Ever dreamed of trading in your daily grind for a life of travel and flexibility?
Today we will explore how a service-based business could be your golden ticket to living that dream. Join us, Austin and Monica, as we dive into the perks of starting a venture that aligns with your nomadic aspirations.
So, if you're ready to embrace the liberation of a location-independent lifestyle, make sure to tune in for another dose of encouragement and actionable insights from us!
Sign up right now for the Digital Nomad Kickstarter beginning May 6th and learn what you need to get started as a digital nomad!
https://austinandmonica.com/digitalnomadkickstarter
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Join our Facebook Group Digital Nomad Start-Up Circle if you're interested in living nomadically, growing your online business, and forming a community of like-minded people.
Get our FREE 85+ Ways to Make Money While Traveling guide!
Connect with us on Instagram by following @austinandmonica
Visit our website: AustinandMonica.com
Enjoyed this podcast? Subscribe to our show and leave a rating and review on Apple Podcast. Your feedback means a lot to us, thank you!
Ever dreamed of trading in your daily grind for a life of travel and flexibility?
Today we will explore how a service-based business could be your golden ticket to living that dream. Join us, Austin and Monica, as we dive into the perks of starting a venture that aligns with your nomadic aspirations.
So, if you're ready to embrace the liberation of a location-independent lifestyle, make sure to tune in for another dose of encouragement and actionable insights from us!
Sign up right now for the Digital Nomad Kickstarter beginning May 6th and learn what you need to get started as a digital nomad!
https://austinandmonica.com/digitalnomadkickstarter
-----------------------------------
Join our Facebook Group Digital Nomad Start-Up Circle if you're interested in living nomadically, growing your online business, and forming a community of like-minded people.
Get our FREE 85+ Ways to Make Money While Traveling guide!
Connect with us on Instagram by following @austinandmonica
Visit our website: AustinandMonica.com
Enjoyed this podcast? Subscribe to our show and leave a rating and review on Apple Podcast. Your feedback means a lot to us, thank you!
Hello and welcome to the Profitable Nomad Couple podcast. This is a show where we share all of our secrets about building a sustainable, location-independent lifestyle.
Speaker 2:We're Austin and Monica. We're a digital nomad couple here to help you develop an entrepreneurial mindset, ignite your passions and develop a purpose-driven online business.
Speaker 1:Get ready for weekly insights and inspiring stories to empower you to live life on your own terms.
Speaker 2:So are you ready to unlock the nomad mindset and embrace a life of limitless possibilities? Let's dive in.
Speaker 1:All right, you guys, while you are here trying to figure out what kind of business you want, to start finding something that totally aligns with you and your passions and takes you to your why. We want to talk about why service-based businesses are the easiest path to success. So let's start by even just backing up for a second and talking about what the heck even is a service-based business. A service-based business is a business that provides a service to customers and clients instead of selling and creating products for them. So really good examples here are graphic designers, bookkeepers, pet sitters, project management, podcast managers. There are so many good service options. In fact, the entire list of 85 plus ways to make money online that Austin and I have created are all service-based businesses.
Speaker 2:So we're going to jump into why we believe a service-based business is the better way to go when you're getting started. We're not saying they're better businesses altogether, but if you're looking for a way to start making money online in a relatively short amount of time and have the freedom to travel wherever you want, or have the freedom to travel wherever you want, or have the freedom to pursue other hobbies and passions, if you're looking for a quick on ramp into the online business space, we believe that the service based industry, the service realm, is a much easier, better way to go, and so we're going to jump into some reasons as to why. And the first one here is because there's such a low barrier to entry with a service based business. If you're doing any product based business, there's going to be costs involved with prototyping, with creating the materials and the equipment, and stocking, the inventory and packaging and shipping and warehousing all of your things, all that stuff. Those are all expenditures that you would have to take into consideration, and there's none of that.
Speaker 2:When you do a service-based business, all the money that's required to launch is just you getting up and going on the internet. Every business will require money to launch, but there's just so much less required with the service-based, the products that you're selling in this instance is your time and your skills set and you don't need to warehouse that. There's no equipment necessary or prototyping and you don't need to package that. It's just so I mean you're these tools and resources are so readily available and affordable to you.
Speaker 2:Eventually there will be things like client relationship management, management softwares or scheduling softwares There'll be. There will be some additional costs, but getting started there's hardly any at all. So the upfront investment is so small really, just to get started and get your first client or two and to get these initial payments coming in, you're mostly just going to need your computer. You're going to need a Wi Fi connection, maybe a phone bill and a phone. Like I said, there will be costs in order to grow and to scale. But just to get your feet wet, to get started and to get the initial money coming in, you really don't need much here.
Speaker 1:Okay. The second reason why services businesses are better is because you can make a bigger income faster and easier. So, for example, let's say your goal is to be making $5,000 a month. Now we have a lot of people who come to us and say, oh, I really want to make digital products, I really want to make eBooks and sell those. So eBooks the average cost of an e-book that actually sells is $2.99.
Speaker 1:And e-books are one-time purchases, meaning that nobody is going to come and purchase your e-book five times.
