This is the fourth and final post in a series on how to earn $249,900 per year using a simple formula. Post one. Post two. Post three.
So now we get down to the nitty gritty. Over the last few days I’ve written three lengthy posts introducing you to a very simple formula that not only gives you the power to determine your own income, but do it by sharing what you already know.
How to generate a side hustle and keep your job
Now I’m going to share with you how it’s possible to keep your job, stay in school, or help generate additional income for your family while staying home with the kids.
The model below is an example. It illustrates how a little time and existing knowledge can generate whatever amount of money you determine is right for you. Remember that in the last post, we covered ways to adjust the variables to determine an amount that you feel is appropriate. In this example, we’ve adjusted two variables: p and d.
a simple formula for a subscription: 833p x 25d x12m = $249,900
(p = number of people subscribed d = $/mo charged m = number of months)
Jill, a pastry chef turned stay-at-home mom
Jill has two young kids who keep her busy. She took time off her job as a pastry chef to stay at home with her kids. It’s a decision she and her husband made together but now there is a bit of a money crunch happening.
While her husband full supports Jill staying home with the children, they are now feeling the burden of stretching their one-income to cover the increasing levels of expense now that both child are in diapers.
Jill looked at ways to generate an extra income but nothing she evaluated struck her as being true to who she was. She wanted something that wouldn’t add stress, had a limited learning curve, and didn’t require her to learn a new career. She wanted to use her existing knowledge as a pastry chef in some way to generate extra income.
Jill always loved taking photographs of the pastries she prepared and her Instagram account is one of those foodie accounts that makes even the most complicated desserts look like effortless works of art. Of course, it took Jill years to learn and develop her skills as a pastry chef and so it seemed logical to tap into what she already knew was her most meaningful work to generate an additional revenue stream for her family.
Jill started small with a no-cost blog on WordPress.com. She found a free theme that worked for her and started a blog for stay-at-home moms who loved to cook pastries. Yes, there is such a market. Who knew? 😎 Over a few months she had hundreds of stay-at-home moms, dads, and even business executives who love cooking and eating pastries, sign up for her free blog posts.
Wanting to monetize her efforts, she decided to use the simple formula by hosting a monthly membership/subscription program for $19/month. It seemed a modest price and she thought it was fair for what she offered in the subscription:
- two original pastry recipes per month with color photos and a brief video instruction covering the tricky parts – nothing fancy, just her iPhone on a portable tripod capturing how she performed each step
- an attractively formatted PDF of each recipe and instructions suitable for printing and placing into a binder or notebook
- a monthly free Q&A conference call (using a free conference call site) for subscribers to ask questions and get answers
Jill was surprised when after her first blog post describing the program resulted in 30 people signing up. After another blog post about the program, she attracted 25 more sign ups. She quickly did the math and realized that she had 55 people in her subscription program. Her new formula looked like this:
55p x 19d x 12m = $12,540 (an extra $1,045 per month her family didn’t previously have)
Over the next six months with the addition of a few promotional blog posts, she saw 43 additional sign ups. Word was spreading via social media and moms were telling other moms, etc. Now her simple formula looked like this:
98p x 19d x 12 months = $22, 344 (an extra $1,862 per month she didn’t have before)
Jill saw some subscribers drop out while others added, as she expected. When she published her $15 Pastry eCookbook with all the recipes to date, she sold over 120 copies to new and existing blog subscribers and generated an additional $1,800 in two weeks. She now uses that eCookbook as a free bonus for new members
Jill has no plans to stop creating new recipes for her digital tribe of subscribers. They love her recipes and also love having access to her on each monthly call. She’s since set up a private Facebook page for her group so they can share photos of their own creations. The community is thriving, supporting one another, and Jill loves being a stay-at-home pastry chef helping to contribute to her family’s financial well-being.
Packaging what you know is the most powerful side hustle you can imagine
It blows the socks off learning to sell household goods or weight-loss products. Think about it. What automatically created Jill’s potential for success? She packed what she knew better than most and instantly created authentic personal authority to help others and generate revenue while sharing it with them.
Who knows where it might actually lead?
I’d love to hear them. Please leave your comment below. I respond to each one.