The Secret Life of an Academic Entrepreneur
And the fulfilling power of operating a $100K/year semester-proof business.
🎧 Listen on the go: Audio Version
It was 2017, and I was in my second semester as a full-time lecturer at the University of Georgia. That’s when I started my business. And I never expected that the revenue this business would eventually generate would surpass my annual academic salary.
I never intended for it to be anything more than a hobby - something to pull my focus and expand my life beyond the borders of academia (which I believe is necessary for all academics).
And while my business has evolved into a legit company (payroll, team members, etc.), l only exert hobby-level time and energy to keep it operating smoothly.
My “side hustle” typically takes only five hours of my time each week - just the way I like it. Why is this important to me? Because I love my job as an academic, and I choose to devote the majority of my time and energy to ensuring that my academic career is on track for growth (aka … promotion!).
It just so happens that I was promoted to Senior Lecturer a year early! And that promotion might not have come my way had I not created my business.
This may sound counterintuitive - that more focus on my business would lead to more success in academia. But it makes a lot of sense, and you’ll know why by the end of this informative essay - my love letter to fellow academics.
Creating and running my business has changed my life. It has changed my financial status, mindset and my approach to academic work.
My life is infused with a sense of fulfillment that was previously missing.
Pretty cool stuff.
(I’m not a regular academic. I’m a cool academic.)
I’m an academic entrepreneur.
And if this is something you identify with - or hope to identify with - let’s take a quick and helpful journey together.
Let’s start with a bit of background ... and then jump into my biggest secrets to success.
There are many types of businesses out there, and I was intentional and strategic about which type I wanted. No brick and mortar business. No selling physical products. No business fulfillment.
Translation: I didn’t want a logistics-heavy business with high overhead costs or complex systems.
So what did I decide to sell?
I sell the knowledge that’s already stored in my brain.
I sell information products born of the skills and knowledge I’ve gained throughout my life.
If you’re an academic, you have A LOT of knowledge (... and you likely paid a hefty sum for some of that knowledge!).
And as you likely know, you could be monetizing your years of schooling and training beyond your classroom and research.
The best part about this?
You can start a successful business and become an even more valuable asset to your school and department.
You simply have to find a unique angle, decide how you can contribute to society and then implement the secrets I share in this essay to bring your business idea to life.
My unique angle was my approach to time management and productivity. (I mean - obvi - I love this stuff!) And I’ve learned to balance being a full-time academic carrying a super heavy teaching load with growing a digital business that surpasses six figures annually.
I get to use that very business - The Academic Society - to teach graduate students how to leverage time management and productivity skills to be more successful. Both in and beyond their graduate programs.
Ready for those secrets? Let’s go!
Secret #1:
Set and honor healthy boundaries
I have strong and healthy boundaries (just ask my friends and family … they’ll tell you!).
“The thing that I admire most about Toyin is that she will never do what she doesn’t want to do, and she only does what she enjoys doing.”
Those kind words are mostly true because I will do things that I don’t want to do - but only once!
Once I do something and realize I don’t want to do it again, I work to ensure I won’t have to do it again. I’ll outsource to someone else, create a system or automation to do the work for me or eliminate it from my to-do list.
This allows me to focus on the things I enjoy.
Things like my job as a Lecturer!
During my time as a grad student, I realized that teaching classes felt right in a way that my research work didn’t.
So, when it was time to send out those job applications, I applied to liberal arts colleges that didn’t have a graduate program - so that I would only need to do research with undergraduates.
I was setting a boundary.
I was eventually offered a tenure track position at a liberal arts college.
But I didn’t want it.
The moment I started reading the offer letter, I was overcome by a sinking sensation in the pit of my stomach. This was a clear sign that I wouldn’t enjoy every aspect of this particular opportunity.
And after five years spent working hard in grad school, I knew that I deserved a life that I loved.
I turned down the position. With no backup offer. No safety net.
And that was super scary. People would kill to land a tenure track position right after grad school!
But I trusted that if one school wanted me, surely another would.
I depend greatly on my faith.
And because I’m a master of time management, I had started applying for jobs months before other grad students (I got that job offer in October!). I felt ahead of the game and not yet in a time crunch.
By December, two more offers had come my way. I chose the position that aligned with my boundaries. The position that wouldn’t burden me with research responsibilities. The position that required me to teach small classes and mentor grad students and new faculty - two things that I love!
