Hi fellow entrepreneurs,
I've spent the past 5-6 years in product strategy and design, working across various industries. Inspired by the book Millionaire Fast Lane, I've realised I want to transition away from exchanging my time for money as a product designer and move towards a more scalable and profitable career path. My biggest challenge is choosing one (or two) that I truly believe in to focus.
Here are the six options I'm currently exploring:
Option 1: Product Coaching and Mentoring (Short-term) - Already doing
Option 2: Product Management & Design Contractor (Short-term) - Already doing
Option 3: Product Consultant - (Already doing)
Option 4: SaaS Marketing Agency (White-labelled) - (Experimented for a month)
Option 5: Web Design Agency
Option 6: AI Startup (Product Consultant with the potential to become Cofounder) - (Still in discussion)
Immediate Need:
I'm looking for a strategy that can provide quick income while allowing me to transition into a more scalable role. Ideally, I would work on Option 6 (Startup) alongside Options 1 (Coaching), 3 (Consultant), or 4 (SaaS if it's worth investing in) in the future. Since Option 2 (Contracting) is hard to achieve at the moment due to the market, I feel like Option 1 (Coaching) would be the quickest way to generate income. Is it worth investing time in building a personal brand as a coach as a stepping stone?
I would appreciate any advice on how to best navigate this transition. Are my analyses of the options sound? Should I focus on one option, or combine multiple options as a stepping stone? What strategies would you recommend to maximise my chances of success and expedite my transition to the fast lane?
Thanks in advance for your insights!
I've spent the past 5-6 years in product strategy and design, working across various industries. Inspired by the book Millionaire Fast Lane, I've realised I want to transition away from exchanging my time for money as a product designer and move towards a more scalable and profitable career path. My biggest challenge is choosing one (or two) that I truly believe in to focus.
Here are the six options I'm currently exploring:
Option 1: Product Coaching and Mentoring (Short-term) - Already doing
- Pros: Quicker to monetise due to my industry experience; already have a few mentees.
- Cons: Not scalable unless I develop a high-ticket offer like a course, which takes time. Uncertain about the longevity of the online course trend and potential market saturation.
Option 2: Product Management & Design Contractor (Short-term) - Already doing
- Pros: Most lucrative in the short term.
- Cons: Not scalable, and the current market is tough—I haven't landed a contract in five months, which is why I'm considering a change.
Option 3: Product Consultant - (Already doing)
- Pros: More interesting and career advanced
- Cons: Non-scalable - Even tougher to find in the current market
Option 4: SaaS Marketing Agency (White-labelled) - (Experimented for a month)
- Pros: More scalable compared to the first two options and can complement a web design agency.
- Cons: Takes longer to monetise with no guarantee against market saturation or disruption by AI. Lacks control over product development, making differentiation challenging unless I can handle integrations. Also, I need to learn marketing and sales (Cold calling etc.)
Option 5: Web Design Agency
- Pros: Can be combined with Option 4, offering scalability.
- Cons: Requires substantial effort to establish and differentiate in a competitive market.
Option 6: AI Startup (Product Consultant with the potential to become Cofounder) - (Still in discussion)
- Pros: Highly scalable and feels more like a money tree mentioned in the book.
- Cons: Requires funding and time to fully transition into this role. High risk
Immediate Need:
I'm looking for a strategy that can provide quick income while allowing me to transition into a more scalable role. Ideally, I would work on Option 6 (Startup) alongside Options 1 (Coaching), 3 (Consultant), or 4 (SaaS if it's worth investing in) in the future. Since Option 2 (Contracting) is hard to achieve at the moment due to the market, I feel like Option 1 (Coaching) would be the quickest way to generate income. Is it worth investing time in building a personal brand as a coach as a stepping stone?
I would appreciate any advice on how to best navigate this transition. Are my analyses of the options sound? Should I focus on one option, or combine multiple options as a stepping stone? What strategies would you recommend to maximise my chances of success and expedite my transition to the fast lane?
Thanks in advance for your insights!
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