The 6 BEST Income Streams to Build in 2024

Summary

The video script outlines a strategic approach to building multiple income streams through an 'opportunity stack.' It emphasizes starting with a foundational skill and expanding by adding higher-leverage opportunities like affiliate marketing, sponsorships, and info products. The speaker shares their personal journey of earning substantial income, including through a course on growing an Etsy shop. By leveraging existing skills and creating a following, anyone can build an online business. The core message is to continually build on what you know and seek new, more profitable opportunities, with a focus on perseverance and self-belief.

Takeaways

• 😀 Combining affiliate marketing and sponsorships creates an effective income stream, offering both upfront payment and passive income opportunities.
• 😀 Selling information products, such as courses, is a highly profitable income stream, with potential earnings ranging from $30,000 to $50,000 a month.
• 😀 You don’t need a massive social media following to sell information products; platforms like Udemy and Skillshare allow you to reach audiences even without a large online presence.
• 😀 Packaging your skills into a sellable form (e.g., courses, coaching) can generate significant passive income, especially when combined with strong content distribution channels.
• 😀 Building an info product takes time but can be maintained with minimal effort once completed, allowing for continuous sales with occasional updates.
• 😀 Selling information is easier when it builds on your foundational skills, such as expertise gained from other successful ventures (e.g., Etsy).
• 😀 People can earn multiple six figures per month by selling info products, but success requires stacking skills and leveraging each one to its full potential.
• 😀 Creating and selling information products requires confidence in your expertise and a willingness to market it, even if you're not interested in being a ‘course guru.’
• 😀 The process of skill-building and pursuing higher-leverage opportunities should be structured, starting with mastering one skill and progressively stacking new ones on top.
• 😀 Regardless of your starting point (e.g., Etsy, video editing, software development), the same structure of leveraging opportunities and refining your skills applies to various fields.
• 😀 Persistence and a belief in yourself are critical to overcoming doubts and achieving success. Success is often the result of continued effort and learning from each new opportunity.

Q & A

What is the main focus of the speaker in the video?

The speaker primarily focuses on sharing strategies for building passive income streams by leveraging existing skills and knowledge. They discuss different methods such as affiliate marketing, sponsorships, and selling information products.

How does the speaker rate the potential of affiliate marketing and sponsorships?

The speaker rates affiliate marketing and sponsorships as an 8/10 for their potential to generate passive income, as they combine both upfront payments and ongoing earnings after content is posted.

What is the most recent income stream the speaker added, and how much does it earn monthly?

The most recent income stream the speaker added is selling an info product, specifically their 'Six Figure Storefront' course, which generates between $30,000 and $50,000 per month.

What is an info product, and how can it be sold?

An info product is a packaged form of knowledge, such as a course or ebook, that teaches others a specific skill. These products can be sold on platforms like Udemy, Skillshare, or directly through personal websites, especially if the seller has a social media following.

Why does the speaker believe selling info products can be lucrative?

The speaker believes info products are lucrative because they allow for continuous sales without needing constant effort after the initial creation, and they can generate passive income through updates and improvements made periodically.

What challenge does the speaker mention when it comes to selling info products?

The speaker mentions that the challenge in selling info products lies in first developing a valuable skill to teach and being willing to sell it, as not everyone is comfortable with being a 'course guru.'

How does the speaker suggest people can start making money with info products?

The speaker suggests that people can start making money by leveraging any existing skill or knowledge to create an info product, and by distributing it either on social media or through platforms that already have a customer base, such as Udemy or Skillshare.

What is the significance of building a skill stack according to the speaker?

The speaker emphasizes the importance of building a 'skill stack,' which involves layering opportunities on top of existing skills. By mastering one skill and then seeking related opportunities, individuals can significantly increase their income potential.

How does the speaker describe their own journey to success?

The speaker describes their journey as a process of learning and growth, where they started with doubts and uncertainty but continued to build on their skills and pursued new opportunities. Their persistence eventually led to success in various income streams.

What mindset does the speaker encourage viewers to adopt?

The speaker encourages viewers to adopt a mindset of persistence, believing in their own abilities and continuing to develop their skills. They also suggest focusing on stacking opportunities, regardless of the field, to increase income potential.