It was my dream job - and the job I still hold today.
When I accepted this job, I was bombarded by academics asking if I’d apply for a tenure track position the following year. My answer? No way!
I prioritized my values and boundaries and stood strong in what I wanted - regardless of outside opinions!
If you’re an academic with a side hustle (or the desire to make an impact outside of your academic career), my top recommendation is this …
Set and honor healthy boundaries.
If boundary-setting doesn’t come naturally to you, reflect on these questions to get some clarity and inspiration:
What are your values?
What do you love most about your job?
Are there any areas of your life to which you’d like to devote more time?
What are your long-term goals? How do you want life to look in 5 years, 10 years and 15 years?
I think about these questions frequently and they inform what I do on a daily basis.
Secret #2:
Build a semester-proof business
Do you remember me mentioning getting promoted a year early? What I didn’t mention about that promotion is that it came my way in 2021 …
… during a pandemic …
… and while experiencing the worst semester of my life.
Despite the added challenges, that was the first year my business surpassed $100k in annual revenue!
And I barely spent time working on it (even less than the five hours per week I spend on it now)!
How the heck did my business generate more money than ever before with me spending less time and energy on it than ever before?
I’ll tell you! And I’ve even coined a term for it!
I made my business semester-proof!
What’s a semester-proof business?
A business that remains consistently profitable - no matter how busy your semester gets.
A profitable entity that utilizes systems and automations to operate for you whenever you get super drained during overwhelming times (first week of classes, midterms, finals, grant/publication deadlines, search committee duties, conferences, etc.).
How did I semester-proof my business?
I’m sharing ALL the details!
Here’s where I started …
In the beginning stages, I was so excited to create content and help the people who I knew I could help - to make a difference in their lives. And I was having a blast enjoying a fulfilling endeavor outside of academia!
But after two years of $0 in revenue, my excitement started to fade. I started neglecting my business and prioritizing my academic work. Working on my “business” became something I did only when the mood hit me.
I put business in quotation marks because what I really had at that time was a hobby. A side hustle hobby. Something that I did for fun - and did to help others - but that generated no income. And because I wasn’t reaching as many people as I’d hoped, I wasn’t helping my ideal clients or impacting lives.
If you’re an academic with a side hustle, then this probably sounds familiar.
Take the Academic Entrepreneur Personality Quiz
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Once I knew where to focus my efforts - I exploded my income!
Learning to semester-proof my business changed my life and allowed me to achieve my ideal academic career!
Two questions for you.
On a scale from 1-10, how do you feel about the following?
The results you’re getting in your business
The income and impact your business is making
If you rated either question less than a 7, you’re probably doing the exact same thing I was doing in my business during those first two years. Binge-working.
You know the cycle. You:
Get inspired by a good idea
Create content that ignites your passion and excitement
Meet people who are interested in what you do
Purchase an online business course and get super excited about diving in
These things launch you into a business binge where you spend nights and weekends working on your business.
But - inevitably - academic life demands your attention. And despite your intentions, you don’t circle back to your business endeavor for weeks - or even months.
Is this something that happens to you?
I used to do this all the time! And I felt justified ignoring my business because - I had a job that had to come first!
A full-time academic job that I love. I’m a Senior Lecturer, and I can’t imagine my life not including teaching my students math.
I didn’t need the extra income (although I wanted the income - it would improve my quality of life). I’d be fine without it.
I dug deep and got real honest with myself. That’s when I recognized that I didn’t have the time to make my business more than a hobby. That it wasn’t worth it to try to transform it into something profitable and impactful.
But thinking about my business as nothing more than an expendable hobby was a limiting belief!
Perhaps, you’re feeling the same way?
Your business might be your side job - but you don’t have to treat it like a hobby.
I was sooo wrong about the time commitment needed to build my business! The truth was, I didn’t need to spend countless hours, nights and weekends turning my side hustle hobby into a fully functioning, impactful, wildly profitable business.
What I needed was to stop binge working and start focusing on business operations that would lead to sales.
And that’s how I grew my profits from $0 in 2017 to $100k four years later.
Focus on internal operations that lead to sales and a semester-proof business.
I stopped spending time on time-consuming projects like website design, online course creation, social media graphics and lead magnets (all important … just not top priority in the beginning).
