Happy Monday!
If you’re interested in creating an additional stream of income, then this email is for you. And if you’re not, I think you should reconsider.
Why? Because the world is rapidly changing...
- America just printed TRILLIONS of dollars (out of thin air)
- Inflation is through the roof (highest ever in last 40 years)
- The fed just tried to fire people for not getting a vaccine.
All scary stuff - yes - but don't get discouraged!!!
Instead, think outside the box.
Here is my 6-step blueprint for creating an additional stream of income:
- Trade time for money - This is a good place to start, but it should be your mission to graduate from this level as soon as possible. First, determine what skills you are good at and could sell, then create a gig on a site like Fiverr or UpWork. Why? Because these guys handle all the marketing for you, and you don't have to spend money creating a website or attracting customers. This is especially important when your first getting the hang of a new side hustle, and when determining what people are willing to buy / where they hang out. If you are able to make consistent money in this stage, you may be on to something that can scale. Learn more here: The Art of The Start.
- Turn your side hustle into an online business - You'll quickly learn that sites like Fiverr and Upwork take a hefty chunk of your profits (up to 20%). This is fine in the beginning, but as you grow you will want to take your side hustle "in house." Sure, this is more leg work, but it is more advantageous to you in the long run. You own your customers. You own your profits. You own your marketing. You own your business! To set this up, I recommend creating a Wordpress website through HostGator or BlueHost, using Elementor to make it stand it out, then collect email address using a platform like Sendfox or Covertkit. Creating a list of customers by collecting emails should be the biggest thing you seek from day one.
- Determine a monetization method - The longer you experiment with your product or service, the better acclimated you will be for establishing cash flow. For The Hungry Beaver, I chose a subscription model because it helps me anticipate how much money I will receive on a monthly basis. This understanding helps me grow the brand by allocating an appropriate amount of funds towards creating new content and products that will then increase the value of my offering over time. To process payments I use Stripe, but would recommend doing heavy research to determine what provider is best for YOUR business. Shopify and WooCommerce are good avenues too. Don't forget about GabPay (depending on your audience).
- Identify marketing channels - How you attract new eyeballs and customers is arguably the hardest step to growing a business. Every startup entrepreneur would agree that marketing is difficult. For me, I post my blogs on a variety of platforms (Hive.blog, Publish0x, Medium) with links at the end of them to encourage people to subscribe to this newsletter. I also leverage alternative social media platforms like Gab, Gettr, and Minds to find my target audience, connect with them on a personal level, and funnel them to my blog. Everybody's marketing channel(s) is different, so it's important to create as many as possible that work with the content your creating on a regular basis. When done right, this can provide new customers while you sleep!
- Package skills into products / subscription - Some entrepreneurs have leveraged sites like Substack to create a paid newsletter, while others have packaged information products into courses / digital mediums that can be sold on marketplaces like Gumroad. The platform you use directly correlates to what you're selling, so be sure to do your homework when determining which sites to want to utilize for your business.
- Automate / outsource / scale - To be successful in creating a scalable product or service, you need to have a firm understanding of how it all comes together so that it can be replicated by someone else, or in bulk. Like I said in step one, trading time for money needs to be temporary, because when you are receiving more orders than you can personally handle, you will need help. I recommended paying careful attention to all the inputs that go into your business (i.e. labor time, costs, level of skill, etc.) from the beginning. Don't over hire, but make sure you are growing at a healthy rate so that you can increase your earning potential while maintaining quality and profits.
Hope this was helpful! I decided to share this blueprint today after conversations I had over the weekend with fellow Americans on Gab.
In short, I was pleasantly surprised by the number of people looking for alternative ways to earn more money amidst all the uncertainties facing Americans and the economy today. They're being proactive!
This same blueprint is what I shared with them, and I'm hoping you found value in these steps too. If you want more of this content, consider supporting The Hungry Beaver by subscribing to my newsletter.
God bless,
-Beavs