new tab.
14/ Seems like a good fit
- There’s a similar product but as a standalone website
- I’ve been in crypto for a few years
- There’s a similar product called Muzli for design
- There’s a similar product but as a standalone website
- I’ve been in crypto for a few years
- There’s a similar product called Muzli for design
15/ Time to start
- I pick out name and domain
- Start ideating and wireframing
- Speak to some folks in crypto
- Find out the existing website makes around $10-20k/mo
- I pick out name and domain
- Start ideating and wireframing
- Speak to some folks in crypto
- Find out the existing website makes around $10-20k/mo
16/ The design is looking amazing.
- Create account
- Pick your coins
- Select news sources
- Boom, this is what you see:
- Create account
- Pick your coins
- Select news sources
- Boom, this is what you see:
17/ Here’s the trap I’ve fallen into many times
When there’s too many positive signals, you start ignoring the negative ones.
When there’s too many positive signals, you start ignoring the negative ones.
18/ Negative signals
- I didn’t know how to code this
- Hiring a dev would cost $3k / ₹1-2L
- Maintaining / iterating would cost more
- I had no distribution channels for this
- I didn’t know how to code this
- Hiring a dev would cost $3k / ₹1-2L
- Maintaining / iterating would cost more
- I had no distribution channels for this
19/ Long story short
- Manage to find a dev for 1.1L
- They take a month to make a very rough, absolutely not polished v1
- Realise that this is harder than I thought
- I’m embarrassed to launch it
- Check mate
Dead.
- Manage to find a dev for 1.1L
- They take a month to make a very rough, absolutely not polished v1
- Realise that this is harder than I thought
- I’m embarrassed to launch it
- Check mate
Dead.
20/ My learning:
Don’t work on something you’re not ready to work on for the rest of your life.
Winners are made in long term games.
Don’t work on something you’re not ready to work on for the rest of your life.
Winners are made in long term games.
21/ How do you play the long game?
Find your game.
Find your game.
22/ The next story will be of @uisources
Some context: https://twitter.com/abnux/status/1347734063017304066?s=20
Some context: https://twitter.com/abnux/status/1347734063017304066?s=20
23/ What started as a Twitter thread, eventually became a website
Experimented with monetisation, now at $10k/y, completely passive with content added.
How was this different from the previous? https://twitter.com/abnux/status/1010043622853611520
Experimented with monetisation, now at $10k/y, completely passive with content added.
How was this different from the previous? https://twitter.com/abnux/status/1010043622853611520
24/ Much better FMF
- Design field, which I’ve been in for nearly a decade now
- Built an email list from day 1 to own the distribution channel
- Design field, which I’ve been in for nearly a decade now
- Built an email list from day 1 to own the distribution channel
25/ 
Important advice that changed the trajectory of my side hustles
You can’t hire someone to side hustle for you.
Start with the skills you have – work from there.
Important advice that changed the trajectory of my side hustlesYou can’t hire someone to side hustle for you.
Start with the skills you have – work from there.
26/ While you might have the budget to hire freelancers,
Consider if you have the time commitment to guide someone on a side thing.
Always start from where you’re at already.
Consider if you have the time commitment to guide someone on a side thing.
Always start from where you’re at already.
27/ The @uisources was built by me without writing a line of code.
- Designed in Figma
- Built in Webflow
- Payments on Gumroad
- Memberships via Memberstack
Easy enough to figure out
- Designed in Figma
- Built in Webflow
- Payments on Gumroad
- Memberships via Memberstack
Easy enough to figure out
28/ At this point you’re probably thinking
“Nice stories, but how do *I* get started?”
Will expand on this in the upcoming tweets.
Sneak peek: https://twitter.com/abnux/status/1351193364188848134
“Nice stories, but how do *I* get started?”
Will expand on this in the upcoming tweets.
