Own Your Category – Neck Pillows and Solar Power
This is the first edition of The Side Hustle Report, the newsletter aimed at budding entrepreneurs in search of a new business idea for a side hustle or two.
Why do we believe there is a need for a weekly newsletter with all the ample resources available on the internet?
Ideas are ten a penny
Ideas are ten a penny. What we look to do is not only provide you with an idea but a ‘package’ of essential resources. These essential resources include a brand name and a premium domain name. The domain name is the most important element of this ‘package’. These resources make our strategy unique in the side hustle space. It allows an entrepreneur to set up a business with minimal capital and benefit from potential customers from day 1. This sets us apart from the usual ‘experts’ who will suggest setting up a business in one or more popular areas such as drop shipping, self publishing a book on audible or selling your services as a self help coach. These are all potentially viable ideas, not particularly unique and definitely with no competitive advantage.
Yes, you can buy a course on how to drop ship, but in order to succeed you need an angle, a competitive advantage. We will provide that.
About Us
A little about us. We operate DomainMoonshots.com. As the name suggests we are a domain listing platform that features an array of quality domain names all of which we believe represent excellent opportunities for a side hustle or startup.
What do I know about startups and side hustles? To start with, I published a book on the subject called Reality Distortion – 100 Startup ideas. I am also an entrepreneur having set up numerous businesses from online gaming to vending, from health clubs to bars, so I know a thing or two about side hustles and startups.
Finding inspiration for a side-hustle or startup can be a challenging task. However, with the right resources, entrepreneurs can uncover innovative ideas that have the potential to succeed. That’s where the Side Hustle Report comes in. We look to provide at least two business ideas each week.
In this week’s report we look at two business ideas which are backed by both affordable and attractive domain names.
The Power of Domain Names
Why do domain names play such a pivotal role in our strategy? For a few reasons. Owning a good domain name reduces the risk of a new venture. Remember, we are talking about side hustles here. Our aim is to provide ideas that can generate regular income with a relatively small investment and minimal effort, although the last part of the equation could well change as your side hustle grows together with your ambitions!
By buying an exact match domain name for a popular search term this should allow you to generate significant traffic to your website with minimal marketing spend. The biggest challenge for any new business is building customer leads and sales. In most cases you will need to spend heavily on marketing to generate your first sale and develop a loyal customer base. Our strategy allows you to short cut this process.
You will see the power of exact match domain names with this week’s featured side hustles where the domain name is an exact match for the product behind the business. Let’s take the example of a Neck Pillow. That term receives over 60,000 monthly searches (Source: Wordstream). The .net extension is the second most popular domain extension behind the .com and should rank high on Google when searching for the term “Neck pillow”.
Let’s say 10% of the searches lead to a visit to your site, that’s up to 6,000 visits a month. Now taking the average cost per click of $1.16 (Source: Wordstream) that’s nearly $7k a month in free advertising for your new venture. That’s a major kickstart for any new venture. Of course buying the domain name at the right price is key to this strategy and that is what our platform DomainMoonshots.com is all about.
So, having given away part of the story by revealing our first potential side hustle, let’s get stuck in…
Side Hustle Idea #1
Neck pillows may not seem the most exciting business to get involved in, and it probably wouldn’t be our number #1 choice if you didn’t have the opportunity of buying a leading domain name in this space. That is where NeckPillow.net comes in.
Possible Business Model
This is how this opportunity could work…
Buy the domain names and set up a website offering a small range of neck pillows and one or two travel accessories sourced from Alibaba. Your unique selling point could be products that undercut Amazon competitors with goods shipped directly from China. You may wish to buy hoodie neck pillows which will differentiate your product line up even more.
We touched on drop shipping earlier. It’s a simple low cost business model where you don’t need to invest heavily in inventory. In this case you probably want to order a few samples of possible products you wish to feature on your new website. Having a good website is key to your success of course. Although you may have organic traffic landing on your site you will need highly visible and enticing calls to actions such as ‘Buy Now’. Also an easy to read and well designed website. However, don’t let that put you off! You can set up a responsive search engine optimized website for under a few hundred dollars using sites such as Fiverr.com so the total cost of setting up your new business is going to be less than $1,000 including the domain name purchase.
