Today’s read time: 3 minutes
What’s up party people! We’re back with another side hustle idea!
Before we dive into today’s idea, let’s connect on Twitter!
1. Business idea of the Week: A Custom Supplement Side Hustle
Every year Americans spend over $40 billion on nutritional supplements.
Protein powders, vitamins, pre-workouts…
This list goes on and on.
And this industry continues to grow by billions every year.
Why?
Because people want that extra boost to get them healthy and looking good.
So if you’re into health and fitness, I’ve got the perfect side hustle for you.
The idea: Create a ship-on-demand supplement brand.
That’s right… no inventory, no manufacturing, and no tweaking with different supplement recipes.
Websites like Supliful allow you to put your label on any pre-made supplement.
Things like protein powder, coffee, Ashwagandha, and almost any supplement you can think of.
All you have to do is upload your logo, approve the design, and then post your products on your online Shopify store.
But just like any online business, the key to this side hustle is generating traffic to your website.
Here’s how to get started:
Create a logo and brand name using a tool like Canva.
Make a website where customers can purchase your products from. I recommend using Shopify, which integrates with Supliful.
Once your online shop is all setup, you’ll need to drive traffic to it. This is by far the most important (and difficult) part of the equation. Here are 2 things to try:
Paid ads: Create user-generated content and run Facebook and TikTok ads. If you can get your acquisition cost low enough to pull a profit on every sale, this is the most scaleable traffic source.
Influencers: You can offer to ship influencers your supplements in exchange for a video on their social media. You can also give them a discount code for their audience and give them a commission for every customer they send your way.
Although this business model is simple, it’s definitely not easy.
Anyone can make this work, but it will take a lot of work.
If you want to work with 5 influencers, you’ll probably need to reach out to 300. It’s a game of numbers and effort, and most aren’t willing to put in the work.
You can check out Youtube videos like this one that talk about how to set up this type of business.
And that’s a wrap!
2. Things I’m Reading.
The Peak sells their 110K subscriber newsletter for $5M, just 3 years after starting - The Peak
10 Best Sales Movies to Binge this Weekend - The Follow Up
The Website Flip's - a newsletter for entrepreneurs interested in buying media-based business.
How to Not Write Like an Asshole - The Hustle (2015)
Becoming a Billionaire at 21
This guy’s story is crazy.
He’s responsible for one of the most popular VR goggles that you’ve probably tried and now builds technology for the military.
His name is Palmer Lucky, and he’s the 1656th richest person in the world, at only 30 years old.
Back in 2009, when Palmer was 16 years old, his personal curiosity led him to start building VR headsets. And just like every classic startup story, he started the business out of his parent’s garage.
In order to fund his businesses, Palmer used his side hustle of fixing and flipping iPhones on eBay, which made him $36K and allowed him to build the first version of Oculus.
In 2012, things got legit when Palmer launched his Kickstarter campaign for his Oculus VR goggles and raised $2.4 million, or 974% of his target. This allowed him to build a team with a real office space and hire a CEO to run the businesses.
Just two years later (in 2014), Palmer sold Oculus to Facebook for $2 billion at just 21 years old and personally netted roughly $700M. 😳
But Palmer wasn’t done there…
Palmer left Facebook in 2017 and started Aduril Industries, a defense company specializing in autonomous systems. (They build the crazy technology used by the military.)
Aduril is now valued at $7 billion, and Palmer has a $1.8 billion net worth.
Two multi-billion dollar companies, under the age of 30.
This guy doesn’t miss.
Except with his most recent product…
A VR headset that kills the user in real life when they die in the video game.
Let’s hope this doesn’t actually become a reality…
And that’s a wrap!