The "SKIES" Not The Limit

The “SKIES” (skills, knowledge, information, and experiences) are not the limit but more like the runway or launchpad for building a new future that is unique, right, and custom for you.

I recently read a statistic that the average U.S. hourly wage was a little under $32.00 in 2021. That’s about $66,560 gross income for a full year of working full time for someone else,  someone else’s company, and someone else’s dream.  The federal minimum wage is $7.25 per hour.  To further erode that minimum wage, for those who are “tipped employees” the minimum paid wage is $2.13 (with the expectation that an employee will receive at least $5.13 per hour in tips).  Also, according to U.S. Census data in 2020 the median U.S. household income was $67,521.

It is unimaginable the struggle that a family must endure to survive on that income.  Regardless of the current cultural and political divides – as massive and unfortunate as they are – I am certain that most people share the desire to live beyond survival and to thrive as individuals, households, and communities.  That desire can be pursued on one end as clocking more over-time hours or creating a side hustle; and on the other end as unknowingly investing and losing one’s hard-earned savings in something that is little more than a Ponzi scheme. 

Image if the person in the food service industry with the $2.13 cash wage could increase their wage 40X.  Or if the minimum wage worker could increase their wage 10X.  Or image that the average hourly wage worker could increase their wage 5X.  And further imagine that in each scenario, they are doing it with the SKIES they already have.  All the while having greater control of their time and becoming self-employed as the CEO of their own destiny.  Sounds like a scam or pipe dream?  Well maybe not, let’s go a little further.

About a two weeks ago as I was leaving a store, I stopped by a roadside hot dog stand.  The mobile chef was friendly, personable, and proud of his premium hot dogs and hot sausage.  And even more proud of his homemade onion sauce and chili.  Would his fare meet the hype?  It did and I found myself happily parting with $20 in return for my meal, after a simple two-to-three-minute transaction.  Imagine similar value transactions:  two per hour he’s grossing the equivalent wage of $40 per hour; four per hour he’s grossing the equivalent wage of $80 per hour; eight per hour he’s grossing the equivalent wage of $160 per hour.  Can you imagine that? Grossing $160.00 per hour selling… hot dogs?  You probably can’t, because sometimes we overlook the genius of finding value in the skills, knowledge, information, and experiences that we have and monetizing them.

Yet, there is something simple about the person conveniently at the construction site or outside the office complex selling hot dogs.  Hot dogs are not flashy, generally they are not high cuisine (but it’s just a matter of creativity for a chef to craft a $15.00 hot dog made of dry-aged Angus beef that people will crave).  Hot dogs are simple, and the offer is simple: I have delicious hotdogs and you are hungry. 

The offer is simple, because the menu is simple: no need to decide between hot dogs, hamburgers, grilled chicken, soups etc.  The most difficult decision will be your toppings – and this guy made it easy because he offered as many toppings as you want for a fixed price. 

For the “tipped employee” or the person earning minimum wage at the quick service restaurant  you can readily see how their SKIES could be a natural gateway to greater earning capacity.  Of course, it is not my intention to sell anyone on jumping into the hot dog business.  But everyone who is looking for more career, more calling, or more vocation should look for simple, creative, and innovative ways to determine how they can monetize and maximize their existing SKIES.

The hot dog story is just a story to get us to the central point of thinking about possibilities that can exist. When people think (or are prompted to think) beyond the hourly wage they can become aware of more options and thus more choices. Of course, you must determine what is right for you.  Your “right” doesn’t have to be a broad plan or vision that requires angel investing, venture backing, rounds of funding, and an exit strategy involving a $3 billion dollar acquisition. 

Reality is, those deals are great, but they are not everyday occurrences.  Your “right” can be incremental or adjacent to what you currently do, by building upon existing SKIES in an entrepreneurial fashion.  What can that look like?  It will vary, but some people may not be able to escape their safe protective ego to think creatively about the SKIES they have. 

Here are two examples:

But it won’t work for me, I’m a teacher and I work in a school!

Sure, it can.  As a teacher you have SKIES that can be used to set up a Saturday Success Academy or Summer Success Academy to provide virtual supplemental education services to small student groups.  Let’s take the Saturday model.  Because you have the skills to deliver a quality service, you can command the price point you desire for the service.  And you know from experience that a small group capped at five students meeting weekly for ninety minutes per session is ideal. 

What can your revenue look like?  Five students at $75 per session is $375 for 90 minutes of work (or joy).  At four sessions a month that is an extra $1,500 per month.  For a ten-month school year that’s $15,000 a year working 90 minutes on a Saturday.  If you wanted to stay true to your belief in small group success, you could have three different morning, midday, and late afternoon small groups.  With nothing more than using your existing SKIES you could increase your income between $15,000 and $45,000 per year.

Would someone else say that’s just tutoring?  Maybe, but that’s their lack of vision for the  idea.  They can’t envision the waitlist you will have when everyone is trying to enroll in your academy.  A waitlist so long that you may have to offer a recorded version of the academy sessions for purchase by those on your waitlist!

But it won’t work for me, I’m a manager at an auto dealership service department!

Sure, it can.  You first must reframe your thinking from what you do to the SKIES you have.  Do you realize that as you are cranking out that repair bill, clicking on parts and labor, and anything else that will make the customer wince with each mouse click, your experience with that process has value.  There are certain industries or professions (plumbing, auto repairs, and the legal field for example) where most people completely lack knowledge or information.  You can position your knowledge and information in a way that by those attending your “Cars and Coffee” or “Mechanic Magic” session they will learn how to save on every repair and extend the drive life of their vehicle. 

What car owner can turn down that offer?  You have the generalized industry knowledge and information.  You know what repairs should stay with the dealer and those that can be performed by other repair shops.  You know whether a customer can request dealer parts or lesser priced alternatives.  You know what usually can and cannot be negotiated on a repair bill.  You bring value by demystifying the auto repair process.  Who wouldn’t want to learn about this from an expert such as yourself?  You can quickly do the rough math in your head to see that with almost  any price point and enough attendees you will exceed your current hourly wage.  And to tie it back to the titles, “Cars and Coffee” might resonate with a price point on the lower end and “Mechanic Magic” might resonate at higher price point.

Mine Your SKIES!

Those are just two examples of using your SKIES to unearth entrepreneurial opportunities by leveraging what we have and what we know.  Does it require more work to see if you have something truly viable?  Yes, but you don’t need a thirty-page business plan immediately.  Be smart.  You are not trying to build a billion-dollar brand.  You don’t have to swing for the fences.  You are simply using your current hourly wage (converted from salary if needed) as the metric to exceed by a multiple that is profitable and satisfactory to you.

So, ask yourself these four questions to get you started on your empire building program:

What skills do you have that can be monetized for a side-hustle, self-employment, or empire building?

What knowledge do you have that can be monetized for a side-hustle, self-employment, or empire building?

What information do you have that can be monetized for a side-hustle, self-employment, or empire building?

What experience do you have that can be monetized for a side-hustle, self-employment, or empire building?

Until then, keep reaching for YOUR SKIES!