How To Sell An Online Course Through Udemy and Skillshare?

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The exploding market for online courses is a lucrative opportunity for passive income.

If you’ve got a skillset that you think is marketable, and the ability to communicate it effectively to others, this avenue could be perfect for you.

What Is Skillshare and Udemy?

They are online platforms designed to empower people with certain skills to share those skills with those looking to learn them.

They provide an opportunity for creators to produce and upload courses that can range from video centric to more test heavy options, depending on your personal production skills.

Who is it for?

First and foremost, you’ll obviously need a marketable skill to teach. But you’d be surprised at the wide variety of courses that do well on Udemy. There are dozens of categories and subcategories, so you’re sure to find a niche that perfectly suits your own perfectly set of marketable skills.

But you’ll need something more than skills you’ll need to be a skilled communicator to help people benefit from what you have to say. If you can hold your own in front of a video camera and communicate what you know with clarity, you’ll do well.

How does it pay?

This is a difficult number to pin down, as Udemy and Skillshare earnings can range from a couple hundred rands/dollars per year to tens of thousands each month. It all comes down to how well your course performs.

There are things you can do to increase your chances. Uploading some of your videos to YouTube and linking them back to your course, or using other marketing channels to promote your course. Other Udemy newbies will often offer their courses for free at first to drive traffic and get ratings, before switching to a payed model once they have a bit of a reputation on the site.

As for Skillshare, the site works on a royalty system that determines how much you earn based on how many total minutes of your classes are watched. The site says that first-time teachers tend to earn around R1000 in their first month, while established teachers can earn as much more per month.

It is recommend to uploading your course to both Udemy and Skillshare to get the most possible traffic.

Pros

  • Potential for significant earnings
  • Uses skills you already have
  • No start-up costs

Cons

  • Can take some time to build reputation
  • Big initial time investment of planning, filming, and editing courses
  • Organic revenue is split 50/50 with Udemy.
  • On Skillshare, royalties are shared among the all teachers—higher view rates lead to higher earnings.

How to Get Started

First you’ll want to begin taking notes on which of your skills might be the most marketable. Head to Udemy ( https://www.udemy.com ) or Skillshare ( https://www.skillshare.com ) to see which types of courses are doing well, or which ones have gaps that you could fill.

Udemy and Skillshare offer excellent opportunities to turn your skills and teaching abilities into cash. If you’re willing to put in the initial setup work, it could turn into a lucractive source of passive income.

Thank you for reading this blog post. Do like, comment below and don’t forget to follow more of MBG on our social media platforms.

Questions To Ask When Considering a Side Hustle.

Side hustles are a great way to earn extra income but, like all new ventures, they require a bit of legwork upfront in order to get traction. If you don’t choose an idea that fits your current lifestyle, it’s easy for this extra work to sink to the bottom of your to-do list and, eventually, fall by the wayside. For this reason, durable side hustles often feel less like a chore and more like a creative outlet that places craft and commerce on equal footing.

Although side hustles don’t always become full-time jobs, it’s common for side hustlers to gravitate towards this option once their venture becomes profitable enough. If you want a side hustle that could eventually become your career, here are some things to consider.

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1. Does the idea fit your current schedule?
You’re going to be dedicating a meaningful amount of time to this side hustle, so it helps if that time fits into your schedule. A side hustle should be something you can do outside of your 9-5 job, but that won’t interfere with or keep you from that job.

Things will come up at your full-time job. Some days, you may have to pick up an extra shift, work overtime to finish up a project, or have obligations like meetings and team-building events.

If you want to make sure you put time into your side hustle, it helps to pick something that’s easy to re-schedule. Side gigs like dog-walking or babysitting might seem appealing, but remember these could be more difficult to arrange around your regular job.

2. Does the idea align with your passions and interests?
Working 40 hours a week is enough to take take most people’s creative energy by the time the day winds down. And after time well spent with family, friends, and personal responsibilities, it’s easy to see just how hard it can be to carve out additional headspace to work on a side project.

But it’s these hours tucked away in life’s margins that tend to be the best time to do the focused work needed to get something off the ground; the workday is done, the weekend is still a couple of days away, and since you’ve already watched all the true-crime documentaries on Netflix, your schedule is wide open.

The hours tucked away in life’s margins are often the best time to do focused work.
But, try as you might, sometimes you just won’t want to work.

