Tag: Tools & a map

With the job market being so tight, looking at new trends and creative ways to develop revenue streams is worth studying. I used to dismiss things like earning money on Substack or Medium. Here’s the thing, according to Li Jin, Partner at a venture capital firm called Andreesen Horowitz, the top performing writer for Medium earns about $500k per year.  Not bad. The interesting thing is that these types of businesses that are able to attract an audience (a niche audience, not necessarily a gigantic one) weren’t possible five years ago.  

What is the “Passion Economy” 

The Passion economy is much different than the Gig economy. The major difference is that a gig job is limited to a specific number of times and number of people but in a passion economy, one can reach a much wider audience if a creator desires. Although the “passion economy” sounds like a Utopian world where anyone can work (and get paid) for the things that they love doing, it’s more than that. It’s about creating careers driven by a person’s core interests and beliefs. It’s an opportunity to leverage your unique skills and your individuality. It’s also about creating value. According to a recent Forbes article by Benjamin Vaughan, it’s described as the following: “The passion economy is a new wave of niche communities that are challenging traditional social media giants. Instead of the generalised and non-specific content of larger social media platforms, the niche communities focus on creating and sharing content that resonates with individuals.” There’s a matrix in this article with examples of the Gig economy vs the Passion economy.  

Why Now?

Why is this happening? Why are there niche communities focused on a specific topic?  One push towards this model is because we’re ALL spending more time online and we’re craving more connection with others. Ten months of isolation has definitely helped nurture this trend. There’s another reason. As consumers (of content especially), we crave something different. Another reason? The technology is accessible. Today, there are no-code websites and free app builders that have reduced the need for software engineers just to get started. There are so many free tools available in design, video editing, and loads of other production tools to use. Because of this, creating engaging content has become much easier than in the past. Nick Burling, of illume hire, wrote about no code tech tools here.  Going through these tools and seeing the possibilities may spark an idea. For example, we have been curating amazing resources for our readers and Nick told me we could create a mobile app with all of that content at no cost. How cool is that?

5 Elements of the Passion Economy:

1. Accessibility: Being online with our devices is easier than it was ten years ago.
2. Individuality: It’s about being unique and leveraging your skills and interests.
3. Availability: Digital products and platforms for creators (many of which are free) with minimal technology know how and effort
4. Get Curious: Before saying, “I’m not tech savvy”, try it out. Challenge yourself.
5. Career Opportunities:  This is a chance for creators to develop revenue in an area they know and love.  

If this is truly the future of work, count me in.  Being curious about new technology products that can help anyone create a healthy revenue stream is the key.

As Benjamin Vaughn of Forbes recently said, “Though it is still in the early stages, monetising interactions instead of goods and services seems to be the predominant shift.”  Cheers to that and to all things related to an exciting passion economy.

Reviewed & Recommended:

Li Jin of Andreesen Horowitz talks about the passion economy and examples of different tech tools being used by everyday people to earn cash: The Passion Economy and the Future of Work

A video about the passion economy and why it’s interesting: Adam Davidson and Li Jin discuss the Passion Economy

An article from Forbes on The Rise of the Passion Economy

Arlan Hamilton, age 40 is the Founder of Backstage Capital and she has talked about her lifelong goal of having seven different revenue streams in order to diversify her income.  When she published a book in May, she revealed that her book was her seventh income stream.  If you don’t know about Arlan’s story, check out her amazing rags to riches story here: How This Woman Went From Homelessness to Running a Multimillion-Dollar Venture Fund

Why seven revenue streams?  Well, it turns out the average millionaire has seven revenue streams so it’s a good goal to have to be financially secure. Beyond owning an airbnb unit or relying on stock dividends, there are several different strategies to consider (and we hope more attainable).  We set out to learn about additional ways to bring in some money during this odd time.

1. Acorns app:

   Using the Acorns application on your phone is a passive way to earn money.  It allows you to invest spare change automatically (if you opt in) and lets you invest as little as $5 any time or on a recurring basis into a portfolio of ETFs (exchange traded funds). Your investments are then diversified across more than 7,000 stocks and bonds, and Acorns automatically rebalances your portfolio to stay in its target allocation.  When you sign-up, the app recommends the right plan for you based on your goals, employment, and income.  There is a “Lite” version for $1 a month so it’s a great way to try out investing on a smaller scale.  Several friends of mine use it and have saved thousands of dollars by investing small $5 and $20 amounts over time.

2. Teach a Course for Money:

   Have you ever spent thousands of dollars on a class and wanted to share the knowledge you gained with others?  Me too and getting paid to share knowledge sounds even better. There are several ways to go about teaching something you already know or have recently learned and want to share with others.  If your course is popular, it could garner several thousand dollars a month. The top three platforms to earn and teach are the following:

   Udemy - Udemy accepts payment through PayPal or Payoneer and uses a revenue sharing model. You’ll earn the most if you sell directly to students using an Instructor Coupon. If students find your course through Udemy’s marketing, you’ll earn a little less.

