Regardless of your knowledge, experience, and social media presence.

One of my goals for this year is to increase my income from side hustles and diversify more. For that, I started making content on new platforms, I went back to making videos for my YouTube channel in Spanish, and I’m seeing how I can grow in what I already have.

One of the things that has taken me the most work in my life has been monetizing YouTube. I have had it since the end of 2019, and I have gone in and out inconsistently during these four and a half years.

For this reason, to avoid feeling like I’m wasting my time this time (like all the years before), I started thinking about a way to make money while the monetization arrives.

One of the things that occurred to me was to publish exclusive content for an audience willing to pay more.

To put you in context, my channel is finance and business advice. I publish videos on how to save and earn money, and the goal is for everyone to retire a millionaire.

Despite saying the tools and some tips, many followers have asked me in the comments to do a step-by-step guide on how to do certain things (for example, how they can invest in the S&P500 step by step in a broker).

I knew these videos would take more time than it would cost me to talk about my experience and opinions (and I have been trying to dedicate the least time possible to this platform until I can get money out of it), so at first, I ignored them.

However, after analyzing it, I decided to make that content for those who were willing to pay for it, so I created a Patreon, made a video explaining the advantages of investing in an account, and put a link so that those who want to know more can subscribe.

Of course, my channel is small; that video only got 300 views. But something different happened this time. I earned my first $5.

This experiment was a revelation to me.

People were willing to pay me for exclusive content, for knowledge that I already had, and with a small audience.

And then I realized something: A subscription-based business is one of the most powerful businesses currently available, and the best part is that anyone can start doing it.

Here, I will explain why.

Why subscription-based revenue models are one of the best businesses you can start now.

Right now, subscription models are used in practically all the industries that exist right now.

You can see it on streaming services (Netflix, HBO, Spotify, Youtube), cloud storage (iCloud, Drive), free delivery (like Amazon Prime or Uber), and even newspaper and education libraries like the Harvard Library are offering this type of service.

And what does that tell you? That it’s a profitable established industry.

People are paying for those services because they see an advantage in using them, so if you have any type of knowledge you think you can monetize, you can do it with a subscription.

The other advantage of this business model is that you don’t need a big audience. This is where the saying “I’d rather have 1,000 loyal customers than 100,000 unsupportive fans” applies.

With a subscription business, you only need 100 clients to start making four figures if you propose it.

Contrary to pay-per-view-based businesses, where four figures may represent 50,000–200,000 views at a minimum, here you don’t need that much audience to start seeing good profits.

I spent four years of my life uploading videos to YouTube for free with the promise of being monetized one day, and although I have already obtained 100,000 views in total on my channel, I have not managed to make even $50 yet.

However, with a single video that has 300 views and a “see more about me” link, I already have three clients generating $5 monthly.

Sure, it’s not an extraordinary amount to take me to financial freedom, but it’s enough to realize the potential this business has.

Subscription models can earn anywhere from $1 a month to millions if you can provide a premium service that people like, and many people have taken this business to the point of considering it almost passive (I know subscriptions from people who all they do is upload a photo of their investment portfolio, to give an example).

Also, it is one of the only businesses that is closest to feeling that you have a salary. By seeing the number of subscribed clients, you can get an idea of how much you will earn per month.

Finally, one of the biggest advantages of starting this business is that you don’t need anything to start. No specific knowledge of business, no followers, and no money.

But will this business model continue to be as successful in 2024 or years beyond?

Absolutely.

While many people consider they are overwhelmed by this type of expense in their lives, experts don’t see a change in this business slowing down any time soon. And what’s better is that this industry is expected to reach $904.2 billion by 2026.

Also, right now, the average consumer spends $133 a month on different subscriptions.

So why do people prefer this type of service, and why is it so popular right now? The answer is quite simple because people feel like they are getting more for something they have already been paying for.

People love premium services, and if a business is offering a fee for treating you like loyalty, then people will spend money on it.

To give you a small example, The New York Times started using this subscription service three years ago. You can access all the newspaper’s information online for just $1 monthly (or $10 annually). However, printed newspapers on the street cost around $7.

For incredibly less than you would pay for a single product, you are getting a large library of annual information, which is a great deal for those who consume this type of content.

So, this business will continue to be profitable as long as people see the savings and benefits of using it. Clients and consumers, in general, do not mind paying a monthly fee if they are using a service constantly.

How you can start now regardless of your experience.

Grab paper and pencil, open the notepad on your computer or phone, or find any place to write. Then, start writing down all the things you are an expert on and could talk about for hours. Finally, look at how you could add value to someone for a small monthly fee.

When you are ready with your idea, then choose the platform and the format you want to create your business model. You can choose from writing, videos, digital products, physical products, podcasts, books, and anything you want.

Currently, there are platforms for any format in which you want to implement your subscription:

• You can use Substack for monetizing words. This is one of the largest platforms that offers a subscription community for writers who want to monetize their newsletter.
• You can use YouTube and Patreon to monetize videos and pictures. YouTube already has an integrated subscription model, and you can offer exclusive videos to your audience. Patreon allows you to monetize any digital content you want.
• And you can use Stripe to monetize everything else. This platform has tools to charge clients a fee for any type of service (or even products) you want to offer.

“But what about the clients? I don’t have any social media presence yet.” Well, it doesn’t matter. You can start building the business and then create the media to attract people.

What I’m trying to tell you here is that you can start from zero, with the knowledge you have and your current experience, and then search for the clients little by little later. Anyone can do it, and if you want to create a side hustle that could have a promising future, you should give this one a try.

Subscription-model services are one of the best one-person businesses you can start in 2024 because they are an already established big industry that is expected to continue growing in the following years.

This business model is currently worth more than $200 billion and is projected to continue growing in the coming years because both people and businesses are seeing advantages of it.

And the best part is that you don’t need a big audience (because with a small number of loyal clients, you can earn a lot of money), a specific skill you need to learn (because you can offer what you already know), or a capital (you can start with zero).

Finally, subscription-based revenue services can be implemented in any industry or idea. Do you have a business or specific knowledge? Then you can implement this business model.