Sneak peek: https://twitter.com/abnux/status/1351193364188848134
29/ Learn a core skill, if you haven’t already
- Design: Make any idea you conceptualise into a prototype
- No code: Build ideas without code
- Copywriting: Your messaging needs to speak to the beliefs of the user
- Dev: Super useful if you’re building a software product
etc
- Design: Make any idea you conceptualise into a prototype
- No code: Build ideas without code
- Copywriting: Your messaging needs to speak to the beliefs of the user
- Dev: Super useful if you’re building a software product
etc
30/ For most of my career I’ve been a UI/UX designer
- Designing different products for clients and startups
- Working with founders, product managers, devs
- High paying role, whether freelance or full time
- Doesn’t require a technical bg or knowing how to code
- Designing different products for clients and startups
- Working with founders, product managers, devs
- High paying role, whether freelance or full time
- Doesn’t require a technical bg or knowing how to code
31/ This core skill is more important than you might think.
It’s practice for when you eventually decide to do something of your own.
For me, it gave me the opportunity to work super closely with smart founders.
It’s practice for when you eventually decide to do something of your own.
For me, it gave me the opportunity to work super closely with smart founders.
32/ Being a generalist is absolutely necessary to run a side hustle
But worth having a core skill in your arsenal.
Be a specialized generalist.
Being a generalist is absolutely necessary to run a side hustleBut worth having a core skill in your arsenal.
Be a specialized generalist.
33/ PS: if you want to learn design, whether as a core or side skill
Check out my YouTube crash course playlist to get started https://youtube.com/playlist?list=PLDtHAiqIa4wa5MBbE_XDoqY51sAkQnkjt
Check out my YouTube crash course playlist to get started https://youtube.com/playlist?list=PLDtHAiqIa4wa5MBbE_XDoqY51sAkQnkjt
34/ Alright let’s talk how to START
Even if you don’t have a product
You have two very valuable resources already
Your time
Your knowledge
You can sell either.
Even if you don’t have a product
You have two very valuable resources already
Your time Your knowledgeYou can sell either.
35/ TIME
This is where having a core skill comes in handy.
A salary is the monthly subscription a company pays for your time.
Freelancing is you finding more users.
TIMEThis is where having a core skill comes in handy.
A salary is the monthly subscription a company pays for your time.
Freelancing is you finding more users.
36/ The biggest misconception people have about freelancing:
“I’m not an expert, why would someone pay me?”
There are clients looking for people at every level.
Not everyone can afford an expert.
The biggest misconception people have about freelancing:“I’m not an expert, why would someone pay me?”
There are clients looking for people at every level.
Not everyone can afford an expert.
37/ I started freelancing back in college.
Random logos, posters for events, websites for businesses, early iOS apps gold rush, dashboards etc
Got paid to learn.
Random logos, posters for events, websites for businesses, early iOS apps gold rush, dashboards etc
Got paid to learn.
38/ 
Let’s zoom out a bit
The goal isn’t to find *one* side hustle that pays money.
You might already have that *one* source in the form of salary / pocket money.
Let’s zoom out a bit The goal isn’t to find *one* side hustle that pays money.
You might already have that *one* source in the form of salary / pocket money.
39/ The goal is to reduce your dependence on that *single* source of income.
That way even when something goes wrong, you’re in a comfortable spot.
The goal is to reduce your dependence on that *single* source of income.That way even when something goes wrong, you’re in a comfortable spot.
40/ Make freelancing one of your additional income sources.
Initial setup: learning a skill or packaging your skills in a sellable way.
For eg
“I help design iOS apps for founders”
“I will conduct a UX audit for your site”
“I will help grow your YouTube channel”
Initial setup: learning a skill or packaging your skills in a sellable way.For eg
“I help design iOS apps for founders”
“I will conduct a UX audit for your site”
“I will help grow your YouTube channel”
41/ Now we’re entering interesting territory
You can only do a handful of freelance projects a month.
Your time is limited.
Your knowledge is not.
You can only do a handful of freelance projects a month.
Your time is limited.
Your knowledge is not.
42/ Knowledge
One of the biggest misconceptions: “I’m not an expert so why will anyone care about my knowledge?”
We’re no longer in an era of information scarcity.
We live in information abundance.
(h/t @fortelabs)
KnowledgeOne of the biggest misconceptions: “I’m not an expert so why will anyone care about my knowledge?”
We’re no longer in an era of information scarcity.
We live in information abundance.
(h/t @fortelabs)
43/ 
We’re drowning in information.
The feeds you scroll, the messages you read, the articles you check out, the tabs you have open, the videos you watch etc etc.
Do we really need more information?
Yes.