Remembering my evidence-based research background, I immediately did three things:
Started tracking which tasks led to profit
Created repeatable workflows
Set up systems to do the heavy lifting when I couldn’t
Once I had answers and implemented the tasks, I was able to spend less than 5 hours each week on my business - and now I could proudly call it a business! No more quotation marks.
I’ll put in some time on my non-teaching days and a bit more on the weekends.
About 5 hours in total. That’s it!
Is that more or less time than you thought it would take to run a six-figure business?
Dr. Jessye Talley, engineering professor and early career faculty coach helping junior faculty prepare for a successful third year review.
Case study moment:
One of my consulting clients, a fifth year tenure track assistant professor who just had a baby, only had 2 hours to spare each week to devote to growing her business.
So, we developed a plan, streamlined her business with a simple sales funnel and content plan - and she’s now been invited to speak at multiple events that align with her purpose and her business.
Semester-proofing your business is not the time commitment nightmare you think it is! You simply need to identify which projects and tasks need your attention first!
Not sure which tasks should win your time and attention?
In my FREE video series, Plan Your Semester-Proof Business This Weekend, I break down which tasks are worthy - and which tasks don’t make the cut.
You’ll get the answers to questions many academics have asked me:
How did you find the time?
What does the backend of your business look like?
Where do I start?
How can I make my business semester-proof?
And …
You’ll walk away knowing how to build a profitable business that does the heavy lifting for you - even during your busiest semesters!
Secret #3:
Protect your time and energy
If you’re like me, you’ve lost track of how many times you’ve thought…
“This semester is going to be different.”
Or…
“I’m going to get ahead on my work, manage my time better and finally make ‘business tasks’ a permanent part of my weekly routine.”
🤡 Fast forward to three weeks into the semester, and you’re laser-focused on your academic to-do list:
>> Grading
>> Writing quizzes, tests and worksheets
>> Letters of recommendation
>> Committee work/service to the department
>> Departmental meetings
>> Research
>> ”Writing” papers
>> Academic Honesty meetings
Is it you, or does the semester get busier and more intense as the weeks go by?
That time you’ve set aside to work on your business? Your academic responsibilities know where it went - because they consumed every last minute.
From the outside looking in, the academic lifestyle seems super flexible. And it is!
But we know the truth:
Academia requires a lot of personal time and energy.
And if you’re spending all of your time and energy on academic responsibilities, you’re too tired (and too drained!) to grow your business.
And that’s the dilemma.
How does an academic entrepreneur make more money when your academic responsibilities pull your time and energy away from your business?
I know the feeling of having every intention to work on my business. But, inevitably, the semester becomes overwhelming. And I neglect my business - despite those best intentions.
This is a huge struggle for my academic entrepreneur clients.
Time is valuable - and it’s beyond important that you spend your time on the right things.
And build a business that supports you through the busiest semesters.
Finding this time during a hectic semester is a big challenge.
You know that truth all too well.
So, let me drop an academic entrepreneur life hack!
Here are three ways that I squeeze in a little business time during a busy semester:
Non-teaching days: I set aside 30 minutes - 1 hour.
Office hours (when students don’t show up): This is the perfect time to work on business tasks! The time is finite, and it’s time you would’ve spent working with students (as opposed to class prep or research). No students? Get to business!
Exam days: When my students are taking an exam, I take advantage of the time to brainstorm new content or business ideas.
Don’t let your academic commitments consume every moment.
And when you dedicate your valuable time to growing your business, you want to make sure that you’re working on the RIGHT business tasks.
The tasks that lead to profit!
This is what brings my academic entrepreneur clients to me! I help them organize their thoughts, create a custom business model based on their unique gifts and give them a to-do list of business tasks that prioritize profit.
My favorite thing about academic entrepreneurs is that they are brilliant, deeply connected to helping others and motivated self-starters.
When I give my clients a strategy and a game plan, they immediately implement and start seeing major business growth!
So, if academic entrepreneurs are so great, why do they need a business coach or consultant?
One reason is accountability. As an academic entrepreneur, you’re likely the only person at your job or in your department who is pursuing entrepreneurship. And it can feel awkward to bring this up to those who believe in the toxic academic culture that insists your life must revolve around academia.
You likely need a sounding board - and this is something I provide. Someone who gets it. And someone who understands your plight as an academic entrepreneur.
Another reason is clarity. Academics are life-long learners and researchers (the main point of this essay!). There is so much information online about how to build and grow an online business - but much of it is conflicting.
