Being an athlete is what you love. It’s in your blood. You breath, eat and sleep all things sports and fitness, but while there is nothing like being an athlete, there is one thing that all athletes must prepare for – life beyond the field.
And there’s only one thing that comes close to being just as (if not more) rewarding and fulfilling than a champion athlete: being your own boss. You can’t compete forever but you can continue to cash in on the sport you love by creating a business all your own.
But before you jump head first into the entrepreneurial race, it’s important to weigh the cost of success. Building a business requires a lot of practice, patience, planning and preparation. However, once you’re finally reaping the benefits of owning your own business and cruising your way to more money, the sweat and tears you invested will have all been worth it.
So, if you’re game, the next step is to choose the type of business you want to start. How do you know what type of business is right for you?
Here are 10 great ideas to get you’re wheels churning:
1. Sell what you know
Package your skills, expertise, and passions into a signature product. The great thing about today’s social media landscape is that anyone can be a startup king (or queen!). The tools and resources available are endless and you don’t even need a huge budget to make big bucks.
If you have a solution that can help someone else solve their problems or satisfy their needs, you can make money. Creating and selling an online course, ebook, membership site, or app for people seeking to learn a skill can be highly profitable if you know your target audience and can deliver them something of amazing value.
If you’re an expertise on any topic, (money, sports, health, beauty, fashion, technology, etc.) there’s likely an audience of people willing to pay to learn what you know. And what makes creating digital content so appealing is that you can continue to sell it over and over again. There’s not need to worry about employees, inventory, warehousing or manufacturing costs.
You also don’t have to be tech savvy. Services such as Udemy.com, Teachable and Thinkific are giving aspiring entrepreneurs access to plug-in-play platforms that make setting up online courses fast and easy. You can start selling courses and turning over a profit in no time.
It’s a smart start to a consultancy business further down the road.
2. Start a Podcast
Podcasting is another great way to get an online business up and running quickly. You can block off two to three hours a week creating and editing content and another few hours build a regular audience around a specific topic of industry. Podcasts are crazy popular right now and if you are able to grow a significant following you can begin to pick up show sponsors that will pay for product discussions or short advertising spots.
There’s a small investment in equipment, but hosting a podcast online is free. Once you’re set up, you can share your content through Google Play and iTunes, to build momentum. Check out my friend John Lee Dumas over at Entrepreneur on Fire to see how he turned a simple podcast into a multi-million dollar online empire.
3. Start a Blog
Blogging is great way to monetize your ideas and generate multiple streams of passive income. If you like to write or even talk in front of a camera, a blog is a low-cost platform that can turn major profits. Tens of thousands of bloggers create content every day on topics as fitness, food, sports, relationships, health, business, travel, parenting, lifestyle and more.
Now just because a blog is easy to set up doesn’t mean it’s easy to earn a living. You need traffic and product offerings your visitors want to invest in to make really good money. Through effective marketing, strategic partnerships, and affiliate marketing strategies bloggers are able to create a steady stream of income..
A blog also supports your other marketing and promotional efforts. Everything you do online – via social media marketing, podcasting, and paid ads – will direct interested visitors back to your blog where they can now browse your product offerings.
If you’re interested in making money blogging check out my free 10-day e-course: Build a Money Making Blog.
4. Become an Online Coach
One of the best ways to make money online is to coach others to success. A great way to succeed with a business or product is to fill a need. Find a topic you are passionate and create both low and high-ticket coaching packages that offer your expertise in a one-on-one or group setting. Whatever your passion is, there’s a way to make it a business.
5. Manage social media accounts
If you are a beast on social media, share how others can leverage your techniques to build their own business and brand. If you’re great at growing followers on a particular network or have a knack for managing an active forum or community, why not get paid to put your expertise to work? Plenty of companies, especially startups want (and need) to build a strong social presence. Building a business on social media is not as intuitive as you might think, plus it can be very time consuming. Take the burden off by helping others organize, create and execute a solid social media marketing plan.
The best part is, you can automate your work by using platforms like Buffer and Hootsuite to manage multiple accounts and pre-schedule posts. So even if you have limited time, leveraging automated systems allows you to push out posts and curate content even when you’re sleeping.
There are millions of active businesses all over social media – get a few customers a month and you’ll be on your way to building a 6-figure business.
6. Learn graphic design
This may sound crazy, but many of my private coaching clients found me because they were attracted to branded images and graphics – yep, the ones I learned to do myself!
When I first got started online I was a entrepreneur on a budget, so I become great at creating graphics, designing website and creating copy. Do I have a formal background in graphic design – NO, but when your resources are limited you find ways to get things done. Do something enough and you become great as it. It’s not hard to learn the foundations of graphic design on your own and with tools like Photoshop, Canva, Keynote and PicMonkey, all you need is a little bit of patience and creativity to get started.
And this concept can be applied to anything. Learn it, implement it, share it and teach it to someone else. That is the formula to turning any passion into profits. L.I.S.T.
7. Host online workshops
From music lessons to online fitness bootcamps, you can cop big bucks with online classes. Start by giving lessons to individuals or groups using platforms such as Facebook Groups, Periscope, Google Hangouts or private webinars. You give access only to those who have paid for the class and host a live Q&A session afterwards.
What’s great about this is that once the live class is complete you can take the recording and sell it on your website! Boom!
8. Develop an app
There is an app for everything. Just look in phone! App development is a multi-billion dollar industry that continues to grow. I mean even Kim Kardashian and Amber Rose have their own apps. You can learn to code yourself or partner with a developer to get your app launched. Here is an app my business partner, Nicole Valentine launched to help entrepreneurs build a strategic business brand.
When it come to app the possibilities are endless!!
9. Become a motivational speaker
Speaking from the stage is the gate-way to great opportunities. There are a lot of different opportunities that open up when you can deliver a message that moves people into action. Whether you want to start speaking locally or become world renowned, if you the gift of gab, establishing a speaking business can be highly rewarding.
If you’re fortunate enough to travel the country speaking at summits, conferences and seminars it’s a great place to promote and sell your physical products and online coaching courses.
10. Become a Network Marketer
The path that led me to where I am today began with building my own home-based business. There are thousands of network marketing and direct sales businesses that sell everything from health and wellness products to legal services.
As a network marketer you don’t have to worry about developing or creating your own products, you simply become an independent sales rep or distributor – promote the company’s products – and let them manufacture, fulfill and ship the order on your behalf. As a result you get a percentage of each sell and can grow your passive residual income by leveraging a team of distributors to expand your marketing reach. Learn more about network marketing for athletes and fitness professionals here.