That’s why it’s ideal if your side hustle closely pairs with what you’re passionate about, even if it’s not the end-product itself. That might mean some aspect of running things behind the scenes, or maybe it’s just immersing yourself in a new topic or field of interest.

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3. Is the idea financially viable?
Although not every hobby should be burdened by the need for profitability, by our definition of a side hustle, we are looking to create some kind of return on time invested. That means your side hustle needs to be financially viable and, over the long term, relatively stable.

Most side hustles aren’t profitable right away since your primary focus is tweaking your product or service and finding how best to reach your first clients or customers. You want to keep costs low in the early stages and work exclusively on “ringing the cash register,” or proving out your idea with a sale so you can see what the numbers look like.

What does that mean exactly? Since the start of any project is completely lopsided in terms of time put in and revenue that comes back out, you don’t need to be as concerned with tracking your sweat equity.

But as you make progress and begin to make money, it’s important to understand how much it costs you, in time, to get a client, customer, or sale, and ultimately, turn your effort into profit. If your resulting margins or hourly wages put you in the red, your side hustle may not be sustainable.

Thank you for reading this blog post. Do like, comment below and don’t forget to follow more of MBG on our social media platforms.

Ways Of Securing Funding For Your Business In South Africa

Obtaining Capital

 The purpose of this guide is to help you start your business with as little capital as possible, but there may be times when you need a little boost—just a little extra cash for something like buying extra stock, paying off an unexpected bill, or taking advantage of a really good price on something you need. Remember, the longer you wait to obtain funding, the better position you will be in not only to get approval, but to get terms that will be more favorable. 

If you’re a startup entrepreneur with no proven history or track record in business, you’ll find it nearly impossible to get funding. Even if you have a killer idea, investors aren’t likely to take a risk on you if you haven’t proven yourself. Let’s take a look at some ways you can obtain funding for your business.

  • Angel Investors

Angel investors are more likely to invest in unproven startups than venture capital firms, as they are usually individuals, and they are usually investing not only for profit, but to help other entrepreneurs like themselves get started. Angel investors typically invest smaller amounts of money than venture capital firms, as they are individuals and not companies or organisations.

Investments are usually under a million Rands. Most angel investors do want you to have a very solid idea, as well as a solid business plan, so be sure you have all your ducks in a row before seeking appointments with potential investors. 

  • Venture Capital

Venture capital firms typically prefer to invest over a million rands in companies, but they are much stricter on the companies they invest in. They want to see things such as a proven track record, profit and loss statements, and solid revenue before they will invest. 

While it may be possible to secure funding with a venture capital company without all of this, it would be incredibly difficult. You’d need a big name and proven track record in business before your idea would even be considered. For this reason, it’s advisable to wait until you have solid figures to show them before considering this type of funding.

  • Loans

Loans are a bit easier to get than investments, so if you aren’t at a stage where you can visit angel investors or venture capital firms, a loan can be a good option. Keep in mind that loans do require good credit and/or collateral to obtain, and if you don’t have either you probably won’t have much luck obtaining one. In South Africa one can secure loans made available by the banks such as FNB, ABSA, NEDBANK, STANDARD BANK etc.

  • Fund Grants

The South African Government has made funding agencies available for small business owners, but in order for one to qualify for this funding they have to go through necessary procedures.

Where do i get assistance to establish a small business?

SEDA – http://www.seda.org.za

SEFA – http://www.sefa.co.za

FINFIND – http://www.finfind.co.za

IDC – http://www.idc.co.za

NEF – http://www.nefcorp.co.za

WooCommerce
  • Saving Money

Now let’s take a look at a few ways you can save money on those things you do need to buy. 

 1. Don’t buy anything you don’t need. It seems simple enough, but you’d be surprised how many people waste money on things they don’t really need, such as decorative things for their office or renting a fancy space for their company. Buy those things once your company is profitable. Don’t buy them in the beginning!

2. Always shop around. Prices can vary from vendor to vendor, and from day to day, so take the time to do some comparison shopping. Even saving a few rands here and there can add up. Before you buy anything that costs more than a few bucks, look for a sales, discount, or better price.

3. Buy used whenever possible. A lot of people make the mistake of thinking they need to buy everything brand new, but sometimes gently used items make more sense. Why pay R5000 for a brand-new desk for your office when you can get a very nice used one for R1000? Sand it down and paint it, and it might look brand new at a fraction of the price.  

