Lecture Notes: Six Ways to Generate Income Online for Solopreneurs

Introduction

• Target Audience: Solopreneurs aged 50+
• Focus: Building an online one-person business
• Goal: Simplify the process to avoid feeling overwhelmed

Six Main Buckets to Generate Income

1. Courses

• Concept: Information marketing by converting ideas, concepts, or intellectual property into a course or program.
• Format: Digital courses (previously physical products like CDs).
• Price Range: Can vary from $40 to $5,000.

2. Coaching / Consulting

• Definition: Trading time for money by offering expertise.
• Pricing Models: Can range from $20 an hour to package deals like $3,000 for five sessions.
• Success Factor: Highly dependent on niche and market demand.

3. Continuity Income

• Other Name: Subscriptions
• Explanation: Recurring revenue from membership sites, subscription services, etc.
• Examples: Membership sites in niches like strength and conditioning.
• Frequency: Can be yearly, monthly, or quarterly payments.

4. Commerce

• Definition: Selling physical products, often referred to as e-commerce.
• Methods: Amazon, dropshipping, private labeling, own website (e.g., Shopify).
• Products: Supplements, skincare, merchandise, etc.

5. Commissions

• Concept: Act as a middle person promoting other products and earning commissions.
• Common Form: Affiliate marketing.
• Examples: YouTube product endorsements, recommending training programs.
• Critical Note: Ensure endorsements are for reputable products.

6. Commercials

• Other Name: Sponsorships and brand deals.
• Income Sources: Ads in newsletters, video monetization (e.g., YouTube ads).
• Characteristics: Offers passive income without direct selling of products.

Key Takeaways

• Importance of understanding business models and how to generate income.
• Prioritize income generation strategy before brand development.
• Acknowledge the need to make decisions for turning a hobby into a business.

Conclusion

• Encouragement to identify the business model and income strategy.
• Reminder to engage with additional content for further learning (like and subscribe).