Want to be rich? DON’T Start a Side Hustle.

If you want to be rich and not just earn a few extra dollars, then you are wasting your time trying side hustles. Anyone can start a successful business if they know what they’re looking for. I’ll show you how to find business ideas and then rank them so you can find an idea to start your business in 2023. I illustrate it with examples of real, ordinary people who have found amazing success starting a business. This approach works whether you want to make money online or in an offline, traditional business, and certainly for small business ideas, too. If you’re looking for ways to get rich fast and easy, then look elsewhere, because that doesn’t exist.

Your host in this video has been the CFO of several software companies and offers a lifetime of business experience to his audience. Will has an undergraduate degree in Economics, an MBA in finance from Cornell University, earned the CFA charter (Chartered Financial Analyst), and has worked as an equity research analyst at top Wall Street firms in addition to his experience running entrepreneurial companies.

A few years ago, I decided to get serious about changing my life. I did my research, watching hundreds of hours of YouTube videos, searching for the ultimate side hustle. After careful consideration, I picked the one that seemed right for me. But if you think that by working just four hours a week for two months, I became a multi-millionaire, well, you’d be wrong. And if you believe that, I’ve got a bridge to sell you, too.

Here’s the truth: watching videos about side hustles is a never-ending rabbit hole. You’ll find yourself clicking on one video after another, hoping to stumble upon the perfect way to make easy money. After hours of aimless browsing, you’ll end up feeling lost, overwhelmed, and confused. Let me be upfront—if you truly want to change your life for the better, side hustles aren’t the answer. They’re a distraction, a quick fix for a little bit of extra cash. Your time and energy are limited, and filling up every spare moment with a low-paying side hustle will only keep you running on the hamster wheel, trying to keep up.

Instead of aiming low, aim high. In this video, I’ll Walk you through four steps to use your free time to build a real business that can transform your life. Rather than just pursuing a side gig for small supplemental income, focus on something bigger, something life changing. I’ve spent my career in venture capital and private equity-backed companies after earning my MBA from Cornell University. I’ve served as CFO of several software businesses, working closely with sales, marketing, and operations to help these companies grow. I share this so you know what I’m about to tell you comes from experience.

Now, here’s the secret to starting a successful business. Actually, it’s not really a secret, but it often gets drowned out in the endless noise of “how to make money” videos on YouTube. The truth is, finding success in business boils down to one simple formula: write this down and always remember it—one, identify a problem; two, solve the problem; three, get paid; and four, refine and repeat.

Let’s break this formula down further. Step one is to identify a problem. But before that, there’s an even more vital step—just get started. Stop talking about starting a business; stop endlessly watching videos and scrolling for ideas. Stop finding reasons why you can’t begin yet. Now is the time to take action. Procrastination is a killer of success, while momentum drives it. Once you start, it’s easier to keep going, so start now.

Now that you’ve begun, the next step is to identify a problem. The world is full of problems, and you encounter them daily. Sit down and make a list—don’t just wait for inspiration to strike with the perfect business idea. Think about the problems you’ve faced in your life, whether in your work or hobbies, and think about solutions to those problems. If you can solve them, you’ve found a potential business.

Every successful business is about getting paid to solve a problem. Take entertainment, for example—it addresses boredom, loneliness, and the need for distraction. A health or wellness business helps solve issues with information and support. A tax accountant solves the complicated and time-consuming problem of tax preparation. So, think back: what problems have you encountered that you’ve solved, or could solve, for others? What skills do you have that could form the basis for a product or service?

A woman I used to work with in New York City was interested in traditional Chinese tea. Even in a city with a thriving Chinatown, she was dissatisfied with the available options. She solved this problem by starting an online business called Tea Drunk, where she sells premium teas imported from China. She promotes traditional Chinese tea culture, offers classes, and has built a thriving business. A business doesn’t have to be complicated to succeed.

When you come up with a potential solution, estimate the size of the market. Ask yourself how many people or businesses have the same problem and how much they might pay for a solution. Venture capital investors always ask these questions, and you should too—it will help you choose the best business ideas to pursue.