4. Don’t take a salary. I know it’s painful to hear, but one of the biggest mistakes startup founders make is taking a salary for themselves right from the beginning. I get it. We’re all in business to make money. Otherwise, why start a business at all? But when you’re just getting started, you need every dime you can get for startup expenses. Unless you’re incredibly lucky and achieve profitability overnight, hold off on taking any money for yourself.

6. Don’t outsource anything you can do yourself. You can learn to do most things on your own, such as setting up a basic website with WordPress and even designing your first logo. If it’s something you can do, you should do it yourself unless it’s so inexpensive to have it done that it wouldn’t be worth the time and effort it would take to learn how to do it yourself. These are just a few ideas of ways you can save money, and you don’t have to use them only when you’re getting started! It never hurts to stay frugal, even when your company is making a good profit.

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How To Create And Sell Courses Online

-Develope A SideHustle Mentality

The exploding market for online courses is a lucrative opportunity for passive income. If you’ve got a skillset that you think is marketable, and the ability to communicate it effectively to others, this avenue could be perfect for you. 


What is it? Skillshare and Udemy are online platforms designed to empower people with certain skills to share those skills with those looking to learn them. They provide an opportunity for creators to produce and upload courses that can range from video-centric to more test-heavy options, depending on your personal production skills. 
The courses can then be priced, sold, rated, and shared. Successful courses on Udemy or Skillshare can rake in thousands of dollars, all by leveraging skills that their creators already have.  


Who is it for? First and foremost, you’ll obviously need a marketable skill to teach. But you’d be surprised at the wide variety of courses that do well on Udemy. There are dozens of categories and subcategories, so you’re sure to find a niche that perfectly suits your own perfectly set of marketable skills. 


But you’ll need something more than skills—you’ll need to be a skilled communicator to help people benefit from what you have to say. If you can hold your own in front of a video camera and communicate what you know with clarity, you’ll do well. 

WordPress.com

How does it pay? This is a difficult number to pin down, as Udemy and Skillshare earnings can range from a couple hundred dollars per year to tens of thousands each month. It all comes down to how well your course performs. 
There are things you can do to increase your chances. Uploading some of your videos to YouTube and linking them back to your course, or using other marketing channels to promote your course.

Other Udemy newbies will often offer their courses for free at first to drive traffic and get ratings, before switching to a payed model once they have a bit of a reputation on the site. 
As for Skillshare, the site works on a royalty system that determines how much you earn based on how many total minutes of your classes are watched.

The site says that first-time teachers tend to earn around $200(R 1850) in their first month, while established teachers can earn as much as $3,000 (R55 500) per month. 
We recommend uploading your course to both Udemy and Skillshare to get the most possible traffic.
Pros 

  • Potential for significant earnings 
  • Uses skills you already have 
  • No start-up costs  

Cons 

  • Can take some time to build reputation 
  • Big initial time investment of planning, filming, and editing courses
  • Organic revenue is split 50/50 with Udemy. 
  • On Skillshare, royalties are shared among the all teachers—higher view rates lead to higher earnings.   

How to Get Started First you’ll want to begin taking notes on which of your skills might be the most marketable. Head to Udemy or Skillshare to see which types of courses are doing well, or which ones have gaps that you could fill.  
Summary Udemy and Skillshare offer excellent opportunities to turn your skills and teaching abilities into cash. If you’re willing to put in the initial setup work, it could turn into a lucractive source of passive income.

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Tips For Young Entrepreneurs

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1. Select your desired niche
You mist choose a niche of your choice, choose your desired field where you don’t have to force yourself to do anything. Your interest will work as a fuel so you will only be enthused to make wonders when you will do a business in your preferred or desired niche.


2. Mind up your mind to take the risks
The road to success is never easy and this you need to take as a motivation, this reality should motivate you and you have to enable yourself to the risks boldly, if you will succeed your confidence will boost up and in case you don’t then you will know that certain tricks or strategy is useless and will work for a new one, so in either ways you will be benefited in a long run.


3. Have faith in yourself
Your team members won’t have faith in you until you have faith in you, believe in yourself and stay very focused, it will be you who is going to get noticed first. Don’t let yourself lose hope. Expect great things and great things will happen.


