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Best Skills for Income Stacking - Part II

Best Skills for Income Stacking - Part II

These three skills are mega valuable...

Chris Laub
August 09, 2024

_{1,177 Words | 4 Min 54 Sec Read}

In Part II of our Income Stacking series, we’ll be discussing three new business skills you can develop to earn a living online.

In particular, the best options if your goal is to create an in-demand B2B service offer as a freelancer, consultant or agency owner.

Let’s dive in.

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In Part I of our series we discussed how cold email, website design and video editing are three of the most profitable skills you can develop if your goal is to sell a freelancing or agency service.

Today, we'll follow that up by discussing another three alternatives that are in high-demand as we head into 2025.

Here they are.

#1 - TikTok Ads

Between now and 2027 TikTok ad revenue is projected to more than double, from $23.5B to a whopping $54B.

Sure, their current numbers are a mere fraction of the $135B Meta generated during 2023. But ya know what?

While Meta may generate 6x the revenue, running a Facebook/Meta ads agency will expose you to 100x the competition. Mainly because Internet Marketing gurus turned "Facebook Ads" into a business opportunity almost a decade ago.

Starting a TikTok ads agency, however, never went mainstream. And because of that, there's less competition for clients.

Further, while TikTok's ad revenue is projected to more than double by 2027, Meta's revenues will increase by a mere 10%.

Combine that lack of competition with a much stronger growth trajectory and it's clear TikTok is the best platform for building an ads agency this year.

#2 - Community Management

From Facebook Groups to Discords and Telegram chats, communities have become fundamental to how we operate online.

Except for one small detail: Without any leadership or moderation, most communities fall apart.

As an example, I signed up for a crypto group a while back.

For the first few months things were going well, but back in April they started turning sour. Mainly because the crypto market slowed down, making it increasingly difficult to find winning opportunities.

Sadly, instead of addressing the problem head on, the owner and his partner buried their heads in the sand. In some cases the group went for weeks without any communication from them.

Over time, this led to outright hostility in the group. Which was justified given how much it cost to get in.

Fast forward to July and things bubbled over to the point the partner had to quit as more and more people began asking for 5-figure refunds.

Now, let's contrast this with another group I'm in.

This second group faced similar problems, but the owners and their partners are in the community every single day providing guidance and assistance.

And because of that, the vibe in the group has remained positive, with people eager to participate despite the challenges we're facing.

As you can imagine, the second group is much more likely to:

Attract new members
Retain the highest number of existing members.

And while there are a handful of situations where it makes more sense for the guru to manage their own community, when it comes to traditional brands, 99% of them will outsource community management to an individual or team.

So if you understand how to maintain a positive, upbeat community that contributes to the company's goals, you can charge good money for that.

#3 - Conversion Rate Optimization (CRO)

If you're unfamiliar with it, Conversion Rate Optimization (CRO) is the process of running head-to-head tests (known as A/B tests, split-tests or multi-variate split tests) for the purpose of determining which version of a web page generates the highest result.*

*With potential results including the number of leads, phone calls, form submissions or revenue generated.

In case it's not obvious, the reason this is valuable is because the more results a page generates, the more money that business makes without having to spend any extra capital on advertising or organic marketing.

Think about it...

Let's say a dentist gets 10,000 visitors to his homepage and of those 10,000, 200 people submit new patient inquiries (giving us a 2% conversion rate).

Well, if you can improve the graphic design and/or copywriting to increase that number to 250, you've helped our dentist achieve a 25% revenue increase.

As you can imagine, being able to increase revenue without having to increase your expenses by a proportionate amount is the Holy Grail of online business.

The problem?

First, relative to the online business universe, the number of business owners who even know what CRO is is shockingly small. And the number who take it seriously / spend money on it is even lower.

Second, for these tests to work, you need a LOT of incoming data.

Meaning, CRO really only works for websites that are already getting hundreds of thousands of visitors per month (and ideally millions).

Which, as you can imagine, excludes 95% of the world’s websites / businesses from being candidates for this kind of service (making your pool of potential clients tiny relative to a service like SEO).

Third, performing CRO requires an understanding of copywriting, UI/UX and graphic design. It also requires you to use CRO software, which is both hard to learn and can cost hundreds of dollars per month for an entry level plan.

Add these three realities together and there are exponentially fewer CRO professionals than there are copywriters, media buyers, etc.*

*Which is not necessarily a bad thing, but something you should be aware of.

With that said, given how little competition there is, if you can break into a new industry and get momentum, you'd be shocked at how fast you can scale to 7-figures.

Even better, because the economics of CRO are so attractive (more sales without adding more expense), demand for CRO goes up during recessions (while spending on traffic generation, e.g. TikTok ads, goes down).

💡 Takeaway: Skills pay the bills. And in 2024, three of the highest profit skills you can sell as part of a service offer include running TikTok ads, managing communities on Discord and Telegram, and performing CRO for brands that already get 250,000+ visitors per month.

🎁 Resources: