How to ACTUALLY Create 7 Streams of Income with Digital Products
Summary
TLDRThe speaker emphasizes the importance of focus over diversification in achieving financial success. Sharing his journey of making over 900k from a single digital product, he advises against spreading oneself too thin across multiple ventures. He illustrates a strategy for generating multiple income streams from a single skill, using the example of a barber who can expand his business by selling related products and services. The key takeaway is to leverage one's existing skills to create digital products, allowing for scalable income without being limited by time.
Takeaways
- 💰 The average millionaire has multiple streams of income, but focusing on too many can lead to a lack of focus and hinder success.
- 🚀 Success in generating income often comes from focusing on a single, strong digital product rather than trying to juggle multiple ventures.
- 💇♂️ The example of a barber shows how one can expand their income by offering related products and services, such as hair care products and facial treatments.
- 🌊 The concept of 'streams of income' should be thought of as multiple revenue sources stemming from a single, strong base, similar to how a river branches into streams.
- 💡 The speaker emphasizes the importance of focusing energy and efforts on one main venture to achieve success, rather than spreading oneself too thin across many projects.
- 💼 Entrepreneurs should consider how they can increase their average order value (AOV) or average cart value (ACV) by offering additional products and services related to their core business.
- 📈 Scaling income is more achievable when time is not directly tied to earning potential, which can be achieved by creating digital products that can be sold repeatedly without further effort.
- 🌐 The internet provides an infinite pool of potential customers for digital products, making it a powerful platform for generating income.
- 📚 Packaging knowledge and skills into digital products, such as eBooks or courses, can lead to passive income and allow for the creation of additional revenue streams through upsells and memberships.
- 🔍 The speaker suggests that everyone has a unique skill or knowledge set that can be turned into a digital product, emphasizing the importance of identifying and leveraging one's own strengths.
Q & A
What is the main point of the speaker's discussion about generating multiple streams of income?
-The speaker emphasizes the importance of focusing on one's core skills and expertise to generate multiple income streams rather than spreading oneself too thin across various unrelated ventures.
How much income did the speaker make from their online business with a single digital product?
-The speaker made over 900k (presumably dollars) from their online business with just one digital product.
What is the speaker's view on the common approach of trying to do seven different things to achieve financial success?
-The speaker argues that trying to do seven different things without focus can lead to failure, as it's more effective to leverage one's existing skills and knowledge to create income streams.
What example does the speaker use to illustrate the concept of generating income streams from one's core skill?
-The speaker uses the example of a barber who can sell hair care products, beard care products, and offer premium services like facial treatments to his customers, creating multiple income streams from his core skill of barbering.
What is the term used to describe the average value of a customer's order in the digital world?
-The term used in the digital world to describe the average value of a customer's order is 'Average Cart Value' or ACV.
Why does the speaker suggest packaging one's skills into a digital product as a way to generate income?
-The speaker suggests this because digital products allow for the monetization of one's knowledge and skills without the limitation of time, enabling passive income generation.
What is the speaker's advice on how to increase the average order value or ACV for a business?
-The speaker advises to increase the average order value by offering ancillary products and services related to the core business, thus maximizing the revenue from each customer interaction.
What is the acronym the speaker uses to explain the purpose of a system in business?
-The speaker uses the acronym SYSTM, which stands for Saving Yourself Time, Energy, and Money, to explain the purpose of a system in business.
What is the speaker's view on the importance of focus in achieving financial success?
-The speaker believes that focus is crucial for financial success, as spreading oneself too thin across multiple ventures without focus can lead to a lack of progress and failure to achieve one's financial goals.
What does the speaker suggest as the best engine for building an online business today?
-The speaker suggests that a digital product is the best engine for building an online business today, as it allows for the productization of one's knowledge and skills.
How does the speaker define the concept of 'dip on your chip' in the context of entrepreneurship?
-In the context of entrepreneurship, the speaker uses the term 'dip on your chip' to describe the situation where an individual is juggling too many ventures or projects, which can lead to a breakdown or failure to succeed in any of them.
What is the speaker's perspective on the idea of diversification in business?
-The speaker's perspective on diversification is that it should come after mastering one main venture to a certain level, rather than spreading oneself too thin from the start.
Why does the speaker emphasize the finite nature of time in relation to making money?
-The speaker emphasizes the finite nature of time to stress the importance of creating scalable income sources, like digital products, that do not rely on the limited resource of time.
