In our research of over 5,000 people, we {discovered that} the #1 barrier to making {additional money} was, {by way of a} huge margin, {choosing the best} idea.
In this post, I’ll {demonstrate} {the initial step} of identifying, testing, iterating, and validating {your opinions} to virtually guarantee that you’ll {earn more income} {to call home} a richer life. This {is really a} lengthy post, {and when} {that is} your {first-time}, I’d suggest you {browse the} whole thing through. If you’ve already done that (or are short {promptly}), use these links {to access} your most needed parts:
Recently, {among} my readers, Barbara S., made {an extremely} interesting comment that highlighted why {lots of people} can’t {look for a} money-making idea that’s actually profitable:
“{Most of the} people who {concentrate on} the “save” {1 / 2 of} things {achieve this} {since when} they {concentrate on} earning, {things that} {one thinks of} are so little that saving actually does {measure} better.
For instance: {I’ve} {a continuing} freelance gig that {earns} over $1,000 {monthly}. {Since it} sometimes results in {an extended} day, {I’ve} no problem {carrying it out} over a sandwich {instead of} working {and} cooking. $10 meal versus $300 session of work.
The friends who find this wasteful aren’t {thinking about|considering} that scenario. They’re {considering} {performing a} $15 {one hour} shift someplace: $45. So, they’d rather cook at home and save the $10 than earn $45.
It makes {sense}. If you’re {uncertain} {steps to make} {additional money} with {the abilities} you {curently have}, and {the only real} ideas {which come} to mind {will create} a paltry $50/month, why would you {make an effort to} {make money}?
Here’s the kicker, though: I’m not {discussing} a crappy $50/month. I’m {discussing} $1,000+.
Today, {I wish to} challenge {the idea} {that you ought to} “{search for} {a concept}” {to create} {additional money}.
Instead, I’ll {demonstrate} {step one} of identifying, testing, iterating, and validating {your opinions} to virtually guarantee that you’ll {earn more income} {to call home} a richer life.
Freelancing {may be the} easiest business {to create} {additional money} with right NOW
Let’s first cover {several} stipulations. For delusional people, these will crush their kooky dreams of living a passive-income lifestyle {without} work. {But also for} {folks who are|individuals who are} serious about {making profits} – and who {recognize that} to {make money} passively, {you must} start out {carrying out work} actively ({exactly like} I’ve done) – {this is exactly what} {you should know}.
- Out of the 3 primary {methods to} earn money, {the simplest way} to {make money} {privately} is to {take up a} freelance business, meaning you take your skills and turn them into direct income. It costs virtually nothing {to begin with}, {you can begin|you could start} earning money {immediately}, {and you may} rapidly {ensure that you} refine {everything you} offer to earn {a lot more}. {Because of this}, freelancing {would be the} main focus of my {approaches for} earning more, but {remember that} {it is possible to} ({and several}, {a lot of} my students HAVE) applied these lessons to other productizing {or even to} increase salary at their regular jobs. (Productizing is unrealistic for most {folks who are|individuals who are} starting out {because it} involves {both} critical {areas of} freelancing, {in addition to} {a completely} separate {group of} skills.)
- MOST jobs can translate {straight into} freelance work and EVERY job implies skills {that may} transfer to indirectly to related freelancing jobs. But {there’s a} small percentage of professions that can’t: {For instance}, you don’t see any freelance cardiothoracic surgeons.
- People {be worried about} {enough time} involved, but {that is} really just {a justification} {to accomplish} nothing. {Do you consider} successful people say, “Waa…if I start {making profits}, I’ll have {an excessive amount of} work, and I don’t know {easily} want that…”? {Needless to say} not. They {understand that} {the true} problem {gets} {hardly any money} at all, not getting too much. Since you’ll be {earning money} {privately}, {it is possible to} control {how much} time you {devote}. {You can find} proven {methods to} minimize {enough time} you spend {in order to} hit your target goals. Finally, it’s FUN {to earn much more}, not drudgery.
- Just like dating, {it’ll} probably take repeated failures {to discover a} good match {in the middle of your} skills and what {the marketplace} wants.
Please re-read that last point about repeated failures.
This {is just about the} {most significant} fact {to bear in mind} as you’re working through ideas {that may} {cause you to} money. {Personally, i} keep a “Failures” tag in Gmail where, if I’m not getting {at the very least} 5 failures/month, {I understand} I’m not doing enough.
