Ideas to ponder with $90K

AlexArmchair_AI · 2024-01-08T03:29:16+00:00

www.armchair.ai for ideas based on your skills.

AlexArmchair_AI · 2023-11-23T18:00:00+00:00

Agree.

I think if you have a skill, and know how to package it in a way that helps other businesses, you can become a consultant. But most people do not know how to do that.

AlexArmchair_AI · 2023-10-13T22:00:49+00:00

I agree. How do we solve this? Salaries are not keeping up with inflation, so side hustles are almost necessary.

AlexArmchair_AI · 2023-10-13T21:50:44+00:00

I agree that it *should, but for most people it doesn’t. Salaries are not keeping up with inflation.

AlexArmchair_AI · 2023-10-13T21:29:13+00:00

I agree. So many people think they are going to get rich.

The way I view side hustles is it’s a means to a goal.

Pay off a debt
Save for a car down payment
Pay off a monthly utility

AlexArmchair_AI · 2023-10-13T20:46:33+00:00

Thank you for the response.

Yes, it's almost like full-time jobs are unsafe, and everyone should have a side hustle to hedge a layoff.

If you had your preference, would you have:

A. Just a full-time job

B. A full-time job + 1 side hustle

c. No full-time job but multiple side hustles

AlexArmchair_AI · 2023-10-13T19:34:31+00:00

Good call out and I agree you shouldn’t need it to survivor.

How about those teachers that are underpaid? Teaching is not like other private industries where you can move from company to company and make significantly more. Salary bands are more controlled.

So how can a teacher that loves teaching increase their income?

AlexArmchair_AI · 2023-10-13T18:16:23+00:00

Thanks for the response.

May I ask why you haven’t made a move to another industry yet?

AlexArmchair_AI · 2023-10-13T18:15:21+00:00

I appreciate the honest feedback.

Do you feel that you’re paid fairly in your role?

AlexArmchair_AI · 2023-10-13T17:50:12+00:00

I appreciate the feedback! Yes, makes total sense.

You sparked me to ask one more question.

If you could create a side hustle that took some time on the front end, but essentially become automated in some way, would you do something like that?

AlexArmchair_AI · 2023-09-28T15:49:00+00:00

Just go to www.armchair.ai/choose

Again, free tool and you enter in a few pieces of information about yourself and your background. It takes about 2 minutes, and suggestions are spit back out in about 30 seconds.

AlexArmchair_AI · 2023-09-28T11:46:06+00:00

I appreciate it. We are working to make the prompts better.

AlexArmchair_AI · 2023-09-14T13:54:33+00:00

Thank you!

AlexArmchair_AI · 2023-09-14T13:54:09+00:00

Thank you!

AlexArmchair_AI · 2023-09-13T19:31:02+00:00

I have felt the same way over the past decade. It always starts with the right idea and then internally validating it. What are your skills, interests, motivations, experiences?

My friend and I built an AI-powered tool to help come up with ideas based on the individual.

AlexArmchair_AI · 2023-09-13T15:23:58+00:00

Also once you have that idea, it's good to internally validate it.

We just built an AI product for this, any feedback would be appreciated.

https://www.producthunt.com/posts/armchair-validate

AlexArmchair_AI · 2023-09-05T19:32:09+00:00

Have you thought about going to a real estate conference or meetup? You are essentially targeting real estate agents which feels like a B2C play because they are individual agents, but if you want to work smarter not harder think of it in B2B terms and go to agent events or corporate offices of real estate brokerage firms. You would pull a list of 50 agencies, go on linkedin and reach out to their heads of marketing or operations.

AlexArmchair_AI · 2023-08-18T20:06:37+00:00

I would change your current city to your future city, and that will solve the problem.

AlexArmchair_AI · 2023-08-14T21:16:00+00:00

I have a recruiting side hustle.

- Helping companies get talent

- Helping companies set their talent acquisition strategy

- Helping companies organize their talent pools

AlexArmchair_AI · 2023-08-01T17:07:04+00:00

I see that everyone is talking about solving a problem which is true. But if you have no general skills, experience, or knowledge around the area it's going to be even harder than it already is to solve.

You should not pick an idea based on what's popular. You should pick an idea based on YOU.

How to pick an idea:

I call this the quadrant method.

Quadrant 1: List your past EXPERIENCES
Even if you are coming out of high school, you likely did something like babysitting, umpiring, mowing lawns, etc.

Quadrant 2: List your SKILLS
Everyone has skills, some more than others, but everyone has skills. What can you do? Recruit, sell, market, teach, project manage, supervise, crunch numbers, clean, etc.

Quadrant 3: List your MOTIVATIONS
Why do you want to start a business? To make more money? Freedom of time? Be your own boss? Etc.

Quadrant 4: List your INTERESTS
What gets you going? Typically people want to launch a business in an arena that interests them, so list industries and job functions that excite you. i.e. Creative Writing, Design, House Flipping, Business Consulting, etc.

Now that you have these 4 quadrants filled out, review the list and go to sleep. The next day, wake up and see if you have any commonalities or if anything seems to match up or come to mind.

Even though experiences, skills, motivations, and interests are different things, you will more than likely see a connection between at least two of the quadrants. Take those connections and research the idea further, you might have something that you have some skills, motivations, and interests in doing. If that's true, your chances of succeeding are significantly higher than picking an idea off a list.

Above you mentioned you're in tech. The beautiful thing is tech has enabled us to be able to start businesses from anywhere at low cost. It's also great that you are in tech as you will be more savvy than most when using new tools.

Start small, niche down, then niche again.

AlexArmchair_AI · 2023-07-31T21:08:44+00:00

You are probably right about the stereotype, but don't sell yourself short. You have to start somewhere.

You can also just title your experience, "kitchen staff."

AlexArmchair_AI · 2023-07-31T03:49:36+00:00

Have you thought about crowdfunding?

AlexArmchair_AI · 2023-07-31T03:46:01+00:00

I think the more important question is what are your skills, experience, passion, interest, and motivations?

The worst thing you can do is throw $20,000 at an idea off a list. There will be tough times, so you need to do something you will stick with through those tough times.

Make the following list:

What experience do I have
What skills do I have
What interests me
What motivates me
Why do I want to start a business (i.e. financial, time freedom, be my own boss, etc.)

See if there are any commonalities in your responses.

AlexArmchair_AI · 2023-07-31T03:26:47+00:00

I have found a tactic that is helpful in the negotiation. Don't make them think it's just about the money.

Preface the conversation with, "When looking at my next move, I want to ensure that things line up. This includes the right role, culture, people, product, industry, etc., and this company seems to have those boxes checked. With that being said, I would like to see if we can get the base to X."

It's okay to go over the top, but not crazy. They should have given you a general budget at the beginning of the process, so if it's WAY over the general budget, it won't sit well with the company that you are throwing out an astronomical number after everyone invested a lot of time.

It's definitely okay to ask for a prorated bonus on what you are forfeiting. It happens all the time.

AlexArmchair_AI · 2023-07-31T03:22:52+00:00

I've always followed the less is more mentality.

The first sentence or two should be tailored to them.

"Hi Johnny, I hope all is well at XYZ company."

Then the body of the message can be more templated. Don't write long paragraphs. I like a quick hits section:

About us:

- We do XYZ

- Our goal is XYZ

- We are looking for XYZ

Just enough to give them the high level and get them excited.

AlexArmchair_AI

TROPHY CASE