The Really Rich Podcast with Nicholas Crown
The Worst Side Hustles in 2023
Oct 23, 2023
Exploration of the drawbacks of certain side hustles like drop shipping and selling on Amazon, suggestions for alternative business approaches. Discussion on the challenges of short-term trading and the benefits of robotic trading, skepticism towards real estate as an internet investing scheme. The difficulties of managing rental properties and the suggestion to invest in a real estate investment trust (REAT) for convenience and liquidity.
10:49
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Quick takeaways
- Drop shipping and selling on Amazon come with significant challenges and low barriers to entry, making it difficult to make a profit and relying on someone else's business.
- Day trading is a risky endeavor dominated by sophisticated robots, requiring significant time and financial commitments and emphasizing risk management rather than quick profits.
Deep dives
The Pitfalls of Drop Shipping and Selling on Amazon
Drop shipping and selling on Amazon are often promoted as side hustles, but they come with significant challenges. The low barriers to entry lead to intense competition, driving prices down and making it difficult to make any profit. The top products on Amazon have already secured their positions and investing in reviews and SEO is necessary to compete. Moreover, relying on a platform like Amazon means relying on someone else's business, with the risk of being turned off or overshadowed by the platform itself. Instead, it is advisable to create a product that you genuinely care about and start small. Selling it through social media and finding your customers directly allows you to test the market and retain full ownership of your business.
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