James Altucher has a really great mental model for helping to organize and align a business idea. It’s perfect for turning a side hustle into a main gig. He calls it the wheel and spoke model.
The wheel is your core idea, but the spokes are all the ideas that come out of the center and support the rest of it.
Let’s start with a larger, established business as an example. A bank might take care of consumer financial needs as their wheel. But, their spokes include checking accounts, CDs, and mortgages, etc.
Now let’s think through some smaller examples.
A yoga instructor might offer a healthier lifestyle for active adults as her wheel. But, her spokes include in-person classes, online classes, one on one sessions, etc.
A band might write great original music as their wheel. But, their spokes are recordings, live shows, and t-shirt sales, etc.
A sales rep might need to move products for the company as her wheel. But, her spokes might include group presentations, one on one meetings, and social outings with clients, etc.
The wheel is the core idea. The spoke is one way to monetize it. The more spokes, the more robust the wheel. The more robust the wheel, the easier it is to get it moving and keep it moving.