   Skillshare - Like Udemy, it’s an online course marketplace that advertises your classes to students around the world. Skillshare uses a royalty system, meaning your earnings will vary based on the amount of watch time you receive from Premium members.

   Teachable - Teachable walks through the course creation process. Teachable doesn’t take variable fees from your earnings. While that is a bonus, it means that you’re in charge of marketing your course.

   As Ian Chandler wrote in his blog “Wealthfit”, “Let’s say that just 1 in a million people is interested in learning from you. That doesn’t sound good, right? But also consider that 3 billion people are online. So even if just 1 in a million people wants to learn from you, you have an audience of 3,000 people! And multiply 3,000 by the price of your course, and…well, you get the idea. It adds up.” For more tips on earning while teaching, see this article for tips for success: Create and Sell Online Courses: 4 Steps to Get Paid to Teach Others

3. Build An eCommerce Shop:

   Shopify:  If you know about Shopify, you probably already know how easy it is to set up an online store since they walk through each step including ecommerce setup. They can also market your products for you.  It’s an incredibly easy platform to use and so if you want more control over selling your items, it’s an amazing platform.  They have a dedicated line to help people get set up as well.

   CafePress:  CafePress allows you to sell items that feature a digital design. If you're a great graphic designer (or a wannabe graphic designer like me), you could create a number of designs that would fit different formats such as shirts, hats, and cups, and earn a commission when they sell.  If you have an idea for a design, it could be created using canva.com and uploaded into CafePress.

   Bonfire:  If you have a cool t-shirt design in your head and don’t want to carry the inventory, check out this site for a bit of added income. Sell Shirts Online | Design & Sell T-Shirts Without Inventory

   Without it being an obstacle for those who may be less tech-savvy, people can create a storefront within a few hours and many who take advantage of this option can earn $500 to over $1000 a month.  It takes some time to set up but if you harness your curiosity and have a creative bone in your body, it’s well worth it.

4. Write a Book or an Ebook:

   Ever had an idea that you were dying to write about but didn’t think you could pull it off?  Before you roll your eyes, consider that if you’re able to write 200 words a day, for ten months, that could easily add up to be a book. During the pandemic, it’s been on many people’s accomplishment lists so why not?  If you’d rather write an ebook, that’s a great option too.  I recently bought one for $30 on digital marketing and noticed she’d sold over 500 of them.  Not a bad way to gain more money based on her expertise.

   Here are some curated articles on how to write a book or an ebook topic:

   How to Write a Book [Step-By-Step Guide] by a 4X New York Times Bestselling Author

   How to Write a Book: 13 Steps From a Bestselling Author

   How I Made $2,000 by Self-Publishing an Ebook on Amazon

5. Create a Podcast:
   

   When you are passionate about a niche that you know is not a super common topic, see if it’s a topic in a podcast search.  As Seth Godin once said, “Small is the new big” meaning if it’s a niche topic, go for it. I bet millions of midlife Americans are interested in moving to Europe post-pandemic for example.  What would they need to know about to make that dream happen?  Check out https://www.listennotes.com/ to see if your particular interest/topic you want to discuss already exists. Oftentimes you may be surprised. For example, there aren’t too many podcasts that cover midlife advice.  Not only is the population huge in this age group but it’s also a unique stage of life. According to Statista, 22% of people age 55+ are podcast listeners and this is predicted to grow by 10% over the next few years.  To learn about the different revenue models when creating a podcast, check out these articles on how to do it successfully:How to Generate More Revenue from Your Podcast | The ManifestHow Do Podcasts Make Money in 2020? Here Are 8 Intriguing WaysA few more tips here on how to make money from podcasts: 12 Ways to Monetize a Podcast - Plus My Actual Results

6. Produce an Audiobook:

   ListenUp Audiobooks is an option for authors. In addition to working with traditional publishers, they work with small publishers and authors on a fee basis, and can also handle distribution to Audible owned by Amazon. Of course, Amazon has a platform that helps create and sell audiobooks on Audible and iTunes and it’s called ACX. They have a higher royalty fee though. If you have a great idea and can teach a difficult skill like stock trading, or online marketing, you can create a significant monthly income with the right volume of audiobooks.
   

7. Do Small Jobs Online:

   Amazon's Mechanical Turk platform is one way you can earn money.  It won't earn you loads but if you're looking to take on smaller jobs that can be done in a few minutes each, by piling them together, you could earn some cash that might help add to your monthly revenue stream.

Play around with different ideas and different platforms. It’s a great way to learn how to adapt, learn, and grow revenue using different tools.  It’s possible to gain a following about something you already know.

