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eBiz Weekly #89

How to come up with a business idea

This week:

  • How To Come Up With A Business Idea
  • Trends Review
  • Obsessed with Passive Income
  • Best Business Podcasts
  • Software With A Service
  • 922 email subs in 1st week
  • Start, Learn, Adjust
  • $1,000 a day on Fiverr
  • Momentos + Interview

How To Come Up With A Business Idea

This might set your brain on fire: a list of 47 ways to come up with a business idea 🔥

Trends Review

Trends.co is a subscription service for entrepreneurs, offering access to market insights and a high-level private community.

I’ve been a paying member for several weeks – really impressed with it so far 😍 – and just published an in-depth review here (discount info included).

Obsessed with Passive Income

“I just lost my job so I’m starting an online business. How can I earn passive income?”

I have a “doomed” label in Gmail for messages like that 🙈

Because being obsessed with passive income while starting your first business is like being obsessed with running a marathon while learning how to walk.

I quit my day job in 2010 and spent the next year obsessing about passive income.

Guess how much passive income I made that year?

Almost zero.

I only started earning decent money online when I gave up chasing passive income and instead focused on freelancing (aka active income).

So if you’re new to running a business, do yourself a favor and forget about passive income.

Or, if you can’t, please refrain from emailing me about it. Because you sound like someone who can’t make a layup, hoping to get a shoe deal with Nike 🙄

Best Business Podcasts

Finally put together this list of best business podcasts for online entrepreneurs 🎙

Any others I should add to the list?

Related: best business books for online entrepreneurs

Software With A Service

Speaking of podcasts, here’s a recent interview with Laurence Taylor on TMBA.

Laurence is co-founder of HipTen, “a SwaS (Software with a Service) consultancy that works exclusively on the Salesforce platform for the insurance industry.”

Apparently the company does “high six figures” in annual revenue 🤑

Surely lots of opportunities to emulate that business model with different niches and/or software.

  • What software do you already know well or could you learn fast?
  • What businesses could you help to make the most of that software?

922 email subs in 1st week

That’s the story of Grow Getters, as detailed here 📈

They’re basically a newsletter about growing a newsletter (how meta).

The growth hack that worked best for them the first week (350+ subs): downloading their Gmail contacts and emailing them all asking to subscribe.

Start, Learn, Adjust

A 7-figure online entrepreneur shares how he built his business (via Reddit):

I was a musician and wanted to learn how to not have a job. I realised I could make good money performing at bars, and started doing so. Then I started getting booked for weddings, and realised there was more money in that. I started focusing on marketing to wedding clients.

Then I started getting a few corporate event bookings for even more money. Then I realised I could book other musicians for weddings and corporate events – they’d make great money, and pay me a commission for securing them the work. From there, I realised if I curated my artist portfolio to just really high quality artists only, my business would get a reputation for being “the best”, and commanding a premium price. Then I realised if I paid for them to create great video content, they’d get much more work, and that would lead to more, and better commissions for my agency.

This is how it happens in real life – you start, you learn, you adjust. Over time you get to a laser focus, where your business just crushes a very specific thing, and you get paid accordingly.

In other words, you don’t need to have it all figured out before you get started.

Solvitur Ambulando.

$1,000 a day on Fiverr

No idea why this is on Yahoo! Sports of all places:

Alex Fasulo quit her job and started freelancing as a copywriter when she was just 22 years old. Now 27, she’s earned just shy of $1 million on Fiverr alone, and operates three other online side hustles as she travels all over the world.

Alex’s profile on Fiverr 👈

Charlie Chang posted a good video interview with Alex recently.

(Thanks to Terry for the heads up on this story. He recently started offering SEO services on Fiverr and has seen some early success. Check his profile here.)

Momentos + Interview

You can read my latest personal ramblings over on Patreon 🤫

Also: Remote Work Hub interviewed me, shared a bit there about my 10 years traveling the world and working online 💻

That’ll do it for this week.

Was there anything above that you found particularly useful or interesting?

I aim to pack these emails with the best tips, insights and opportunities for building your online business. Your feedback helps me do that.

Also, feel free to forward this email to a friend, or you can direct them to the online version here: https://ebizfacts.com/ebiz-weekly-89/

In case you missed em, here are the last three editions of eBiz Weekly:

Until next week, rock on with your legendary self 💪

Niall Doherty – Tbilisi, Georgia
eBiz Facts

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