40-Year-Old Entrepreneur Rakes In $160K Monthly, Shares Tips For A Six-Figure Side Hustle

In 2009, Graham Cochrane dove headfirst into the business world without a roadmap. His only guides were his passion for music production and an urgent need to make a living.

Fast forward to today, Cochrane is successfully managing two online ventures: a music blog and a business coaching brand.

Impressively, the businesses pull in a passive income of $160,000 per month while demanding just five hours of his week.

Cochrane’s specialty is teaching others how to initiate and expand their businesses, he said in an as-told-by feature on CNBC. Throughout his years of coaching thousands of clients, he discovered that all successful six-figure businesses share a common trait: they cater to a “hungry” audience.

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For those exploring the idea of a side hustle or contemplating a full-time business, Cochrane offered the following advice:

Find Your Target Audience
Before you think about the product or service you plan to offer, Cochrane said it’s essential to recognize and understand your target audience. A “hungry” audience is one that faces a problem significant enough to justify paying for a solution.

The entrepreneur said the easiest audience to serve is the one that mirrors you. If you’ve overcome a particular problem or experienced personal growth, you could potentially assist others in doing the same.

Alternatively, if you’ve always wished for a solution to a specific problem, perhaps you could create that solution for yourself and others.

Engage in conversations about life’s shortcomings, he said, identify people’s most significant challenges. You could do this through casual street interviews, group chats with friends, or observing discussions on platforms like Reddit. Be sure to document your findings and spot any emerging patterns.

Develop an Irresistible Offer
Author and performance coach Rich Litvin proposes a straightforward framework for creating an enticing offer:

• Identify the five most significant challenges your target audience faces.
• Write down your unique perspectives on these challenges.
• Ask yourself: What transformative solution would someone attain after using your product or leveraging your expertise?

Cochrane said to consider how you might summarize your offer in a limited space like a social media biography.

Here’s a basic formula to guide you: “I help [X target audience] achieve [X outcome] without having to [do X undesirable thing].”

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

Photo: Pexels