5 Ways To Diversify Your Income Streams As A Web2.5 Business Owner

Happy Sunday fellow wayfinder!

Last week, we discussed 3 Ways to Deal with Web3's Biggest Community Problems. This week, we look at diversifying your income streams as a "Web 2.5" solo business owner.

As global recession fears loom, this is becoming an increasingly popular topic.

Let's dive in.

Despite the hype, most Web3 communities are still being built on Web2 platforms. This includes Discord, Twitter, Telegram, and Reddit. There are aspirations to be Web3, but the space is not there yet, so I used Web 2.5 as it's more reflective of reality.

As inflation rates rise and layoffs occur, it's going to become more important to ensure you're prepared for 2023 and beyond.

There are certain sectors that continue to be needed during dire times, but many are already feeling the pinch. This is why I ventured out as an entrepreneur in 2018.

Granted, not everyone needs to be an entrepreneur, but you can take on an entrepreneurial mindset to benefit.

As someone who's watched several trends rise and fall across all blockchain-based sectors (including crypto, NFTs, DAOs, etc.), the following are the ones I think have some staying power:

1. Learn prompt-writing

2. Explore nano vs. P2E gaming

3. Pitch your ideas, leverage OPM

4. Offer coaching or consulting

5. Sell (Notion) templates

Let's expand.

1 - LEARN PROMPT-WRITING

You might've heard of copywriting, which is one of the most valuable skill sets for founders and entrepreneurs in 2022. But prompt-writing is set to take off. It is the skill of writing text-based prompts for new AI/ML platforms like Dall-E 2 and MidJourney.

Meme culture legitimized meme artists during the ICO to NFT bull runs. My prediction is that prompt-writers are going to become an in-demand job soon since it's already here:

2 - EXPLORE NANO VS. P2E GAMING

Play-to-Earn (or P2E) is a phenomenon that took off for crypto/NFT games, with the most notable being Axie Infinity. It started off well, with stories of Philippinos being pulled out of poverty just by playing the game. Unfortunately, since the crypto/NFT ecosystems based their tokens on volatile crypto value, reality has been far grimmer during the downturn.

Despite this, I still think there's a chance for the P2E model to work if incentives are re-aligned and value is put on utility (vs. token value price). If people want to make proper use of the underlying (blockchain) technology, they should investigate nano-payment-based games like those found in Haste Arcade. Haste Arcade games enable revolutionary new models like ILP (Instant Leaderboard Payouts).

For more "stable" earning opportunities, the videogame industry already has options for you:

1. Professional gamer

2. Professional livestreamer

3. Win competitions

Underlying blockchain technology should, in theory, just make the above more efficient. That's what you need to look out for. Much of the ecosystem is still asleep around the opportunity of nano-payment games, so dig in further for ways to earn from it. Since P2E in its current state is in need of reform.

3 - PITCH YOUR IDEAS, LEVERAGE OPM

Despite being a fan of bootstrapped businesses, I've learned a thing or two pitching to and securing funds from investors. One of the best ways to pitch directly to a group of investors is by going through accelerator programs or venture studios. These are groups that help boost the success rates of startups and entrepreneurs by providing capital, connections, or resources.

Thanks to COVID, many of these groups have made themselves more accessible online. Meaning, you don't have to relocate or catch a flight in order to pitch an investor and secure investment.

Despite current conditions, there are many savvy investors out there still ready to throw their money at ideas and founders. So if you have an idea, and are able to pitch effectively, take a chance and do it. Sometimes the best way to make money is by levering other people's money (OPM).

4 - OFFER COACHING OR CONSULTING

This may sound simple, but it's one of the easiest ways to make money in the space. Sure, the traditional advice for Web3 has been to buy into crypto, or buy an NFT, then hold and pray for the price to go up. But, as you can see, this is not a viable long-term strategy. Never has been.

Since coaching and consulting already exist as established services, there's a lot of info on the web, Youtube, and even Twitter, that can help you do this successfully.

You just need to find a way to bring your expertise into the space. And trust me, as someone who's been involved for the last decade (starting with Bitcoin), Web3 is not fully here yet. So there's a lot of room for non-techie types to offer value in exchange for income.

5 - SELL NOTION TEMPLATES

This might seem a bit counter-intuitive, because you may not see Notion spoken about much in Web3 conversations.

But if there's anything I've learned about managing communities in the space, it's that content is still king. And if you're building content, you should definitely have a way of organizing or processing it.

If you get into a habit of documenting everything you do, you can turn your own processes into templates people will pay for.

Easlo is someone who saw the Notion template opportunity and doubled down on it very early on in Notion's rise to popularity. Here's how you could apply the strategy for Web2.5:

So there are 5 ways to diversify your income streams as a Web2.5 solo business owner. You might've noticed that some of the advice can be applied outside of Web3. As the world moves toward a global recession, what will you be doing to prepare?

Until next week, remember: through patience & persistence, it will come.

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Last week's premium newsletters:

• Daily #116: Expect the unexpected 

• Daily #117: Collecting emails is a transaction

• Daily #118: Money is a byproduct of value

• Daily #119: Bats, change & rebirth

• Daily #120: "The Game", Ancient Cultures & Synthesis Writing

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