“I must not be involved in it.”
In 2018, I traveled to many countries around the world. I visited Japan, Korea, Hong Kong, Canada, United States, New Zealand, etc. It was quite a fun time (but very tiring) in my life.
Traveling the world and working away from home is pretty cool, right? You can visit many places you’ve never seen before and enjoyed your life.
During my time traveling in each country, I spent some time to manage my spare time business. It went pretty well, and it didn’t affect my traveling schedule too much.
That’s a good thing when we have the spare time business; we don’t need to pay attention to it too much.
When I started doing this, I decided NOT to put myself to my part-time business.
This is very important.
I have main businesses I work with my team, and I need to spend the time to take care of them.
So, for the spare time business, I can’t be involved in it much. The time is not enough.
I set the rule. I must not be involved in it, and it must take a lot less time to manage if there is anything I have to do.
There are two questions I will consider when I look for the business model that I will be doing in my spare time.
- Is it a long-term business model?
- Can the process be automated?
First, it must be a long-term business model I can rely on. For example, if it’s about making money from the Google AdSense, all sites must be white hat and follow Google’s rules.
What if Google AdSense disappeared? (Low chance). Is it difficult to find the replacement and make the same amount (or higher) of the income?
Can I change the site from making money from the contextual ads to selling digital or physical products? Does it require much time to manage?
Answer these all questions before deciding on whether you should or shouldn’t do it.
Okay, one more example:
If it’s an eCom business, the niche must be evergreen, low competitive and it must be easy to find a supplier to supply the products. The traffic source must be stable and easy to control too.
Although my team is really BIG fans of Facebook Ads as we have spent almost $5M on it, we find that something inside Facebook always changes.
On some days the cost is very low, but another day it went through the roof. We have made a lot from the Facebook ads, but it requires time to manage.
So if I want to build another eCom business in my spare time, I need to change the business model. I want a stress-free business model so I won’t use Facebook Ads as my main traffic source because it takes time to manage.
I’ll tell you more about this later.
The second thing I will check is, can I automate the tasks for that business model?
The tasks should be able to be done by “few people” or “technology”.
I emphasize the word “few people” because few people are easy to manage than many people. If the spare time business model needs many people to get it done, then it will be difficult especially when you get started.
Can I put some people into the system?
One of my spare time businesses (I’ll tell you about this soon), only two people are working on it. Oh, and this business model has made me five figures per year passively.
This business should not require too many people to manage. Make it as small as you can so you can get started quickly and manage the team easily.
Also, there are so many tools on the internet you can use to automate tasks nowadays.
Apply “technology” to your business model
I have used a few tools for my business to automate many tasks. For example, I use GearBubble Dropship Service to make a custom product and fulfill the item automatically when there is an order.
Try to check out some of the tools or services and see how they can be used in your business model. If there isn’t a tool that can do the work or the cost is too expensive, hire some people.
Remember, this business should not require too much time. Try to put some people or technology to your business model and automate things.
I’ll show you one business model I’m working on next.