From Zero To $160,000 Per Month: Entrepreneur's Unbelievable Side Hustle Journey

This story is part of a new series of features on the subject of success, Benzinga Inspire.

Graham Cochrane, founder of The Recording Revolution and author of "How to Get Paid for What You Know," said that starting a viable and profitable business with zero costs is achievable.

Cochrane said he was laid off from a full time job in 2009, and turned to freelance gigs while working on a music blog to drum up extra cash.

The entrepreneur now runs a business coaching company, and earns $160,000 per month by way of five-hour work weeks, and recommends three types of businesses that a person can start with zero dollars: consulting, professional services, and creator businesses.

A consulting business involves identifying what you're good at and offering one-on-one coaching slots to those in need of help, Cochrane told CNBC. Reach out to your existing network and offer coaching sessions to people who want to improve their skills.

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Here’s a template he suggested: “I’m offering one-on-one coaching slots for [X group of people] who struggle with [Y concerns] and want to achieve [Z outcomes].”

Over time, Cochrane suggests developing a curriculum based on the problems you see most often and grow your customer base by asking for referrals.

For professional services, the entrepreneur recommends promoting your services on websites like Fiverr and UpWork. Create a profile, list your services, and write customized proposals for each job posting. Be specific in what you can offer and tailor your proposal to the project's requirements.

A good idea for exposure is to offer introductory prices to former clients, employers, and friends, Cochrane said.

Finally, the 39-year-old advised creating content about a niche topic you know a lot about and posting it on accounts you already have.

There are four ways to earn income by creating content: advertisement revenue, affiliate post revenue, sponsored posts and brand deals, and selling digital materials to your audience.

YouTube is a good platform to start with, he said, and you only need 1,000 subscribers and either 4,000 watch hours in 12 months or 10 million YouTube Shorts views to join the YouTube Partner Program and make money from ads.

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