“I only work five hours a week”: A 39-year-old with a passive income of $160,000 per month shares his best business advice.
The Recording Revolution was founded by Graham Cochrane in 2009, during the Great Recession.
Photo: Graham Cochrane Going it alone can be overwhelming when starting a business because it can be difficult to prioritize tasks. Yet, there are systems you can use to keep away from normal traps.
My goal is to teach others how to make money from their interests. I did it this way: I built two online businesses after surviving on food stamps.
Today, I run The Recording Revolution, a music blog, and an entrepreneurship coaching business. I earn passive income of $160,000 a month by working only five hours per week from my home office.
I tell my 3,000 clients to consider the following during the first 30 days of starting a business:
Clearly define your time management goals. I meet a lot of new business owners who only know one thing: how much they hope to earn.
That is an excellent starting point, but it is not complete. Your life should serve your business, not vice versa. So ensure it lines up with your expectations, dreams and objectives.
Ask yourself these three questions to clarify your ideal life and business:
1. What do you consider to be a perfect day? Consider more than just your typical workday. Think about other things you want to do in your life, like work out or spend time with your family.
2. How long would you like to function seven days? You are not required to work a 40-hour workweek. You will be able to better prioritize tasks if you know exactly how many hours you want to work.
3. How essential is vacation time? If they enjoy their work, some people don’t care much about taking time off. Others esteem expanded downtime. You will need to have some kind of passive income stream in order to have money coming in when you are not working.
4.Make your business model simpler.
People advised me to test my sales pages, host launch parties, and pre-record numerous advertisements when I first started my music education business.
I kept it simple and focused on three things rather than putting too much effort into doing things that didn’t make sense to me: making week after week happy for my blog and YouTube channel, developing my email list from that crowd, and advancing the paid items I made to that rundown.
To build an audience, create content centered on your expertise when you’re just starting out. It is not required to be flawless. You can repeat as you proceed to plan new items in view of what your clients need a greater amount of.
1 Get rid of any daily chores that aren’t necessary.
Determine the daily activities that will increase your earnings. Focusing on unimportant tasks will only cause you to exhaustion and waste time.
In the beginning, when you want to feel like you’ve accomplished something, getting to inbox zero or changing the color of your website’s buttons may make you feel good. However, neither of those will help you make money.
Ask yourself three questions before beginning a new task:
1. What is the anticipated outcome of this task?
2. Is it a way to get more money?
3. Can I demonstrate a clear connection between completing that task and earning money?
4. What is the cost of doing this over another option?
5. Make having fun a priority.
It is easy for people to tell if you are just working for money or if you truly enjoy what you do. Your customers will connect with you more deeply as a result of this authenticity, and it will keep you going for the long run.
Because you spent all of your time doing things that didn’t matter to you, you don’t want to burn out.
When my students begin their entrepreneurial journey, I always provide them with this framework: Start a business around something you can see yourself doing for the next ten years and enjoying.
Graham Cochrane is the author of “How to Get Paid for What You Know” and the founder of The Recording Revolution. He has assisted over 3,000 individuals in starting and developing their own businesses. Follow him on Twitter and Instagram.
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