Developing passive income streams can complement a freelance writing business, providing diversification and reducing overall business risk.
To build an online business, start with a clear idea or product that addresses a specific problem or need, curate content around it, and engage with the audience consistently through regular content and email marketing.
Time constraints can be overcome by properly managing and prioritizing one's schedule, batching and repurposing content, and leveraging affordable software for website hosting and membership management.
Deep dives
Developing Passive Income Streams for Freelance Writers
Developing passive income streams can complement a freelance writing business by providing diversification and reducing overall business risk. Passive income can add steady revenue and stability, allowing writers to make different decisions about client opportunities. Shane Sams, a former teacher turned online entrepreneur, shares his journey and expertise in developing multiple income streams. He discusses the importance of building a reliable income stream and the benefits of memberships and communities in creating sustainable online businesses. Starting with a minimum viable product, curating content, and using technology to batch and repurpose content are key strategies for maximizing time and resources in building an online audience and business.
Generating Ideas and Building an Audience for Online Businesses
To build an online business, it is essential to start with a clear idea or product that addresses a specific problem or need. By identifying personal passions, areas of expertise, and lived experiences, one can brainstorm potential business ideas and curate content around them. Building an audience can be done through platforms like podcasts, YouTube channels, or blogs, providing valuable free content targeted at the ideal audience. The content should ultimately lead to an opt-in opportunity, such as a free guide or resource, to capture email addresses. Consistently engaging with the audience through regular content and email marketing can further nurture and convert subscribers into paying customers.
Overcoming Time Constraints and Simplifying the Process
Time constraints can be overcome by properly managing and prioritizing one's schedule. By assessing how time is currently being spent and identifying areas where time can be allocated to building an online business, even a few hours a week can be dedicated to this endeavor. Batching and repurposing content, such as pre-recording podcasts and repurposing video content for multiple platforms, can help streamline the process. Additionally, leveraging affordable software, like Kajabi, for website hosting, marketing, and membership management, can simplify operations. Prioritizing and making time for the business is crucial in taking the first steps toward success.
Finding Inspiration Through Niche Ideas and Multiple Income Streams
The online business landscape offers opportunities in various niche markets, where even seemingly obscure ideas can be profitable. Discovering personal passions, specialized skills, or unique experiences can lead to identifying profitable niche markets to serve. Researching and validating ideas in these markets can help determine their viability. Building multiple income streams, such as memberships and communities, can enhance stability and provide additional revenue streams. By focusing on curation, community building, and offering guidance and support, entrepreneurs can create valuable and sustainable online businesses.
Start Small with a Minimum Viable Product and Progress Forward
Starting with a minimum viable product allows entrepreneurs to test their ideas and attract an initial customer base. By focusing on creating valuable and concise content and continuing to refine and adapt based on customer feedback, entrepreneurs can build a loyal following. Implementing simple strategies, such as providing focused content in targeted platforms like YouTube or podcasts, nurturing email subscribers, and using technology to streamline operations, can help entrepreneurs efficiently grow their online businesses.
In this conversation, Shane details how he and his wife have built and grown a very reliable income stream in the span of a couple of years. He talks openly about all the mistakes they made and how they learned from them. And he details the best model freelancers can use to build a reliable income stream.
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