What It's About
A blogger's adaptability helps him go from under $4,000 to $82,000/annually.
Business Model
Skills Required
Complexity
Profit Potential
Words of Wisdom
Preston made the switch from blog to business when he was in a tight place financially. He had always done his best to stay ahead of money, have an emergency fund, and be conservative with spending, but this new situation motivated him to start building some flexibility into his income.
It was then that he realized that, at a day job, you get paid the same amount whether you hustle extra or not. But when you own a business, the more you hustle, the more revenue you can generate. It was extremely liberating—knowing that he could build the revenue he needed despite his employer's inability to give him a raise or a bonus. Suddenly, he was in control of his own destiny.
Fun Fact
After graduation, he applied for jobs and got one that required him to travel about 40 minutes by train twice a day. He also became a new dad, and all of a sudden, time was much more limited. All he had were those train rides.
He used his train time to write, and he focused on only delivering content that really made a difference. It also forced him to focus on product creation in a small amount of time which allowed him to further narrow his subject matter to promote sales of his first product: an ebook.
Notes from Chris
Episode 125
What worked before doesn’t necessarily work now, especially in the fast-moving world of online business. That’s why being adaptable is one of the most important skills you can develop, no matter what industry you're in. Preston Lee was doing well, with a day job, family, and successful hustle in the form of a blog called Millo. His hustle was earning $50,000 in net income—pretty great for something he did two hours a day. But he also noticed that the business model he had chosen was starting to shift. What he was doing before wasn’t working nearly as much. He recognized that the previous products weren’t working anymore, so he decided to explore the world of sponsorship, where his business would partner with companies to create content they wanted to pay for. In 2016, Millo booked around $75,000 from sponsorships. The year ended with around $82,000 in net income from the revamped blog and focus. Preston now has a full year's worth of salary saved up thanks to income from his side hustle. He says if he got fired tomorrow (which he won't, he’s a very good employee), he wouldn't be worried for a second. As you're going through your day, think about how you can adapt, grow, and ultimately change for the better. It's not just about keeping up with something—it's about being cognizant about how you can best serve people, and how you can be the most successful in whatever side hustle you start. MENTIONED IN THIS EPISODE:
- Millo: Learn more about Preston and his highly-profitable hustle
- FreshBooks: The company Preston signed a deal with that said he would create a podcast that they would then sponsor.
- Charter Bus Employee Creates PR Service for Bloggers: How a digital marketer created something for himself, then decided to try selling it other people who had the same needs. He now makes more than $2,500 a month from this side project.
- Miserable Day Job Turns Into $100,000 Side Hustle: An education district employee follows her passion for writing and creates an online side hustle raking in over $100,000.
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