Weekday Wisdom, Episode 32
Would you like to know the three ways that you can make money in your business? Then read on in today’s Weekday Wisdom.
I’m down to the last three Facebook Live clips that I’m going to be sharing with you. And in today’s I talk about the three ways that you can earn money as a hobbyprenuer, entrepreneur, micropreneur, geekpreneur, or small business owner.
One is you sell something. Perhaps you make jewelry, or you make cakes, or chocolate covered strawberries, or widgets, or costumes. These are physical things that you create or you can source from another country, like T-shirts. You design the T-shirt and you send it off to one of these print on demand T-shirt companies that are popping up everywhere. You sell these physical things.
You can sell them on your website, through another website like Etsy or eBay, or some people sell these things at flea markets and farmers markets and neighborhood pop-ups.
That’s the most obvious way to make money in your business. You make an object of some sort and you sell it.
The second way that you can make money in your business is through providing a service. Sometimes a service can overlap the making the things. For example, a caterer is both making a thing and providing a service. Another example is those meal-in-a-box kits that get shipped your door. They’re making a thing, but it’s also a service. Other kinds of services include tutoring, dancing lessons, coaching or something like that. Basically, the bottom line of that type of business is that you are selling your time and expertise — and they go together. You’re not just selling your expertise, and you’re always selling your time.
You have to provide that service of some sort. That’s a little more leveraged than the product — sometimes. Sometimes not. Sometimes they’re about the same.
The third way that you can make money in your business is by selling information. What that means is you take the knowledge that’s in between your ears and you package it in some way that you can sell it. This can be an e-book. It can be a book. It can be an online course. It can be a seminar or a workshop or a webinar. Again, you’re just taking information and you’re packaging it up so that people can learn something from you.
This is the most leveraged way to build a business. You create this product once, and then you sell it over and over and over and over and over and over again. When you’re creating a thing, once someone’s bought that thing, you can’t sell that thing again. Once you’ve sold your time, your hour, you can’t sell that hour over and over again. But once you created a book, you just reprint it. And sell another. And sell another. And sell another. You don’t have to do any more work.
Therefore, being an infopreneur is the most leveraged way to build a business. It’s also an excellent way to build passive income. In fact, I did a video the other day about how to get started with information creating mini books. There’s this program on Kindle where they’re helping people find books that are called Quick Reads. You can read this book in 15 minutes or 30 minutes or an hour or two hours, it depends on how many pages it is. Well, you can easily create an e-book that told somebody something that they wanted to know and they can read it in 15 minutes. And people would buy it.
Becoming an infopreneur is really not that hard. It doesn’t take a lot of effort and it can be quite lucrative, depending on how you go about it. It depends on what kind of information you sell. Whether you’re packaging it properly. So, yes, there are some details you’ll need to learn. But you could get started right away.
For example, the first book I created was Bonkers for Bundt Cakes. It’s an 8.5″ by 11″ book. It’s obvious I created it using Microsoft Word. That said, it still sells, to this day, every month. I make money from that book every month. People buy a copy of that book every month. It took me a while to figure out why. It’s because Bundt cakes are really popular. So, I’m working on the second edition of that book that will address some of the issues that people made about that book in the comments.
That’s another thing you could do: You can start where you are, and then you can just issue a second edition. Information product version 1.0, version 2.0, etc. Software companies do it all the time. Why can’t you do it with your information product?
If you want to know a little bit more about this topic of being able to package the information in your head and get it out there so that people can learn from you, I recommend that you go to CarmaSpence.com/monetizeyourhobby. You put in your name and email address and I will send you a 20-minute video in which I talk about the three ways that hobbyentrepreneurs can earn money. I talk about the five-step process for creating an information product. And I even give you a whole bunch of different types of information products that you can create.
Don’t box yourself in.
Spread your wings and fly.
Because of you — yes you, you right where — you are capable of more than you know.
If you liked today’s episode, like it on YouTube and comment below. I want to hear from you. What did you like about the episode? Do you have questions about this video or things I can answer in future videos? I can only make the Weekday Wisdom valuable to you if you join in the conversation and let me know what I can help you with.