These days, more and more part-time entrepreneurs are being born. Starting a business is risky by nature, and leaving your job to launch your dream is the ultimate risk. That's why lots of entrepreneurs start their business ideas while still working at full-time jobs, which is a great way to have your entrepreneurial cake and eat it, too.
Two entrepreneurs, David Lindahl and Jonathan Rozek, have written a book called The Six-Figure Second Income to help part-time entrepreneurs kick-start their independence while mitigating their risk. Here are a couple of the highlights you'll pick up from reading their book.
- If you're going to do it part-time, do it online: For the most part, building brick-and-mortar businesses is too capital- and labor-intensive to do part-time. Information products that can be sold on the web are less costly to produce and market.
- There's no need to invent something revolutionary: Game-changers are rare (Google, Facebook). But with an information product, you can create and provide marginal improvement that's valuable to a defined group. The authors use the example of someone who's an expert in growing tomatoes. There are already hundreds of books on this subject, but suppose you sat down and really thought about niches within this overall category. The authors did, and came up with a few ideas, like: Tomato Gardening in New England; How to Grow a Multicolored Garden of Tomatoes; How to Grow the Smallest Tomatoes You've Ever Seen; A Student's Guide to Growing Tomatoes in a Dorm Room (goodness knows, many student horticulturalists know how to grow other plants in their dorm rooms, so why not tomatoes?).
- Just write it: Without paying too much attention to being perfect, the authors say, just start writing and get a finished draft done.
- Decide on the best format for your information product: Getting-started kit; home-study course; newsletter, book, interview series transcript, fast-start guide, pocket guide, checklist -- these are all different formats that will appeal to difference audiences. And don't forget posters, calendars, mugs, information wheels, games, CDs, MP3s, and DVDs. You can take the same content and repurpose it in many formats. (The authors provide over 40 format ideas.)
- Doing web: The authors take you through a step-by-step process to choose a domain name, design a site, arrange for payment systems, driving traffic, social media presence and online distribution. They also focus on the pitfalls of marketing your product, like focusing on how great the product is rather than on what it does for the purchaser; and talking to a mass group rather than the individual who is really considering a purchase.
There's an old saying that everyone has one book in them. For sure, every would-be entrepreneur has one information product in them, which, if they have the guts to put it out there, could lead to a torrent of products. So maybe the most important chapter in the book is the first one in which the authors list all the excuses for not doing anything with your idea. You know: I'm too old/young, I don't have enough money, I don't have enough time, there's too much competition, I'm not a computer geek, and on and on. Get over it! Read this book, and make a promise to yourself that people no smarter than you are creating businesses every second of every day, and you can, too.