4. Be Patient
Its not that you will be successful over-night, one has to be very patient, you will come across some hardships so you have to be very patient. Be always available, passiveness can be very disastrous.

5. Make a solid team
Select your team members whom you find determined and who you think have the spark. The people with whom you share good mental compatibility can make a goof solid team, this team work will help you in achieving your goals.


6. Narrow down your goals
You have to narrow down your goals, for this you can do paper work and mention the goals that are highly important for you. Select them according to their significance as it won’t let you strayed.


7. Create a plan for raising investment
You should make a plan as how you can raise an investment, in this plan pen down all the ball-park estimation and insights that you are going to use for raising a capital.


8. Always listen to your customer
There is no point of ignoring what your customer says about your product, always value his opinion and give honour to his complaints, assure them that their complaints will be considered in a best possible way.

Thank you for reading this blog post. Do like, comment below and don’t forget to follow more of MBG on our social media platforms.

How To Work For Yourself

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When you work for someone else you’re putting all your eggs into one basket that you don’t own or hold. If you want to secure your financial future regardless of the bad economy, you need to be in control of your own life.

In a crummy economy where jobs are scarce, Scott Gerber, author of Never Get A Real Job, believes that the only way to secure your employment and financial future is to start a company.

“The resume-driven society says, ‘if we work hard and go to school, we’ll get a job and be ok.’ That traditional thinking no longer applies,” says Gerber. “Now, more than ever, you need to be entrepreneurial to be successful; you need to create a job to keep a job.”

Ready to take a stab at entrepreneurship?

First, you’ve got to curb your ego “You can’t build a successful business if you don’t have your priorities straight and ego in check.

While entrepreneurs should be confident, if you go overboard you’ll get in your own way.
Keep it simple, stupid “If your idea is not simple, you’re stupid,” says Gerber. “Build a business that is nuts and bolts practical and not complex.”

“Create a simplified product or service that sells X product to Y customer for Z profit,” he says.
Always be prepared for the worst-case scenario (because it will happen) “Every decision should be thought through; plan for the worst so you’re not caught off guard if it happens.

“Come up with three alternatives for every decision so you’ve taken all outcomes into consideration,” he suggests.
Be unoriginal “Too many people think they need to reinvent the wheel, but if they do, the wheel will run them over,” says Gerber. “Instead, focus on bettering an idea that already exists.” Use creativity to market an unoriginal idea. “Think of the guys who started College Hunks Hauling Junk,” says Gerber. “They put a creative spin on a pre-existing idea. At its core, it’s just a junk removal business.”
Make sure your business isn’t a bottomless pit “Start a business that is efficient with few monetary demands in the beginning,” says Gerber.

For entrepreneurs will minimal resources, Gerber says to start a business around the little cash available. “Your ideas, then, need to be focused on making money. When I started out, I didn’t have much at all. I just focused on business ideas that could turn a profit quicker and didn’t have many startup costs.”
Become a brilliant cheapskate “If you want to start a business, you need to change the way you spend money,” says Gerber.

“Know the difference between an expense and a necessity that can be bartered, bargained for, or partnered on.”
Don’t partner with just anyone Assess if a partnership makes sense before you jump into it.

Photo by Andrea Piacquadio on Pexels.com



“Your friends might seem like the best partners, but they might end up slacking off and doing nothing. Or someone who seems great might take you through the ringer later on,” says Gerber. “Make sure you evaluate what a partner can bring to the table and make sure it’s worth it.”
Toss the old school business plan Gerber is a fan of one paragraph startup plans. Anything longer is not necessary. “Stop thinking you have to write a business plan for investors or dense dissertations. You don’t need a traditional plan to be a small business owner,” Gerber says.

“Business planning isn’t a revenue-generating opportunity. Instead, get started on your business so you can make money as soon as possible.”

Gerber recommends writing one paragraph in question and answer format in lieu of a 95-page plan that takes six months to put together. “Don’t use business plan software, don’t listen to experts — they’re nonsense. All you need to do is organise your thoughts in a way that’s good for your business.”
Phones won’t ring themselves By this, Gerber means to constantly be marketing your company in new, creative ways.

“Put yourself out into the world. Always be selling yourself without being a used car salesman,” he says. “Join groups, network regularly, and find different ways to get your business in front of people.”
Be afraid Be afraid to have never failed. In other words, the idea of not trying should scare you.

