Alex Hormozi: How to go ALL IN on your side hustle...

Last updated: Jun 18, 2023

The video is about the three-step process of going from a side hustle to a main hustle, including defining a side hustle, securing financial stability, and ensuring consistency and reliability in the side hustle before making the jump to a main hustle.

This video by Alex Hormozi was published on May 10, 2023.
Video length: 06:55.

The video is about how to transition from a side hustle to a main hustle.

The speaker defines a side hustle as a main hustle that has not gained enough size to support someone financially. He outlines a three-step process for making the transition, which includes securing financial stability, matching income from the current role, and ensuring reliability and consistency in the side hustle. The speaker also suggests picking a side hustle that one has experience with and starting as a contractor to learn basic business skills.

He shares his personal experience of saving up a safety net before quitting his job and starting his own gym.

  • A side hustle is a main hustle that has not gained enough size to support you financially.
  • Secure your family financially by living underneath your means with just the income from your job.
  • Your side hustle should at least match your income from your current role.
  • Transform your side hustle into your main hustle.
  • Show that your side hustle is reliable and consistent before making the jump to your main hustle.

How to go ALL IN on your side hustle... - YouTube

Alex Hormozi: How to go ALL IN on your side hustle... 001

Defining a Side Hustle

  • A side hustle is a main hustle that has not gained enough size to support you financially.
  • Having a job should be geared more towards learning than earning, especially in the first decade.
  • Secure your family financially by living underneath your means with just the income from your job.
  • Have a certain amount of savings before starting your next thing.
  • For Alex, it was six months of living expenses.
Alex Hormozi: How to go ALL IN on your side hustle... 002

Securing Financial Stability

  • Your side hustle should at least match your income from your current role.
  • If you're only able to work on your side hustle for four hours a week and you're doing half of your income as you're doing in your 40, then you should look at that rate.
  • If you can use logic and say yes, then you can make the jump.
  • The single hardest jump in all of entrepreneurship is going from the safest thing, which is a job, to being 100% eating what you kill.
  • Stack as many things in your favor to make that at the lowest risk possible.
Alex Hormozi: How to go ALL IN on your side hustle... 003

Ensuring Consistency and Reliability

  • Transform your side hustle into your main hustle.
  • Start a side hustle that you have a high likelihood of success with.
  • Take whatever you're doing in your current role and start doing that as a contractor.
  • Learn basic skills in business that you would have no other opportunity to learn.
  • Have a high level of consistency and reliability in your side hustle before making the jump to a main hustle.
Alex Hormozi: How to go ALL IN on your side hustle... 004

How to go ALL IN on your side hustle... - YouTube

Personal Experience

  • Alex started an online business and got 20 of his friends to pay him $200 a month each.
  • He saved $50,000 making $50,000 a year over two years, living on a third of what he could possibly live on at that time.
  • He sustained that level of income for six months.
  • He moved locations during that period of time and dramatically cut his overhead.
  • He showed that his side hustle was reliable and consistent before making the jump to his main hustle.
Alex Hormozi: How to go ALL IN on your side hustle... 006

Going from a Side Hustle to a Main Hustle

  • Define your side hustle and directionally correct path towards entrepreneurship.
  • Secure financial stability by minimizing overhead and living expenses.
  • Be willing to start with basic stepping stones and understand that your first business may not be your last.
  • Model a path that decreases risk, especially if you don't have prospects like a Wall Street finance job or a Harvard degree.
  • Ensure consistency and reliability in your side hustle before making the jump to a main hustle.
  • Be respectful of the risk you're taking on and be willing to do the basics, like living with roommates or working part-time to cover expenses.

Watch the video on YouTube:
How to go ALL IN on your side hustle... - YouTube

Related summaries of videos: