INTRODUCTION – GROUP SESSION
This resource will help you facilitate a short session to help a group learn from the One Idea Summary on Five Factors for Evaluating a Side Hustle.
- Be able to list and describe the five factors for evaluating a side hustle.
- Demonstrate how to use the five factors to evaluate a side hustle.
Send a copy of the One Idea Summary on Summary on Five Factors for Evaluating a Side Hustle to the participants one week before the session. They are to read it before the session and bring it with them.
Introduce the session
Introduce the session by sharing the learning objectives with them.
Review the five factors
Put them into small groups of 3 – 4 people and tell each group to discuss what they read about the five factors from the One Idea Summary on Five Factors for Evaluating a Side Hustle. Also tell them to be ready to talk about what they discussed.
Give them 10-minutes.
After 10-minutes stop them. Ask each group to tell you what they discussed. Make sure their feedback shows that they know and understand the five factors. If not, use the One Idea Summary to remind them of the five factors.
Next, you will show them an example of how to use the five factors to decide on which side hustle to pursue.
Example – Using the five factors
Tell them that:
- You are going to show them how to use the five factors to decide on a side hustle.
- Following are two examples in a table. Draw them up on flipchart paper for them to see.
- Then score both hustle ideas and use the scoring to make a choice.
How to score:
- H is for High, rated as 3
- M is for Medium, rated as 2
- L is for Low, rated as 1
Next tell them to add up the scores and decide on which is the best hustle to launch now.
They should choose the weekend market food stall. After that, tell them that:
- While the best choice to go for at this time is the weekend market stall because it has the better scores based on the five factors, in the future it may still be possible to pursue the ice cream van hustle.
- Also, the ice cream van may potentially be more profitable than the weekend market food staff, but we also need to bear in mind that it is only viable during warmer weather.
- Now that you’ve seen the example let’s get you to work on a case study.
Activity – Evaluate a side hustle
Write the following information up on flipchart sheets and put them where they can all see and read the information.
- Online store selling ladies shoes sourced from charity shops and heavily discounted sales.
- Online store selling children books and toys sourced from car boot sales and Saturday markets.
Next put them back into the groups that worked on reviewing the One Idea Summary at the start of the session.
Tell each group to use the five factors to evaluate the two side hustle ideas and decide on which one to go now.
Let them know that:
- You understand that the information you are giving them is very limited and in real life they would do more research to get the necessary information. They should use their imagination.
- What is more important is learning how to use the five factors and not so much whether the scoring is accurate at this point.
Give them 20-minutes for the activity.
Review Activity – Evaluate a side hustle
After 20-minutes stop them and bring the whole group back together. To review the activity, you will ask them some questions, but don’t give any opinions. The aim of the exercise was to get them to think about how to use the five factors in reality.
Ask each group to tell you:
- which side hustle they went for, and
- why they chose that side hustle. They should use their scoring to justify their answer.
After listening to their answers, tell them that:
- The side hustle that each group chose might be different because you scored them differently based on what you personally know about each hustle.
- For this activity that doesn’t matter, but in real life you will need to gather much more information to aid you with the evaluation.
- In reality you can never get perfect information. Therefore, get the best information you can, do the evaluation and launch your side hustle quick and cheap.
After that, thank them for doing the activity and move on to review and close the session.
REVIEW AND CLOSE
To review the session tell them that:
- During this session we explore five factors that can be used to evaluate the viability of side hustles.
- We first reviewed the One Idea Summary on Five Factors for Evaluating a Side Hustle.
- Then we discussed an example of how to use the five factors.
- And you also had some practice applying the five factors.
- If you have a side hustle idea, then these five factors should be part of your toolset to launch your side hustle as soon as possible.
After that end the session.
End the session