How {can you} take your hobbies and skills and turn them {right into a} profitable side gig?
Let’s say {you’ve got a} passion for organizing, or {you want to} write in your {free time}. {How will you} help {that produce} you $200/month, $500/month, {as well as} $5,000/month {privately}?
I’ve {caused} {a large number of} students and I’ve found the #1 reason people don’t start {earning money} on the side is this: They don’t know {the place to start}.
So today, I’m {likely to} {demonstrate}:
Freelancing: {The simplest way} to make {additional money} on the side
There {certainly are a} few {items that} {we have to} acknowledge {in advance}:
- Out of the 3 easiest {methods to} make money, {the simplest way} to {make money} {privately} {would be to} freelance. {You can begin} {making profits} immediately, {it is possible to} rapidly {test thoroughly your} offerings, {and you may|and you will|and you could} cut through the unnecessary work of productizing and {upping your} salary.
- 95% of jobs can {result in} related side gigs. But 5% of jobs {cannot}: {For instance}, you don’t see any freelance cardiothoracic surgeons.
- Just like dating, {it’ll} probably take repeated failures {to locate a} good match {in the middle of your} hobbies and what {the marketplace} wants.
That last point {is essential}. Sometimes people spend so {enough time} building up {a small business} – with business cards and websites and licenses – {that whenever} they actually launch {and discover} {the marketplace} won’t {purchase} their offering, {they provide} up, exhausted and frustrated. I’ll {demonstrate} {how exactly to} streamline {the procedure} {so that you can} rapidly test ideas and refine them (OR, skip ahead to my Idea Generator Tool).
Two examples: Turning hobbies into side gigs
Example #1: How I used these principles to launch this site
I originally started “{I’LL} {EDUCATE YOU ON} To Be Rich” as a 1-hour free course that I taught at Stanford. {It had been} never {made to} make money, {it had been} just something cool that {I needed} {to accomplish}. When I’d hear friends complaining about money at the dining hall, I’d say, “Hey, {you need to} come attend this class I put together…it’s free {also it} takes about {one hour}, and I’ll {demonstrate} {all of the} basics of money – banking, budgeting, saving, and investing.” The response was VERY positive. People said, “Wow, that sounds awesome!”
And {they} would never {arrive}.
Repeatedly, over 1.5 years, I struggled {to possess} anyone {arrive}. {I’d} wonder to myself, “Why am I trying {so difficult} {to provide} people GOOD, FREE {information regarding} stuff they {should} know?” I felt {just like a|such as a} career counselor, {probably the most} under-appreciated (and hopeless) jobs.
After trying {all sorts of} {ways of} get {visitors to} attend, including emailing THEM and {attempting to} coordinate times, I switched approaches. {Rather than} in-person events, I launched iwillteachyoutoberich.com so people could read it {out from the|from the} comfort {of these} own dorm rooms. Later, I learned why {this is} so successful: People don’t like attending events about money because (1) {it creates} them feel bad about themselves, (2) the events {are often} boring and/or scammy, and (3) {folks have} to publicly admit they don’t {find out about} money.
It was {a vintage} mistake of not understanding my users (substitute “customers” in {your organization}).
Lesson learned: {YOU NEED TO} {enter} your clients’ heads. {What exactly are} their fears? Hopes? What do they {value} most (Hint: {Just how much} it costs {is nearly} never {the initial} priority.) Similarly, {as soon as you} {enter} their heads, you learn that the medium {where} you serve your clients matters. ({Could it be} an in-person event {or perhaps a} blog {or perhaps a} weekly {telephone call}?) {How you} approach your client matters. And {how} you sell to prospects matters.
Example 2: How I consulted for {capital raising} firms
Like {most of us}, I know {how exactly to} use YouTube, Facebook and Instagram. During college, I {could} turn that into consulting gigs with multiple venture-capital firms who {wished to} learn how {teenagers} {were utilizing} consumer services {on the internet}. This {contains} me {providing them with} a course {every week} – online music, videos, {internet sites}, etc.
Would you have ever thought {you can} turn your daily routines {right into a} side gig? I wouldn’t have before I landed those gigs. But {individuals were} willing to {shell out the dough} {since they} had concrete needs: They {wished to} understand how {teenagers} {were utilizing} new technologies {so that they} could remain sharp investors. Money wasn’t {a concern}, but time was: They’d rather hire {a person who|somebody who} lived it than {make an effort to} learn themselves. Once I’d established that I was skilled at these services – {and much more} importantly that {I possibly could} create {a highly effective} structure for teaching the VCs – they hired me.
Lesson learned: It’s {insufficient} to simply be {proficient at} something, whether it’s freelance writing, dog walking, or {graphical design}. {You should know} why people want your skill.
Everyone has skills that {another person} would pay for
Two points {which are} important here:
- Your job {doesn’t have} to {bring on} inspiration for freelancing. If you’re a project manager by day, {you could be|you may be|you will be} {an innovative} writer {privately}. Both share similar skills, anyway! {You need to be} organized, create structure out of chaos, and {concentrate on} delivering {promptly}, {each and every time|each time}. Now you {understand why} turning your hobbies into income isn’t some cookie-cutter formula. Because {in case a} project manager can earn $1,000 on the side {being truly a} creative writer, what {would you} do? Suddenly, it’s overwhelming.
- Your job skills {Could be} transferred, {regardless of} how unique {you imagine} {you’re}. So you’re a dolphin trainer at SeaWorld. 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. {It is possible to} help people stop biting their nails. Or 100 {different alternatives}.
