Hey Laura33, Smokystache,
Thanks for the input. I will try to answer each question.
- Yes, I pretty much make x3 as much as my day job working 20 hours per week (the initial time investment was 30-35 hours per week for 2 years).
- The time associated with the side hustle will definitely/probably increase the revenue in the long run, but it will not be like putting 20 hours more and earning x2 as much. I will try to explain below.
- Yes, the side hustle is knowledge based. I have a skillset in specific technical niche of software development (not the usual Java, etc). Funny thing is that it does not pay that well in my day job and the Java folks make x2 more than me in my country. However due to limited supply, it seems an easier sell to companies that actually use the technology.
I create training programs that are 50+ hours long and pre-recorded. I sell via partners that reach/have connections with corporate clients and sell my content. I get 60% of the revenue. At high price point, not the Udemy kind of thing. I also provide consultancy when requested by the same clients but this is less than 5% of income.
- 50 hours long training takes me x30 time to prepare and record at least. So like 1500 hours. I used to do more than 20 hours in first 2 years and managed to do 1 masterclass per year with all these hours. Nowadays 10 hours per week is maintaining existing content(some UI, etc gets updated all the time), helping users on questions on the material,etc.
- The issue is that only 1 course makes 70% of the money. The second best brings 20% and the 3rd makes 5% and another 5% from consultancy or so.
- The technology is hot at the moment but will probably not be that hot in a few years. To be relevant and utilize more free time I will need to invest time in learning new trendy technology (since I already teach my biggest expertise). Then I need to create more content and hope that I hit another homerun and not another 5% after 1 year of work. 5% is $500 per month or so. So investing more time will not have direct impact on income, more likely possible income in 1-1.5 years after devoting more time to it.
Great idea to have the wife do something similar. I have though about this but in reality she does not seem to have a skill that she can sell.
I think, as you stated I will probably be fine if I go full time. Worst case is probably that in 2-3 years I need to look for a job. Only issue is that 2-3 years away from IT sector will mean my skillset and resume will be lacking. But I will probably be able to get a job anyway.
I come from a family with no money and am the first one with actual savings and money from self employment. The whole situation feels unreal to me. At the beginning I was like, I will go full time when I make more than my job, then it was x2, now x3 does not feel enough to take the risk...
I am probably just a wimp :)
Continuing to agree with
@Laura33 - You're not a wimp, but you should also make moves toward doing this full-time (or whatever is full-time for you)
I don't want to gloss over that first part. Leaving a job is a big mental step. I left a tenured college professor job -- essentially guaranteed for life, but it was easily the best move I've ever made. And I even liked my job. But now I only answer emails I want to answer, I only attend meetings that I set up or accepted. If I want to take the middle of the week off and go to the nearby amusement park and ride roller-coasters all day, then that is what I do. On the other hand, I'm probably working harder than I did -- but it feels completely different when I'm the beneficiary.
I've created and sell a course on Teachable, but not in the coding/software space. My first reaction is that with your freed up time, you need a variety of short and long courses -- with an emphasis on creating more short courses. Taking the "fail fast" approach, I would look for situations where you can teach something that you can create in 2 weeks or less. It will feel too short to you, but price it accordingly and see what happens. Does that course sell? What questions do you get? This leads to the decision to offer more on that topic or longer courses with more detail.
I agree with you, you should not be spending 1500 hours on a course that doesn't generate much short-term revenue. A safer approach is to design one small course that sells well and your students say, "What about X, Y, and Z - help us take the next steps". Then create a slightly longer course, get feedback ... and then if the market is asking for the big, long course, you would not only know the demand is there, but you would already have a long list of people who you know will buy it at $xxx price.
I know it is not quite that easy, but it is pretty simple. But now hearing the topic and what you've done already, this is a no-brainer in my book. It's time to create your self-employed empire. I thought maybe you had figured out a quick and easy service using ChatGPT that as soon as someone else realized you were making money, they could copy the process, underprice you, and you're screwed. But you're talking about using real skills and experience to create a service that is highly in-demand and can adjust to changing circumstances to always be in demand. I encourage you to go for it.
