Hey there, beautiful souls! ✨ I’m so grateful that the universe has brought you to my little corner of the world. Since selling my startup, It Really Works Vitamins in 2022, I’ve been sharing daily blog posts on the lessons I’ve learned along the way and all the new things I’m still picking up. Once you’ve built an online business, scaled it, and sold it, you can achieve financial independence 🎉 or at least save many years of working a 9-5. So let’s dive into today’s book review shall we?
Today, we’re talking all about The Lean Start-Up model and how YOU can use it to turn your side hustle into a profitable business, even if you’re starting with no money.
Check out my video summary up on my channel 📺 👇🏾
Table of contents
- The Five Key Parts of the Lean Startup Model:
- The Three Key Principles of Lean Startups:
- How To Turn Your Side Hustle into a full-time Success:
Here’s a quick outline of the key points we’ll cover today:
- The Importance of the Lean Startup Model
- Five key parts of the Lean Startup Model
- The 3 Key Principles of the Lean Startup Process
- The “build-measure-learn” principle
- Tips for turning your side hustle into a full-time gig
A Harvard Business School study found that 75% of all new businesses fail. The lean startup methodology is here to improve your chances of success. Why? Well, you’re less likely to need a huge amount of funding to get up and running, you’ll be listening to what your customers actually need (instead of just following your gut), and you’ll fail fast and learn fast. In the lean startup process, failing isn’t really failing, it’s a learning opportunity!
The Five Key Parts of the Lean Startup Model:
- Find the right business model first before executing on it.
- Continuously test out your idea instead of sticking to a cast-iron business plan.
- Keep asking customers for feedback – this is your main driver of product development.
- Work in short iterations and ship improvements frequently.
- Always be re-assessing the direction of the business.
But before we go any further, let’s quickly clarify what a startup actually is: a business with an innovative product or service. In 2005, Steve Blank published “The Four Steps to the Epiphany,” where he explained why startups needed a brand-new approach compared to established companies. Traditional business plans rarely work for startups because they’re based on assumptions rather than real-life experience or data.
Enter Eric Ries, author of “The Lean Startup,” who shared the methodology he used to build his social media company, IMVU.
The Three Key Principles of Lean Startups:
- Experimentation and learning over long-term business planning.
- Customer feedback over the business owner’s intuition.
- Short, iterative product development cycles over long-term projects.
These principles are organized around the “build-measure-learn” process. For example, start advertising and shipping your minimum viable product (MVP), then gauge customer feedback to further develop and improve the product. So in summary:
- Start with a hypothesis, not a business plan.
- Test the product idea with potential users very early on.
- Build your product or service in iterations – short development cycles.
When turning your side hustle into a full-time gig, it’s useful to take on board the author’s insights and apply the Lean Startup methodology to your own side hustle: cut your learning curve and achieve financial independence and create a profitable business.
But before we go any further, let’s quickly clarify what a startup actually is: a business with an innovative product or service. In 2005, Steve Blank published “The Four Steps to the Epiphany,” where he explained why startups needed a brand-new approach compared to established companies. Traditional business plans rarely work for startups because they’re based on assumptions rather than real-life experience or data.
Enter Eric Ries, author of “The Lean Startup,” who shared the methodology he used to build his social media company, IMVU. The three key principles of lean startups are:
- Experimentation and learning over long-term business planning.
- Customer feedback over the business owner’s intuition.
- Short, iterative product development cycles over long-term projects.
These principles are organized around the “build-measure-learn” process. For example, start advertising and shipping your minimum viable product (MVP), then gauge customer feedback to further develop and improve the product. So in summary:
- Start with a hypothesis, not a business plan.
- Test the product idea with potential users very early on.
- Build your product or service in iterations – short development cycles.
When turning your side hustle into a full-time gig, it’s useful to take on board the author’s insights and apply the Lean Startup methodology to your own side hustle: cut your learning curve and achieve financial independence
and create a profitable business. Here are some:
How To Turn Your Side Hustle into a full-time Success:
- Be persistent and passionate: Stay committed to your goals and keep your passion for your side hustle alive. This will fuel your motivation and drive to make it a full-time gig.
- Network and collaborate: Connect with other entrepreneurs, industry experts, and potential customers. Building a strong network can provide invaluable resources, advice, and opportunities for collaboration.
- Invest in your personal growth: Continuously learn and improve your skills. Attend workshops, read books, and stay updated on industry trends to ensure you’re always bringing your A-game to your side hustle.
- Set clear goals: Create a roadmap to turn your side hustle into a full-time business. Set realistic, achievable goals and develop a plan to reach them. Remember to track your progress and celebrate milestones along the way.
- Prioritize your time: Efficiently manage your time by focusing on high-impact tasks that move your side hustle forward. Learn to delegate or outsource tasks when necessary to maintain a healthy work-life balance.
- Leverage digital tools: Utilize digital tools and platforms to automate processes, manage projects, and streamline communication. This can save time, money, and energy, allowing you to focus on growing your side hustle.
- Be adaptable: Embrace change and be open to pivoting your side hustle as you learn more about your target market and industry. Flexibility and adaptability are crucial traits for a successful entrepreneur.
Remember, achieving financial independence and turning your side hustle into a full-time business won’t happen overnight. It takes time, dedication, and hard work. But by applying the Lean Startup methodology and following these tips, you’ll be well on your way to creating a profitable, sustainable business that you love. 💖
Feel inspired by these insights? I’d love to hear about your entrepreneurial journey! Share your story and get featured on the FireFortuna blog. Let’s empower each other and celebrate our successes! 🥳
Keep Going xx🌟
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