Make $8,333 a month and you’ll make six figures a year.
For the sake of simplification let’s discuss making $10k/month.
Here is a plan, in fact, five of them, to build $10k/month or $100,000+/year.
5 Opportunities That Will Take You to Six-Figure Year
1/ Grow a client services business
It can be in any niche. Get 2 clients who pay you $5k/month, 4 clients at $2.5k/month, or 5 clients at $2k/month. If any of this sounds high to you, work on your mindset first and tell yourself that you are worthy and capable of making whatever amount you choose to.
2/ Build an online learning business
Either launch a self-serve program or cohort-based course with live interaction.
Self-serve (pre-recorded videos) are easier to manage, so you can start at a low price point like $200-1000/per person. For a cohort-based course, given that you offer the right value, you can charge every participant $500-$2000 or even higher.
This and membership which I’ll talk about next is probably the trickiest to get right but once you get it right it is not tough to make a million-dollar business out of it over 2-3 years. Established course creators make multiples of that during every launch.
Test out different price points, messaging, and how you onboard people. This is not the place to learn that because here I am just sharing possibilities but figure it out and you’ll be on your way to making $100,000 or more a year.
3/ Host a paid community/membership
It can be an extension to a course, where you offer a course for an entry-level price and charge more for the community, and personal access, or something standalone.
The idea is to give people a place to meet, connect, learn, exchange notes, clear doubts, and build partnerships.
One can build a 100 person community that pays $100/month to reach the $10k/month mark.
If you are not sure of the value one will get, build a free community of 200-500 people, and once they have been in the community for 3 months, ask them to be part of an exclusive paid community. This way you can easily get your first 10-20 members and you can go from there.
A few years ago, I, with help from some close friends, build a 13,000 members strong community of digital marketing enthusiasts within 59 days. Even if you are new to it, I am sure you can build a 1000 member free community or 100 members paid community in a year.
4/ Be an employee
This is something most people don’t even think about, especially those who live in the hustle cloud. If you want to avoid the hustle that comes with building your own thing, be an employee with a well-funded startup. There are a lot of remote roles that pay in this range if you’ve got good experience and you’ve built a well-rounded body of work to show your expertise.
5/ Build a paid newsletter
Morning Brew is a newsletter-based business that has built a subscriber base of 3.5 million subscribers, did $20 million in revenue in 2020, and doubled that revenue in 2021.
The Hustle, another newsletter with 1 million subscribers, was bought by Hubspot for $27 million.
All this to say that running a newsletter is a great business opportunity.
It is easy to start and if you hire someone with expertise then you don’t need to be an expert yourself. Most newsletter-based businesses generate revenues through sponsorships and ads and some run subscription products like Trends by The Hustle.
Pick a niche that is underserved, get started, and grow a niche-based newsletter to 25-50k subscribers. It is possible to earn $1-3/subscriber or even higher with a mix of brand profit share and weekly sponsorships.
There are many more opportunities like this, but these are pretty straightforward and anyone who is willing to do the work can go past the $100,000/year mark with any one of these in 6-24 months.
If you combine two or more, you can well be on a path to doing $1 million/year in the third year.
Give it a shot and see how far you can go.