What are your real skills, and {how will you} turn them into {a thing that} other people {can pay} for? Let’s say {you’ve got a} full-time job as a project manager or salesperson or translator. {How do} turn {everything you} already know {how exactly to} do into $200/month, $500/month, {as well as} $5,000/month in side income?
Making {additional money} is about {developing a} process to rapidly find, test, and {create a} {group of} ideas {and soon you} {find the appropriate} idea that’s profitable.
Of course, it’s difficult. It’s {said to be} hard!
The biggest wastes of time every new entrepreneur tries-and fails at
Most people {spend your time} on {items that} will never {create a} cent of income.
If your goal is $1,000+/month, {listed below are} {the largest} wastes of time:
- Setting up a Twitter account
- Setting up a Facebook page
- Setting up a blog
- Buying business cards
- Getting {a small business} license
- Doing anything back office-related
This angers {plenty of} cranky unsuccessful {people}, mostly {since they} see themselves in {the aforementioned} and wonder why they’re “still” not {making profits} – {despite the fact that} “they’ve done everything {they are able to}.”
Yes, they’ve done everything {they are able to}.
EVERYTHING EXCEPT {SPEAKING WITH} SOME GODDAMNED PROSPECTS.
It’s so {easier} {to create} a useless Twitter/FB page than {speaking with} actual people about their actual needs, isn’t it? I swear to god, {easily} hear {someone else} complaining {concerning the} business, yet they haven’t done any customer research, I’m {likely to} drink 40 gallons of water, {have a} barrel {right into a} sauna, sit {inside it}, and drown myself {in my} sweat. What the hell is wrong {with one of these} people?
None of {the aforementioned} things {are certain to get} you paying customers.
In fact, {they’ll} distract you from {everything you} {should} be doing, {that is} identifying {the requirements} of {potential prospects}, {speaking with} them, and validating (or invalidating) {your opinions}. I have {a man} who {works together with} me who {does not have any} website, yet {he could be} killer at understanding what his clients (aka me) need. I paid him $10,000+ last month.
Because it’s hard, the rewards {of earning} {additional money} are large.
How {to become} freelancer
Making {additional money} by learning {how to be} a freelancer {isn’t} some simple 1-2-3 checklist, {that is} what {a lot of people} want: A one-size-fits-all solution {they can} “set and forget” {and} magically start earning {additional money}.
Here’s {the good thing}, though: Because it’s so challenging, the rewards for earning more are likewise extraordinary. That’s because 90%+ of ordinary people {only will} {disappear completely} and play Xbox {as of this} step, leaving {those that} rose to {the task} {to get} the lion’s share of the rewards.
You’ve been warned – {in the event that you} expect this to be easy, or if YOU’RE {one particular} people {searching for} the one-size-fits-all, then just {disappear completely}.
If {you anticipate} {a couple of} guaranteed money-making business {suggestions to} be painstakingly tailored to {your position}, {disappear completely}.
But, if you’re {prepared to} {intensify} and really change {finances}, then I {might help} {you obtain} there.
With that, let’s {get yourself started} {the initial} steps of examining your skills and finding your $1,000 idea.
The two major problems {for folks} {looking for} a money-making idea
There are two major {regions of} finding {a concept} where people {breakdown}.
- They can’t identify {a concept} at all
- They have {way too many} ideas and don’t know {where you might get} started
Let’s break these down.
#1 Barrier to {EARNING MONEY}: “I don’t {have a good idea} at all”
This one is common. Here’s a hint: {A lot of people} think only of themselves and what they’ll {purchase}. And since {many people are} cheapskates, they {believe that|believe} nobody {can pay} for anything.
Wrong: Go walk in a mall or at {an area} market. People pay 5x for organic beets at a farmer’s market. They pay $5,000+ for weird-looking art. {Plus they} pay virtually anything {for his or her|because of their} kids and pets.
People {purchase} value (Walmart). They {purchase} convenience (housecleaner). They {purchase} simplicity (Apple). They {purchase} motivation ({fitness expert}) – {despite the fact that} they “could” technically {workout} {independently}.
The question is:
What {is it possible to} offer that they’ll {purchase}? And {how will you} {learn}?
No, let’s {go through the} second major failing {to find} a profitable money-making idea.
#2 Barrier to {EARNING MONEY}: “{I’ve} {way too many} ideas and I’m overwhelmed”
Having {way too many} ideas {could be} {in the same way} paralyzing as having no ideas.
