What It's About
How a busy new father created a part-time hustle teaching guitar lessons for $80 an hour.
Business Model
Skills Required
Complexity
Profit Potential
Words of Wisdom
There's usually a range in which you can price something without encountering much resistance, and your goal is to find an optimal price point—preferably on the high end of that range.
Through a period of trial and error, Jake figured out where that was and it’s a big part of what allowed him to quit his university job and hustle full-time. After all, if people are equally happy with paying $40 an hour or $80 an hour for a lesson from Jake, why wouldn’t he charge $80?
Fun Fact
Jake started out by charging $50 an hour for “the most awesome guitar lessons in the universe” on his website, Severn River Guitar. He gradually raised his rates until he reached what he thought the market could handle, somewhere between $80-120 an hour depending on the location of the lesson and how many lessons people pay for in advance.
He now sees take-home pay of around $5,000-6,000 a month, working 20-25 hours a week. Thanks to steady clients and continued referrals, the side hustle is now a primary income-earner that allows him to spend more time at home with his wife and young child.
Resources
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Quote of the Day
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To infinity and beyond,
