Feeling $ BROKE? You're not alone

Dainer Made
29 Mar 202413:34

TLDRIn this engaging video script, Dainsey shares the challenges and triumphs of managing a woodworking side hustle. After a year of collecting pallets and successfully creating a flash outfeed table, Dainsey now faces a financial hurdle due to unexpected expenses. With a passion for creating handmade mallets, Dainsey is strategizing to overcome the lack of supplies and funds by repurposing existing materials and planning a production run to replenish stock. The narrative emphasizes the importance of perseverance, monetizing one's passion, and learning valuable business lessons along the way.

Takeaways

  • 🌟 The individual, Dainsey, embarked on a mission to repurpose 20 pallets, validating the effort through the creation of a flash outfeed table.
  • 💡 Dainsey's side hustle involves woodworking in a shed and has become a supplement to household income, covering unexpected expenses.
  • 🚀 The goal of the side hustle is to eventually transition into a full business, giving up the night shift job.
  • 🛠️ The woodworking business requires continuous investment, but Dainsey avoids borrowing money, opting to fund improvements gradually.
  • 💰 The side hustle income is crucial for maintaining and enhancing the shed as a business, but it's also subject to unexpected bills.
  • 🔄 Dainsey is facing a challenge of not having enough supplies (glue, flapper discs, coins) to produce more mallets due to financial constraints.
  • 🔨 Despite the struggle, Dainsey remains committed to the side hustle, emphasizing the importance of perseverance and passion in such endeavors.
  • 🤝 Dainsey expresses gratitude for the online following and support received, acknowledging that this has been instrumental in selling the mallets.
  • 📈 The script highlights the impact of inflation on the cost of producing the coins, which has increased from $4 to $7 each.
  • 🎯 Dainsey's strategy involves maximizing efficiency by doing a production run to prepare for future mallet creation, aiming to balance demand and supply.
  • 🛒 The individual's experience underscores the value of monetizing a passion, learning about business operations, and self-discovery through a side hustle.

Q & A

  • What is the main challenge Dainsey is facing at the beginning of the transcript?

    -Dainsey is facing financial difficulties as their woodworking money, side hustle cash, has run out.

  • What was Dainsey's mission over 12 months ago?

    -Dainsey's mission was to find 20 pallets, break them down, and see if the effort was worth it.

  • What did Dainsey do with the stretchers from the pallets?

    -Dainsey used the stretchers to create a flash outfeed table, which was initially intended to be a coffee table.

  • What is the purpose of the side hustle for Dainsey?

    -The side hustle supplements Dainsey's household income and pays for everything related to their woodworking activities in the shed.

  • How does Dainsey fund their woodworking projects and purchases?

    -Dainsey funds their projects and purchases one at a time, using the money raised from their side hustle without borrowing for capital investment.

  • What unexpected expense did Dainsey mention having to cover?

    -Dainsey mentioned unexpected expenses such as a dishwasher malfunction or a pet's medical emergency costing around $2,000.

  • What is the significance of the Dana-made coins in Dainsey's product?

    -The Dana-made coins are essential for Dainsey's product as they add a personal touch and branding, which customers appreciate and are willing to pay more for.

  • How does Dainsey plan to overcome the lack of funds for new coins?

    -Dainsey plans to salvage coins from unsold signs and personal mallet, and sell eight mallets to raise the necessary funds for new coins.

  • What is the impact of inflation on Dainsey's business?

    -Inflation has increased the cost of the coins from $4 to approximately $7 each, requiring Dainsey to sell more mallets before seeing any profits.

  • What advice does Dainsey give to those struggling with their side hustle?

    -Dainsey advises finding something one loves to do and figuring out how to monetize it carefully, so as not to ruin the passion for the activity.

  • How does Dainsey plan to manage their mallet production in the future?

    -Dainsey plans to do a production run to create a stockpile of mallet heads and handles, allowing them to continue making mallets throughout the year as demand arises.

Outlines

00:00

🛠️ Woodworking Side Hustle Journey

The paragraph introduces Dainsey, a passionate woodworker who has been on a mission to repurpose 20 pallets, finding the effort worthwhile. The narrative continues with the creation of a flash outfeed table from the harvested stretchers. Dainsey discusses the financial challenges of running a woodworking side hustle, including the need to fund tools and materials without external capital investment. The importance of the side hustle in supplementing household income and its role in handling unexpected expenses is emphasized. The story highlights the struggle of balancing the love for woodworking with the financial demands of maintaining a shed-based business.

05:05

💰 Financial Struggles and Solutions

This paragraph delves into the financial aspects of Dainsey's woodworking side hustle. Despite having sold several mallets, Dainsey faces the challenge of running out of essential supplies like glue and sanding discs. The discovery of a commission for an xtool laser in the PayPal account provides a timely financial boost. However, inflation affects the cost of producing the coins used for branding the mallets, increasing the financial pressure. Dainsey shares the importance of adapting to financial challenges and the need to sell more mallets to cover the increased costs. The paragraph also expresses gratitude towards the community for their support and emphasizes the value of persistence in the face of difficulties.