A comment from {the other day}:
My other hesitation {has been} ideas. {I’ve} over 10 ideas that recirculate through my {at once} a weekly basis (i’m an Aries, it’s normal.) Some {I’ve} {apply} {and} let slide, {while some} never got finish or started. {So how exactly does} {an individual} like me {adhere to} one idea? Or {will there be} {ways to} use all my ideas {in a single} business?
First {of most}, {are you currently} seriously telling me your horoscope {with regards to} {creating a} process {to make} {additional money}?
Anyway, see if this {been there as well}. You’ve spent {all day long} thinking {during your} 50 competing ideas for earning {additional money}. {You will be} a chef! {You can} create iPhone apps! {Think about} {an internet site}? Maybe teaching music. By 9 pm you’ve run a mental marathon, yet you have nothing {showing} {for this}. You’ve reached analysis paralysis, where your {search for} {locating the} “perfect” freelance idea (by thinking and analyzing {the theory} but not {carrying it out}) keeps you frozen at step 0.
Then, {even though} we {see through} this initial paralysis, {we are able to} {find yourself} spending so {enough time} building up {a concept} – naming {the theory}, designing business cards for {the theory}, putting up {an internet site} and {determining} exactly how {to spell it out} it {to your} friends – {that whenever} we {your investment} {most significant} part: seeing if there’s actually a paying market for that offering. {In the end} that work, it’s {an easy task to} {quit}, exhausted and frustrated. I’m getting frustrated {at this time} writing this and I’m contemplating violence.
Remember, {exactly like} in the dating world, {you almost certainly} won’t find your right match {the very first time}, second time, {as well as} the 5th time. That’s where {A lot of people} {quit}. Instead, {I’d like} you to {consider} building your idea generation system {to check}, measure, and refine until your idea is earning you your first $1,000 {privately}.
The ‘right’ money-making idea meets 4 key criteria
What constitutes the ‘right’ idea for freelancing? {You can find} literally {a large number of} ‘right’ freelancing ideas {on the market}, but {listed below are} 4 key criteria {that each} viable idea {must} meet:
Viable Idea Criteria #1: Showcases your skills
Your money-making idea {must} match {you skill} with skills you {now have}. Skills are tangible, countable abilities that you’ve acquired through experiences {face to face}, in school, or elsewhere. And listen, stop short-changing yourself. You HAVE skills. {Are you currently} {excellent} at math? ({Do you realize} I once hired a math tutor and paid him {big money}?) {Is it possible to} play a {drum}? Are you {excellent} at {home design}? Are you {in form}? {There are always a} million skills you have, but we overlook {reasons for having} ourselves {on a regular basis}. {Aside from} me, because {I’m} incredibly narcissistic.
Find your skills: {What exactly are} {all of the} specific things {you can} list {on your own} resume?
Examples of skills:
• HTML
• Personal training
• Japanese
• Ad sales
• Video editing
Viable Idea Criteria #2: Showcases your strengths
Your money-making idea {must} showcase what you’re best at. Strengths are intangible qualities that {you’ve got a} natural affinity for {that produce} you {stick out} from {another} person {together with your} skillset. {That is} typically what college kids often cite {instead of} real experience and, while {I love to} mock it, these actually matter. {For instance}, I know {a female} who openly said she never {really wants to} {speak to} customers – her strength is working behind {some type of computer} and that’s what she likes. Great! Be brutally honest. {You may be} {excellent} at building systems or turning complex ideas into actionable insights.
Find your strengths: {Which are the} qualities {which have} gotten you {probably the most} praise {face to face} or in school, or {which have} made {you are feeling} {probably the most} ‘in the zone?’
Examples of strengths:
• Developing rapport with others quickly
• Managing multiple people and projects
• Organizing data into actionable information
• Teaching {other folks} new ideas
Viable Idea Criteria #3: Matches your interests
Your money-making idea {must} match {everything you} {prefer to} do. Interests {will be the} things {you like} to do, {and not simply} {face to face}.
Find your interests: What {can you} read or research in your {free time}? Magazines? Blogs? {Television shows}? What fascinates you most? {An example} that {my pal} Ben always mentions is, “What {can you} {continue reading} a Saturday morning?”
Examples of interests:
• American politics
• Live music
• Gardening
• Cycling
• Online gaming
• Street fashion
Viable Idea Criteria #4: {Comes with an} actual market
There’s {a genuine} market {for the} idea, meaning {you can find} people who {can pay} you {for the} service. {Market} only exists if {you can find} real people – {you could} pinpoint, reach, and validate {Before you begin} {supplying a} service – {that are} {ready to} pay you {for the} service.