A little about the domain name and its possible uses
The domain name NeckPillow.net offers a unique opportunity to create a product or service that solves a common problem. With the rise of remote work and travel, a comfortable neck pillow can be a game-changer.
Applications:
– Ergonomic neck pillow design and sales
– Travel accessories for comfort
– Wellness and self-care products
Key Points
There are 60,000 monthly searches for the keywords “neck pillow” (Source: Wordstream), making this an extremely attractive domain name for anyone interested in embarking on a business in online retail.
The average cost per click for this term is $1.16 (Source: Wordstream)
Finally, the domain name was registered in 2020 adding to its credibility and authority to potential users and search engines. Hand registering a new domain name from scratch will take considerably more time to gain traction with search engines. Launching with the domain name NeckPillow.net will allow you to generate high traffic from day 1.
Projections
Projections for a startup are impossible to make and are at best only a rough guide to the possibilities. In reality there is a big difference between zero sales and the best case scenario all of which are possible outcomes. However the actual outcome very much depends on the quality of your execution. So let’s see what is possible as an academic exercise.
- Let’s start with the assumption that you capture 10% of the monthly traffic to your website – that’s 6,000 visitors a month.
- The average selling price is $9.99 with a gross margin of 67% (sales price of $9.99 less cost of $3,26, postage is additional).
- Let’s further assume that only 5% of these visitors convert into a sale – that’s 300 sales a month or $2,000 in gross profit or $24,000 a year.
- Even with a 1% conversion that’s a gross profit of $400 a month or $4,800 a year.
- As you grow your expertise, the quality of your product line up, testimonials and repeat customers your profitability is only likely to grow.
Buy NeckPillow.net
You can buy NeckPillow.net securely through GoDaddy for $550.
Side Hustle Idea #2
This next idea is different from the first although our strategy is very much the same. Before we get into this next side hustle let me provide you with a quick overview of the solar power industry.
Overview of Solar Power Industry
The solar power industry has experienced rapid growth in recent years, driven by declining costs, technological advancements, and increasing demand for renewable energy. Here’s an overview of the domestic solar power market and its growth prospects:
Current Market:
- Installed capacity: The US has over 140 GW of installed solar capacity, with solar accounting for around 3% of the country’s electricity generation.
- Residential segment: Home solar installations have grown significantly, with over 3 million households adopting solar.
- Commercial and industrial (C&I) segment: Businesses and organizations are increasingly investing in solar, driven by cost savings and sustainability goals.
- Utility-scale segment: Large solar farms and projects are being developed to supply clean energy to the grid.
Growth Prospects:
- Forecasted growth rate: Wood Mackenzie predicts a 10-15% annual growth rate for the US solar market from 2024 to 2027.
- Residential segment: Expected to grow 8-12% annually, driven by increasing adoption and decreasing costs.
- C&I segment: Anticipated to grow 15-20% annually, driven by corporate sustainability goals and cost savings.
- Utility-scale segment: Forecasted to grow 20-25% annually, driven by state renewable portfolio standards (RPS) and declining costs.
Adoption Drivers:
- Declining costs: Solar panel prices have fallen over 70% in the last decade, making solar more competitive with fossil fuels.
- Sustainability and climate goals: Increasing focus on reducing carbon emissions and meeting renewable energy targets.
- Energy independence: Solar allows homeowners and businesses to generate their own energy and reduce reliance on the grid.
- Government incentives: Tax credits, net metering, and state-level policies support solar adoption.
Challenges and Opportunities:
- Policy and regulatory uncertainty
- Grid integration and infrastructure upgrades
- Energy storage and backup solutions
- Technological advancements and innovation
- Increasing competition and market consolidation
Overall, the domestic solar power market is poised for continued growth, driven by declining costs, increasing demand, and supportive policies. As the industry evolves, we can expect to see innovations in technology, business models, and financing solutions that will further accelerate adoption.
Possible Business Model
This is how this opportunity could work…
We believe that with the buoyant solar market, especially the consumer end, there are many solar roof installers chasing a finite user base. All require good leads and many have employed teams of salespeople to generate their own in-house leads. We believe there is an opportunity to establish a lead generation business specifically aimed at the domestic solar roof industry.
Here is some background information for you on solar lead generation.