What is the speaker's strategy for generating multiple income streams from one's existing skills?
-The speaker's strategy involves identifying ancillary products or services related to one's core skill, offering premium services, and eventually packaging the skill set into a digital product to teach others.
Outlines
💰 Focusing on One Income Stream to Achieve Wealth
The speaker emphasizes the importance of focusing on a single, strong income stream rather than trying to juggle multiple ventures. They share their personal experience of generating significant income from a single digital product, highlighting the pitfalls of spreading oneself too thin. The story of a barber who tried to diversify his income with various side hustles is used to illustrate the point. The speaker suggests that entrepreneurs should concentrate their efforts on one main source of income, leveraging their existing skills and knowledge to create additional revenue streams.
💼 Building Multiple Revenue Streams from a Single Skill
The speaker continues the discussion on income streams by using the barber's story to demonstrate how to expand from a primary skill. They suggest that the barber can sell ancillary products related to his service, such as hair care products and beard oils, to increase his average order value. The speaker also proposes offering premium services like facial treatments to further monetize the barber's expertise. The concept of creating digital products to teach others in the barbering industry is introduced as a way to generate passive income, emphasizing the scalability of digital products over traditional services.
🌐 The Power of Digital Products in Scaling Income
The speaker discusses the advantages of digital products in scaling income, contrasting the finite nature of time with the infinite potential of money. They argue that by creating digital products, individuals can earn money without being directly involved in the process, freeing up their time and energy. The speaker uses the example of a barber who could create an eBook, course, membership program, or mentorship based on his skills, demonstrating how a single skill can be leveraged to create multiple income streams. The emphasis is on the importance of focusing energy on one main endeavor and the potential of digital products to generate significant revenue.
👨🏫 Learning from the Success of Millionaires and Billionaires
The speaker concludes by advising viewers to learn from the success of millionaires and billionaires who typically focus on one main venture before diversifying. They stress the importance of not getting distracted by multiple side hustles or the latest trends, but rather concentrating on one's core skills and knowledge. The speaker encourages viewers to create digital products based on their expertise, as this is seen as the most effective way to monetize their skills in the digital age. They invite viewers to join a community for further coaching and support in building their online businesses.
Mindmap
Keywords
💡Millionaire
💡Digital Product
💡Income Streams
💡Focus
💡Average Order Value (AOV)
💡Ancillary Product
💡Scalability
💡Productization
💡Side Hustles
💡System
💡Online Business
Highlights
The average millionaire has seven streams of income, but the key is not necessarily doing seven different things.
The speaker made over seven figures online with just one digital product, emphasizing the importance of focus.
A common mistake is spreading energy too thin across multiple ventures instead of focusing on one.
An example of generating multiple income streams from a single profession, such as a barber offering related products and services.
The concept of increasing the average order value (AOV) or average cart value (ACV) per customer.
Packaging one's skills into a digital product to teach others and scale income without time constraints.
The importance of not tying finite time to the infinite resource of money for scalability.
Creating digital products as a means to work once and get paid repeatedly.
The idea of a 'system' that works for you, saving time, energy, and money, and operating 24/7.
The necessity of focusing energy on one thing to avoid getting distracted or sidetracked.
The strategy of going all in on one thing before diversifying, as opposed to spreading oneself too thin from the start.
The comparison of an online business to a river with multiple streams, emphasizing the importance of a solid foundation.
The practical application of the speaker's own violin skills as an example of每个人都有something valuable to offer.
The message that digital products are the main way to make money online, and the call to action to join a community for coaching.
A step-by-step breakdown of how the speaker made over $200,000 in a single month, offered as additional learning material.
The final emphasis on not losing focus and the value of creating digital products from one's existing skills and knowledge.