Reviewed & Recommended:

Here’s a video about other types of revenue streams for the savvy investor:

The different types of income streams + Ideas to increase your income

Online Business Tips:

The BEST 4 Ways To Make Money Online In 2020

Have you ever met someone who is relentlessly positive but not in a cheesy way?  They seem to be magnets to others and see the possibilities.  Guy Kawasaki is that kind of person.  I had the privilege of meeting Guy at a dinner party in San Francisco in the mid 1990s.  He’s 66 now and the author of 14 books on marketing, entrepreneurship and his latest one is on life lessons he’s learned. He’s also a Chief Evangelist for Canva and was an Evangelist and Fellow at Apple. He’s a legend in Silicon Valley and his insights about life as well as building and scaling companies are invaluable. He has an approach I find refreshing and straightforward during this time of uncertainty.  

Barry Moltz of Small Business Trends sums up the Guy Kawasaki top lessons from his book, “Wise Guy: Lessons From A Life” :

1. Start by paying it forward. Guy does not believe in starting a relationship out as “quid pro quo” or giving and always expecting something in return. He discusses how he started supporting brands like Mercedes Benz because he loved them and not because they paid him. He believes that “the upside for paying it forward exceeds the downside of being used…and it takes a lot less energy!” Guy insists that whenever you help others, it comes back to you tenfold eventually.
2. By adding value, you will make money. Guy insists that great corporations are not just out to make a buck; they also want to make your life better.  He repeats that “if you improve people’s lives, you will probably also make money”
3. The best leaders are humble: Guy recounts the time in Russia when Billionaire Richard Branson once polished Guy’s shoes to encourage him to fly Virgin Airlines. He believes that humility will take your company much farther than boasting.
4. Don’t try to be like Steve Jobs: According to Guy, there have been so few business visionaries over the last century: Walt Disney, Steve Jobs, and Elon Musk. He describes how hard Jobs was to work for and laments that so many people want to be like the Apple founder. As Guy explains, “Being a hard ass is easy, being a visionary is hard”. 
5. Learning is not an event. Guy supports the idea that learning is a process. This is why he started two very difficult things later in life; learning to play hockey at 48 and surfing at 62. He encourages entrepreneurs to define what new skills they are learning this year and every year to stay relevant.

In all his books, he talks about his time at Apple and working with Steve Jobs.  He said, “At Apple, you had to prove yourself every day, or Steve Jobs got rid of you”. Obviously Steve wasn’t the easiest person to work with but Guy admired his tenacity and his desire to “make a dent in the universe”. 

Thinking about starting a business? Worried you can’t get started because you aren’t an engineer or you can’t afford one? No code may be the answer you’ve been searching for.

No code has become a buzzword similar to “cloud” and “AI”. We’re here to help you understand what it means to you. At its core, no code refers to a new set of products and services that allow non-developers to build technology solutions that bring their business ideas to life. 

No code has great promise for the 70%+ of IT leaders who report that their project backlogs prevent them from working on strategic projects. However, we also see a huge opportunity for potential founders to take the leap without requiring an expensive - and elusive - engineering team just to get started.

To help de-mystify the idea of no code, many if not most of you reading this are already familiar with one of the original no-code tools: Microsoft Excel. True, Excel provides rich capabilities that depend on a knowledge of basic or even advanced programming with visual basic, but the vast majority of Excel users don’t need to understand anything about programming to benefit from Excel.

Research firm Gartner predicts that low code/no code will represent 65% of all app development by 2024. That means more and more investment dollars will flow into the no-code platforms vying for a piece of that pie.

For those of you who have wanted to start a business, but worried that you need a techie co-founder to get started, or that you’ll run out of money before you ever get to test out the idea due to expensive engineering salaries or freelance fees, no code offerings could be the answer.

One example comes from a business unit within a top 10 global bank:  using Unqork*, a no-code application development platform, they launched a new wealth management product in only three months.

Another example is a global media company that deployed UiPath* to accelerate digital transformation and free up employees from being the “glue” between systems, saving 350,000 hours in the first year across 20+ organizational units.

But no code’s benefits are not limited to groups in established businesses. Take Brent Summers who built a full-fledged web app that let people buy digital gift cards for local businesses struggling during the pandemic. Brent and his co-founder Justin Mares, built their small business gift card app, GiveLocal, using Bubble, a popular no-code platform. They launched their app on March 15, 2020 after only three days of building it. Within just one week, GiveLocal was acquired by USA Today and is now known as “Support Local.”

With no code one of the highest hurdles to launching your business idea is getting a lot easier to cross. Check out some of the top no-code solutions listed below and get started on your business idea. 

