In 2023, side hustles contributed nearly $500 billion to the U.S. economy. Imagine tapping into that potential! Today, we’re diving into how you can start and grow your own side hustle.
In this episode of The Agent of Wealth Podcast, host Marc Bautis sits down with Joan Posivy, a seasoned entrepreneur who has turned side hustles into successful business ventures. Joan is also the author of the best-selling book The Way Success Works and the host of the Side Hustle Hero podcast.
In this episode, you will learn:
- How to start a side hustle with minimal costs.
- How low-cost side hustles can still be profitable.
- How to balance a full-time job with a side hustle – and transition it into a full-time business.
- Why focusing on one side hustle at a time is key to success.
- Common mistakes to avoid when starting a side hustle.
- And more!
Resources:
sidehustlehero.com | The Way Success Works | Bautis Financial: 8 Hillside Ave, Suite LL1 Montclair, New Jersey 07042 (862) 205-5000 | Schedule an Introductory Call
Disclosure: The transcript below has been edited for clarity and content. It is not a direct transcription of the full episode, which can be listened to above.
Welcome back to The Agent of Wealth Podcast, this is your host Marc Bautis. Today, I’m joined by a special guest, Joan Posivy, a seasoned entrepreneur known for transforming side hustles into successful business ventures.
Starting her career as a banker, Joan became the youngest bank manager at a Canadian financial institution, but soon shifted her focus to entrepreneurship. Joan’s first side hustle was a profitable Christmas tree lot, and she continued by revitalizing a failing delicatessen into a thriving business. Joan eventually left banking to pursue entrepreneurship full-time.
Author of the best-selling book The Way Success Works, and host of the podcast Side Hustle Hero, let’s welcome Joan to The Agent of Wealth Podcast.
Thank you so much, Marc. Glad to be here.
Joan Posivy’s Entrepreneurial Journey: From Banking to Side Hustles
So your initial side hustle – and introduction to entrepreneurship – was running a Christmas tree lot. What initially drew you to this particular idea, and how did you get started with minimal costs?
There were several aspects that attracted me. I’ve always had a few dollars in my pocket because to me, that meant freedom. My parents might have thought differently, but I’ve had a paper route since I was 10 and worked at a convenience store at 13. The Christmas tree lot was my first bigger side hustle. My business partner used to work at a garden center in a wealthy neighborhood, and they had a big parking lot available. It was the perfect location. The risk was high — the trees cost $10,000 — but it was a leap of faith. In December, sales were slow, and the lot was nearly empty, but right before Christmas, things picked up. It was a fun experience. I did it for several years, but it was short-term, only during the holiday season.
So it was a seasonal hustle. Were you also working a full-time job during that time?
Yes, I was still in banking at the time. The $10,000 wasn’t saved up — it was a loan, which added risk. But since I worked in finance, I was able to convince the bank to lend me the money.
When considering a side hustle, it’s important to think about the time commitment. How did you balance this with your banking job?
Great question. Since the Christmas tree lot was seasonal, it didn’t take too much time. People typically bought trees on weekends or evenings, which fit outside my banking hours. I didn’t mind putting in the extra time since I knew it was temporary. If it were a year-round hustle, it would have been more challenging, but short-term, I didn’t mind the extra work.
The inventory had to be sold before Christmas or it would be worthless after the season. Did that pressure motivate you to succeed?
With the Christmas trees, there was always a ramp-up in sales as Christmas got closer. Still, we had to think about strategies for moving the trees. For side hustles that last year-round, like food businesses, people often start by testing them at farmer’s markets. They might bundle products to move unsold inventory at a lower price. For example, a peach stand might sell slightly imperfect peaches in bulk for canning, which works well for both the seller and the customer.
The Power of Side Hustles: Balancing Work and Business
Do you see more people succeed by keeping their full-time job while running a side hustle, or by going all in and quitting their job?
It depends on personality, but most people are more successful when they keep their full-time job. Having that steady paycheck helps reduce the pressure as you build your side hustle. It allows you to focus on growing your business without stressing about immediate financial needs. You can take more time to make thoughtful decisions, which reduces the anxiety of needing immediate success.
Did you only have the Christmas tree lot as a side hustle at that time?
Yes, at that time it was the only side hustle I was focused on.
Many people juggle multiple side hustles. Do you recommend focusing on one, or should people try many and see what works?
It’s a common issue — shiny object syndrome. People often start a side hustle with the best intentions, but when it gets tough, they look for something easier. I’ve seen people succeed in multiple side hustles, but they usually give each one enough time to grow. The biggest reason side hustles fail is that people don’t give them enough time to succeed. On the other hand, some people thrive on variety. I had a guest who managed six side hustles that complemented each other — dog sitting, teaching piano, gardening, and more. That’s rare, though. For most people, I recommend focusing on one until it’s stable.
So her side hustles fed into each other?
Yes, that’s exactly how it happened. She was dog-sitting and looked out the window, noticing the flower beds could really use some work. She ended up doing one of the beds as a freebie to show her skills — that was her marketing piece. After seeing the results, the homeowners asked her to do the rest.
Right, and like you mentioned earlier with the side hustle hero who was doing one thing, got discouraged, and then found a TikTok, I see that a lot. People seem to want instant success, but the reality is, if it were that easy, everyone would be doing it. At some point, you have to decide, “This isn’t working,” and move on to something else.
