A few years ago, I wanted to make some extra income, especially while I was traveling.So I decided to become an Airbnb host.I did this for several seasons, and it was worthwhile.
It was good for me, it was good for the people who are traveling, I went into it not knowing a whole lot.And as I said, it worked out well for everyone.
So this could be a good side hustle or business for someone who is traveling often who has extra space who has a seasonal home perhaps check it out for yourself your home might be worth more than you think.Find out how much at Airbnb.com slash host.
And we talk about all things finance and economics here, but have you heard about double nomics?Well, it's okay if you haven't, because I like to keep you in the know and it's extremely niche.Here's an example of double nomics.
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See terms at discover.com slash credit card. Stock photo platform lowers commissions.Welcome, friends.Welcome to Side Hustle School.Welcome to a new month as well.Episode 2,862.Excited to bring you another case study.
And this is in the segment known as Failure Friday.It's a segment all about things that don't go so well.We like to feature lots of successes and people making lots of money and things just going great.
But we also like to look at challenges, difficulties, obstacles, mistakes, missteps, disasters, and also failure.
When a business idea doesn't work out, or when it's working for a while, and it suddenly stops, which is kind of what we have here in today's example.
And we like to consider what you can learn from this experience, what you can learn from this particular side hustler or small business owner, entrepreneur, whatever the case may be.
either as a preventative lesson, like, oh, here's something to be aware of going into an idea, or as just kind of a point of inspiration or motivation, kind of seeing how somebody gets unstuck, you know, when this disaster or failure or whatever the case might be, just kind of shows up.
And how do they move forward?How do they move forward positively with a new idea, perhaps or something different? Anyway, today's story features Jeffrey from Milwaukee, Wisconsin.As you might guess, his business has had a couple challenges.
In fact, while he is a landscape photographer, he had a side hustle, selling stock photos or licensing his photos.And he was making some good money passively.And then all of a sudden he wasn't.
So let's hear the story from him, as well as what he learned.I'll be back at the end with a few words of wrap up.
I thought I'd finally cracked the code.After years of lugging my camera through dense forests and up steep mountains, I had a portfolio bursting with stunning landscapes.When I started selling my images on Shutterstock, it felt like striking gold.
At first, the sales trickled in slowly.A mountain here, a valley there.But as I fine-tuned my keywords and built up a following, the trickle turned into a steady stream.Six months in, I was earning $2,000 a month from my photos.
Not enough to quit my day job, but it was a sweet supplement that funded new gear and travel.Unfortunately, I got cocky.Why bother with my own website or mailing list when Shutterstock was working so well?
I poured all of my energy into creating new content, certain that more photos meant more sales.Then came the email that changed everything. We're updating our contributor earnings structure," it said.Buried in the fine print was a bomb.
Shutterstock was implementing a new earnings tier system that significantly reduced royalties for many contributors.The effects were immediate, and it was brutal.My sales didn't just dip, they plummeted.
Overnight, my $2,000 monthly income became $500. My best-selling photos, once front and center in search results, now languished pages deep.I was crushed.
I had no backup plan, no direct connection to my customers, and I was completely at the mercy of Shutterstock's policies.I spent weeks trying to climb the new earnings tiers, but it was like swimming against a riptide.
I was back to earning hundreds of dollars a month in extra income instead of thousands. Chastened but determined, I set out to rebuild.I launched my own website, started an email list, and explored other platforms like Adobe Stock and Getty Images.
It was hard work, especially while continuing my day job, but slowly, my income began to recover.The lesson was clear.Never put all your eggs in one basket, no matter how sturdy it seems.
Today, my photo business is more resilient with revenue streams from multiple sources.When one falters, the others keep me afloat.That Shutterstock email was ultimately a blessing in disguise.
It taught me that in the world of side hustles, adaptability is a necessity.
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Terms apply.Learn more at meetfabric.com. The interesting thing about the story, I think, is yes, he could have been more prepared or more diversified.And you know, if this is your only source of income, then it's good to do that.
But sometimes side hustles really work when there's kind of a gap in the market, or it's you're able to exploit a platform like this by exploit.I don't mean to hack them, I just mean, you know, to do something that works for you.
Like it's a model that works and they've got money to pay and you figured it out.So it doesn't always work forever, but if it works for a while, that's great.You know, so I actually think it's great.
He was making $2,000 a month and it's not going to last, you know, for years and years and years.But if it lasted for a while, that's a great success.And now he goes on to do something else.Uh, so maybe just another perspective there.
Yes, it's good to diversify, but you can also just take advantage of something while it lasts. In any case, thanks to Jeffrey for sharing this story.Listeners, if you have a question or an update, SideHustleSchool.com slash questions.
This is episode 2,862.I'm so excited to keep making episodes for you.A new one every day, in fact.You can always listen wherever you like.My name's Chris Guillebeau.This is Side Hustle School.
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