Ok, please read this carefully because {way too many} delusional weirdos {understand this} wrong.
The above skills, strengths, and interests were important, {however they} are also {not too difficult} {because you} can look inward and knock out the answers in {five minutes}. {When} someone {involves} me and says, “EUREKA!!! {I WILL} EARN $5,000+/MONTH KNITTING COLORED BUTTONS ON FLANNEL SHIRTS BECAUSE {I’M} {EXCELLENT} AT KNITTING!!!” I carefully nod, turn away, vomit {in my own} mouth, and call my assistant to immediately ban them from ever joining my Earn1k program.
How {is it possible to} determine if there’s {market} {for the} idea? Two quick tests:
1. {Look for} supply: {Will there be} {other people} offering your service?
Now, {lots of people} I know {will in actuality} get depressed {if they} notice there’s someone ‘already doing’ their idea. {Your competition} makes them shrink away {just like a|such as a} white guy in a spelling bee. {This is actually the} opposite of how I {view it}. When I {visit a} healthy {selection of} providers for {a concept}, it {informs me} there’s {more than likely} {a good} market for that offering. It’s {very good news} – {not at all something} to shy {from}. Since {many people are} terrible, with some ingenuity {it is possible to} crush them.
2. {Look for} demand: {Will there be} anyone {on the market} {searching for} your service?
DO NOT OVERLOOK THIS OR {YOU’LL BE} DOOMED TO FAILURE AND {I’LL} CURSE YOU.
Have you ever seen {employment} posting or help wanted ad for the service you’re {thinking about} providing? On Craigslist, other jobs sites, {as well as} via {person to person}? {They are} clear signs of demand {available on the market} {for the} idea, and that’s also {good news}.
Every {among} my Earn1k students knows that {that has to} validate the demand {of these} idea.
In other words, {if you believe} {that can be done} marketing for local restaurants, {then you’ve got to} interview 15+ restaurant owners to see {should they}:
- care about your idea,
- value it,
- use {exactly the same} words you do {to spell it out} their problem, and
- will pay you {for this}.
If you {haven’t any} demand, you {haven’t any} business – end of story.
Do your {potential prospects} {find a way} and WILLINGNESS {to cover}?
Your market {will need to have} the ability and willingness {to cover}. {Plus some} people and groups are markedly bad markets. Let’s {have a look at} 3 examples.
- For example, if your idea {would be to} offer services to non-profits (let’s say grant-writing), {you may} as well {quit} now. {That’s} because most non-profits have neither {the power} ({they will have} no money) nor the willingness ({because they’re} cheap and short-sighted) {to cover}, {despite the fact that} technically {it could} {enhance their} organization.
- If your goal {would be to} sell some video-game service to kids, {reconsider}. While {they could} have the willingness {to cover}, {they often} don’t {find a way}.
- And the CLASSIC CLASSIC bad idea is, “{I want to} sell to mom and pop shops/restaurants/businesses” and help them {develop a} website/do marketing/etc. While local businesses {be capable of} pay, they don’t have a willingness {to cover}, mostly because small-business {folks are} often treading water and, in {what} of a coffee-shop owner where I write, “too busy {to accomplish} marketing.” Yes, it’s irrational and dumb, but it’s TRUE. {Usually do not} pursue markets where {folks are} not willing and {in a position to} pay you.
Should you pursue your passion or {your earnings} goals?
People love {discussing} passion. {You ought to be} passionate about {your task}! Travel {all over the world} for passion. {Be considered a} passionate lover. Eat {meals} passionately.
Guess what I get passionate about (besides teaching)? WINNING. {Way too many} people use “passion” as a crutch {to accomplish} nothing. But as Cal Newport puts it, passion happens {once you} master something:
“…passion {may be the} feeling generated by mastery. It doesn’t exist {beyond} serious {effort}. When Scott’s readers say “{I’ve} {way too many} passions,” what they really mean is “{I’ve} {plenty of} superficial interests.” When my readers complain that their major {isn’t} their passion, what they really mean {to state} is “I don’t have {an even} of mastery in this field {that’s} earning me recognition.”
We all {understand that} uncle who has many passions, but never actually did anything, and is {looking forward to} his magical idea to come…
Pick {a concept}, {and commence} testing it. If it doesn’t {workout}, your system {enables you to} accommodate another idea. {Believe me}, {you obtain} pretty passionate {when you begin} dominating.
Real examples {to truly get you} started
Here {certainly are a} few {types of} ideas {which were} rigorously tested and found to be profitable.