We’re drowning in information.The feeds you scroll, the messages you read, the articles you check out, the tabs you have open, the videos you watch etc etc.
Do we really need more information?
Yes.
44/ One symptom of information abundance is that it’s no longer just about the content.
Most content on the first page of Google is written for SEO, not for humans. https://twitter.com/abnux/status/1339595639009681410
Most content on the first page of Google is written for SEO, not for humans. https://twitter.com/abnux/status/1339595639009681410
45/ People are looking for
The right information
From the right person
That feels right for them
Lean into your personality, don’t make clean corporate sanitized content. https://twitter.com/abnux/status/1359119761762902018
The right information From the right person That feels right for themLean into your personality, don’t make clean corporate sanitized content. https://twitter.com/abnux/status/1359119761762902018
46/ People don’t want information, they want to hear stories.
- Stories that open up their worldview
- Stories that inspire & tell them it’s possible
- Stories from someone they relate with
A story can change a life.
People don’t want information, they want to hear stories.- Stories that open up their worldview
- Stories that inspire & tell them it’s possible
- Stories from someone they relate with
A story can change a life.
47/ Everything I’ve said in this thread can probably be found on Google, YouTube or in a book.
That’s not the point.
Tell your story.
No one else can do it for you.
That’s not the point.
Tell your story.
No one else can do it for you.
48/ So when you think about knowledge and monetising it via a side hustle:
Don’t think too much about
- Blog post? Tweets? Videos?
- Ebook? Course? Software?
But rather
- Who you are and your unique experiences that have led to today
So when you think about knowledge and monetising it via a side hustle:Don’t think too much about
- Blog post? Tweets? Videos?
- Ebook? Course? Software?
But rather
- Who you are and your unique experiences that have led to today
49/ Once you’ve internalized this, try testing it out on multiple platforms
See how people respond
- Tweet about it often
- Write blog posts or case studies
- Start a newsletter
- Make Loom / YouTube videos
- etc
When you feel the messaging is right
Time to monetize
See how people respond
- Tweet about it often
- Write blog posts or case studies
- Start a newsletter
- Make Loom / YouTube videos
- etc
When you feel the messaging is right
Time to monetize
50/ Monetization is a mindset
The biggest trap creators fall into: “Why would someone pay for this? Even *I* wouldn’t pay for it”
No you wouldn’t.
You’re not the customer.
Find the customer.
Monetization is a mindsetThe biggest trap creators fall into: “Why would someone pay for this? Even *I* wouldn’t pay for it”
No you wouldn’t.
You’re not the customer.
Find the customer.
51/ You don’t need millions of users.
You need to figure out a way to create VALUE.
Start with a $5 / ₹350 price point.
Can you create something that’s worth more to people than a Starbucks coffee?
You need to figure out a way to create VALUE. Start with a $5 / ₹350 price point.
Can you create something that’s worth more to people than a Starbucks coffee?
52/ Let’s take an example.
Side hustle idea: Branded Zoom backgrounds for companies
- Employees spend lots of time in Zoom
- Virtual bg needed, real bgs are messy
- Memorable, stands out from others
What is this worth to companies?
Crack that and you’re in business.
Side hustle idea: Branded Zoom backgrounds for companies- Employees spend lots of time in Zoom
- Virtual bg needed, real bgs are messy
- Memorable, stands out from others
What is this worth to companies?
Crack that and you’re in business.
53/ The exact amount isn’t important and will change over time.
What’s imp is how you create initial hype, capture leads, convert them and then adjust for supply and demand.
Let’s dive a little deeper with an example
What’s imp is how you create initial hype, capture leads, convert them and then adjust for supply and demand.
Let’s dive a little deeper with an example
54/ Change your relationship with money by seeing it as value created for a number of people.
To make ₹50,000 you need to
- Create ₹50k of value for 1 person
- Create ₹5k of value for 10 people
- Create ₹500 of value for 100 people
- Create ₹50 of value for 1k people
Change your relationship with money by seeing it as value created for a number of people.To make ₹50,000 you need to
- Create ₹50k of value for 1 person
- Create ₹5k of value for 10 people
- Create ₹500 of value for 100 people
- Create ₹50 of value for 1k people
55/ You create a website for the Zoom Backgrounds idea, set a price of ₹500/bg, share it on Twitter
Let’s say
- 100 people visit the site
- 20 people consider buying
- 10 actually buy immediately
You now have a funnel.
