March 21, 2013, 6:00 am

Two Interesting Strategies For Making Money

by: MD    Category: Alternative Income
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Friends always tell me about how they want to start a business or make money on their own, but they just don’t know where to start. They want the lifestyle and the money. They want the freedom. They just can’t figure out what to do first. Truth be told, getting started is the toughest part of any battle, from working out to dating. Once you get started and see some results, the momentum starts rolling and you’re on top of the world before you know it.

Do you need an amazing idea? Do you need venture capital? Do you need a cool logo? Who should you hire first? All sorts of random questions and excuses pop up.

On my little desk right now, I have my copy of The $100 Startup open. It’s actually open to the page about making money. The material is so awesome that I just can’t help but share it with you guys.

Chris Guillebeau presents two interesting strategies for deciding what to focus on when trying to make money:

  1. Latch on to a popular hobby, passion, or craze.
  2. Sell what people buy.

Which plan is better?

The first option is all about joining something that’s already popular. Your goal is to become an authority in this field or for this new craze. You learn everything that you can about it, get good, become an expert, and then pass on your knowledge. You can pass on your knowledge through coaching, information products, membership sites, or a simple niche site. However you do it, the goal is to become the best at something that has already caught on. You don’t have to start the craze. You just jump on board and take over!

In the second plan, you look for what people are buying and find a way to deliver this to them. You don’t have to look any further than Facebook or your own circle of friends.

What are your friends buying? What do you buy? What’s caught everyone’s interest?

These are questions that you can start off with to find out what people are buying and why. Then you can sell it to them.

What about following your passions?

You can be passionate and actually should be passionate about what you’re working on. You just shouldn’t stress about “following your passions” and other useless mantras.

The truth is that you should care about whatever problem you want to solve. I originally started online by covering student finances. I cared about this topic because I was a student trying to build wealth and avoid debt. I cared about it so much that I wanted to write my ideas down and share them with the whole world. I was also and still am willing to work for free on this topic.

In the case of these two ideas, you don’t have to worry about following your exact interests. You can find something that you’re sort of into or branch off into other hobbies. It’s better to make real money than to worry about passions.

Do you have to go full-time?

NOPE. I will always stress that you should never quit your job until you have real money coming in. A gut feeling doesn’t pay the bills. Sorry. I’ve covered this before, but I think it’s insane for anyone to quit a job with no backup plan. Why would you put yourself at risk like that? Why give up guaranteed money for a false dream?

The key takeaway from this article is that if you’re stuck on your next business idea, then you should consider joining a popular hobby or finding out what people are currently buying. You don’t have to reinvent the wheel. You just need to keep it spinning. You also don’t need to stress about following your passions 100% or quitting your job yet.

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Comments

In my experience, you’ve got to follow your passion otherwise you won’t stick with it when things are tough.

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Great article. Starting up a business always sounds like an easy way to freedom and extra income but it is never as easy as many think. In some cases it requires the right idea like you mentioned above and in other cases it involves acquiring the right information. My sister is currently starting her own business and it is becoming an interesting process to help her through.

Great advice to figure out whats on trend and what people are buying (or buying into) right now to navigate where to go. My Uncle who has written two books about marketing yourself in the business world lives in Colorado right now which is a state far ahead many others in terms of moving forward. He told me, as someone looking for a full time job, to get into the business of sustainability because our country will have no choice but to adopt sustainable practices in the very near future.

Starting a business sounds like a liberating and amazing way to take control of your work life, but sometimes it seems like more stress than its worth. My father owned his own medical practice for fifteen years and it was so stressful that he ended up selling it and working as the chief of pulmonology in a hospital instead. Having unstructured hours and people to manage can be very hard.