Let’s talk about money.
(money, money, money, money…monayyy!)
Anyone else see Sister Act? No? Cool.
There are so many stories being told about money in your life. Whether your family had it, didn’t have it, stewarded it well, was stingy with it, spread it around like manure, or looked at it as a lifeline…money affects us. It affects our minds, our hearts, and how we see the world, but that doesn’t need to be a bad thing. If you’re looking to make money, it’s important to recognize what money means to you and why you want to earn it.
Making money means different things to different people:
-supporting their family financially
-feeling self-sufficient
-enjoying extra trips or vacations
-feeling safe and secure
-being able to give to others in need
-eating out once in a while
-name brand clothing and shoes
-date nights with a babysitter
-freedom from a 9-5 job
…the list goes on.
If you’re one of the good ones (and I’m sure you are) running a business is a great way to make money while giving a little of what you’re good at away to others.
“The meaning of life is to find your gift, the purpose of life is to give it away” Pablo Picasso
Now the question is how. How does one make alllllllllll the monies? I’m going through 3 ways you can start making money from home with skills you have right now: service-based business, product-based business, and dun dun dunnnn network marketing.
Hold your applause.
And eye rolls.
Here we go.
SERVICE-BASED BUSINESS
You have a skill. You have a skill that can help someone – one they’ll pay for. And your skill can be marketed. (Test me, I’ll find one for you). It’s probably something simple to you or something everyone says you have a knack for and that usually means you’ve ignored it. How you help people doesn’t need to be tricky or hard, it should be something you enjoy.
Entrepreneurs in this space typically work either 1-1 or in a group setting to meet a client’s need via a skillset they have or have learned.
EXAMPLES: photographer, copywriter, coach, designer, counselor, trainer, makeup artist, hair stylist, consultant, handyman, virtual assistant, event planner, florist, interior designer, nanny, planner, teacher, bookkeeper, videographer, social media manager, etc…
PROS:
- Low to No Initial Investment
- Catering to an Existing Market
- Google Can Teach You Everything You Need to Know
- If You’re Nice and Good at What You Do, People Will Refer You!
CONS:
- Minimum Scalability
- Little to No Recurring Revenue
- Harder for Family / Friends to Personally Support (if they don’t need your service)
PRODUCT-BASED BUSINESS
Not wanting to work 1-1 with clients? Whether your skill is to make something physical, you have an artistic talent, or you want to learn to create something – this is a great avenue. No, not everyone can throw pottery. No, not everyone can draw that well. No, not everyone can sew, plant, glue, braid, crochet, design, invent like you can. Don’t take it lightly. You could even pick something you like, learn it, and sell that thing within the next few weeks.
Entrepreneurs in this space typically work to create a set of physical products to sell to meet a customer’s need via a skillset they have or have learned.
EXAMPLES: crochet pillows, handmade keychains, personalized stickers, innovative pacifiers, creative inventions, baby swaddles, digital prints, soy candles, framed drawings, curated storefronts, coasters, magnets, clay earrings, etc…
PROS:
- Moderate Scalability
- Projected Sales and Income with Buying Habits
- Google Can Teach You Everything You Need to Know
- Family / Friends Can Easily Support
CONS:
- Need to Find Your Niche Market
- Higher Initial Investment / Holding Inventory
- Recurring Revenue Dependent on Customer Retention
NETWORK MARKETING BUSINESS
There are a lot of misconceptions about network marketing (or multi-level marketing) and I knew the list well, but I took time to learn about the system and dang it, it’s actually pretty smart. I started with Monat in 2020 and have been blown away – if you’ve got questions about network marketing like I did, fill out this form so we can chat! Network marketing is a business model that depends on person-to-person sales by independent representatives. It’s as simple as matching a client base to products and services that would improve their quality of life. Social selling, influencer marketing, and recommending a restaurant to a friend work in the same vein.
Entrepreneurs in this space typically work from home connecting customers to products for the retail side or recruiting leaders for the business opportunity side to meet a client’s need.
EXAMPLES: Scout and Cellar, Younique, Monat, Crunchi, Arbonne, BeautyCounter, MaryKay, YoungLiving, Beachbody, Primerica, DoTerra, Pampered Chef, Advocare, 31 Gifts, Usborne Publishing, Rodan + Fields, etc…
PROS:
- Low Initial Investment
- Built-In Leadership and Mentorship
- Family / Friends Can Easily Support
- Maximum Scalability and Recurring Revenue
CONS:
- Holding Inventory, if applicable
- Overcoming Perceptions of Network Marketing
- Finding a Healthy Company that Compensates Well and Fits Your Lifestyle
All business owners have one thing in common – they serve people. They solve a problem, make life easier, help people or otherwise use what they know, learn, and experience to solve a problem. Now, do you need to monetize every skill or hobby you have? No. But you’re not reading this blog post because you don’t want to make money, soooooooo…
While I’ve not dipped my toes in running a product-based business (mostly because I have not the artistic skills of my mother), I have experience in the other spaces and here’s what I’ve learned:
-You can make an impact where you are, with what you have.
-Money isn’t the meaning of life, but there are ways to steward it well.
-Overcoming fear to stretch, learn, and grow will always be worth the investment.
If you’ve ever considered starting a business, but didn’t know where to start, I would love to hear about it and be a sounding board for the thoughts running through your mind. Or if you just need a quick win, I curated a list of my favorite tools of the trade that have helped me over the years for anyone looking for a leg up.
I can’t wait to see what 2021 holds for you.
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