No surprise that the biggest place my clients get stuck is understanding where to start and which tasks and strategies should be implemented first, second and third.
I help you protect your time and energy and have even come up with an order of operations of sorts to give you a personalized roadmap for building your semester-proof business.
Do you remember PEMDAS?
It’s the order of operations that you were likely taught in your early mathematics classes. Parentheses, Exponents, Multiplication, Division, Addition and Subtraction.
Well, I’ve created PEMDAS for your business.
And it’s called WECOT: Words, Environment, Content, Outline, Tech.
WECOT is a 5-Step Roadmap that expertly guides you as you build your semester-proof business. You’ll learn to:
Interview your ideal customers - learning the words they use to describe their struggles and the emotions they feel once their problems are solved (aka mastering your messaging!).
Position your offer to connect with those in your niche - making it obvious that you’re the person who can meet them where they’re at and help them.
Create captivating evergreen/hero content that pulls the perfect people to your offer (they won’t be able to resist!) - and say goodbye to spending countless hours on social media.
Map out your customer’s journey.
Build a sales funnel that makes sales for you on autopilot (a simple system that works!).
This is the exact roadmap that I used to make over $8,000 in passive income. From one $97 offer!
I walk you through this 5-step roadmap (WECOT Framework) inside of my course for academic entrepreneurs called The Semester-Proof Business Course!
I teach you how to set up your business so that it runs like a well-oiled machine - making money for you during your busiest semesters without you putting in extra time (because what academic entrepreneur has that?!).
In addition to my own framework and methodologies, I’ve listened closely to other business experts who have been instrumental in my journey to building a profitable business.
This leads you to my 4th and final secret (and it’s my biggest secret for exploding your academic entrepreneur income!) …
Secret #4:
Invest in the right experts to speed up your business growth
You now know that it took me two years of business building before I made any money. And even longer to start accumulating any notable income.
That’s a long time to devote to a side hustle providing no monetary return on investment!
When I look back at my beginning stages, I face-palm. 🤦🏾♀️
I could have started making money in my business instantly.
At least within the first 30 days!
If my business brain back then was filled with the knowledge I have now, I could have exploded my income and reached my financial goals way back in 2017.
But back then, I was focused on investing time and energy (there’s that business binge again!).
I was putting in the work - recording videos, writing emails, posting on social media and sending DMs to potential clients!
While this was helpful in gaining visibility and establishing brand awareness, it didn’t help me increase my income.
Once I started investing MONEY into the right coaching and programs, the sales started rolling in and I watched my income skyrocket!
Business Revenue for The Academic Society
My investments in coaching (or courses) with the RIGHT experts correlate to huge jumps in my business revenue.
2019 - I took a course on how to make your first $1k in business and implemented every lesson. Finally, I made my first $1k+ in business revenue! I was overjoyed.
2020 - I made the biggest investment in my business that I’d ever made - investing a whopping $8k in a year-long group coaching program. That’s the year I made $60k.
2021 - I invested in another year-long group coaching program. This one cost $10k (gulp!), but I enthusiastically entered my credit card information because I knew that I was investing in a proven expert and a methodology that aligned with my goals and boundaries.
This was the year that brought an early promotion, a coveted teaching award and a business revenue surpassing $100k!
Now, am I saying that the more money you invest, the more money you’ll make?
No.
However, I strongly believe that there is extreme value in learning from someone who has been where you are - who has seen and experienced the exact version of success that you want to see and experience.
I have to admit, putting a little skin ($$$) in the game holds you accountable and lights a fire under you to implement what you learn.
There’s a special something that happens when you invest in coaching or consulting.
You start to think a little bigger.
You start to see more clearly.
You start to feel more passion for (and belief in) your mission.
Set and honor your boundaries.
Build a semester-proof business.
Protect your time and energy.
Invest wisely.
These are the secrets for exploding your business revenue and amplifying your impact!
Wherever you are in your academic entrepreneurship journey, I have just the place for you to get started.
If you’re preparing to take those first steps (you don’t yet have a business … or even a side hustle hobby), let me help you get started with a strategic and personalized plan.
If you already have a business (or have a solid idea for one), I highly recommend my Semester-Proof Business Course and/or a one-on-one strategy session with yours truly.
About the Author
Dr. Toyin Alli is an award-winning lecturer, six figure business owner, and business consultant for academic entrepreneurs. Click below to learn how to work with her to build your own semester-proof business.