Exactly, and there’s nothing wrong with that. Along the way, you learn from both your successes and your “learning experiences.” With any first side hustle, you get to know what worked, what didn’t, and sometimes, you learn more about yourself — what you like and don’t like. For example, my business partner is all about the outdoors. You couldn’t give him an office job — it’s like oil and water. On the other hand, someone else may prefer sitting at a desk, working on their computer with minimal interaction. So, it’s about knowing yourself.
Trends in Side Hustles
Are there trends in side hustles? Do certain ones become popular at particular times?
Definitely. Right now, anything AI-related is trendy. But if people are starting a side hustle to earn extra money, which I think is the main motivation — whether it’s for a trip, groceries, or education — there are some profitable ones that fly under the radar. For example, cleaning up trash in industrial areas. The startup cost is minimal — under $100 — and you’re hired by property managers to pick up trash early in the morning. It’s not glamorous, but it’s a great side hustle to consider.
I also had a guest who does a caramel corn business — just one day a week. His full-time job is construction, but he’s making great money from this side hustle. His product costs almost nothing to make, and he sells it for $8, paying someone $100 for the day. No brick-and-mortar lease, just farmer’s markets. These markets often limit competition, so vendors tend to succeed. It’s a great place to test out your product without committing to a long-term lease.
After chatting with Jonathan Chut, I became a huge fan of farmer’s markets. I was standing in line at my pasta vendor’s stall, watching a nearby bread vendor. I estimated they were going to gross about $2,000 that day — impressive for a single day of sales.
Jonathan also pointed out that some vendors fail because they don’t understand their product costs. For example, a guy selling steak sandwiches was charging too much for his product, while Jonathan’s popcorn costs pennies to make. When I had a soap maker on, she was one of the few who actually knew the cost of a bar of soap. It’s crucial, especially when people say they have a six-figure business. You need to know your actual profits, not just revenue.
That’s so true. In entrepreneurship, people often want to be their own boss but don’t realize they need to understand all the nuts and bolts to succeed. Let’s talk about more expensive side hustles. Can someone get a loan or funding to start a bigger side hustle, or is it all about borrowing from friends and family?
Government funding? I’m not sure, since I have a global audience, but in Canada, there are programs available. However, I personally lean toward the private sector. As an entrepreneur, I prefer avoiding the bureaucracy of government programs. However, there are entrepreneurial courses and grants out there.
I’ve also had guests who work with vending machines. Some are getting into AI-enhanced machines, where you just scan your credit card and pick items off the shelf. The startup cost for these is around $700 — just enough to lease the machine and stock it. It’s an interesting idea if you’re looking for a relatively low-cost side hustle.
AI in vending machines — that’s fascinating! But what about transitioning a side hustle into a full-time job? Are there certain side hustles that naturally lend themselves to that transition?
If someone wants to eventually leave their full-time job, they need to choose a side hustle with the potential to scale. I always recommend considering your 10-year vision. Ask yourself: What do I want my business to look like in 10 years? Once you’ve painted that picture, break it down into smaller goals. What do you need to achieve in five years, one year, and even this quarter? Treat your side hustle like a business, regardless of whether it stays a side hustle or turns into a full-time job. Even if you’re working on it just a little each day, it will slowly move you closer to your goals.
Turning Side Hustles into Full-Time Careers: Tips for Success
That’s great advice. It’s all about planning and staying focused. Speaking of that, what are some of the biggest mistakes people make when starting a side hustle?
First, people often don’t give it enough time. They think they’ll see success quickly, like in those TikToks where people claim to retire after a few weeks. It doesn’t work that way — it always takes longer. There are so many learning curves. For example, when I first launched Side Hustle Hero, I wanted to do both audio and video right away. I didn’t realize how much I still had to learn, so I focused on just audio to get started. You just have to begin and learn as you go.
The other mistake is time management. People need to carve out time for their side hustle. It’s about trade-offs — you’ll need to give up some things to make room for your side hustle, whether it’s TV time or socializing. And remember, it’s a choice. You’re building something that could generate extra income for whatever you want — don’t view it as a sacrifice.
So true. What about the time management piece? Are there any other considerations?
Yes, if you’re living with someone, they’ll need to adjust too. For example, if you decide to spend two hours working on your side hustle instead of watching TV with family, it’s important to communicate that. Finally, you need to make sure there’s actually a market for your product or service. Even if you love it, is there demand? Is the market already oversaturated? If so, you’ll need a unique angle to break through.
Do you see more success with solo entrepreneurs or those who partner with someone?
It’s a tough one. On one hand, many people say to go it alone, so you have full control. On the other hand, I’ve had a business partner for 42 years, and we work really well together. He pushes me when needed, and vice versa. That’s been invaluable. But for solo entrepreneurs, it’s crucial to surround yourself with supportive people — whether that’s a community of like-minded individuals or other aspiring entrepreneurs. These people will help you stay motivated and stay on track. As your success grows, be mindful of the people in your life who might be envious or try to pull you back. Make sure your support network is positive and encouraging.
Alright Joan, that’s all of the questions I have for you today. Thank you for joining me for an episode of The Agent of Wealth Podcast. Before we go, how best can listeners reach out to you and get a copy of your book?
Everything can be found at sidehustlehero.com, where you can access the Side Hustle Hero podcast and my book, The Way Success Works.
Great, we’ll link to those in the resources section of the show notes. Thanks again, Joan. And thank you to everyone who tuned into today’s episode. Don’t forget to follow The Agent of Wealth on the platform you listen from and leave us a review of the show. We are currently accepting new clients, if you’d like to schedule a 1-on-1 consultation with our advisors, please do so below.
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