Case Study: How Julia went from $8 to $125 per hour
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Think about what it would mean to go from $8/hour to $125/hour. It’s a complete socio-economic shift — you have the ability to save, plan ahead, and buy things you would never be able to do at $8/hour.
Today, an amazing story about how one of my students did just that — even though she had no idea what she could possibly do to earn more money on the side.
This is Julia, whose dream was to earn $1,000 on the side. It seems like a pretty modest goal, but what if you don’t have an idea? Where do you start?
You could start by checking out some past case studies of my students who earned more on the side, using ideas like…
- yoga instruction
- selling art via etsy
- social media pages for restaurants
- web design for pediatric dentists
- SEO consulting for mid-sized real estate firms
- recording and processing high end wedding videos
All of those people went through my Earn1K course on earning money on the side. A few of them already had their idea before joining, but most didn’t.
It doesn’t matter. Knowing how you want to earn your side income is NOT a prerequisite for joining Earn1K.
Today, I’m going to tell you about Julia, an Earn1K student who realized her marketable idea was right in front of her face: The service she provided for $8.00 per hour at a summer job, drawing caricatures, now earns her $125 per hour on the side. Where she used to earn $64 in a full 8-hour day, she now makes nearly twice that in one hour.
Here’s the story.
How was I going to make another $1,000 per month?
Julia didn’t consider herself an “entrepreneur”.
At 24 years old, she had been working at a non-profit for the last 8 years. “I like it. Great company. The work is good – fulfilling. I have great bosses. They are very flexible with my school schedule. I really have a good gig.”
Julia was putting herself through school to become an accountant, but when she decided to transfer to another college in a new city, she had a problem. She couldn’t take the job with her and worried about going broke.
“I wanted a buffer. A little security. Something so when I moved I wasn’t completely destitute.”
$22 an hour, 20 hours a week wasn’t enough. She needed to earn more.
“My pinnacle of success — where I’d be like, ‘I’m here, I’ve really made it’ — was actually just to make $1000 per month with a side gig. It was something to strive for, but I never thought I’d actually get there. I didn’t really know how to do anything people would pay for.”
Julia had a goal, but no idea for her side business.
That’s when she found I Will Teach You To Be Rich. “When Earn1K came up…I didn’t really know what I wanted to do — but I signed up anyway.”
The $25,000 Idea
While watching the second lesson in Earn1K, “Pick Your Field”, Julia realized her assumptions about ‘not having a marketable skill’ were all wrong. Even better, not only did she have a skill, but she already knew people would pay for it.
“I had taken a summer job at a California theme park drawing caricatures. When you said, “find something you’re good at,” it clicked with me. We were charging people $25 per face at the park, which is a ridiculous amount of money for a caricature. So it kind of dawned on me. People are willing to pay for this. I already know how to do it. If I could just market to a different segment that would pay me more than minimum wage, then I could do this!”
She had her first profitable idea.
In a later lesson, Julia narrowed down her target market and started reaching out to potential customers.
“I straight-up plagiarized Ramit’s script — the qualifying leads one. I used that and I decided I was going to target schools because they have all kinds of events. Four emails later I got my first response: ‘Oh, fantastic. You can come to our next event.’ I thought, ‘Wow, this works.’”
Julia made $200 for her first two-hour gig.
She tried weddings next. “I used the exact same script — it’s pure gold. So I like doing weddings because I can make someone’s face look all crazy, and people are always crowded around going ‘Oh, this is so great, and people tip really well. At one event, they paid me $200 for the two-hour and I made $300 in tips.”
But it turns out the big money is in conventions.
“I got someone on elance to generate a list of all the marketing people putting on conventions near my apartment. Then I started reaching out to them one by one. These guys are already spending tens if not hundreds of thousands of dollars on the event, so what’s another four hundred bucks? And with all my new marketing, I used my Earn1K script – it’s my little silver bullet.”
Julia earned $6,700 in the last few months of 2011, and has $18,500 in business on the books for 2012. “A few of those gigs I haven’t completed yet, by the end of the year I’ll have made about $25,000.”
All for doing something she loves to do.
“It feels great. I know I can make it as a freelancer. I made $4,000 in June, and I know I can do even better. Plus, I’ve got my buffer now. If worse comes to worst, I could survive off my emergency fund for 9 months.”
Like many of my Earn1K students, Julia noticed the emotional benefits, too. “Your mindset changes. You become a much more active person in your life. It’s different than earning a paycheck. I can see how the results of what I do has a direct impact on my income, and it’s made me a more outgoing and active person. You’re more aware, more alive and involved in your life. You aren’t just passively sitting there letting things happen to you. You just kind of go for it.”
BOOM. WHO IS THIS BALLER??
From $125 an hour to $250 an hour
Now that Julia has a sustainable income from her side business, she’s working on increasing her earning power.
“I farm out some of the gigs to other artists, but the big thing is I’m learning digital caricatures. You draw directly on this little computer and project it onto a big screen. People get a digital copy they can print out. It’s a more complicated setup but you can charge 2.5x more per hour for it. $250. That’s where I’m hoping to go next. If you can break into that it’s a really sweet gig. The artists who are good at it are getting flown around the country.”
The sky’s the limit.
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P.S. I’m teaching a free, live course on Money & Business Essentials for Creative Entrepreneurs from today 10/17 to this Friday, 10/19. Each session runs from 12:00 – 7:00pm Eastern (9:00am – 4:00pm Pacific). Check it out here:
Tonight, I’m hosting the “Ramit’s Shark Tank” event, where I’ll critique real business ideas and show you ...Read More