Speaker 1:They're going to buy it once and then they're going to be done. So every time you need to make a sale, you have to find a new person to purchase your e-book. Now that means that you need to sell 167.2 ebooks every single month and these are brand new sales, brand new people every single month to meet your 5,000 a month goal. It's a lot of volume that you have to take in to meet your goal, whereas, let's say, instead, you decide to do a service-based business and you decide to become a social media manager and you are selling a social media package for $500 a month and this is a package that is reoccurring. So they sign up with you and every single month they're paying you $500 to manage your social media account. Now, in this case, you only need to be working with 10 clients, and so you might need to find one to two new ones a month, depending on your turnover, but for the most part, once you get your 10, you're set and you are guaranteed that $5,000 a month.
Speaker 2:So another reason is it's easy to find something that fits your skills and fits your interests and really this is kind of our whole jam that we're talking about here and throughout this program is finding something that's fun and enjoyable to you, that fits your personality, fits your lifestyle, fits your goals, and if you find something like that that also has a market to buy and a market of people who are willing to pay you for that service Once you find that you're good to go. And I believe this is really really simpler to find in a service-based market, a service-based industry, than it is in a product-based one.
Speaker 1:It's really easy to learn the ropes of entrepreneurship with a service-based business. Like we were mentioning earlier, with the low overhead and startup fees, means that there's low risk, meaning it's easy to try new things. It's to go out there, experiment to get your feet wet without that risk looming over your head, and it allows you to experiment and decide what works best for you. It's really easy to become a copywriter and then realize that maybe that's not what you love the most, but you actually are really loving the social media side of business, and so it allows you to pivot and experiment and try new things with the services you offer, instead of being stuck in the business that you created because of the big overhead or startup fees that you had.
Speaker 1:Some of those startup fees aren't just money either. A lot of it can be time too. So, like, if you decide that you want to sell digital products and you spend a ton of time going through and creating all the digital products and none of them sell, then all of that time you spent creating those products were pointless. It didn't bring you any money into your business. So it removes that risk of wasting time as well.
Speaker 2:Okay. The fifth reason is scalability. So we've already talked about the potential for reoccurring income. So most product not all, but most product-based businesses are one-time sales. Sometimes people will come back if they're loyal to you, if they enjoy your product. Once that product wears out, they'll come back and buy another, depending on what it is you're selling. But with a service-based business, you have a much greater potential for your services and your business to be needed more regularly, and so you can create this reoccurring income with the clients that you are serving and eventually you can turn this service-based online business into a more passive business.
Speaker 2:You can step away from it a little bit more once. Once it's grown, you can hire people to come in and be offering that service with you. For example, if you are a coach, you can hire a co-coach, or you can train a coach to be teaching your methodology, to be teaching what you are teaching to your clients, and you can step back, which allows you space and time to start exploring some other opportunities, and it allows you to continue growing your income, grow your wealth, grow into more of the lifestyle that you wanted originally when you first got started, and then it's also really easy to start growing your team. You can start hiring more people as you're adding services and as you are expanding your offer and creating more things in this service that you're offering, you can hire more people to help with that. You can scale your offer. You can have different tiers Expanding your service is the same idea and just grow your clientele, and this is relatively easy in the service industry.
Speaker 1:You also have a ton of flexibility, so you get to work from anywhere you want, as long as you have an internet connection, and it helps you to be able to create a really good work-life balance that works for you and your lifestyle and your goals. Businesses where you are required to check in on things and see how your products are doing or see how people are handling you know managing your product, or location-based business- Another reason is that it's relatively it's quite a bit faster to bring this to market.
Speaker 2:So we've already talked about how it's pretty easy to get this service based business up and going. Compared to a product one, you can launch relatively quickly within a short period of time. We've seen people within weeks, within months, who have gotten up and going and been able to start get you know, building momentum in their business and finding clients within that short amount of time from launching. It's also relatively quick and easy to validate your idea. We've talked about this a little bit as well. If you start offering a service, you can start working with your first client or two and tweak your offer as you are building it and tweak your offer as you are moving along, rather than having to have an optimized product before you start selling it to people. You can also start making money within a couple months. So this is what I was just talking about. It's the timeline here is just condensed and much shorter.
Speaker 1:So, as you are going about and doing all these exercises to figure out what kind of business you want, I want you to have this in the back of your mind Service-based business is going to help you launch farther and faster and it's going to be way more enjoyable. That doesn't mean you're going to be changing, exchanging time for money forever. It will change, it will adapt, it will grow, but this is the fastest way to get in to the digital nomad life, to break into the business and to start making money online thanks so much for joining us here on the profitableitable Nomad Couple podcast.
Speaker 2:We appreciate you listening to us today.
Speaker 1:If you enjoyed this episode, share it on Instagram and be sure to tag us. At Austin and Monica, together, we can inspire others to embrace a location independent lifestyle.
Speaker 2:And while you're there, we'd love to connect with you, so make sure you follow us for more tips and inspiration on living your dream location independent lifestyle until next week.
Speaker 1:Remember that you have the power to shape your own path, so stay curious, stay adventurous and stay connected.