Page 61 - The $100 Startup_ Reinvent the Way You Make a Living, Do What You Love

or her project, so let’s look at how each of these four examples cashed in.

Gary is paid through a set fee (currently $250) for his specialized
consulting service.

Benny sells a direct product (language hacking guide) for a fixed price
from his website.

Megan also sells a direct product (custom dresses and wedding
accessories), but her pricing is variable.

Mignon provides her popular podcast service for free to listeners,
underwritten by advertising and sponsorship.

Each model has specific strengths and disadvantages. Gary makes $250 at a
time … but then has to “earn” the fee by arranging someone’s travel. Benny sells
his guide for just $29 … but the process is automated and he doesn’t have to do
anything after the money comes in.
Megan sells a variety of products (and also owns the co-working space), so
her income is diversified … but the main project of making wedding dresses is
labor-intensive. Mignon’s sponsors provide reliable, regular income … but she
loses a certain amount of control by introducing advertising in her
communication to the audience.
Despite the differences, the core goal for each of these approaches is finding
the right kind of product or service for the right group of people. Without the
right fit, none of the projects would be successful. But when you find the
formula, there’s no denying that a business built on the right kind of passion can
be highly successful.
In Venice, California, Gabriella Redding built a million-dollar hula-hoop
business after losing weight through hooping. Before that she was a tattoo artist
and then a restaurant owner. “I’m an artist,” she told Forbes magazine. “Artists
are serial entrepreneurs because we have to figure out ways to sell our work. It’s
either that or you become a starving artist, and I’m not a starving artist.”
Compared with working just to make a living, it’s much easier to do what you
love and get paid for it. You just have to find the right passion, the right
audience, and the right business model.

KEY POINTS
As in the examples of Gary and Benny, good businesses provide solutions

to problems: “What do I do with all these extra frequent flyer miles?”
“How can I easily learn a new language?”