Some people love to cook, and they do it so well that their very friends and family ask them to host weekend cookouts. Others are good at selling or connecting with people thanks to their natural gift for public relations. In the end, we all have a skill with which we can generate value for others and, why not, develop a business . So why not exploit it?
If you want to generate extra income or if you dream of quitting your job and starting a business , the first thing is to identify that personal skill . Then, you have to develop a basic business plan through the following steps.
Define the pain or market need that you will attend . For example, if painting pictures is your thing, will you sell your work to people looking for funky pieces for their offices, or will you run painting classes for people who share your hobby but need to learn basic techniques? Will those classes be online or face-to-face? What will distinguish you from other teachers?
Identify your ideal client . This step will help you confirm that there is a real and concrete opportunity for your business. Go far beyond demographic characteristics , such as gender and age; and define, for example, what is the purchasing power of your ideal client , what are their tastes and through which channels they communicate and consume information.
Think about how you will promote and sell your product . When we want to generate income with a hobby, the first customers are family and friends. But if we want to have a serious business in the medium and long term, we must go further through physical channels, such as a commercial premises; and digital, such as an online store.
Investigate if there are similar and successful entrepreneurs or businesses . Instagram is the ideal channel to confirm the viability and potential of your idea , to analyze the value proposition of your future competition. For searches use hashtags that identify your product or service.
Do the math. Confirm from the beginning that your activity will be profitable . Analyze your operating costs; for example, the consumption of electrical energy and gasoline for transfers by car to make deliveries; as well as those of production (raw material). Define your desired profit margin and set a price for your products and services .
Create a task schedule. Although at first it may seem unnecessary, this tool will help you understand how much time you have to dedicate to your venture and if it will be possible to make it compatible with your current job or with your personal activities; if you will have to hire a collaborator from the beginning.
Once with this basic information on how to analyze the viability of a business idea and work on a plan, we can see some concrete ideas to earn money based on your personal skills.
#1. Online classes
If the pandemic made something clear after its long weeks of confinement, it was the number of activities that we can do without leaving home: from cooking to studying music, making crafts or doing gymnastics. If you are an expert in any activity, take advantage of digital channels to share your knowledge and experiences ; for example, through live broadcasts via Zoom or through their own channel on YouTube. To be successful, professionalism is vital and knowing how to differentiate yourself from the competition with original and well-worked classes; above all, focus on an underserved market niche.
#two. content generation
Is your thing to write? Take photos? Or have you worked very well on your social networks and have thousands of followers? There are millions of small and medium businesses that need not only a community manager , but creatives who can think of original content for their digital communication channels . From Facebook or Twitter to a Web page or a newsletter. Also, consider the opportunity of copywriting , a persuasive writing technique to promote calls to action and sales effectively , but not as directly.
#3. Video game
The video game industry does not stop growing all over the world, and Mexico is no exception. If you are passionate about this activity, there are many specialties in which you can train : from designer and developer to producer, specialist in transmedia storytelling and professional gamer.
#4. book clubs
Another of the activities that grew during the quarantine periods was collective reading through online platforms . With the return to “normal” many people want to continue reading and are willing to pay a membership or fee per event to have the guidance of an expert in fantastic novels or personal development books, for example. If you are a dedicated reader and you feel capable of coordinating groups, this could be your great opportunity.
#5. Guided visits
Do you know the most hidden and interesting corners of your city? Do you know where the best traditional food restaurants are or are you an expert in the history of the most important colonies? So, you could organize guided tours during the weekends ; not only for tourists, but also for the city’s own inhabitants who want to get to know it better. In addition to your knowledge, it is important that you organize good logistics for transfers, meals and income to places that have an access fee and where long lines can form.