• Adalo
• Appery.io
• Appian
• AppInstitute
• AppMachine
• AppSheet
• Appy Pie
• Bizness Apps
• BRYTER
• Bubble
• BuildFire
• DronaHQ
• Dropsource
• Fliplet
• Glide
• GoodBarber
• Kintone
• Microsoft PowerApps
• Ninox Database
• Quick Base
• Salesforce Platform
• Stacker
• Thunkable
• Unqork
• VINYL
• Webflow
• Zoho Creator

Have you ever wanted to pursue a completely different career but didn’t know where to start?  Although the pandemic has given us time to reflect and consider how we want to spend our time, navigating a new career path now has presented new challenges.  Zoom networking anyone? And if it’s been a while since you last changed jobs, you’ll want to have a game plan. 

No question that having a steady paycheck is enviable right now. Sometimes, however, that steady paycheck isn’t sustainable and you know the end may be near. Maybe you’re in a dying industry or maybe your company is part of a national entity that isn’t doing so well.  Or maybe you’re ready for reinvention and want to pivot. 

Changing careers means changing ourselves says author Herminia Ibarra who wrote, “Working Identity: Unconventional Strategies for Reinventing Your Career”.  Fear, excitement, apprehension and dread are common feelings when considering a complete pivot.

It’s a transitional process and an opportunity to look closely at other possibilities. She talks about creating “future selves” and meeting with people who have careers that you’ve thought of doing for a long time. While carving out your future self, it’s equally as important to take a step back and reassess.  What are your main skills and qualities?  Where do you think you’d thrive?  What kinds of people would you like to be surrounded by?

Margo, a friend of mine, wanted to build an eco-friendly shoe company for fashion-minded women age 50+.  She learned everything she could about footwear materials and her target market.  When she met with an award-winning footwear designer, she was eager to figure out if creating a footwear line was feasible.  She’d been working in traditional media and she was ready to explore her future self.  Even though designing shoes was outside of her experience, she was inspired by the Allbirds founders who had zero footwear design background.  She’d experienced a few moments of clarity (and irritation) at work and she thought, “life is short.  I have more to learn and so much more to offer.” Herminia Ibarra calls these moments “triggers” and we can use these work irritations to propel us forward to discover a new and more meaningful path.

Herminia refers to “unconventional strategies for career pivot success”. 

Here are a few:

1. Take action: By taking action, you can figure out how you feel about a particular career path.  It’s important to step out (instead of looking inward) and as a result each additional step will be less challenging.

2. Consider all possible selves & prototype yourself: Don’t get caught up in figuring out your one true self.  Everyone has many selves but we tend not to nurture them - so write them down and begin testing them out.  Ask questions and study a person’s background to find out how they got to where they are now.  It’s called “prototyping yourself” and in a time of tech acceleration, everyone should be doing this to make themselves more attractive in the hiring manager's mind.

3. Allow for a transition period: Completely changing your career can be difficult – especially in mid-career. Know that it will take a while to move from the old you to the new you.  A transition can occur while you’re working full time but carving out time for exploration will be critical.

4. Think of small wins: Set up a strategy to achieve as many small wins as possible.  Challenge yourself and consider your failures as a time to learn and be more informed about your career path and new direction.

5. Projects/side hustles: Without a huge commitment, it’s much easier to test the waters when you’re able to work on a temporary project or side hustle.  Even if it’s for a discounted rate, it will give you more experience in the area you want.

6. Someone new: Find your tribe.  Branch out and meet others who have similar interests. Find a Crowdcast event with interesting people and be sure to ask a question so that your name is recognized.  Follow up through LinkedIn and see what happens. Becoming closer to the people in your desired career is all part of the process.

As for my friend, Margo, she opted not to partner with the footwear designer.  She’d worked with him for a few months and learned their personalities were not a match and she wasn’t going to settle.  She wanted to partner with someone who challenged her and had a similar drive to succeed. Realizing the type of people she wanted to surround herself with was just as important as the type of career she wanted to pursue.  At 53, she decided to build a consulting firm and now she has a business partner who complements her personality, skillset, and aspirations.

Podcast: Side Hustle School

The Side Hustle School podcast is created by Chris Gillebeau. It’s a daily podcast and focuses on people who have a regular job and want to start an income-earning project on the side. He walks through a different story of someone who has started a side hustle—along with what went well, how that person overcame challenges, and what happened as a result. He’s a New York Times bestselling author of The $100 Startup, The Happiness of Pursuit, and has written several other books including The Art of Non-Conformity.

What we love:

A great listen during a commute. Chris narrates “Side Hustle School” so it’s succinct and gives the listener insights and hurdles the person overcame. These last about 10 minutes long so they aren’t a huge time commitment. These short stories are great motivators and offer encouragement. He looks behind the curtain and provides so much value in how to begin. Plus, he’s from Portland and has an interesting story about how he got to where he is now.

https://sidehustleschool.com/podcasts/