10:38

🎯 Goals and Future Plans for the Side Hustle

Dainsey discusses the future plans for the woodworking side hustle, which includes a production run to create a stockpile of mallets. The goal is to complete the hard work in one go, from turning the handles to sanding the skateboards, and assembling the mallets for future sale. The paragraph highlights the intention to optimize the production process and the importance of having a steady supply of products to meet demand. Dainsey acknowledges the support from the woodworking community and plans to continue creating mallets, despite the challenges and time constraints. The paragraph concludes with a positive outlook on the side hustle's potential and the satisfaction derived from pursuing a passion.

Mindmap

Keywords

💡Side Hustle

The term 'side hustle' refers to an additional job or business activity that one engages in alongside their primary job, often to supplement income. In the video, the narrator's side hustle involves woodworking and creating mallets, which they sell to supplement their household income. The concept is central to the video's theme, illustrating the challenges and rewards of pursuing a passion project alongside a primary occupation.

💡Woodworking

Woodworking is the craft of working with wood to create objects, furniture, or other items. In the context of the video, woodworking is the main activity of the narrator's side hustle, where they create wooden mallets and other wood-related products. It is a significant part of the video's content, showcasing the process of creating and selling handmade items.

💡Mallets

Mallets are tools with a heavy head and a handle, used for striking or for setting parts in woodworking. In the video, mallets are the primary product that the narrator creates and sells as part of their woodworking side hustle. The creation and sale of mallets are central to the video's narrative, highlighting the challenges of production, such as the need for supplies like glue and the importance of branding with handmade coins.

💡Flash Outfeed Table

A flash outfeed table is a woodworking accessory that catches and supports long offcuts produced during table saw operations. In the video, the narrator mentions having created a flash outfeed table, which was initially intended to be a coffee table. This term illustrates the versatility of woodworking projects and how they can evolve based on the creator's needs and creativity.

💡Branding

Branding refers to the process of creating a unique name, symbol, or design that identifies and differentiates a product or service. In the video, the narrator emphasizes the importance of branding their wooden mallets with handmade coins, which adds a personal touch and increases the perceived value of their products. This concept is crucial to the video's theme, as it highlights the role of branding in a side hustle's success.

💡Handmade

The term 'handmade' describes items that are made by hand, often with a focus on craftsmanship and individual attention to detail. In the video, the narrator's products are described as handmade, emphasizing the personal and artisanal nature of their woodworking creations. This concept is central to the video's message, as it underscores the value and appeal of handcrafted products in a side hustle.

💡Financial Management

Financial management involves the planning, organizing, directing, and controlling of financial activities to achieve business objectives. In the video, the narrator discusses the financial aspects of their side hustle, including budgeting for supplies and dealing with unexpected expenses. This concept is essential to the video's narrative, as it highlights the challenges and considerations of managing finances in a side business.

💡Inflation

Inflation refers to the rate at which the general level of prices for goods and services is rising, and subsequently, purchasing power is falling. In the video, the narrator mentions the impact of inflation on the cost of their handmade coins, which has increased from $4 to $7 each. This concept is relevant to the video's theme, as it demonstrates the real-world economic factors that can affect the costs and profitability of a side hustle.

💡Community and Support

Community and support refer to the network of individuals or groups that provide encouragement, resources, or customers to a business or individual. In the video, the narrator acknowledges the role of their online following and the support from local businesses and individuals in the success of their side hustle. This concept is integral to the video's message, emphasizing the value of community in fostering a small business or side hustle.

💡Production Run

A production run refers to a series of manufacturing processes that produce a large quantity of a product in a relatively short period. In the video, the narrator plans a production run of wooden mallets to stock up on inventory for future sales. This concept is central to the video's theme, as it illustrates the narrator's strategy for managing supply and demand in their side hustle.

💡Monetization

Monetization is the process of generating revenue from a product, service, or activity. In the video, the narrator talks about monetizing their woodworking hobby by creating and selling mallets as part of their side hustle. This concept is crucial to the video's narrative, as it explores the challenges and strategies of turning a passion into a source of income.

Highlights

Dainsey's mission to find 20 pallets and determine their worth, which turned out to be a success.

The process of harvesting stretchers from the pallets and creating a flash outfeed table from a coffee table design.

Dainsey's side hustle in woodworking and the challenges of supplementing household income without borrowing money for capital investment.

The importance of treating the side hustle like a business and prioritizing unexpected bills over business investments.

The creative solution to the lack of funds for consumables by repurposing existing products and materials.

The discovery of additional coins and the decision to use them for immediate production needs.

The impact of inflation on the cost of producing coins and the need to sell more mallets to cover increased costs.

The strategy of doing a production run to stock up on mallet heads and handles to streamline production and meet demand.

The gratitude expressed towards the community and individuals who have supported Dainsey's woodworking side hustle.

The advice for those struggling with their side hustle to persist and find a way to monetize their passion.

The benefits of side hustles for personal growth, learning about business operations, and enhancing one's skills without the full stress of running a business.

The production and sale of the first batch of mallets, which sold out quickly.

The unique and slightly unorthodox design of the second batch of mallets and their eventual sale.

The upcoming production of skateboard handle mallets and the humorous mention of a washing machine incident.

The conclusion emphasizing the necessity and benefits of having a side hustle.

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