Teenagers Taylor Reilly & Lachlan Delchau- Jones Talk Building Income Streams in Times of Crisis
Teenage entrepreneurs Taylor Reilly, 19 and Lachlan Delchau-Jones, 18, from Brisbane, built a successful online business overnight from their bedrooms by selling craft products to stuck-at- home families in Australia.
As Australia’s 7.4 per cent unemployment rate continues to rise, the pair said more and more people are recognising the importance of having a second stream of income.
‘People that have just been laid off are in two minds about whether to try and do something to get quick cash or whether to start a passion project.
‘The next six weeks is key to build something practical that you can have over this time to keep the ball ticking over, but also something that can also be maintained afterwards.’
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The first step is to pick a product or a skill you are passionate about, which will keep you motivated to see it through.
‘Determine your market. There will be a group out there who will need your product. Their money will go to the products that solve the biggest problems for them.’
Start creating a website and leveraging your relationships to build a social network to spread awareness about your product or service. .
‘This is the stage to begin growing your network. Ask your friends and family who they may know that may need your service.
‘Leverage Facebook groups by posting about your service. Even if people in the group do not need it, they may recommend it to someone that might.’
This can be done easily using social media advertising programs, such as Facebook Ads manager.
‘You may not make as much money as you want, but you need to just jump in and get the ball rolling.
The final step is to take the leap and evaluate how big a role your new project will play in your life.
‘Once you set up all of this infrastructure, you have to decide whether this is a hobby, or a side hustle, or a new business for myself,’ Taylor Reilly said.
Teenagers Taylor Reilly and Lachlan Delchau-Jones have said that now they’re onto bigger projects with more longevity including developing their own products.
‘Dropshipping is the entry point for a lot of people to business, ecommerce, and