348
10 min 14 sec

The Business That Became a Job That Became a Side Hustle

As a startup, it had $2 million in revenue but $0 in profit. Once it became a side hustle, it had $35,000 in revenue that was almost all profit.
Cars Downsizing Service Unconventional

Subscribe Now For A Free Five Step Tutorial

What It's About

The only way to keep his business from going under is to downsize it into a side hustle... and he couldn't be happier!

Business Model
Service
Skills Required
Business Savvy & Critical Thinking
Complexity
Medium
Profit Potential
Medium

Words of Wisdom

If you find yourself between a rock and a hard place like Neel, here are some words of wisdom:

"First and foremost, see how you can downsize your current business without killing it. Define what is important to your customers and what are the highest value (low cost/high revenue) things you do. And finally, figure out what you love about your business. See where those three things (importance to your customers, value, and love) intersect. Be sure to take your time in figuring this out because it's not always intuitive."

Fun Fact

Neel considers himself a nerdy Indian kid from Chicago and thought that his future was supposed to be a desk job at Motorola—not the crazy life he's currently living.

He also firmly believes that his lifelong, childhood diagnosis of ADHD is not a disability, but rather his superpower. He says that he's been an ardent meditator for many years and that this holds the secret to his productivity.

Notes from Chris

Episode 348
Before we even talk about his side hustle, let’s talk about Neel Vasavada’s unconventional day job. He’s sales and operations manager for a company that provides equipment to major stadium tours and festivals. He works with big bands like Metallica & U2, major festivals like Lollapalooza and Bonnaroo, and big events like The Superbowl.

Pretty cool on its own! On the side, he runs a motorsports electronics company called Apex Speed Technology that provides electronic systems to high-end motorsports and custom vehicles and research & development.

So here’s the interesting thing: Neel’s side hustle WAS his day job as the owner of the company, but as the market changed and it became less sustainable. He says he’s having more fun and being more productive now than he ever did when it was his full-time job.

Not everything is amazing; his “day job” has many challenges. The “side hustle”—formerly his main business—can in no-way impede on that day job, so he has to be mindful of how he balances things. He’s still working and traveling a lot, but he says he has a better relationship with his son that he ever has, he’s healthier than he’s ever been in his life, and he truly feels job-satisfaction. But he never expected things to work out as well as they have, with the challenging, yet fulfilling day job, and the side hustle that used to bring in $2m a year without making money, and now brings in $2-4k/month in mostly profit.

When it was a small company, it did two million in annual revenue but didn't make any money. Now he pulls in $2-4k a month, and it’s mostly profit. Which sounds better to you?


MENTIONED IN THIS EPISODE:

SEE ALSO:

Inspiration is good; inspiration combined with action is better. Now get back to work!

Yours in the revolution,

cg-sig-newsletter


Download 2019 episodes: JAN | FEB | MAR | APR | MAY | JUN | JUL

Download 2018 episodes: JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC

Download 2017 episodes: JAN | FEB | MAR | APR | MAY | JUN | JUL | AUG | SEP | OCT | NOV | DEC

Resources

GET $625 IN FREE TRAVEL

Earn 50,000 travel rewards points (enough for 2 round-trip plane tickets or $625 in travel credit). You'll also earn 2x points on all travel and dining spend, with zero foreign transaction fees.

I use this card every day all over the world! ✈️


Learn More

CREATE YOUR ONLINE STORE

Create your online store with Shopify using an exclusive discount for Side Hustle School listeners. For a limited time, get a free 21-day trial and a 10% discount for a whole year.

Many Side Hustle School listeners are building sites using Shopify's easy-to-learn platform. Try it free today!

Learn More

Quote of the Day
"Too many people give up on their passions when they turn it into a business that fails. Think about it—most people know someone who was great at something, loved it, turned it into a job and then started to hate it. This is a way to let your passion live and still produce income and possibilities. I LOVE my day job, and I think it's important to highlight how you can love your day job and your side hustle in this unique way."
—Neel Vasavada #SideHustleSchool

Sponsors & Gratitude

Try ShipStation for 60 Days FREE!

Today’s episode of Side Hustle School is brought to you by ShipStation, the #1 choice of online sellers. 📦

To get a 30-day trial AND an additional month free, click the microphone at the top of their page and enter the word HUSTLE.


Get it Here

Like the Show? Leave a Rating!

Side Hustle School is for you! If you’re enjoying it, please take a quick moment to leave a rating or write a quick review. It's really easy and it makes a difference! ✅

It also makes a huge difference when you tell your friends about the show. Remember, it's 100% free and listener-supported.


Here's How

Keep in Touch

There’s a new story every single day on Side Hustle School. Episodes are produced to be short and to the point—I know you’re busy. Be sure you subscribe to get instant notification of the day’s broadcast!





To infinity and beyond,

Chris Guillebeau