30 Days of Focus Can Change Your LifeEach week I'm sending you a side hustle idea, stories of entrepreneurs who’ve executed successfully, and resources to learn how to do the same |
THIS WEEK'S THOUGHTS: Black Friday means discounts! At least as consumers that's what we think. However, if you're offering a product, service, or experience, that means you're no longer the consumer and, instead, the business. So you should be thinking profits! And, as an entrepreneur, here's something you should understand... discounts ≠ profits. But, Black Friday did $9.12B in sales in 2022. That's gotta be good news for businesses, right? Wrong. In order to push a tentpole event and follow convention, you're devaluing your offer and playing to your lowest value customers. These are the customers who have no brand loyalty and are chasing deals. They tend to be the hardest to turn into high-value customers, the most difficult to please, and the loudest. You need to remember that not all customers are created equal. Your goal for sustainability is to build relationships with high-margin customers who are going to continue to come back to you. Don't get me wrong, the sales numbers can be large! But, leave the flash sales to Wal-Mart and Groupon. We're going to flip it. What if instead of racing to the bottom on price, you raced to the top on value? You've heard of the sawdust principle, right? Essentially, in building your current offer, you've likely scrapped bits of it, done client calls, unlocked insights, put together lead magnets... created byproduct along the way. If you were to take all of this and value-stack then you'd be able to maximize profits across the right customer set. I'm about to break all email etiquette rules and drop in a loooong image, so sorry (not sorry). I want to share an example of value-stacking that will help you better understand how this works. This is how Kieran Drew has been able to generate $519K YTD through October as a solopreneur - and it's a masterclass: You'll notice that he took his current processes and client videos, added a guarantee (love the framing of it btw) and added 200% MORE value. As a buyer, you look at the $297 price and think "maybe...". But, with all of the added value and money back guarantee in place, you decide it's worth pulling out the credit card. So, as a shopper - grab the best deals you can. But, as an entrepreneur try to best determine how you can create urgency, not through discounts, but through as much value as possible. As always, I'm sharing my thoughts as a way to help you. If it helps you, it could help someone else. So before diving into this week’s side hustle idea (below) feel free to share:
SIDE HUSTLE IDEA: START A PODCAST Podcasting is one of those "slow burn" side hustles. They take time. It's difficult to build an audience. Monetization doesn't happen immediately. Yet, there are more than 3M podcasters (4M+ on some accounts) and an active monthly listenership of more than 460M people. The trend is up and to the right, but more exciting is the fact that the landscape is still so small compared to entertainment platforms like YouTube and its 2.7B monthly active users. That means you better get in while the gettin's good. If you have 'stick-to-itive-ness', then this may be a great opportunity for you. There’s a lot of money to be made through sponsorships, merchandise, tours, and even acquisition. The idea of getting paid just to have a conversation about topics you’re passionate about seems like one of the most successful business ideas. If you want to see one of my favorite examples of how to successfully launch and build a podcast, then check out the breakdown I did on Crime Junkie and how they are approaching $10M/year (if they've not recently crossed this milestone).
My First Million was acquired by Hubspot as a part of their acquisition of The Hustle. With that, they don't make any revenue today and are strictly a marketing channel for Hubspot. In this behind the scenes video, Sam Parr estimates their ad revenue would be in the $6M range.
Podcasts are one of the rare opportunities that have the ability to be both the revenue driver or the marketing channel. We're still extremely early in this space. If you have a topic that you geek out on, then it may be worth grabbing a mic and dropping gems. WANNA LEARN MORE? Side hustles can eventually become your main hustle. With a serious desire and a focused effort, you can eventually build something of value for yourself. It may not be this week's example, but there are as many interests as there are people on the planet. And, there are as many ways to make money as there are interests. Let's uncover yours together. You got this! |
3X Founder (8-figures, 7-figures, & a dud) // Building 30 Days to $100K as the go-to resource for side hustlers, founders, and entrepreneurs who want to learn about opportunities and methodologies to grow their businesses.
30 Days of Focus Can Change Your Life Each week I'm sending you a side hustle idea, stories of entrepreneurs who’ve executed successfully, and resources to learn how to do the same THIS WEEK'S THOUGHTS: Stuck... like a hair in a biscuit. We've all been there. This feeling that the situation behind us is the situation in front of us. We're stuck. Nothing's gonna change, so we might as well accept it and brace for impact. Horseshit. That's total and utter horseshit. (side note: I've just reread...
30 Days of Focus Can Change Your Life Each week I'm sending you a side hustle idea, stories of entrepreneurs who’ve executed successfully, and resources to learn how to do the same THIS WEEK'S THOUGHTS: One of our neighbors (and good friends) are prepping to send their son to college next year. He’s applied to 13 schools. 13!! When I was going to university, I applied to two. I knew I was going to go to the same state school my parents went to, but applied to one additional school in case...
30 Days of Focus Can Change Your Life Each week I'm sending you a side hustle idea, stories of entrepreneurs who’ve executed successfully, and resources to learn how to do the same THIS WEEK'S THOUGHTS: I saw this post from Katelyn Bourgoin on LinkedIn this past week and it stuck out to me. Full Post Here Not just because of the imagery and the business (though, it's a compelling scroll-stopper). It was more about the message behind the business. You see, Katelyn broke down that people don't...