Don’t simply say, “I’m {an activity} engineer! Nobody hires freelance process engineers. I {quit}!”
Instead, {consider}: What do {I love}? What am I {proficient at}?
Here {are simply} {some of} my students {who’ve} made money {making use of their} side gigs:
A circus performer:
A cellist:
A full-time dad:
The simplified process: Matching your hobbies and skills to a side gig
It’s overwhelming {to take into account} {you could} literally have 500 potentials {means of} {making profits}. That’s why people love simple SEO or other automatic {methods to} earn money {privately}, which {provide you with a|offer you a} repeatable formula…but rarely work.
Take it one step {at the same time}.
What industry {are you currently} in?
Oh, finance? Ok, {you almost certainly} don’t {wish to be|desire to be} a freelance investment banker. But…hmm…you spend {all day long} doing analyses. {How will you} use that?
Example 1: Excel {is really a} breeze {for you}. Maybe {you can find} people (like me) who HATE Excel yet need detailed analyses {for his or her|because of their} business. {Would you} build models for {other folks}?
Example 2: You’re {excellent} at doing valuations of industries. {Is there} pre-launch founders who need that skill? (Alert: Observant readers {could have} noticed {a large} RED FLAG {with regards to} pre-launch founders: They can’t pay you. So if your goal {would be to} generate revenue, {you would like to|you need to|you wish to} re-think your {marketplace} {to ensure} {they are able to} afford {to cover} you.)
Identify your hobbies and skills – then think more broadly.
The {most typical} thing I hear is, “I’m {an extremely} good communicator…but I don’t {understand how to|learn how to} turn that {right into a} side income.” That’s {as you} can’t.
Nobody hires a “good communicator.” They hire {visitors to} solve their problems. What does {an excellent} communicator mean, anyway? That’s {only a} lazy {method of} saying you haven’t spent {enough time} doing research on the {available choices} {you need to} channel your skills into something that’s worth money.
Get specific. {Are you currently} great at writing {pr announcements}? (I’d {purchase} that.) {Are you currently} great at training public speakers? ({You may be|You could be} able to {look for a} specific segment {of individuals} who’d {purchase} that. {That one} is tricky, though. {Is it possible to} identify why?) {Are you currently} {an excellent} communicator {as you} can speak Chinese? Boom, I’d instantly {be considered a} tutor for Chinese kids since their parents will love/trust {a person who|somebody who} speaks Chinese – {even though} tutoring their kids {for just about any} subject.
If you don’t have any marketable skills, {you may still find} options.
Etsy {is really a} perfect {exemplory case of} people making great side income – {and several} {of these} don’t have any skills {that could} commonly {be looked at} “valuable.” Yet they {prosper} selling niche products to {a distinct segment} audience.
If you aren’t some professional with software-engineering skills or online-marketing experience, that’s okay. {Is it possible to} hammer something {right into a} wall? (I’d {purchase} that.) {Is it possible to} cook? (I’d also {purchase} that…in fact {I’m}.) {Is it possible to} walk dogs? Tutor kids in 4th-grade math? Help moms with routine tasks?
You {could make} money on {most of these} things – good money – {without needing to} {involve some} hard technical skill…as long as {you discover} {market} that will {purchase} them.
I {desire to} go {a little} deeper.
People {have become} bad at identifying {their very own} skills. They’ll say {things such as}, “I dunno….{I assume} I’m {proficient at} writing and communication, and, like, general organizational skills…” AMAZING!! HERE’S a $4,000/MONTH RETAINER!!! (Sorry, won’t happen.)
Repeat this {again and again}: People {purchase} solutions, not your skills.
For example, I was on a webcast where I was suggesting ways {for folks} to {make money} {privately}, and I mentioned that I hate cooking, am {bad} at it, and {want} it if someone cooked {for me personally}. I got {a contact} later that night from {a person who|somebody who} said, “Ramit, {I could} help. {I could} teach you {all you need} {to learn} over one weekend, and you’ll know 3-5 great dishes to cook.” I appreciated the offer, but wrote back, “Thanks for the offer! {Nevertheless, you} don’t understand. I don’t {desire to} learn – {I’d like} someone to {take action} {for me personally}.”
Again: {Folks have} problems. {They need} solutions.
They don’t care what you’re “interested” in. Are they too busy {to arrange} their closet? Do {they want} {you to definitely} help them redesign their website? Maybe {they need} {you to definitely} teach their kid {how exactly to} play flute.
When you make your offer, you’ll {need to} deeply {know very well what} {the marketplace} – your prospective clients – want. {And} you’ll {have the ability to} turn your service offering into something so compelling…that they’ll actually pay you {for this}.
Find {the proper} side gig idea for you
While {it looks like} {getting a} profitable business idea {will be the} easiest {section of} making money {privately}, this simply isn’t the case. {Actually}, it’s {usually the} HARDEST {section of} earning more.
After {dealing with} {a large number of} students, {both} {most typical} problems {folks have} are:
- “I don’t {have a good idea}!”
- “{I’ve} {way too many} ideas. {How do you} decide?”
And {after you have|when you have} an idea, {how can you} KNOW if it’s {worthwhile}?
I {desire to} {assist you to} with {most of these} questions. That’s why I’ve {come up with} {a particular} Idea Generator Tool {to provide you with} faster results. You’ll get {a special} audio excerpt from my flagship course on earning more, {and also|along with|in addition to} two PDF guides {to assist you} find your idea TODAY.
Just enter your email below {therefore i} know {where you can} send it.
