- I'm a millennial.
Are you a millennial?
Whether you are or aren't, I wanna help you make some money
from people just like me.
And not in a gross or sleazy way either.
In a way that will fulfill a need that people
are willing to pay you money for.
Let's face it, millennials love their experiences nowadays.
More so than buying physical items too.
Based on a study by EventBrite, millennials would rather
spend $100 on an experience over buying a material object.
In this video, I'm gonna give you different ways
to make money on the side by taking advantage
of the experience economy.
It's a growing industry that could easily make you
at least $1000 per month by doing it in your spare time.
Don't worry, I'll break down the numbers
to show you different ways to earn that $1000 later on.
Hey, I'm Jarrad with an A and on this channel,
we like to talk about all things, p-p-personal finance
and investing, and we try to have some fun in the process.
Alright, let's get the juices flowing in that big brain
of yours to help you figure out how
to make some money selling experiences.
The first way to make money by selling experiences
is by piggybacking off of an existing business.
There's two ways to take advantage of this.
You can either create and host the experience
without the help of the business or you can partner
with the business to create something B-E-A-utiful.
The best example is what the company Museum Hack has done.
The guy who started it has turned it into a company
that generates millions and millions of dollars
in revenue every year.
But it all started with his love for museums.
He actually went out on a date to a museum
and fell in absolute love with it.
Not the girl though, the museum.
He started taking his friends there
and not girlfriends anymore to give them tours.
Now this quickly spread and just a few years later,
he built a whole team of employees and tour guides.
They take people through these museums
and enhance the experience just a little bit more.
They've expanded massively into public, VIP,
and corporate tours, and what they also do is consult
for existing museums to make some extra money.
I know this sounds insanely big and possibly something
that you could never do, but remember that Museum Hack
started with one person who wanted to share his love
for this one thing with all of his friends.
The company doesn't necessarily need permission
to take people on their own tours
through each of these museums either,
as long as they are paying customers
and don't cause a bunch of trouble,
then the museums probably welcome it.
Spend a few hours over multiple weekends
and drive around your city or surrounding cities
to observe and brainstorm some ideas for yourself.
Just have fun with it because you're going to need
to think a little creatively and outside the box
to come up with different ideas.
These things won't just come to you while your face
is buried in your phone so put that thing away
for a little bit and get to work.
If you haven't done it already, please hulk smash
that thumbs up button to help support myself
and this channel and my dog.
Go head, tap it, but don't double tap it
like you would on Instagram though.
That would just undo what you already did.
Oh my gosh, this Internet thing is so difficult.
The next way to feed the millennials a big slice
of experience pie is by preparing them
for an upcoming event or trip.
Before they embark on an amazing experience,
you gotta get 'em ready for that experience, duh.
Us millennials are scaredy cats because we, of course,
have been living in our moms' basements
for most of our lives, that we don't know what to do.
We need someone to show us the way.
By the way, contrary to what some of the comments say,
this is not my mother's basement.
"Hey Mom, can you warm me up some more
"of that meatloaf, please?"
"Oh yeah sure, Jarrad, I'd love to."
"Thank you, love you."
I swear I don't live with my mom.
Millennials are looking for that Yoda in our life
that's gonna show how to go from that widdle Anakin
Skywalker into a big, bad Darth Vader,
but like, the good kind of Darth Vader.
So you of course, should be our Yoda.
We promise to use our newfound knowledge
only for good things.
A good example is what my two buddies and I
are going to be doing this winter.
We loving fishing.
Absolutely love it a lot.
They probably love it more than me
because they have families and girlfriends and wives
they're tryin' to get away from.
For me, I just enjoy it because it's fishing.
And we all know our way around a pole pretty well.
Okay, that sounded kinda weird.
Let me try that again.
I know my way around a fishing pole
when it comes to bass fishing.
I know the lures.
I know the rigs.
I know the reels.
I know the rods.
I know the hooks.
I know the baits, the weights, and the techniques.
But fishing for steelhead trout, out of the rivers
here in Northeast Ohio, isn't the same.
My buddies and I really honestly stink at this,
and we've been trying to do it on our own
for the past couple of years, and we have no business
being out there on our own.