“Be afraid to wake up 10, 20, 30 years from now and be pointing your finger at the TV saying, that was my idea!” says Gerber. “What you should never be afraid of is to never get a real job.”
Finally, stop listening to your parents and thinking you need to validate your degree. Most people have dreamt of being their own boss, setting their own hours, and having every minute of work be directly beneficial. According to Gerber, whether you’re just graduated or are already in the workforce, this dream is possible.

“University kids should be starting businesses. They are at the point in their lives where they can scale their livelihoods down, and they have extra time to put in hard work,” says Gerber.

“Generation Y: Stop listening to your parents and thinking you need to validate your degree with a ‘real’ job,” he cautions. “Instead, build your own financial future; use your time wisely now so it will pay dividends when you’re older.”

For people who already have traditional jobs, it’s not too late to start a personal endeavour. “Just take a look around and see that [by working for someone else] you’re putting all eggs into one basket that you don’t own or hold,” says Gerber.

“If you want to secure your financial future regardless of the bad economy, you need to be in control of your own life. That doesn’t mean that entrepreneurship is easy, but it allows you to make your own destiny. Every hour of work can be for you — that’s a major change from a 9-5 job.”

Thank you for reading this blog post. Do like, comment below and don’t forget to follow more of MBG on our social media platforms.

List Of 25 Business Ideas For 2022

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An aspiring woman entrepreneur always wants to do something fruitful and positive in the business besides bestowing values to family and social life. Here I put 25 chosen, low-cost business ideas for women entrepreneur.

Generally, expertise, understanding the domain, risk taking ability and flexibility are the major reasons that drive women to undertake a business venture.


List Of 25 Business Ideas For Women Entrepreneurs

1. Affiliate marketing

Affiliate marketing involves having your won site and sending your traffic to someone else’s site to purchase their products or services. For every sale initiated by a link from your site, you will earn the percentage of sales commission. This is one of the best business ideas for women.

2. Basket Weaving

To start profitable basket-weaving business one requires thoughtful planning and a high level of creative mind having a flair for design. This is one of the highly profitable craft business ideas for women.

3. Beauty Parlour

Beauty Parlour business opportunity demands adequate knowledge and skills. This business can be initiated at low scale with moderate capital investment.

4. Blogging

In today’s world Blogs are most powerful ways for both individuals and businesses to communicate information distinctively online. It is therefore no surprising that there are On 16 February 2011, there were over 156 million public blogs in existence. Blogging is one of the best home-based business ideas for women.

5. Book Keeping

Every small or big company need business accounting services like bank reconciliation, e-filling, service tax, sales tax, payroll etc. One can start this home-based business by giving this services freelance to the businesses who can’t afford to have a permanent accountant.

6. Boutique Store

With the increasing awareness of fashion and trend, the market opportunity of the boutique store has increased rapidly. The boutique store is one of the highly potential clothing business ideas for women.

7. Candle Making

Candle making business can be initiated with a small start budget and home based basis. The popularity and consumer demand for scented and decorative candles creates a tremendous business opportunity for the innovative startup entrepreneurs.

8. Card Making

Greeting card making business idea is perfect for those who enjoys creativity and want to turn their creative minds into a successful venture. This is one of the most profitable craft business ideas for women entrepreneurs.

9. Clixsense

How To Make Money; It is needless to mention that there are a few scopes where a person can make money without any limitation. Through Clixsense, you can make at least 5400/- monthly by spending only 3 hours a day on your PC or Smart Phone.

10. Computer Training Institute
Computer training institute is an ideal business opportunity for the aspiring computer-savvy professionals. Running a computer training institute with some other value addition services can be a profitable and self-rewarding business.

#11. Consulting

If you are an expert in a specific field and you like to assist others, then consulting business is perfect for you. The consulting business is one the best home-based business ideas for women entrepreneurs and it can be initiated with low cost or no cost.

12. Content Writing

An entrepreneur having expertise in internet content writing can initiate this business from home location. The demand is huge and one of the best self-rewarding business ideas for women entrepreneurs.

13. Copywriting

With the booming of the internet industry content marketing becoming the centre of it all and the need for copywriting has never been greater. One of the most profitable business ideas for women entrepreneurs.