Solar Leads Cost
Solar energy has become a popular alternative to traditional energy sources and for good reason. It is environmentally friendly and can save homeowners a significant amount of money on their energy bills in the long run. If you’re in the solar industry, you’re probably aware of the importance of generating leads to increase your customer base.
However, lead generation can be challenging and expensive, and it’s important to understand the cost implications before diving in.
Factors that Affect the Cost of Solar Leads
Solar leads are an important component of the solar industry, as they represent potential customers who are interested in switching to solar energy. However, generating these leads can be an expensive process for solar companies, and understanding the factors that impact the cost of solar leads is crucial to developing an effective lead generation strategy.
One major factor that affects the cost of solar leads is the target market. The size and location of the target market can influence the cost of generating leads, as larger and more competitive markets may require more resources and investment to generate leads.
Additionally, the effectiveness of the lead generation strategies employed by solar companies can impact the cost of generating solar leads. By using more efficient and targeted lead generation techniques, solar companies can generate leads more cost-effectively.
Other factors that can impact the cost of solar leads include the level of competition in the industry, the quality and relevance of the leads generated, and the cost of advertising and marketing campaigns used to attract potential customers.
Overall, understanding these factors and their impact on the cost of lead nurturing can help solar companies develop a successful lead generation strategy that maximizes the return on investment.
Average Cost of Solar Leads: What to Expect
When it comes to generating solar leads, one option for solar companies is to buy solar leads from lead generation companies. However, the cost of these leads can vary significantly depending on the source and the level of exclusivity.
On average, solar companies can expect to pay anywhere from $25 to $150 per lead, with exclusive solar leads generally costing more than non-exclusive leads. It’s important to carefully evaluate the cost and quality of leads provided by lead generation companies to ensure that they are receiving a good return on investment.
Additionally, solar companies may also choose to generate leads in-house through their own marketing and advertising efforts, which can be a more cost-effective option in the long run.
Ultimately, the average cost of solar leads can vary depending on several factors, including the level of exclusivity, the quality of leads, and the source of the leads. By carefully considering these factors and exploring different lead generation options, solar companies can find the most cost-effective and efficient way to generate high-quality solar leads for their business.
Business Model
Let me explain why we believe this is such an attractive opportunity.
I will start with the most essential part of the equation.
There are 18,000 monthly searches for the keywords “Solar Roof” and the cost per click is between $3.03 and $13.36. As you can see with a quick comparison with ‘Neck Pillow’ it is considerably more expensive to generate leads in the solar space. Of course with the benefit of a premium domain name registered some 22 years ago that will add considerable credibility to your new business which you will enjoy from day one.
You will require a good website to capture the leads, possibly offering prospects a free report to obtain their contact information. Next you must contact a few of the solar roof installers and find one or two that will buy your leads, probably exclusively. That’s it. Once you have that set up your job is practically done. Obviously you can invest more in marketing to boost the number of leads you generate once you are confident your business model is working.
Now let’s look at the possible projections, bearing in mind what I said previously about projections being taken with a pinch of salt.
Projections
- Based on 18,000 monthly keyword searches for the term ‘Solar Roof’ we would expect around 10% of these to land on your website, that’s 1,800.
- Of these 1,800, let’s assume 10% convert into leads, that’s 180 leads a month. Based on the information above and a price of $75 per lead (you could probably charge up to $100 once your business is established), your gross profit per month is a massive $13,500.
- With only a 5% conversion, that’s 90 leads at $75 a lead or $6,750 a month.
The great thing about this potential side hustle is there is no requirement to purchase inventory and the margins are 100%. Further, you only have to deal with one or two customers!
Buy SolarRoof.net
You can buy SolarRoof.net securely through GoDaddy for $2,250.
Conclusion
There is one final point worth making before we leave you for this week. Whilst our strategy guarantees a low investment with quick potential payback the opportunities we present here are dependent on acquiring the relevant domain name. The point is, each domain name is a unique asset. Once it is gone, that’s it, it’s gone forever. So, if you like an idea, move on it quickly, odds are there is someone else with the same inspiration and motivation as you about to press the buy button!
It leaves me to say, thank you for reading our first edition of The Side Hustle Report. See you next week.
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