In this week’s issue, I want to share two models to start a side business that can turn into a full-time business.
While there is no “right way” to do things, I have found that these models are easy to set up with free (or low-cost) technology, need very little automation, and require zero additional employees.
By following this short guide, I hope that you can get started and reduce the amount of complexity that I see with first-time solopreneurs and entrepreneurs.
Are you ready? Let's go.
Model #1: A Service Business
A service business leverages your unique skills for financial gain, making it an excellent choice for solopreneurs.
Service businesses thrive on specific skills that others need. Whether you're adept at running Facebook ads, onboarding employees, or crafting SEO-optimized blog posts, there's potential here.
How to Generate Ideas
- Identify tasks you enjoy that friends and family frequently ask for help with.
- Consider projects or tasks your colleagues and boss often assign to you.
Essential Tools:
Notion: It's free and super customisable! Just create your notion page and publish it to the web. Then, drive traffic to it through your social media channels.
Google Calendar: With Google Workplace, you can now easily set up bookable appointment schedules with payments. Just set it up and connect your preferred payment service provider (PSP).
How to Get Attention for Your Business
Showcasing your expertise and leveraging customer testimonials are key. Share content daily on your favourite social channel, with LinkedIn being particularly effective for finding customers.
Additionally, offer your service at a low cost to your network. Once you've delivered great results, request testimonials to boost your landing page's conversion rates.
How to Grow Your Business
With a collection of testimonials, raise your rates and convert early customers into case studies. Launch a newsletter to share these case studies and use your content strategy to transition followers from LinkedIn or Twitter to your email list.
Your growth strategy becomes clear: attention (content) → trust (newsletter) → purchase (landing page).
Model #2: A Cohort-Based Course
An online course is an opportunity for you to package up the knowledge or skills that you have and effectively transfer that knowledge via teaching.
Online courses are great for teaching people how to achieve very tactical outcomes.
My next course shows people how to grow their LinkedIn accounts (feel free to sign up for the waitlist).
The thing I love about cohort-based learning is that it focuses on the HOW. It is not learn, learn, learn, do, BUT learn, do, learn, do. It is much more tactical than strategic.
"But I don't know where to start..."
And that's okay! There are so many resources out there that can provide you with step-by-step instructions. My favourite resource here is help.maven.com. They have everything from A to Z on how to build a successful cohort-based course.
Tools to get started:
Whether you're just getting started or are a seasoned online teacher maven.com is an all-in-one state-of-the-art platform that works on a 10% commission base. So it's completely free and without risk to start! They also provide amazing content on how to start your first course.
How to Get Attention for Your Business
A blended strategy works best for gaining attention:
- Send an interest survey out to your (potential) target audience.
- Discuss your course topic on LinkedIn.
- Write Twitter threads with a course offer at the end.
- Mention your course on podcasts and request a backlink.
- Include a link to your course in your social profiles, especially in LinkedIn’s featured section.
- Sponsor newsletters to reach your target audience.
- Add a “super signature” in your emails and newsletters, like the one at the end of this email.
How to Grow Your Business
Building on your service business, an online course can help create a "value ladder," guiding customers through a simple purchasing journey.
Stacking Offers Strategy:
- Start with a short course, like a two-week online cohort-based course.
- After building the course, it will only cost you a few hours a week to teach.
- Then stack a weekly mastermind membership to it for €20 per month
- Position your membership and service business at key points during and after the course.
Many course buyers will prefer having the work done for them, making them likely to hire your services. Once customers spend money on a course, they’re more inclined to spend on your services.
Think of online courses as a gateway to other service offerings. Setting up a value ladder can transform a side hustle into full-time solopreneurship.
Example:
15 courses sold per month at €500 = €7.500 per month or €90.000 per year.
20% opt into the membership at €20 = €720 per month or €8.640 per year
10% of people opt into your service at €450 = €1.500 per month or €8.100 per year
Total Annual Revenue: €106.740 per year.
A 6-figure side business? Check.