14. Craft Making Made of Plaster of Paris Greeting

A woman having a hobby of crafts making, creating home decoration items with plaster of Paris would be excellent crafts making a business idea for her. Not only can this venture be started and run from a home based location, but this business is also very inexpensive to initiate.

15. Craft Store

Setting up a craft store is one of the highly profitable business ideas for women. Sourcing the craft items from craft makers and selling them from your own store is always also a self-rewarding business.

16. Creche

The women jobber, working lady and business owner has been increasing rapidly. And this creates an opportunity for convenience service business like a creche. One of the highly profitable business ideas for women entrepreneurs and it can be initiated from home location.

17. Crochet Knitting

Crochet knitting business opportunity is ideal for passionate crochet knitters who want to turn their hobby into a profitable venture. Also, one can consider starting this business when he or she has any other knitting business already.

18. Customised Glass Etching

Glass etching business is an artistic and profit making business idea that can be initiated from home location. An entrepreneur having a creative mind, passionate about glass etching, can start this business with small capital investment.

19. E-book Writing

If you enjoy writing and you know the technique of making e-book then E-book writing is one of the best business ideas for women. You can start selling these E-books from your website, blog or from amazon also.

20. Event Planning

Corporate hospitality event planning business describes giving service in the process of entertainments in events held by corporate or businesses for their staffs, clients or stakeholders. This business opportunity is comparatively easy to start, profitable and also enjoying one.

21. Fashion Designing

Women having knowledge and experience about fashion designing can start this business of her own with moderate capital investment.

22. Fashion Design Institute

Fashion design institute business opportunity is perfect for the entrepreneurs who have sufficient knowledge in the subject, artistic mind and adequate experience on the courses.

23. Feature Agency

If you have an interest in writing or reading, starting his or her own feature agency business is a good option. To start a feature agency one needs just a computer and a telephone connection.

24. Fitness Centre

Fitness centre business opportunity demands careful planning and research. It is an industry continues to be a lucrative market opportunity for small businesses and entrepreneurs globally.

25. Image Consulting

If you love pulling together the perfect outfit, you may want to consider becoming a fashion or image consultant. While it may not be obvious at first, the reasons that people may need an image consultant are quite varied.

Thank you for reading this blog post. Do like, comment below and don’t forget to follow more of MBG on our social media platforms.

Make Money With AirBnB In South Africa

AirBnB is an app where millions of people are making money renting out their extra bedroom, entire house or unused space to travellers.

There are over 500,000 bookings every night on Airbnb in over 190 countries. Wherever you are in the world, chances are you can start making money as an Airbnb Host.

How Does AirBnB Work? 

All you need to start making money is a spare room, apartment or house, however small or big it may be. If you have that simply sign up as an Airbnb Host and create your listing. 

If you don’t have an extra room or don’t own a home there are still options: 

  • Use other people’s properties and start an Airbnb management company
  • Rent out your place while you are travelling/not at home
  • You can convert one of your rooms into an extra bedroom 
  • Ask your landlord for permission to use Airbnb (give them some profits) 
  • Buy a property to use for Airbnb
  • Find a friend who has a room(s) and make a deal with them
Photo by Andrea Davis on Pexels.com

How much can you earn?

Some people can cover their mortgage payments with Airbnb others are running a full time business with multiple properties. There is no limit to how much you can earn, it depends how serious you want to take it. 

In general, your location and the type of space you have is what will determine your income. 

Here are some variables that will determine your income: 

  • Your nightly price 
  • Your vacancy rate – how many nights will you be booked 
  • Your place – How many guests you can accommodate, size of home, amenities etc. 
  • Your location – is there tourism, heavy business area, a travel hotspot, a large city? 
  • Time of year/season
  • Competition – Supply/demand in your area affects the price 
  • Automation – if you want it to be 100% passive there will be more expenses 

How to Get Started

If you’re interested in starting your own Airbnb business as a side hustle or to build passive income we actually made an entire app on this topic!

If you want a quick overview here is the basic process for getting your first booking: 

  1. Get a room or house you can list on Airbnb
  2. Make an airbnb account – You can sign up here
  3. Create a great listing – Airbnb walks you through the process 
  4. Start receiving bookings – Set your calendar, price and let the money start coming in
  5. Welcome your guest – Prepare the property and wait for your guests to arrive 
  6. Get paid – Once your guests finish their stay you automatically get paid! Airbnb keeps 3%. 
  7. Set up systems (optional) – Set things up like self-check in, cleaning services, and more so you have a passive income stream. 

