Have you ever imagined what it feels like to own a one-person business that pays you seven digits monthly and still affords you the convenience and comfort you desire? A lot of people struggle to figure out what business to venture into that will pay them handsomely, but they often get stuck in their decision-making as lots of uncertainties surround the process. This article seeks to guide you in making the right decision that will translate to making over $10,000 monthly in your convenient space and time; and without investing any money.
Perhaps you have come across a similar article that you felt would be the solution to your long-term search but the reverse became the case, don’t worry; this is certainly different as we have unravelled practical steps to guide you. The most guaranteed business that can afford you the above-mentioned liberty of working at your convenient space and time is online business; which also does not necessarily require any investment of money but time and relevant skills.
If you want to make $10,000 per month with a one-person business, there are only three simple steps you need to follow:
Pick Pain-Solving Niche
You must have heard people say “Pick a niche you are passionate about” when starting an online business. Undoubtedly, it is good to choose a niche you have flairs and passion for; however, it is much more important to consider a niche that has the potential to solve more problems than others; this is what I refer to as “Pain-Solving Niche”. There are millions of problems around the world seeking solutions, if you can solve any problem, you will be paid for it. Also, it is important to note that there is a simple formula to determine which niche is more lucrative than the other, it is by measuring how many people are having a particular problem and stand to benefit from the solution you are about to provide.Â
For instance, poverty is one of the most threatening problems across the globe, most especially in Africa. If you have a solution to eradicating poverty, you will be paid a commensurate incentive for it. This implies that, if you can start an online business that gears towards teaching people how to get out of poverty, perhaps through tutorials on YouTube, TikTok, Instagram etc; you have targetted to cure a larger pain than when you choose a niche of teaching people how to play a guitar via same platforms. You may be putting the same energy into creating content but you can’t get the same results as their value varies.
This suffices to say that the more value you create, the more your chance of making bigger money. This is why the CEO of a company earns more than the employees; because he is considered more valuable in the company.Â
How To Know The Right Niche
Having understood that picking the right niche sets you on the right pedestal to making a huge amount of money online, the question now is how to determine what niche is more lucrative than the others. Also, it is important to note that you can stay within the niches that align with your passion and still succeed. The following practical steps will guide you to pick the right niche.
The first thing I want you to do is, open a fresh Google Docs page and start writing down things you are passionate about or the skills you currently have. Your passion (hobby) could be playing guitar, going to the gym, playing video games, dancing, cooking, baking, teaching, etc. When you have a list of 10 to 20 things, start to go through your list and remove the ones that don’t solve a big problem for millions of people.
For example, gaming is good but it doesn’t solve a big problem for people, so it’s probably not a great niche to get into; however, something like gyming solves massive problems like weight loss, more energy, fitness, boosting self-confidence, etc; which means this would be a great potential niche. Then, narrow down your list to five or even three, proceed to Google trends to compare which niche is the most popular among the options you have. For instance, if you compare cooking, gyming and gardening, you will see that cooking and gym completely smashed gardening as trending issues in the past five years. So, if I were considering a niche, I would go with one of them; because not only do they solve a big problem but they’re also getting a lot of attention. In summary, not only does picking a pain-driven niche increase the chances that you make money but it also makes creating contents around your niche so much easier.
Grow Your Social Media Audience
Once you pick your pain-solving niche, the next step to building a one-person business is to grow an audience that will buy your products. Most people are ignorant of the advantages and opportunities that avail us in this dispensation of information age. Starting a business or producing content in today’s digital age is dramatically lower than it has ever been; today the barrier to entry is practically zero as opposed to 15 years ago when starting an online business required thousands of dollars.
Today, people are making over $400,000 per month by simply posting contents online; this is why I believe that if you have been thinking about starting an online business you should not procrastinate any longer as more people are dominating the online space and making it more competitive. To get you started, the following steps will guide you to start your online business and build your audience effectively.
- Pick a short-form content platform:Â
This is because it is much easier to make a simple 30-second video compared to creating a 15-minute-long YouTube video. Also, short-form content is where you’re going to get the most attention because platforms like YouTube Shorts and Instagram reels have a much wider reach than long-form videos.
- Find the top three creators in your niche:
Once you have picked a platform, the next step is to find the top three creators in your niche; look out for what works for them and start emulating them, adding your personal creativity and uniqueness to your work. For example, if you are starting on a platform like YouTube, you can draw inspiration from MrBeast (replace him with a successful creator in your niche), find his most popular video, break it down to understand why it worked and then copy the same format but with your unique twist.
Another thing to notice is how these videos are focused on solving people’s pain points, which is one of the easiest ways to make content. You simply just pick one of the burning pain points in your niche and then explain how your audience can solve them. Follow these strategies and ensure to post at least one or two videos daily and you will see your account grow speedily.
Creating a Minimum Viable Offer (Selling Product)
Once you have picked a niche and you are building your audience; the last step and final step to building your one-person business is to simply monetize your account. Most people immediately jump to creating their digital product, but I think this is a terrible idea for beginners. digital products can sometimes take months to create, also, you need a landing page, equipment to film and expensive software; which can end up costing you hundreds or even thousands of dollars in the beginning. This is before you even know if your product is going to solve a problem or not. The best thing to do as a beginner is to find high-paying affiliate links that pay between 50 and $100 per purchase and start selling them via your platform, that way you can make much money and eventually be able to use that money to scale your business.
