How to build your first 2 income streams:

(without knowing how to code)

🧵
1/ Eliminate the "fallacy of expertise"

When you get started, you can't worry about "am I an expert?"

If you do, you'll never get started.

Instead, make a list of your accomplishments, big and small, over the last 2-3 years.

What skills did you learn during this period?
2/ Identify your interests

Inside of the list you just created, will be things you loved doing and hated doing.

Sorry, but you can't scale misery.

Choose something you built skills in, that you also enjoy doing/talking about/writing about.

This will be your core focus.
3/ Find the "you" from 2-3 years ago

Your goal is to find people who are just like you, but much earlier in their journey.

Where do they hang out online? Try places like:

- Reddit
- Twitter
- LinkedIn
- FB Groups

If you can't find them, use tools like @sparktoro to help.
4/ Create content

Next, it's time to establish credibility.

Here are some easy ways:

- Teardowns
- Tweet threads
- Step-by-step guides

Show the people 2-3 years behind you that you understand their challenges & have solved them before.

This will gain you a small following.
5/ Create a service business

A simple coaching business can be your 1st income stream.

An MVP landing page + @stripe or @gumroad to collect payments.

The key? Make the pricing a no-brainer.

You're not looking to get rich here, you're looking to learn.

(more on this)
6/ Promote it

It's unlikely you'll get clients just because you exist.

Instead, find easy ways to promote it.

When your new followers ask you questions, tell them about your coaching business.

When you write content, share a link at the end.

Super simple stuff.
7/ Listen for commonalities

This is a key step to creating your 2nd income stream.

Your goal when coaching is to listen for the most common problems of your students.

- Write down every problem you hear
- Dive deeper to understand them
- Keep a running list

This is the gold.
8/ Build a digital product

Your 2nd income stream is your 1st digital product. Focused on the most common problem above.

Take someone from problem to solution in 45 minutes or less.

Keep it focused.

Single problem → single solution

Price it reasonably to build trust.
9/ Raise your rates

With a lower-priced product, you can now increase your coaching rates.

When people want coaching, you can coach.

When they don't, tell them about your digital product.

You now have an offering for different learning styles and price points.
10/ Set up your systems

- Create useful content
- Drive people to the product
- Upsell 1:1 coaching packages

With this simple system it's only a matter of time before you add a 3rd income stream:

- Consulting
- Community
- Physical products
- Cohort-based coaching

Next?
You can follow @thejustinwelsh.
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