This episode is about how to think strategically and become a money-making idea machine.Download Podcast
The surefire framework to make more money.
This sixth episode is about how to think strategically and brainstorm ideas to make more money. You would like some breathing room in your budget, but you don't have a lot of spare time in which to work on the side.
So let's get started with a strategic framework: in this episode I share with you how I think about making money. It's a repeatable process that will save you a lot of time.
In this sixth episode, I talk about ways in which you can start a money-making endeavour on the side. There are many misconceptions about this: will you have to start a business? Will you have to look for investors? If you spend your days at work, does this mean you have no time to devote to this? Not at all. You can start small, make a few hundred euros and "lather, rinse, repeat".
"But what can I sell?"
I share three ideas that you can implement immediately in order to research what you can do to make money and get more confident. Go to elance for example and have a look at what people are offering as services, and what people are asking for. What do people need, what are they ready to pay for, that you can offer?
Listen to compliments: what do people keep complimenting you on? This is a very good clue. It means there is something people think you do well enough to remark on it.
Volunteer if you want to get practice and great testimonials.
This first step will give you an idea to start with.
The second step is to refine your idea into a sustainable stream of revenue
There is a huge difference between an expensive hobby and a business or activity that sustainably makes you money. There are pitfalls to avoid, so I list a few - some of them I had to learn the hard way!
Don't confuse revenue and profit, don't forget to put a price on your time, too: these are just the ones I've come across most often.
"Start small, think big, move fast"
Don't be worried if your way of making money isn't "optimal" at first: there's a lot to be said for trial and error.
I've never yet met a business that started perfect and stayed that way.
You have to start somewhere - mistakes are only mistakes if you don't learn from them!
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