So many entrepreneurs believe that building income online must be about engineering, coding, SaaS, etc.
Sure, those are certainly great ways to build an online income, but it's not a requirement.
In fact, building a SaaS platform is all about deeply understanding your customer.
And I think you can do that extremely well by starting with a service business and a digital product.
Here's how I would get started...
Step 1: Eliminate the "fallacy of expertise"
When you get started, you can't worry about "am I an expert?"
If you constantly doubt yourself, you'll never get started.
Instead, make a list of your accomplishments, big and small, over the last 2-3 years.
What skills did you learn during this period?
Step 2: Identify your interests
Inside of the list you just created, will be things you loved doing and hated doing.
Sorry, but misery doesn't scale.
Choose something you built skills in, that you also enjoy doing/talking about/writing about.
This will be your focus.
Step 3: Find the "you" from 2-3 years ago
Your goal is to find people who are just like you, but much earlier in their journey.
Where do they hang out online? Try places like:
- FB Groups
If you can't find them, use tools like SparkToro to help.
Step 4: Create content
Next, it's time to establish credibility.
Here are some easy ways:
- Tweet threads
- LinkedIn content
- Step-by-step guides
Show the folks 2-3 years behind you that you understand their challenges & have solved them before.
This will gain you a small following.
Step 5: Create a service business
A small coaching business can be your 1st income stream.
Put up a simple landing page and use Stripe or Gumroad to collect payments.
The key? Make the pricing a no-brainer.
You're not looking to get rich with this first business, you're simply looking to learn. (more on this later)
Step 6: Promote it
It's unlikely you'll get clients just because your business exists.
Instead, find simple ways to promote it.
When your new followers ask you questions, tell them about your coaching business.
When you write content, share the link at the end.
Step 7: Listen for commonalities
This is a key step to creating your 2nd income stream.
Your goal when coaching is to listen for the most common problems of your students.
- Write down every problem you hear
- Dive deeper to understand them
- Keep a running list
This is the gold.
Step 8: Build a digital product
Your 2nd income stream is your first digital product. Focused on the most common problem above.
Take someone from problem to solution in 45 minutes or less.
Keep it focused. Single problem → single solution
Price it reasonably to build trust.
Step 9: Raise your rates
With a lower-priced product, you can now increase your coaching rates.
When people want coaching, you can coach. When they don't, tell them about your digital product.
You now have an offering for different learning styles and price points.
Step 10: Set up your systems
- Create useful content
- Drive people to the product
- Upsell 1:1 coaching packages
With this simple system it's only a matter of time before you add a 3rd income stream:
- Physical products
- Cohort-based coaching
Get started. That's the key.
Hopefully, this short step-by-step guide will give you a paint-by-numbers approach to building your first two income streams. While nobody's journey is the same, these are certainly reasonable steps to take to build.
If you enjoyed this article, the nicest thing you could do would be to show it some love by retweeting this thread I just shared on Twitter.
Thanks, as always, for reading.