- Music teacher: {I’ve} a student {who’s} earning {thousands} {monthly} after taking Earn1k. She teaches violin to young students. Why? {Be cautious}. {Who’s} her market? Think deeper – it’s {not necessarily} the students. And is she targeting everyone? People in a geographic area? {Folks of} {a particular} income? {Folks of} {a particular} racial/ethnic group? What {can you} do?
- Personal organizer: {I understand} {a} woman who cleans her room {EACH DAY}. SHE LOVES IT. I {think it is} really weird. Yet {I’d} totally hire her {to create} {a business} system for {the house}. {Therefore} would {A great deal of} {other folks}, especially…who? What group {is it possible to} think of {which has} an ability and willingness {to cover} this service? Does gender matter? Age? Location? What do people {Want} (hint: it’s {not really a} clean house…it’s {more deeply}).
- Interior designer: {Not long ago i} hired {an inside} designer for a project. I auditioned 5 people on Craigslist and picked her. Why? {Despite the fact that} I technically “could” {take action} myself, why would I spend {thousands} to have {another person} {execute a} project {for me personally}?
The 2 major takeaways are these:
- Your job {doesn’t have} to be where {you obtain} your brilliant freelancing idea. {Your task} CAN {reveal} {your very best} skills and strengths, {even though} it doesn’t {get hold of your} interests. {For instance}, my friend {is really a} {senior high school} history teacher by day, but a kids’ party entertainer {privately}. Although his side job is pretty {not the same as} his day job, both pull from {exactly the same} {expertise} and personal strengths. He’s great {before} {sets of} younger people, is energetic and organized, {and may|and will} effectively direct their {focus on} whatever he needs them {to spotlight}. Combining skills, strengths and interest {to start out} generating income is NEVER a cookie-cutter formula ({be skeptical} if someone’s {attempting to} tell you {it really is}). Instead, it’s {an activity} {that will require} intelligence and critical guidance. {In case a} {senior high school} teacher can earn $1,000 {privately} {being truly a} party entertainer, what {would you} do?
- Your job skills {Could be} transferred, {regardless of} how unique {you imagine} {your task} is. So you’re a horse whisperer in Wyoming. Wow, unique job! {Not necessarily}. You have skills in {dealing with} animals, obviously, {which may} suggest training pets. {Nevertheless, you} {likewise have} expertise in behavioral change, which many academic labs and companies {would like to} tap – and {purchase}. {It is possible to} tutor children, or lead a summer camp. {It is possible to} train people’s cats {to utilize} the toilets (real example from {my pal} who used {to utilize} horses {and today} {works together with} cats). And {a great deal of} other {different alternatives}. You {are} a claims adjuster for an {insurance provider}? I bet {you’ve got a} ridiculous {degree of} {focus on} detail. {How will you} position that? What {group} {requires a} project manager or meticulous proofreader?
You {can perform} this. {Nonetheless it} {takes a} mindset change: {Rather than} {looking forward to} something {to come quickly to} you, {you must} AGGRESSIVELY interrogate your assumptions and test them to see what (1) you’re {thinking about}, {and much more} importantly, (2) what your market is {thinking about} and will {purchase}.
Get past “Waah…I don’t have any ideas” (or “{I’ve} {way too many} ideas”). Don’t simply say, “I’m a software localization specialist! Nobody hires freelance software localization specialists. I {quit}” (wipes face with tears and becomes a troll on blog comments {of each} single newspaper site online). Instead, {consider}: “What do {I love}? What am I {proficient at}? And, {how do i} position this so people {can pay} {for this}?”
There are {a large number of} monetizable skills, {a few of} which you {learn how to} do {And so are} {proficient at}.
This is what {I’d like} you to {leave} with today: {locating the} $1,000 freelancing idea isn’t a lightning bolt that {involves} you {in the center of} {the night time}.
It means thinking critically about your skills, {which might} or {might not} have anything {regarding} your full-time job, overlapping them {together with your} strengths and interests, {and} systematically testing them {available on the market} {to get the} offering {that folks} {can pay} you for.
Now read my FREE Ultimate Guide to Making Money
I wrote {an enormous} free guide that {switches into} detail {about how exactly} {to begin with} earning money {privately}, how to {boost your} salary painlessly, and {how to begin} {an internet business} {which makes} money {when you} sleep.
Hundreds of {a large number of} {folks have} read it and benefitted. Read it, apply the lessons and email me {together with your} successes – I read every email.