Next, think about how you’ll solve the problem. Will you teach others, provide a service, or create a product? But don’t spend too much time designing the perfect solution. Instead, create a Minimum Viable Product (MVP)—the simplest product needed to solve the problem as you envision it. Bring this MVP to market and gather feedback from your customers. From there, you can refine and improve your product. This method is explained brilliantly in a book called The Lean Startup, which I highly recommend for all entrepreneurs.

For example, Kelly and Daniel, health and fitness enthusiasts, couldn’t find good workout videos on YouTube. So, they started their own channel, Fitness Blender, with simple, straightforward videos of themselves working out. Their MVP wasn’t fancy, but people loved it. Fitness Blender now has 6.7 million YouTube subscribers and a website selling premium content. Their MVP evolved into a wildly successful business.

After developing your MVP, you need to get paid. Estimate your costs, including your time, and set a price. You can base this on market research or your cost plus a reasonable markup. Be mindful that in the early stages, you might not know exactly how much your product will cost to produce or how valuable it will be to customers, so set a price that covers your estimated costs and allows you to make a profit.

John Lee Dumas, frustrated with the lack of daily podcast content, launched his own podcast, Entrepreneur on Fire. He initially focused on building a good product rather than making money. His podcast became a huge hit, and listeners started asking how they could launch their own podcasts. John responded by creating an online course, and over the years, his businesses have earned him millions of dollars.

The final step is to refine and repeat. You’ve identified a problem, built an MVP, and made initial sales. Now, continue improving your product based on customer feedback, and over time, think about how to scale your production—make it faster, easier, and more cost-effective. This is where you start to make your business into a factory, producing more, better, and cheaper.

To sum it up, the steps are simple: identify a problem, solve it, get paid, and refine and repeat. Regular people build successful businesses by following these steps—they’re no smarter or luckier than you. If you really want to change your life, don’t waste time on side hustles. Focus on identifying a problem and creating a solution. So, get started now, and I’ll see you in the next one.

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Once you’ve built the foundation for your business, it’s essential to remain consistent and keep moving forward. Remember that success doesn’t come overnight, but through steady progress, learning, and refinement. As you continue solving problems and refining your offerings, you’ll gain deeper insights into your market and customers, which will allow you to serve them better and expand your reach.

Scaling your business is where the magic happens. Initially, you may feel like you’re doing a lot of manual work, whether it’s creating products, offering services, or marketing. But as you grow, you’ll begin to systematize and optimize your processes. This might involve outsourcing certain tasks, implementing automation tools, or even hiring people to help with aspects of the business that consume too much of your time. By scaling efficiently, you’ll have more time to focus on strategic growth rather than getting bogged down by everyday tasks.

As you refine your product, it’s important to stay close to your customers. Their feedback is gold—it will help you understand what’s working and what needs improvement. In some cases, your initial product idea might evolve into something much more significant, thanks to customer insights. Never underestimate the power of iteration. The businesses that thrive are those that constantly evolve, learn from their audience, and improve over time.

A major advantage of building your own business is that you control your destiny. While side hustles might give you a quick influx of cash, they often don’t provide the long-term fulfillment or financial freedom that a business can. By solving meaningful problems and building something that people truly value, you’re not only creating income, but you’re also contributing something of real worth to the world.

One of the most crucial aspects of entrepreneurship is resilience. Along the way, you’ll encounter challenges—some products won’t work as expected, some marketing campaigns will fail, and you might feel like giving up. But remember, these are just learning opportunities in disguise. Every successful entrepreneur has faced setbacks; the difference is they didn’t quit. They kept refining, adapting, and pushing forward until they found their breakthrough.

The journey of building a business is filled with uncertainty, but it’s also full of excitement, creativity, and growth. As you continue on this path, keep your goals in sight, stay focused on solving problems, and don’t be afraid to take calculated risks. With persistence and smart strategy, you’ll not only build a profitable business but one that gives you freedom, purpose, and fulfillment.

So, if you’re ready to break free from the hamster wheel and pursue something that can truly change your life, then don’t wait any longer. The opportunity is there—you just need to seize it. Take the first step, and before you know it, you’ll be on your way to building something that could transform your future. Get started today, and I’ll see you in the next one.