Transcripts
the average millionaire has seven
streams of income you've probably heard
that before right and most people that
hear that they try to go do seven things
but that is not what gets people to the
million this
is now I've made over seven figures
online in my business with just one
digital product doing a little over 900k
and it's only gonna take me about five
minutes to break down this simple
concept so if you don't have five
minutes to spare then by all means go
watch a video about did he and did he do
it or did he not do it but that's part
of the problem on why you're probably
never get to the million because you
can't focus so quick story that leads
into how you can actually generate seven
streams of income for yourself I was
walking to the grocery store to get some
fruit and this guy he recognized me
walking on the sidewalk and he pulled
over he's like hey bro you know I follow
you I love your stuff and as we were in
conversation he told me that he was a
barber but then he started to tell me
all these other things that he was
working on so he was like yeah man I'm a
barber but you know I'm doing this
crypto stuff on the side and you know
and I'm trading some stocks and I'm
working on Drop Shipping and I got this
clothing brand that I'm working on and
me and my boy we were talking about
starting a junk removal company you know
I'm working on those seven streams of
income and I had to slow them down I was
like whoa buddy you got a lot going on
you got a lot of dip on your chip now
and here's the thing most entrepreneurs
and aspiring entrepreneurs they hear
that seven streams of income and they're
all over the place with their energy and
they can't ever get one thing to work
because they're not focused right and
when you got too much dip on your chip
the chip going to break so I stopped and
I spoke with them for about 5 minutes
and I broke down this strategy for and
this framework and it will work for you
as well and this is how you actually
generate seven streams of revenue from
stuff that you already know right so
thank about it this guy he introduced
himself to
me he said that he's a barber once I
slowed him down he was like he is a
barber that is his trade that is his
primary income source and that is what
he does right I was like okay you're
thinking of everything outside of
yourself to generate these seven streams
of rence
so I asked him first of
all he makes his money by cutting hair
right and I told him I said okay when
somebody sits down in your chair and you
cut their hair they just give you money
pay for the haircut and they leave right
he said yeah I said but that customer as
soon as they get up from your chair they
have to go to other businesses and other
people and spend their money to get
everything that they need to maintain
that haircut until they come back and
send in your chair then the gears in his
brain started started to move and I was
like think about that if a gentleman
sits down to get their haircut in your
chair as soon as they leave they have to
go get uh
brushes right they have to go get uh if
they got the curly top they got to go
get the
sponge right Combs all that type of
stuff I was like okay you can sell that
as an ancillary product to that person
then they have to go get the shampoos
hair care products everything like that
right so then he could sell the
products then I was like okay and then
say a gentleman like myself I have to go
to Target and get my beard oil and stuff
why don't you have the why don't you
have the beard products right there have
some beard oil some beard bomb some
beard shampoo some beard brushes some
beard Combs then he can pick up some
type of skill to whereas he can do
facial treatments he can have a luxury
premium service where they're doing
facial treatments because guys take care
of your skin right women they love a guy
that has some nice chy
smooth
Brown just great skin like your boy
right but then he could have the skin
care products
right that's one 2 3 4 5 then he could
have something for uh people that you
know those guys that got the Nestle
Crunch bar on the back of their neck
right they got the Rice Krispies Treats
back here right I don't know what that
bump stuff is but he could have the bump
stuff now already that's 1 2 3 4 five
six different streams of income that he
has coming in just from this simple
haircut that he does but now he has
become this Ultimate Barber right now he
knows how to increase
his what is called average order value
or in the digital world what we call
average carton value ACV he knows how to
increase his average order value or his
average cart value per customer he knows
how to increase his Revenue by a certain
percentage of every single person that
sits down in his chair so now that he
has picked up these other skills
off of just his skill of barbering
then the seven stream of income which
can be a monster is that you package
that up and you turn it into a digital
product then he can teach other Barbers
hey are you overworked and
underpaid because think money is a
infinite resource our time is a finite
resource right so we have to learn how
we can generate money money without
having our time attached to it I was
telling him as a
barber he can only make so much income
because there is only so many heads that
he can cut per month and that's the same
thing with the loudo side hustles that
he was telling me as well that's why
most people can't make the amount of
money that they want to make because
they have their finite resource of their
time tied to a infinite resource with it
which is money you can't scale that up
time should have nothing to do with how
much money that you make that's why we
need to get in the online space and
productize our knowledge and our skill
sets because there is a infinite amount
of potential customers out here on the
internet that will purchase our products
from us now I know there's always going
to be that one person no there's not an
infinite amount of people there's only
this many billion people on planet you
know what I mean and shut up right so
think about this he can take all these
skill sets
now has packaged it up and put that in a
digital product and this is where the
monster can happen because from this
digital product alone then this could be
a
eBook right and then from that ebook he
could have a upsell of that which could
be a
course then he could have a continuity
