I have some neat ideas to share on launching your side hustle this year.
Yes, 2023 is still ripe for the taking! Here’s the scoop:
- Kick off a service-oriented business
- Put together your own digital course
When it comes to budding entrepreneurs, there’s a common hiccup—overthinking!
They end up tangled in the details, and before you know it, they’re stuck in a cycle of analysis paralysis.
Here’s a bulletproof way to start down the path of leaving your 9-5.
Start a Service-Based Business
This option takes the prime spot.
After all, I did start and scale a service-based business, leading it to a successful exit for multiple seven figures.
So, I had to add it to the list, right?
Why Start a Service Business?
There are several benefits to a service-based business, including:
- Low Startup Costs: Unlike product-based businesses, service-based businesses usually require little to no upfront investment, making starting easier.
- High-Profit Margin: As you sell your skills or knowledge, the cost of delivering services is often low, leading to high-profit margins.
- Scalability: A service business can be easily scaled with the right systems and processes.
- Flexibility: Service businesses often allow flexible work hours and locations, enabling you to work when and where you want (I’m currently writing this from England).
How to Brainstorm Service Ideas
- Skill Audit: One of the tried and tested ways to generate business ideas is to conduct a self-audit of your own skills and pick something you already know how to do.
- Ease of Execution: Opt for an easy business idea to kickstart. Pick something you could monetize with minimal training (lawn mowing, dog walking, personal shopping).
Check out my full list of online business ideas here.
How to Get Started
To get your service-based business up and running, follow these steps:
Step 1: Identify Your Skill or Service: See above ^^
Step 2: Get the Tools You Need: Many service-based businesses require little more than a laptop; if you need it, get it, BUT don’t spend over $500 until you start making money.
Step 3: Get Selling: The easiest way to get business quickly is by freelancing platforms, contacting your network, and talking with friends and family. Use Thumbtack, Craigslist, Upwork, etc.
Step 4: Do Great Work & Get Referrals: Go above and beyond, then ask for a referral (or, at the very minimum, a testimonial).
Step 5: Upsell Existing Customers: If you provide a great service, your existing customers will likely want more — give them the option!
Step 6: Build an Online Presence: Not exactly step 6, but use a cheap tool (like Squarespace) to set up a website quickly. From there, start an email list, get out on social, and work on SEO.
Starting a Service Business: Disclaimer
Service-based businesses are the easiest businesses to start, therefore, you’ll have a ton of competition.
To get around this, you need two things:
- Exceptional Service
- Grit and Determination
Don’t get discouraged if it’s a slow start; keep moving forward!
Create Your Own Digital Course
Sharing your knowledge and skills with the world is an incredible way to earn some good income, and creating your own digital course allows you to do that.
Why Create a Digital Course?
Here is why you should consider creating a digital course:
- Passive Income: Once your course is created and launched, it can generate revenue for you 24/7.
- Low Startup Costs: Creating a digital course requires little upfront investment.
- Flexibility: Like a service business, you can work on your course anytime and from anywhere.
- Impact: You can impact thousands of people by sharing your knowledge and skills.
How to Brainstorm Course Ideas
- Skills/Knowledge Audit: Identify what you are good at or have unique knowledge that can be valuable to others.
A course does rely more heavily on the skills you’ve already developed, but it doesn’t have to be assembling rockets.
Think of gardening, lawn care, engine repair, website building, etc.
However, this does allow you to go deeper because you’ve already got the knowledge needed to create the course.
How to Get Started
To create your digital course, follow these steps:
Step 1: Identify Your Course Topic: See above ^^
Step 2: Choose Your Platform: My personal favorite is Gumroad. However, you can use whatever tools suit your course needs.
Step 3: Create Your Course Content: Typically, I’m a fan of low-production, actionable content. You only need an iPhone, Loom, and PowerPoint to create a killer course.
Step 4: Launch & Market Your Course: Leverage your existing network, social media, and other marketing strategies to launch and promote your course.
Step 5: Collect Feedback & Improve: Consider the feedback from your students and make improvements to your course over time.
Step 6: Upsell Related Products or Services: Again, it’s easier to upsell an existing student than to acquire another. In step six, make another course!
Step 7: Build an Online Presence: Just like a service-based business, having a strong online presence is crucial for the success of your digital course. Use an affordable tool (like Squarespace) to set up a professional website.
Step 8: Use Ads: This is an advanced step, but after you’ve set up your course, you can run ads to it. The process? Run ads, get customers (make money), and spend more on ads to scale.
Starting a Course: Disclaimer
Starting a course isn’t for the faint of heart. Because of all the numerous benefits, there are a lot of pros out there spending big bucks on courses.
To be successful, you need to stand out from the crowd by:
- Providing high-quality content
- Delivering a TON of value to your students
- Consistently marketing, learning, and growing
Don’t let this discourage you, though – if you’re passionate about what you’re teaching and committed to creating a great course, there’s no limit to how much success you can achieve.
There are many paths to leaving your nine-to-five and becoming a successful entrepreneur.
Starting a service-based business or creating your own digital course are just two options among many.
The key is finding something you’re passionate about that solves pain points for others and can deliver with excellence.
By following the steps outlined in this guide, you’ll be on your way to building a profitable and fulfilling business that allows you to live on your own terms.