No Business Degree? No Problem! Here's How to Evaluate a Side Hustle Without a Degree

Hey SideNerds,

We’re cranking up the dial this week with a new daily post every day for the next five days!

We’ll cover everything from super weird, niche side hustles you can start to earn you $$$ today, and stuff like where and how to find ‘em.

Let’s jump right into it.

Picture this: You're scrolling through your feed and you see another post about a freelancer making six figures from a side hustle. And you’re thinking: “How the f%^$ do I start making six figures from a side hustle?”

Well, lucky for you, it’s 2023. These days you don’t need an MBA to start a business. Just follow these pro tips.

1. Invest in SEMRush

First thing’s first, invest in SEMRush.

SEMRush is a pretty comprehensive SEO tool that provides data and insights related to a website’s online visibility and performance. The tool primarily focuses on:

1. Keyword Research: Identifying keywords that users are searching for on search engines, their search volume, and the competition around them.

2. Competitor Analysis: Analyzing what other businesses in the same industry are doing online, including their search rankings, advertising strategies, and content.

3. Website Analysis: Providing insights into the performance of a particular website in terms of organic search, paid advertising, backlinks, and more.

Assuming you’ve found a side hustle or business you’re interested in,start your research with SEMRush’s Keyword Magic Tool to find out how large of an audience you can reach or how big the market share there is.

Start by searching related keywords. The keywords with high search volumes show the potentially massive audience out there that’s interested in this topic.

Next, focus in on Keyword Difficulty % (or “KD %”). Low keyword difficulty signals that there aren't many strong competitors. It means the market isn’t oversaturated, making it easier for you to establish a foothold.

Here’s an example of a super niche set of keywords with solid monthly search volume (3.6K) and only a 26 out of 100% keyword difficulty score. That means if you were to build or buy a sublimation printing business, you’d stand to inherent a ton of search traffic. (…more on this crazy good opportunity in tomorrow’s newsletter).

2. Scope out different online business marketplaces

Once you're armed with a data-driven mindset, it's time to venture onto online marketplaces to find businesses and side hustles worth double-clicking on. Think of these platforms as the farmer’s markets of the business world. Fresh, diverse, and waiting to be explored, these are the best online business marketplaces out there right now:

• Tiny Acquisitions: Tiny ventures with serious scalability

• Acquire: From tech tools to organic blogs, scoop up startup or established businesses

• Side Projectors: Lil’ side projects for cheap… but do your research, there are tons of scammers out there

• Duuce: Marketplace dedicated to the buying and selling of newsletters

3. Don’t be afraid to reach out to sellers & ask questions

While businesses on listing sites and marketplaces have undergone some scrutiny i.e., scammers, the final evaluation rests on you. Here's what you should be asking sellers you’re reaching out to.

For every business, consider asking:

• How many total sales have they made?

• Do they have any emails of customers that they’ve been collecting?

• What's their monthly recurring revenue (MRR)?

• Can they share their website’s or product’s analytics?

…If you’re buying tech, make sure to ask:

• How many active users i.e., daily/weekly/monthly does the product have?

• How does the actually tech work? Have them explain it to you as if you’re a five year old.

• What are the monthly technical operation costs i.e., servers, web hosting, etc.

Think of this phase like dating. You’re getting to know the seller, and what you’re getting into.

4. Send ‘em an mNDA (Mutual Non-Disclosure Agreement)

An mNDA sounds more complicated than it is.

If there’s mutual interest and things are getting serious, it's only fair to set boundaries.

A mNDA ensures both parties can discuss deeper details without risking any leak of proprietary information. Remember, it's not distrust—it's smart business.

There are tons of templates out there.

5. Financial deep dive

Before making the leap, arm yourself with financial fluency. Understand balance sheets, cash flows, and income statements. There are tons of YouTube videos out there that dive deep into the basics. Here’s one that’s easy to follow from a guy who doesn’t seem super annoying:

6. Trust your gut

Data, evaluations, and advice are vital. But at the end of the day, it's your call. If a business aligns with your vision and values, and you genuinely believe in its potential—take the leap.

To put a bow on it

The world of business is no longer an elite club. It's an open playground for the curious, the passionate, and the persistent. And while credentials can be a great asset, they're not the only key to success. What matters more is the ability to adapt, learn, and grow. With this guide, you're not just window shopping in the business world; you're making informed, strategic moves. Dive in, engage, explore, and remember: every mogul started somewhere. Why shouldn't that be you?

Cheers to your entrepreneurial journey, SideNerds!