program a membership of some sort right
where people purchase something one time
where they have to pay him over and over
and over and over again for it then he
could have a higher level something that
is a
mentorship then from that
mentorship he could have a higher level
Mastermind all
teaching from this one skip that he
already
does and that he's already good at we
got to stop looking outside of ourselves
and start wasting our time on all of
these
different things to do when we already
do
something and how can we generate
streams of revenue from that and think
of what a actual stream is it's not
thing if this
if this is a
river right this is a
river a
stream is something that that breaks
off from the one flow of the river so
even in this stuff just think about what
the actual words mean one of my favorite
apps in my phone is the dictionary app
people hate to get into arguments with
me because
they'll say like oh but you said this
I'm like yeah I did say this so you mean
that no I don't mean that I mean this I
know what I said I said what I said look
look the word up like we we have to stop
interpreting and making up definitions
for words that
already have a definition and a meaning
a stream flows off of One River so think
our online businesses need to be that
one River and then we can have multiple
flows off of it think of it as if think
of it as if it
was a tree right think of it as if it
was a tree that tree is one
tree that's that's firmly rooted into
the ground and it's treeness and then
that tree has whole bunch of different
branches right but it's that one
tree that's how we can actually generate
seven streams of Revenue with our
digital products and then here's the
thing about this like I said our time is
a finite resource but money is an
infinite resource so we
cannot get to the point of money and
income that we want to make if we have
our time associated with it with all of
this right
here this is
scalable and the great thing about these
digital products you do the work one
time and you can get paid forever from
the work that you do that one time once
he takes this what is already within him
and just packages up packages it up
produc tizes his skill sets or
productized his knowledge and turns it
into a digital product and then he will
be able to make way more from this here
than
everything that he's doing up here you
he'll be able to wa make way more in
product type in his knowledge in the
digital product than sitting there and
cutting heads all day and this will make
more than all those other side hustles
that he was trying to do it's about
making more while working less it's
about getting our time back by creating
these digital products and having
systems in place and system is an
acronym
system s y s t m system system stands
for saving yourself time energy and
money so we have these systems in place
so the system is working for us
literally 24/7
365 instead of us working for it and
that's how we get our time back and
that's how we make more working less
like all them that you see on the screen
right now so if you're ready to make
more working list from stuff that you
already know with a digital product go
ahead and click the link down in the
description and join this credit at the
top Community for weekly coaching from
myself all of my exclusive training and
a private communities entrepreneurs all
the designed to grow your business
online it's only 47 bucks a month to
join that's less than a cup of coffee
per day so click the link down in the
description and tap in and I'll see you
on our coaching call this Wednesday but
this is the sauce this is the game so
think one stream that has multiple flows
so then you'll never get distracted or
you never get sidetracked because you're
you're working on this one thing and
when you look at any true millionaire
out there or any example all these guys
or these big billionaires that you that
you may aspire to be like or that you're
you're you're
imitating they weren't doing all these
multiple
things right they focused and honed in
on that
one and they may have had different
flows coming in from that one
stream or that diversification that
everybody wants to do diversify
diversify diversify right no they they
went all in on that one thing got that
to a certain level then they
Diversified just to just to uh spread
their wealth
out but everybody we most people they
they'll never get to certain points
because they're spreading themselves too
thin and I'm not even saying spreading
themselves too thin with their money I'm
saying they're spreading themselves too
thin with their energy we only have so
much energy right and most people they
have these arrows going out everywhere
and that is why they can't get ahead and
they'll never get as further out than
these arrows where what you want to do
and you're going to lose 10 times out of
10 to the person that has this energy
focus on this one thing that they're
going to do so if you want to build an
online business in today's day and age
if an online business is going to be
your vehicle the best engine for that is
a digital product do the work one
produ tize knowledge that you already
have and skills that you already have
that thing that comes easy to you that's
comes harder for other that thing that
people are asking you for help guidance
toage and assistance about everybody has
something literally everybody has
something I want to pick up the I used
to play the violin a lot of people don't
know that I played the violin from
fourth grade until my junior year in
high school I want to pick it back up
but I forgot
most likely I'm going to buy somebody's
digital product to learn how to play the
piano literally everybody has something
right this is the way for the seven
streams so don't don't lose sight out
here and don't lose your focus trying to
do all these different side hustles or
or whatever the the newest fat is
because whatever the newest fat is guess
what I guarantee you that somebody has a
digital product teaching about that
noise fad
digital products are the sole main way
to make money online so click the link
down in the description if you want to
tap into the community and now see you
on the call this Wednesday go ahead and
check out this video right here for a
complete step by-step breakdown on how I
made a little over $200,000 in a single
month it's crowded at the
top
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