Anyone can do Airbnb without prior experience. But there are a lot of steps involved. 

Pros of Airbnb 

  • Potential for high earnings
  • Can be almost entirely outsourced and set up for passive income
  • Can be scaled and turned into a business (optional)
  • Sometimes you can make a lot more than having long term tenants 
  • You set the rules for your guests
  • No professional experience required  

Cons of Airbnb 

  • Takes a lot of effort and time to earn good reviews 
  • More challenges if you don’t own a home. For example getting landlord’s permission
  • Lots of initial setup before it’s passive
  • Income potential is very different for everyone (location, number of rooms, etc).

FAQ 

What types of properties can I rent?

Anything. You can share everything from a room, a basement, to a treehouse or a whole estate with pools and everything included. 

Can I rent out multiple properties at once? 

Of course. You can rent as little or as many properties you have available, as long as you work according to Airbnb’s rules and maintain them. 

Does the property need to be available all the time? 

No, it’s completely up to you how many days you offer the property and you can set check-in times and check-out times.

How To Write A Business Plan

How to Write a Business Plan If You Are Looking For Funding

A business plan refers to a written document that comprehensively outlines what your business is, where it is going, and how it will get there. The business plan outlines in specific terms the financial objectives of your business, and how it will position itself to achieve those goals in the context of the current market environment. In addition, the business plan is an indispensable tool to attract business capital. This article will outline how to create one step-by-step.

Preparing To Write Your Business Plan

1. Determine the type of business plan you will use. While all business plans share the common objective of describing a businesses purpose and structure, analyzing the marketplace, and creating cash flow projections, the types of plans differ. There are three major kinds.

  • The mini plan. This is a shorter plan (likely 10 pages or less), and is useful for determining potential interest in your business, further exploring a concept or starting point to a full plan. This is a great starting point.
  • The working plan. This can be considered the full version of the mini plan, and its main purpose is to outline, without emphasis on appearance, precisely how to build and operate the business. This is the plan that the business owner would refer to regularly as the business moves towards its objectives.
  • The presentation plan. The presentation plan is meant for individuals other than those owning and operating the business. This could include potential investors or bankers. It is essentially the working plan, but with an emphasis on sleek, marketable presentation, and proper business language and terminology. Whereas the working plan is made for reference by the owner, the presentation needs to be written with investors, bankers, and the public in mind.

2. Understand the basic structure of the business plan. Whether you opt for a mini-plan, or a comprehensive working plan to start, it is essential to understand the basic elements of a business plan.

  • The business concept is the first broad element of a business plan. The focus here is on the description of your business, its market, its products, and its organizational structure and management.
  • The market analysis is the second major element of a business plan. Your business will operate within a particular marketplace, and it is important to understand customer demographics, preferences, needs, buying behavior, as well as the competition.
  • The financial analysis is the third component of the business plan. If your business is new, this will include projected cash flows, capital expenditures, and the balance sheet. It will also include forecasts as to when the business will break-even.

3. Obtain appropriate help. If you lack business or financial education, it is never a bad idea to enlist the help of an accountant to assist with the financial analysis portion of the plan.

The above sections are the broad components of the business plan. These sections, in turn, break down into the following seven sections, which we will, in order, focus on writing next: Company description, market analysis, organization structure and management, products and services, marketing and sales, and request for funding. 

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Writing Your Business Plan

1. Format your document correctly. 

While the first section is technically known as the “Executive Summary” (which gives an official overview of your business), it is typically written last since all the information from the business plan is required to create it.

2. Write your company description as the first section. To do this, describe your business and identify the marketplace needs for your product or service. Briefly describe your key customers and how you intend to succeed. 

For example, if your business is a small coffee shop, your description may read something like, ” Mbali’s coffee shop is a small, downtown-based establishment focused on serving premium brewed coffee and fresh baking in a relaxed, contemporary environment. Mbali’s coffee is located one block from the local University and aims to provide a comfortable environment for students, professors, and downtown employees to study, socialize, or simply relax between classes or meetings. By focusing on excellent ambiance, close location, premium products, and superb customer service, Mbali’s coffee will differentiate itself from its peers.”

3. Write your market analysis. The purpose of this section is to explore and demonstrate knowledge of the market your business is operating within.