Let’s say
- 100 people visit the site
- 20 people consider buying
- 10 actually buy immediately
You now have a funnel.
56/ Messaging is everything.
You want to make the person feel like it’s speaking directly to them.
Sell the benefits, not the features. https://twitter.com/abnux/status/1358393962109808641
Messaging is everything.You want to make the person feel like it’s speaking directly to them.
Sell the benefits, not the features. https://twitter.com/abnux/status/1358393962109808641
57/ Now it’s time to optimise
- Getting too many requests? Hire a freelancer and/or increase your price
- Based on conversations with users, experiment with higher priced offerings
- Increase top of the funnel by building your distribution (social media, cold outreach etc)
Now it’s time to optimise- Getting too many requests? Hire a freelancer and/or increase your price
- Based on conversations with users, experiment with higher priced offerings
- Increase top of the funnel by building your distribution (social media, cold outreach etc)
58/ Going to be wrapping up in the next couple tweets haha.
I want to talk about the problem with side hustle content online.
Lot of times, it’s designed to keep you watching rather than take action.
I want to talk about the problem with side hustle content online.
Lot of times, it’s designed to keep you watching rather than take action.
59/ The last thing you want is to just keep consuming content...
...and be in the same position next year as you are now https://twitter.com/abnux/status/1306811257408774145
The last thing you want is to just keep consuming content......and be in the same position next year as you are now https://twitter.com/abnux/status/1306811257408774145
60/ Kill uncertainty. https://twitter.com/abnux/status/1354060617200656384
61/ Why people get stuck: many possibilities, limited time.
Kill uncertainty.
Certainty gets you moving
Movement gives you momentum
Momentum gives you progress
Progress gets you growth
Why people get stuck: many possibilities, limited time.Kill uncertainty.
Certainty gets you moving Movement gives you momentum Momentum gives you progress Progress gets you growth
62/ Look, we all have to start somewhere.
Use content from folks like me, and other creators to set the orientation.
Consider it unofficial mentorship.
Use content from folks like me, and other creators to set the orientation.
Consider it unofficial mentorship.
63/ However, the only way to build confidence is to do the thing
...not just “read about the thing” https://twitter.com/abnux/status/1353206400420356098
However, the only way to build confidence is to do the thing...not just “read about the thing” https://twitter.com/abnux/status/1353206400420356098
64/ Best not to fixate on “finding your passion”
Become good at something and the passion for it will follow. https://twitter.com/abnux/status/1358419122065969154
Best not to fixate on “finding your passion”Become good at something and the passion for it will follow. https://twitter.com/abnux/status/1358419122065969154
65/ 
Let your interest guide you.
On your journey, you’ll find people who’ve been there before.
Learn from them. Form a relationship.
Let your interest guide you.On your journey, you’ll find people who’ve been there before.
Learn from them. Form a relationship.
66/ It's not about finding the 'next big idea'
It's not about the bookmarks in your browser.
It's not about the content you consume.
It's about people.
It's not about the bookmarks in your browser.
It's not about the content you consume.
It's about people.
67/ Sharing your personal story online will help you find friends, opportunities, collaborators, partners & more.
Put yourself out there.
Start with what you're comfortable with. https://twitter.com/abnux/status/1352654803822899201?s=20
Put yourself out there.
Start with what you're comfortable with. https://twitter.com/abnux/status/1352654803822899201?s=20
68/ If there's anyone out there you want to form a relationship with, here's a simple way:
Send them a thoughtful, personalized cold DM.
You'd be surprised at how many people are generous enough to respond.
If there's anyone out there you want to form a relationship with, here's a simple way:Send them a thoughtful, personalized cold DM.
You'd be surprised at how many people are generous enough to respond.
69/ If you've read this far, we should connect.
Will continue this thread, but elsewhere on the Internet. Making a bunch of videos around this.
Sign up below and we'll talk soon. https://10kdesigners.ck.page/0e5a021075
Will continue this thread, but elsewhere on the Internet. Making a bunch of videos around this.Sign up below and we'll talk soon. https://10kdesigners.ck.page/0e5a021075