So what we're gonna do is we're going to hire a guide
to teach us how to prepare for these trips
that we take every winter and seem to always strike out on.
This gentleman is going to teach us everything
that we need to know from reading the speed of the river,
to gauging when the water is too high or too low,
to showing us how to actually fish for these things
because they are way smarter than the bass
that we're used to fishing for.
The events that you prep people for can be as simple
or as in-depth as you would like.
You gotta think, the more in-depth events that you put on,
the more money you can charge these people.
It could be for a trip that they plan on taking next week
or even next year.
This is where you have to really think
about the types of things that you've done in the past
and how you can help someone prepare for that same thing.
Put yourself in the mindset of a beginner
and what that type of person would need help with.
When you're thinking about a potential experience
you wanna sell, you should do some sort of research
before you start the whole process.
The research will help you get a pulse on the type
of demand that you could expect.
It's also gonna help you find potential customers as well.
If you wanna test some ideas out,
then you can always throw up a page on Airbnb Experiences
to see if there's any interest in your idea.
If it becomes successful enough from Airbnb Experiences,
then it might make sense to break away from them,
so that you can earn more of the profit
instead of sharing it.
Keep in mind that you could be selling someone an experience
that they'll be using when they travel somewhere else.
If I live somewhere where there's nowhere to rock climb,
but I still wanna learn how to rock climb for a trip
I'll be taking next year, then I would hope that I could
find a person to teach me those skills in my local area.
And speaking of skills, the next way to serve up
a nice delicious experience sandwich
and make some money from it,
is by creating the experience
around teaching a useful skill.
The experience you create could be focused
on giving the Jerrys and Jamies of the world a useful skill
that will greatly enhance their life
for the rest of their life.
These could be taught through something
like a classroom setting or even a hands-on setting.
It's all gonna depend on what you're teaching.
If you created an experience around cooking or gardening,
then it might make more sense to take your customers
somewhere to let them actually do the work.
If you wanna enhance the experience,
then think about pairing this up with something else
that's quote, unquote fun.
A good one could be, I don't know,
smoking some plants and learning how to garden.
That sounds pretty fun to me, and if you do one,
let me know, 'cause I wanna sign up.
For all of my hippie-dippy friends out there,
I could see something like an eco-friend experience
working out really well.
You kinda show people how to make things that they would use
on a regular basis, like I don't know,
homemade laundry detergent or eco-safe cleaning supplies,
hand soap, and things like that.
Or how about teaching grandparents or older people
how to use technology, like their phone or computer.
That would actually be something that a lot of them
would probably pay for, and I bet their family members
would love you.
They would absolutely love you to create this experience
for them too, so they're not just typin' away random stuff
in text messages, and everyone's like, "Grandma, grandpa,
"what the heck did you just say?
"Here, I'll just call you
"'cause it's gonna be so much easier."
If I had time to sell an in-person experience,
then it would probably be based around some sort
of personal finance class at my local library,
which I might still do at some point in future,
or I'd probably create some sort of experience on,
I don't know, how to become a minimalist.
I can see it now.
I'll go into people's houses and I'll say,
"Throw that way, throw that away, throw that away."
You know, they'll of course be a bunch of crying
and over-exaggerating and tears.
"Oh, I can't get rid of this."
Meanwhile, their garbage can will be filled up,
their house will be empty, and they will be more happy
in their life.
When you're thinking about selling an experience,
you should think about who your target market is.
Now think about their agenda, age,
if they're married or single, do they have children,
the types of things that they do in their free time,
and the different attributes of those people.
In the business world, this is sometimes referred
to as an avatar.
It helps you define the type of customer
that you think would be interested in your experience,
so you know how to create the product to fit their needs.
It's also gonna help you market to the correct people.
So if you're creating a knitting experience,
and you've defined your target customer as married women
who are over the age of 50 that have grandchildren,
then you're not gonna go try to sell that experience
to your 18 year old brother and his buddies.
That's not to say that your 18 year old brother
and his buddies wouldn't be absolutely thrilled
to take your knitting experience
or that they'd be banned from joining,
but that's not who you'd base your service around.
Next up, we have what I like to call
the just for fun experiences.
