How to make $6k+ per month with a ONE PERSON BUSINESS (3 big online income streams)

Summary

The speaker, a seasoned self-employed entrepreneur, shares insights on three common income streams for solopreneurs: freelancing, digital products, and content creation. They discuss the administrative and legal aspects of starting a business, including registration, bookkeeping, and licensing. The video explores the pros and cons of each income stream, offering practical advice on how to get started and grow. Freelancing offers high-value transactions and sustainability, digital products provide passive income, and content creation opens up multiple income streams. The speaker emphasizes the importance of building an audience and diversifying income sources, recommending tools like Worky for scheduling and portfolio building, and the use of email lists for audience retention.

Takeaways

• 😀 Starting a business requires handling administrative and legal aspects first, such as registering the business, bookkeeping, and opening a business bank account.
• 🇨🇦 For Canadians, the service 'Owner' is recommended for business registration, and resources like 'Small Business BC' can provide valuable guidance.
• 📚 Bookkeeping can be managed through simple tools like Google Sheets or software like Wave, QuickBooks, and FreshBooks, or outsourced to a professional.
• 💳 It's important to separate personal and business finances by opening a business bank account and a business credit card for easier expense management.
• 📝 The need for additional licenses depends on local regulations, and consulting with an accountant or local business community can provide clarity.
• 🔧 Three common income streams for solopreneurs are freelancing, selling digital products, and content creation.
• 🛠️ Freelancing involves offering a service and has the advantage of higher value transactions and potential for monthly retainers, but can be challenging to secure initial clients.
• 📚 Digital products offer a passive income stream once created, but require multiple sales to match the value of a single freelancing contract.
• 📈 Content creation provides multiple income streams, including brand deals, but requires building an audience before monetization can occur.
• 🌐 The video mentions using platforms like Worky for scheduling and portfolio management, and emphasizes the importance of a strong online presence for freelancers.
• 📈 To grow a business, it's suggested to start with one income stream and gradually stack on others, such as adding content creation to a freelancing business.
• 💌 Email lists are highlighted as a crucial component for all business models, providing a direct line of communication with customers outside of social media platforms.

Q & A

What are the three common income streams for solopreneurs mentioned in the script?

The three common income streams for solopreneurs mentioned are freelancing, selling digital products, and becoming a content creator.

What are some initial administrative and legal steps recommended for starting a business?

The initial steps include registering your business, bookkeeping, opening a business bank account, and checking for any necessary licenses depending on your location.

How does the speaker suggest registering a business in Canada?

The speaker recommends using a service called 'Owner' to register a business in Canada, which is suitable for those looking to start a sole proprietorship or a corporation.

What are some options for managing bookkeeping as a solopreneur?

Options for managing bookkeeping include doing it yourself using tools like Google Sheets, using software like Wave, QuickBooks, or FreshBooks, or outsourcing to a bookkeeper or accountant.

Why is it important to separate personal and business expenses?

Separating personal and business expenses is important for clear financial management and record-keeping, which is beneficial for tax purposes and understanding the financial health of the business.

What is the advantage of using a platform like Worky for freelancing?

Worky is an all-in-one freelancing platform that allows you to set up a portfolio, schedule meetings, invoice clients, have video calls, and integrate with other apps, making it easy to manage your freelancing business.

What are some challenges faced when starting a freelancing business?

Challenges include getting the first few clients, especially for higher ticket offers, and the fact that you're trading time for money, which means the income is not passive as you have to work to earn.

What is the potential downside of selling digital products compared to freelancing?

The downside of selling digital products is that each sale typically generates a smaller amount of revenue compared to the higher value transactions possible with freelancing.

How can a solopreneur start selling digital products?

To start selling digital products, one should first identify their niche, determine the platform that best suits their product, and ensure they have the necessary skills in graphic design or other relevant areas.

What are some platforms where digital products can be sold?

Some platforms for selling digital products include Etsy, Creative Market, and other online marketplaces, as well as through one's own website or email list.

What are some of the benefits and challenges of being a content creator?

Benefits include the ability to start with minimal equipment, the potential for diversified income streams, and the opportunity to monetize through platforms like YouTube AdSense. Challenges include the time it takes to build an audience and the potential discomfort of being on camera or creating content.

How can a solopreneur grow their business once they have established one income stream?

They can grow their business by stacking on other income streams, such as adding a content creation business to a freelancing business, or incorporating affiliate marketing and email list building.

Why is starting an email list important for a solopreneur?

Starting an email list is important because it provides a direct connection to your audience that you own and control, which is not subject to the whims of social media platforms or potential account issues.