Include information about your target market. You should be able to answer questions like, who is your target market? What are their needs and preferences? How old are they, and where are they located?

Make sure to include a competitive analysis that provides research and information on immediate competitors. List your main competitor’s strengths and weaknesses and the potential impact on your business. This section is extremely important, as it outlines how your business will gain market share by capitalizing on the competitor’s weaknesses.

4. Describe your company’s organizational structure and management. This section of the business plan focuses on key personnel. Include details about the business owners and its management team. 

Talk about your team’s expertise and how decisions will be made. If the owners and managers and have extensive backgrounds in the industry or a track record of success, highlight it.

If you have an organizational chart, include it.

5. Describe your product or service. What are you selling? What’s so great about your product or service? How will customers benefit? How is it better than your competitor’s products or services? 

Address any questions about your product’s life cycle. Do you currently have or anticipate developing a prototype, or filing for a patent or copyright? Note all the planned activities.

For example, if you are writing a plan for a coffee shop, you would include a detailed menu that would outline all your products. Before writing the menu, you would include a short summary indicating why your particular menu sets your business apart from others. You may state, for example, “Our coffee shop will provide five different types of beverages, including coffee, teas, smoothies, soda’s, and hot chocolates. Our wide variety will be a key competitive advantage as we can provide a diversity of product offerings that our main competitors are currently not offering”.

6. Write your marketing and sales strategy. In this section, explain how you intend to penetrate the market, manage growth, communicate with customers, and distribute your products or services.

Be clear in defining your sales strategy. Will you use sales representatives, billboard advertising, pamphlet distribution, social media marketing, or all of the above?

7. Make a funding request. If you will use your business plan to secure funding, include a funding request. Explain how much money you need to start and maintain your small business. Provide an itemized summary of how start-up capital will be used. Give a timeline for your funding request.

  • Gather financial statements to support your funding request. To accurately complete this step, in some cases it might be necessary to hire an accountant, lawyer, or other professional.
  • Financial statements should include all historical (if you are an existing business) or projected financial data, including forecast statements, balance sheets, cash-flow statements, profit and loss statements, and expenditure budgets. For one full year, provide monthly and quarterly statements. Each year after that, yearly statements. These documents will be placed in the Appendix Section of your business plan.
  • Include projected cash flows for at least 6 years or until stable growth rates are achieved and if possible, a valuation calculation based on discounted cash flows.

8. Write the executive summary. Your executive summary will serve as an introduction to your business plan. It will include your company’s mission statement and provide readers with an overview of your products or services, target market, and goals and objectives. Remember to place this section at the beginning of your document.

  • Existing businesses should include historical information about the company. When was the business first conceptualized? What are some notable growth benchmarks?
  • Start-ups will focus more on industry analysis and their funding goal. Mention the company’s corporate structure, its funding requirement, and if you will provide equity to investors.
  • Existing businesses and start-ups should highlight any major achievements, contracts, current or potential clients and summarize future plans.

Finalizing Your Business Plan

1. Include an Appendix. This is the very last section and it’s meant to provide additional information. Potential investors might want to see this information before making a decision. The documents you include here should support claims made in other sections of the business plan.
 
This should include financial statements, credit reports, business licenses or permits, legal documents and contracts (to demonstrate to investors that revenue forecasts are secured by concrete business relationships), and bios/resumes for key personnel.

Elaborate risk factors. There should be a section clearly outlining the risk factors affecting your venture and your mitigation plans. This also indicates to the reader how well prepared you are for contingencies.

2. Revise and edit. Review your business plan for spelling and grammatical errors. Do this several times before deciding on the final version.

  • Rework or completely rewrite content to ensure it works from the perspective of the reader. This is especially true if you are creating a “presentation plan”.
  • Read your document aloud. This allows you to detect if any sentences do not flow together well, and it also makes any grammatical mistakes more obvious.
  • Make a copy and give it to a trusted friend or colleague to proofread and provide feedback. You can go online and print a Non-Disclosure Agreement (NDA) for them to sign to help protect your business idea.

3. Create a cover page. The cover page identifies your document and gives it aesthetic appeal and professionalism. It also helps your document to stand out.

Your cover page should include: The words “Business Plan” centered in large bold font, along with your company name, company logo, and contact information. Simplicity is key.