585: Giving Away Ideas, Getting Great Guests, Growing Your Business, and More: 20 Questions with Nick
Nov 9, 2023
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In this podcast, the host answers questions from the Side Hustle Nation community about starting a side hustle, monetizing a podcast, securing advertisers, estimating customer value, and acquisition costs. They also discuss options for content creation in the cabinetry and carpentry niche, growing a fitness photography side hustle, finding podcast guests, effective outreach, and niche specialization. Additionally, they share side hustle success stories, analyze franchising pros and cons, and offer advice on prioritizing side hustle ideas.
Execution is more important than the ideas themselves.
Taxes and government regulations should not deter you from starting a business.
Deep dives
Giving away ideas and the importance of execution
The podcast emphasizes that giving away ideas is not a problem because execution is what really matters. Ideas are everywhere, and it's up to individuals to bring them to life. It's important to understand that everyone is too wrapped up in their own world to steal ideas and that execution is the hard part. Listeners are encouraged to take action and make ideas happen.
Addressing concerns about taxes and self-employment
The podcast reassures listeners that while there may be bureaucratic hurdles and extra paperwork when it comes to taxes and self-employment, these are solvable problems and should not hold you back from starting a business. The benefits and potential of running a successful business outweigh the relatively small challenges related to taxes and government regulations.
Monetizing a podcast and securing advertisers
The podcast shares insights on monetizing a podcast and securing advertisers. It highlights the importance of creating value for listeners and building a decent following before actively pursuing advertising. The host shares personal experiences and lessons learned, including the value of connecting with sponsors directly and using advertising platforms and media brokerage services to reach potential advertisers.
Calculating customer lifetime value and acquisition costs for a podcast
The podcast discusses how to estimate customer lifetime value (LTV) and cost of acquisition (CAC) for a podcast. While measuring these metrics can be challenging, the host explains that it's crucial to understand the potential value of each episode download or subscriber in order to make more informed decisions regarding monetization, sponsorship, and advertising strategies.
We've got another round of 20 Questions from Side Hustle Nation listeners on the agenda today!
I always enjoy tapping into your collective experience and the challenge of providing helpful answers off the cuff.
As is customary on these episodes, I’ve filtered through a stack of questions from the Side Hustle Nation community over the past few months.
Though we usually hit 20, this time around we've got 18 questions to explore.
This is the 15th installment of this series, making it probably the longest-running series in the Side Hustle Show's history, so feel free to check out the older ones:
Topics covered include podcast advertising, SEO resources, deciding which side hustle to focus on, and much more.
You'll hear me reflect on getting sponsors for the show, recommend tools for affiliate marketing, give advice on turning a skill into a money-maker, and share what I've been reading lately.
There's a little something for everyone in this episode, whether you're just getting started on your first venture or looking to take an existing business to the next level.