I recently listened to a podcast in which Justin Welsh explained his framework for starting and growing your first stream of income.
“Stream of income” doesn’t have to mean a “business,” but it usually does, and the steps still work.
Even if you already have a business, going through these steps may help you increase your revenue, or you could start a second business.
This technically wasn’t part of his framework but he talks about it a lot in the podcast.
He also mentions your audience in a later part of the framework. If you don’t have an audience, then that part wouldn’t make much sense.
These groups will become your avatars. Then, your prospects. Then, your customers.
He noted that “misery doesn’t scale.” I couldn’t agree more.
A good example is people who are on a similar journey as you but 2 - 3 years behind you.
You learned some things in that time that they find valuable.
Talk to them for free and ask them what is holding them back.
Pay attention to the language that they use.
If you start to recognize a pattern, you can use similar language in your marketing copy.
It would be even better if you already know how to solve their problems.
Apply your solution(s) for a fee.
Consider starting a coaching business:
You can learn a lot about any products that you will create by starting with a service business.
This is another place to look for patterns. Something will stand out after you work with enough people.
Work through the problem with enough clients to become confident in your ability to solve it.
Tweak your solution until it works.
This can be physical or digital.
Justin recommends offering your solution at an “impulse buy price.” Usually less than $150.
Your audience will be like-minded people who trust you (or they wouldn’t be part of your audience).
Several of them are likely on the same path with the same problem.
For example, if you charged $100/hr for your time, now it’s $250/hr.
Now you can offer the choice between saving time (service) or saving money (product).
If people don’t want to pay your hourly rates, point them to your product.
If people don’t want to pay for your product (or spend the time to go through something like a course), tell them your rates.
Change one or more of them.
This is geared towards having multiple streams of income but can easily be adjusted to fit your situation.