Podcast Summary: The Side Hustle Show – Episode 644: $2k a Month in Semi-Passive Income on the Side
Host: Nick Loper
Guest: Rob Phelan, High School Math and Personal Finance Teacher, Founder of fieducator.com
Release Date: December 2, 2024
Introduction to Rob Phelan and His Side Hustle
In Episode 644 of The Side Hustle Show, host Nick Loper welcomes Rob Phelan, a dedicated high school math and personal finance teacher from fieducator.com. Rob shares his journey of creating a successful digital products business on Teachers Pay Teachers (TPT), which has recently achieved a steady semi-passive income of approximately $2,000 per month. This venture allows Rob to supplement his teaching income while providing valuable resources to fellow educators.
Identifying a Profitable Niche: Personal Finance Education
[02:23] Rob Phelan:
"I create personal finance education products for teachers... I want products that are going to get students talking to each other, engaged with the materials, and using personal finance in a practical way."
Rob emphasizes the importance of niching down to establish credibility and meet specific market needs. By focusing exclusively on personal finance education, Rob caters to a growing demand, especially as more states mandate personal finance as a graduation requirement. This specialization allows him to stand out in a crowded marketplace and serve a targeted audience effectively.
Creating High-Quality, Engaging Products
[06:05] Rob Phelan:
"Everything I create has to come back to that [being Exciting, Engaging, and Educational]. If it doesn't meet those standards, I don't publish it."
Rob’s commitment to quality ensures that his products provide exceptional value. He designs resources that are not only educational but also interactive and engaging, fostering a deeper understanding among students. Examples include gameplay-based units and projects that integrate personal finance concepts seamlessly into the learning process.
Navigating Teachers Pay Teachers (TPT): Strategies and Insights
Product Development and SEO:
Rob discusses the lack of sophisticated keyword research tools on TPT compared to platforms like Google. Instead, he relies on manual searches and understanding his audience’s needs to optimize product titles and descriptions.
[08:37] Rob Phelan:
"I'm not looking at TPT that closely to see what the top-ranking things are. It’s about building what I know I need and what my audience needs based on social media feedback, newsletter feedback, that sort of thing."
Pricing Strategy:
Rob maintains a pricing range between $5 and $30 to accommodate teachers who often purchase out-of-pocket. He ensures that each product offers a significant return on investment in terms of time saved and classroom effectiveness.
[09:26] Rob Phelan:
"I want to make sure that I'm providing very one-sided value. What they're getting in terms of product is way more than the $5 or $30 that they're paying for."
Revenue Sharing and TPT Tiers:
Rob explains the two-tier system on TPT—the free tier with a 50/50 revenue split and the premium tier at $60 per year offering an 80/20 split. He opted for the premium tier early on to maximize his earnings as his sales volume grew.
Building an Email List:
Given TPT’s limitations in customer data, Rob integrates lead magnets within his products to capture email addresses, allowing him to nurture relationships and encourage repeat purchases.
[17:41] Nick Loper:
"How do we improve the lifetime value?... Having a way to get back in touch with them when you're launching something new."
Overcoming Initial Challenges and Achieving Growth
Early Sales and Motivation:
Rob recounts his initial struggles with making sales, highlighting the significance of his first $0.52 sale in September 2019. This milestone motivated him to persist, gradually leading to an exponential growth trajectory.
Seasonality and Consistent Growth:
Understanding the cyclical nature of teachers’ purchasing habits, Rob advises comparing monthly sales to the same month in the previous year rather than month-over-month to gauge true growth.
Evergreen vs. Fresh Content:
While Rob’s older products continue to sell, he notes that newer products benefit from improved quality and higher engagement, contributing to sustained growth.
Effective Marketing Tactics: Leveraging Community and Feedback
Engaging in Teacher Communities:
Rob leverages Facebook groups tailored to educators to promote his products. By offering free trials and seeking feedback, he not only garners valuable reviews but also builds trust within the community.
[35:35] Rob Phelan:
"When I launch a new product... I look for 10 people to try this out for me and give me feedback so they can be early adopters."
Utilizing Tools for Social Media Content:
Rob utilizes tools like Video Tap from AppSumo to create bite-sized social media clips, enhancing his online presence and engagement without significant additional effort.
Favorite Marketing Tool:
[38:45] Rob Phelan:
"Video Tap... it's perfect for taking a video, breaking it up into chunks and then it's suddenly easy to post small videos or a blog post."
Insights on Negotiation and Personal Development
Book Recommendation:
Rob’s favorite book from the past year is "Never Split the Difference" by Chris Voss. He relates the book’s negotiation strategies to various aspects of his life, including interactions with students and customers.
[39:38] Rob Phelan:
"Every day is a negotiation... it's about relationships and ensuring everyone feels like they've won."
Future Plans and Continuous Innovation
Rob plans to expand his product offerings and possibly develop a comprehensive curriculum for personal finance education. By continuously adding high-quality resources and leveraging customer feedback, he aims to solidify his position in the niche market.
[26:27] Rob Phelan:
"I have a notebook full of ideas and it's just finding the time to work on them... It's been awesome."
Conclusion and Key Takeaways
Rob Phelan’s journey on The Side Hustle Show illustrates the potential of turning expertise into a semi-passive income stream through platforms like Teachers Pay Teachers. Key strategies include:
- Niche Specialization: Focusing on a specific area to build credibility and meet market demands.
- Quality and Engagement: Creating high-value, interactive products that resonate with the target audience.
- Effective Marketing: Leveraging community engagement and feedback to build trust and drive sales.
- Adaptability and Growth: Continuously innovating and expanding product lines based on customer needs and feedback.
Rob’s success underscores the importance of perseverance, understanding your audience, and delivering exceptional value in building a sustainable side hustle.
Additional Resources Mentioned:
- Rob’s Website: fieducator.com
- Favorite Book: Never Split the Difference by Chris Voss
- Marketing Tool: Video Tap by AppSumo
Recommended Episodes:
- Episode 637: Debbie Gartner on Earning $1,000 a Week from Etsy Printables
- Episode 582: Becky Beach on Building Digital Products with AI
Note: For listeners interested in exploring more side hustles tailored to their interests, The Side Hustle Show offers personalized playlists based on individual goals at Hustle Show.