You Might Also Like: The $100 MBA Show

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Omar Zinhome (0:30)

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What if the next $5,000 isn't hiding in more hours at your job, but in a problem you can solve? You may already have skills worth thousands of dollars. You just haven't packaged it yet. Listen, I know a lot of entrepreneurs. These people are not geniuses. You can figure this out, and I'm going to show you how. But here's the thing. You don't need some big shop business to make cash. You just need a person or a group of people that want to pay for the skills that you have. Today I'm going to show you how to make $5,000 in one week outside your paycheck. Starting right now.

Welcome back to the $100 MBA show. I'm your host Omar Zinhome, where I deliver practical business lessons three times a week, Monday, Wednesday, and Friday to help you start, grow, and scale your business.

Hey, if this show has helped you in any way, it would be amazing if you dropped us a quick review on whatever app you're using right now to listen to this podcast. It helps me and my team bring you new episodes every week, and more importantly, more entrepreneurs will be able to discover the podcast so you can help someone else start their journey.

Most people believe money only comes from trading time for money. That's how a job works. More hours, more experience equals a promotion, which means more income. But that's how a business works.

For the most part, your income in a job is tied to the hours you put in, the effort you put in. But with a business, it's about the value you provide, and you can provide a lot of value with very little time. So if you need more money right now, you don't need a second job. You need to create something of value so that you can make even more money than any amount of hours can provide. Let me give you an example. We run an event called the Crazy Ones Christmas Party, a Christmas party for entrepreneurs, business people that no one throws a Christmas party for. We go go-karting, we have mini golf, we play bowling, we have lunch, we have a bunch of fun with video games. It's a blast. Last year, we made over $15,000 on just one day, and this year, we're on track to making $30,000 in one day. Yeah, the party is one day, but maybe I put in an extra four, five, six hours of planning for this party to book the venue and all that kind of stuff. But in total, I'm putting in, what, max two days of work to make $30,000?

That's crazy. Most people don't make that in three months. Now, the reason why I'm able to do this is because I'm creating an event, and that's the first way to make $5,000 in one week. Sell an event. Listen, an event is a very low-risk, beginner-friendly way to make money, because you don't have to do anything until you collect money from the customer, till you sell tickets. Then you can start paying for the venue and the food, or whatever you need to pay the expenses to run the event. The reason why I start with this idea is because events are fun and it's easy to sell fun. People want to go to a dinner, people want to have a day trip, people want to network with the right people, they want a group of people that they are interested in, like-minded people where they're going to build memories and bonds. When you sell an event, you sell fun, you sell convenience, you sell connection, and it's not the actual activity itself. So the real product is curation. You're bringing people together who wouldn't otherwise meet. It's very hard to bring everybody together. So by you doing this, by throwing this event, you're adding incredible value to the people that are attending. But make sure when you're pricing tickets for your event that you factor in a healthy margin for profit. You want to make sure you're making a healthy amount of money from each ticket. So what I like to do is find out how much this event's gonna cost and then double that amount of money as your profit. So say for example, the event's gonna cost you $500 per person. So I would double that to make sure that I make $1,000 in profit. That means each ticket's gonna be $1,500. If you want to lower your expenses, partner with restaurants or coworking spaces to reduce the cost of the venue. One of the things I love about events is that they will teach you very quickly the core skills of running a business. Like pricing, like marketing, like promotion, like logistics, like working with vendors. This is a great little test project incubator for you to learn what business is like. And best of all, they build your status. You become a trusted member of that community. You become somebody they actually see as a connector and want to support in the future.