Aka
JFF
Kinda like BFF but not really at all.
I just made that acronym by the way, so don't go Googlin' it
because I have no idea what's gonna pop up.
These are the ones that are focused
on fun, fun, and more fun.
Now that's not to say Cindy wouldn't have fun with any
of the other experience that we've talked about so far,
but JFF is the main point of it.
Bonus points for making sure that everyone gets to take
something home with them at the end of the experience.
Technology is pushing people to only communicate
through different social media platforms to where activities
that bring people back together are only going to gain
a lot more popularity over time.
With these JFF activities, people are just looking
for a little escape from their regular, mundane life.
Kinda like Groundhog Day.
I don't know if you go through your day, and you're like,
man, I thought I just did this yesterday.
Oh wait, yeah, I did.
Think about things like those wine and sip classes
that I think all women go to at some point in their life
and sometimes the ones where you see dudes at
because their significant other dragged them there,
and you're kinda like, oh man, dude, I feel so bad for you.
Think about it.
People aren't going to those things to learn how to paint.
They're goin' there for a way to get toasted
with their friends and pretend like they're Bob Ross
painting, I don't know, mountains.
There was an experience I saw on Airbnb
where a guy was selling the experience
of learning how to drive a tractor.
I was like what?
Yes, this is a thing that people are willing to pay for
and based on the reviews, they really enjoy it.
Another JFF experience we've all seen
all over social media is axe throwing.
Who would've thought that people would be willing
to pay money to go throw axes with their friends
for an hour?
I took girl on a date to one of these axe throwing places,
and we had an absolute blast, but of course,
the relationship, it didn't pan out.
FYI, having fun while throwing axes doesn't correlate
to chemistry between two people.
It just means that they like to throw axes and happen
to be in the same room at the same time
(laughs)
doin' the same thing.
The more you make your experience shareable
on social media, the better.
That's why I suggest giving your customers
a little tchotchke to take home with them
at the end of that experience.
The problem with this experience economy business model
is that once the person uses you
for everything that you have to give them,
the customer goes away and may never come back.
No, I'm not gonna make an ex-girlfriend joke here,
ya freaks.
A way to keep this person interested is to think
about taking the experience beyond a just this one time.
A simple way to do that is drive them
to a website that you've created, a social media platform,
or other content platforms that will help them
stay connected with you.
This is gonna help you sell them on additional experiences
or even possibly sell them on some sort of course
on how to educate themselves more on this specific topic.
So far we've touched on experiences
where you physically connect with your customers,
but what if you sold experiences to people through videos
that you create on YouTube or some sort of other platform.
The perfect example that I can think of is one
that I have a secret, secret obsession with.
It's van life.
For some reason, I love watching videos
of people sharing their journeys of living in a van
and traveling all over the place.
It's probably because my future plan is to hop into a van
and visit all of the national parks in the United States,
but that's another story for another time.
If you're living a life that might be interesting
to other people, then it could be worth it
to share that with people.
These individuals don't even have to pay you either.
You can think of views on videos as how people pay you
or even use sponsorships and affiliates to help you
generate some sort of income for this experience.
The numbers for how to make $1000 per month is basic math.
We just need to take that total number,
then work backwards.
If you scheduled to host your experiences twice per week,
so we'll say on a Saturday and Sunday.
Then you'd need to pull in $125 per day.
If your experience lasted one hour,
and you charged $25 per person, then all you'd need
to do is find five people per day.
To make it easier, you could find a way to group everyone up
for that same hour.
That way you're maximizing your time
and making $125 per hour.
You could also increase your prices to $50 per person,
and that doesn't sound unreasonable,
and only need to fill three spots per day.
That would actually end up generating you $1200 per month.
Bingo, you have yourself some extra cash in your pocket
every month to start investing more money.
Check out these videos to your left.
The top one will take you to a playlist
of all of my videos on different ways to make money.
The bottom one will take you to a video I made
showing you exactly how I invest my money.
Don't forget to hulk smash that thumbs up button
and check out the description for more resources
and playlists to help you evolve
your p-p-personal finance and investing needs.
I'll see you in the next one, friends.
Adios.