This transcript was generated from the episode audio and may contain minor errors.
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The mobile app marketplace misfire. Let's hear today about this idea for a mobile app marketplace aimed at earning through app store referrals. And it just encountered a small problem, which is that it's actually very difficult to earn referral fees. Meaning that this isn't a great business idea. It might be a good idea, but not a good business idea.
And we here at Side Hustle School are all about helping you find profitable ideas. So this is a distinction I always like to make when people are like, I got this idea for a side hustle or a small business. What do you think? And I'm like, it doesn't really matter what I think. The question is, is this feasible?
Is it profitable? Is there a timeliness to this idea? Like these are the qualities that are so important in your side hustle or small business. Like it needs to be able to work and to be able to make money. So here we are with this weekly segment called Failure Friday.
We've got a new episode of the show every single day, of course. But once a week is a collection of short stories about mistakes, missteps, disasters, all the things that don't work out so well. So in this case, it's actually an idea that whether it is a good or a bad idea is kind of irrelevant because it's not feasible. It's not profitable. And again, those are the qualities that I always want to steer you towards when you're thinking about your next business or your next service or product or offer or whatever you're trying to develop.
So today's short story features a listener from Calgary, Alberta. As you might guess, this business had a couple of challenges. I already told you about probably the most important one, which is that it didn't work. So let's hear specifically about why it didn't work, the idea behind it, the process, and what this side hustler learned along the way. I'll be back at the end with a quick wrap up.
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Diving into the side hustle game, I had what I thought was a bulletproof idea, a mobile app marketplace that curated top-notch apps for users, guiding them to the app store for their downloads. I was said to be the digital curator or a middleman, banking on affiliate commissions from these referrals. The concept of passive income had never seemed so attainable. So for two weeks, I dedicated most evenings and much of the weekend to this project, pouring over 20 hours into development, design, and the careful selection of apps that I believe deserved a spot in the limelight. Unfortunately, I made a key error in my calculations.
It turned out that my assumption about earning affiliate commissions through the app store was based on outdated information. The reality was completely different. Apple had revamped its affiliate program, significantly limiting the scope for earning commissions on app downloads, and my referral links were essentially void in this new model. The realization was a pretty tough blow. There was no earnings dashboard because simply put, there would be no earnings.
My entire premise for the app marketplace hinged on a model that no longer existed in the way I had imagined. The oversight wasn't just a minor hiccup, it invalidated my entire business model. This lesson eliminated the critical importance of up-to-date research and the dangers of assumptions. My eagerness to launch it blinded me to the preliminary step of verifying the current state of affiliate opportunities with the app store. Although this venture didn't pan out, the lessons were helpful.
It underscored the need for rigorous validation of every aspect of a business idea, especially in an industry that evolves as rapidly as tech. Even as I was shelving the project, I was already looking ahead, equipped with a deeper understanding of the tech landscape and a renewed commitment to thorough groundwork. This was a setback, sure, but hopefully it was also a set up for a far more informed approach to my next venture. All right, well, I'd like to say, never confuse a single defeat with a final defeat. It definitely is better to learn sooner rather than later.
And in this case, maybe we could have learned a little bit sooner by doing the research before actually building out much of the platform, the website, and so on. But the whole point of building projects quickly is that you reduce your sunk costs. And you look back and you're like, "Okay, I wish I hadn't done that, "but I learned something here." Next time, if I want to make an affiliate-based website, or if I want to earn money for referral fees of some kind, I need to make sure that that pipeline works. And if the pipeline works, then I go and build the structure, and then I think about marketing and all that kind of stuff. But you learn through the process, and that's okay.
So big thanks to this side hustler for sharing the story. And if you have a question and update about your hustle, if you're looking for some resources and such, as always, sidehustleschool.com. I'm also on social media, not like continuously or every day, but, you know, I'm doing a little bit better job at it, somewhat consistent. Today's notes, sidehustleschool.com/2701. That's for episode 2,701, which has crossed a new milestone yesterday.
Thank you for your support. Thank you for being out there. The show is out every day. It's always completely free, and you can listen wherever you like. My name is Chris Guillebeau.
This is Side Hustle School. [Music]
From the Onward Project.
