This transcript was generated from the episode audio and may contain minor errors.
[Music]
Today's caller has an idea to create a directory of garage and yard sales. She thinks it's a winner because so many people out there are trying to buy and resell items these days. And she's wondering what's the best way to proceed. Welcome to Side Hustle School, so glad you're here. This is our fifth year of answering questions, sharing stories, case studies of the new economy, all kinds of practical information you can use to create a new source of income without quitting your job.
That's what it's all about here, how to make extra money without going into debt and by using the skill you already have. So as part of this question, I was thinking, it's been a while since I've given you a reminder about ideas and I get a lot of questions that are like, is this a good idea or not? And the important thing to think about first of all, is what is the right idea for you at this time? 'Cause there's lots of good ideas out there. But specifically for your Side Hustle, your money-making project, let's say, not just your hobby, but your money-making project, we're not looking for good ideas, we're looking for profitable ideas.
That's what matters, in this case, it might not be the sexiest thing, it might be something quite simple. It might be a very practical solution to a problem. And this is a good example because we're talking about problems and solutions here. But I just wanna encourage you, when you're thinking about ideas and trying to figure this out, first of all, think about profitable ideas. And then the greater question is, what is the best idea for me?
So we'll talk about that some more in other episodes. But for now, an idea for a directory of garage and yard sales, that's coming up after this quick message from our sponsor. [Music]
Hello, Chris, this is Cynthia from Santa Fe. And I wanted to run my idea by you. Everyone has stuff to sell.
And I've learned a lot from your show about where to find sources I can use for my eBay and Poshmark reselling hustle. I'm thinking there could be a lot of value in creating a dynamic directory of garage and yard sales in any particular area. The data could come from sites like Craigslist, and we could use Google Maps to populate all the different sales that are happening in upcoming days. What factors should I consider in designing and making the app? And could I charge for it directly or make it free and hope to monetize through ads?
Thanks for your thoughts on this. [Music]
Cynthia, thank you so much. Always good to hear from our resellers out there. Whenever I run an episode about somebody who's found some success doing something interesting with reselling, I always get a ton of response because this is the easiest side hustle for anyone. Like if you are completely new to this role and you're like, I want to make some money, but learning how to buy and resell items really is a great practical education.
It's how I got my start more than 20 years ago doing this kind of stuff. So let's talk about it. Now, it's certainly possible that this could work, but for a project like this, I think the question is always, but how will you monetize? Fortunately, Cynthia identified that. She's asking the right questions.
So we'll come back to that one. But first, I want to look at this overall issue of access to information. People need guidance and curation, I think, more than just the information because in so many markets now, there is a ton of info out there. It's certainly in the case of finding items to buy and resell. Like anybody knows or at least can very easily figure out how to go to sites like Craigslist or how to go to a garage sale or a yard sale.
They know where a lot of stuff is being sold and lots of other sources as well, of course. What they need to know is like what to do about it. It's like, what is the process and what are the best sources to go to and so on. So it used to be that that information was largely asymmetrical in that there was a real advantage. Like if you were the person who knew the source of certain items.
But these days, it's not that information is asymmetrical for the most part, it's that the information is overwhelming. So that is a problem. That's the problem to deal with much more than the other one. So when I think about a directory of garage and yard sales, I tend to think of it like so many other things as a solution to a problem, the problem of where to go to find items to resell or again, using that modification, just through and how to filter all the possible places you could go. It's kind of like the bank bonuses idea.
We had a guy recently who, I forget which episode it was, but he earned a $300 bonus for opening a new checking account and he was like, hmm, this is interesting. What can I do about this? Because a lot of other people would want to know. Definitely interesting, but still the same problem. I wouldn't proceed without knowing more about how you'll get paid.
So yes, it could be an advertiser model. There's still a lot of work to make the app and maintain it, right? So I would just kind of spend a lot more time on that before I move forward, but no doubt that resellers, resellers are a market of themselves. So thinking about how you can serve them, serve those resellers and meet their needs is not a bad direction at all. So thank you again, Cynthia.
Thank you listeners. I hope you're well. I hope you are not only well, but also just thinking ahead, doing your best in the midst of a challenging time. I do realize it's a tough time for lots of folks out there. So just know that I am cheering you on.
We will get through all this crazy stuff with COVID and everything else. And I'm a big believer in taking small, consistent steps. So if you don't have all the information, if you feel like there's an asymmetrical imbalance between where you are now and where you want to be, well, just start taking some small steps. So that's my encouragement for you. I'll continue to talk about that topic as we go along.
It's important, but for now I'm signing off. I wish you a good day. My name is Chris Guillebeau. You're listening to Side Hustle School. [Music]
- From the Onward Project.
