The 5 in 5 Challenge: 5 businesses in 5 weeks
Ok, so maybe it’s 5 businesses/side hustles in 5 weeks but that just makes for a weird title. Maybe I should just stick to the 5 in 5 challenge…
So what is this 5 in 5 challenge?
I’m going to be doing 5 of some combination of launching businesses or doing side hustles in the next 5 weeks as a way to get started with and/or explore different areas of income. It will involve a mix of online businesses such as Amazon FBA and affiliate sites and side hustles such as freelancing online or taskrabbit.
The idea is to help me accelerate my understanding of what my options are for living a Location Independent Lifestyle. While this is certainly not an exhaustive list, it’s a start.
I have $2000 budgeted for the 5 in 5 challenge, plus any money I make within the project. The majority will be going towards Amazon FBA, which I will be continuing long past the 5 in 5 challenge.
Week 1 – Amazon FBA
Starting off strong with Amazon FBA, I intend on continuing with for at least 6 months.
I have actually already done a lot of the work for this, so it may be cheating a little but I am already set up and have done a lot of research and planning.
The main part of week 1 will be the actual purchasing, packaging and shipping of products. Eventually I will be moving to online arbitrage and outsourcing packaging/shipping but I’m heeding some advice that suggests that going through everything yourself and understanding the process is very valuable. Which I agree with.
$1000 will be going towards Amazon FBA which will include a mix of inventory, tools, and supplies. As well as shipping costs from the initial batch. I’ll go into more details on this journey in a later post.
Week 2 – TaskRabbit
TaskRabbit is something I find really interesting. It’s a fascinating app that lets you find local jobs. You can assemble furniture, organize someones closet and even just wait in line for someone.
Waiting in line for someone actually starts at $15/hour and appears to be the lowest paying job. I can’t believe someone is willing to pay that.
Actually, yes I can.
For TaskRabbit I have budgeted $120 for Travel and Food expenses. My plan is to head into Boston in order to increase my chances of getting a job so Train, Uber and one or two meals. I’m not sure how much this will all cost or how long I’ll be out there but I think $120 will be more than enough.
Week 3 – Buy an online business on Flippa
Since I am doing this in pretty rapid succession it doesn’t really make sense to be starting a website from scratch. Especially since I’m still working on this one.
To solve this problem I am going to go through the process of buying a website on Flippa. I have budgeted $500 for the purchase of a website on Flippa. I’ll be looking into the details more closely later to see exactly what that buys me.
Now to be clear, I do not necessarily expect this to be a hugely profitable idea (I imagine I’ll lose whatever money I spend) but I want to go through the process of buying on Flippa to get the experience.
Week 4 – Freelance Web Design on Craigslist
This part fits in well with my design 100 websites quest and I think craigslist is an interesting platform to explore in this way. They have an entire Web dev/design section that I can explore. I’m hoping it will be a simple job but I suppose that those don’t really exist.
Will be an interesting challenge.
I don’t expect to spend much here but just in case I’ll budget $80 for……coffee. 🙂
Week 5 – Fivrr/Upwork
I have not decided which one I will be doing yet. UpWork looks like the platform to get better work but Fivrr looks like it would be easier to get work in the timeframe.
I’ll have to figure out which platform will require the most work to setup and get jobs and then run in the opposite direction 😀
I think this provides an interesting opportunity to get some professional photos done so I will budget $300 mostly for that, and some more coffee.
This is going to be really interesting. I’m excited about exploring all the different opportunities out there, especially getting up and running with Amazon FBA.
To recap the budget allocations it is:
$1000 – Amazon FBA
$500 – Flippa
$300 – Fivrr/Upwork
$120 – TaskRabbit
$80 – Coffee. I mean Craigslist..
Hopefully I will be able to actually make some money on this and figure out which ones are an option to explore more going forward.
I’ll be sure to publish my progress as I go for anyone who may be interested.
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