How to make $6k+ per month with a ONE PERSON BUSINESS (3 big online income streams)
Summary
TLDRThe 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.
Outlines
📚 Starting a Solopreneur Business: Legal and Administrative Basics
The speaker discusses the importance of handling administrative and legal aspects when starting a solopreneur business. They mention the necessity of registering a business, bookkeeping, opening a business bank account, and ensuring compliance with local licensing requirements. The speaker, based in Vancouver, Canada, recommends using a service called 'Owner' for business registration and suggests tools like Google Sheets, Wave, QuickBooks, and FreshBooks for bookkeeping. They also emphasize the importance of separating personal and business finances and consulting with accountants or local business organizations for guidance.
🔧 Freelancing as a Solopreneur: Platforms and Strategies
This paragraph delves into freelancing as an income stream for solopreneurs, highlighting the ease of starting due to pre-existing skills. The speaker categorizes coaching and consulting under freelancing and outlines the benefits, such as higher transaction values and the potential for monthly retainers. They introduce Worky, a platform for scheduling, invoicing, and conducting business meetings, and offer a discount code for the audience. The cons of freelancing, such as the initial difficulty in acquiring clients and the trade-off of time for money, are also discussed. The speaker provides actionable steps for starting a freelancing business, including creating a portfolio, leveraging social media, and networking.
🛍️ Selling Digital Products: Etsy and Beyond
The speaker explores the process of selling digital products, particularly on platforms like Etsy and Creative Market. They discuss the ease of starting, the potential for passive income, and the challenges of making sales with typically lower transaction values. The paragraph covers the importance of understanding one's niche, creating high-quality listings, and the necessity of building an audience for sales. The speaker also touches on the skills required, such as graphic design, and the equipment that might be needed, such as a microphone for recording courses. They provide insights into their own experiences with creating an Etsy listing photos course and emphasize the importance of knowing one's customer base.
🎥 Content Creation for Solopreneurs: Monetization and Growth
The final paragraph focuses on content creation as a means for solopreneurs to generate income. The speaker advocates for the versatility of content creation, mentioning brand deals and platform-specific monetization options like YouTube AdSense. They discuss the challenges of building an audience and the various income streams available, such as affiliate marketing and email list building. The speaker also suggests starting with one income stream and then stacking others, like adding content creation to a freelancing business. They recommend using email list providers like ActiveCampaign and highlight the importance of trust in recommending products to an audience.
Mindmap
Keywords
💡Self-employed
💡Freelancing
💡Digital products
💡Content creator
💡Coaching
💡Bookkeeping
💡Business bank account
💡User-generated content (UGC)
💡Monetization
💡Email list
💡Affiliate marketing
Highlights
Self-employed for 5 years and explored various income streams for solopreneurs.
Discusses the importance of handling admin and legal aspects before starting a business.
Recommends registering a business, bookkeeping, and opening a business bank account.
Suggests checking for licenses depending on local regulations.
Advises using services like 'Owner' for registering a business in Canada.
Mentions the option of doing your own bookkeeping or outsourcing it.
Recommends software like Wave, QuickBooks, and FreshBooks for bookkeeping.
Advises separating personal and business expenses and opening a business bank account.
Suggests getting a business credit card for easier expense management.
Recommends checking with local organizations for business resources and advice.
Introduces three popular income streams for solopreneurs: freelancing, digital products, and content creation.
Details the benefits and cons of freelancing, including ease of start and higher transaction values.
Provides tips on starting a freelancing business, including creating a portfolio and networking.
Discusses the advantages of selling digital products, such as ease of creation and passive income potential.
Mentions the challenges of selling digital products, like competition and the need for good design skills.
Explains how to get started with digital products by identifying a niche and choosing the right platform.
Talks about the benefits of content creation, including diversified income streams and ease of start.
Highlights the challenges of content creation, such as building an audience and overcoming the fear of being on camera.
Provides strategies for growing a solopreneur business by stacking multiple income streams.
Recommends starting an email list as a crucial part of any solopreneur business.
Transcripts
I've been self-employed for 5 years and
I would say I have tried most of the
common income streams that one person
businesses or solopreneur have and
specifically they are freelancing slash
becoming a coach second one is digital
products or selling your own courses the
third one is being a content creator so
I will go through the pros and cons of
each of these businesses and tell you
how exactly you can start doing this but
first before you like do anything with
any kind of business you have to get get
the admin legal stuff out of the wafer
so I'm going to talk about that quickly
you want to make sure that you've
covered your bases in terms of
registering your business bookkeeping
and opening a business bank account and
also just making sure that you don't
need any other kind of license depending
on where you live like depending on your
state or your city or Province I live in
Vancouver Canada and this is for
Canadians if you are looking to start a
soul proprietorship or a corporation in
Canada I used a service called owner to
register my business and I highly
recommend it for Canadians who want to
start a business I've added a link in
the description for bookkeeping at the
very beginning you can do your own
bookkeeping because you probably aren't
going to have that many expenses and
like it's probably not going to be that
complicated with clients or the money
you're making so you can just keep track
of it using either like a simple Google
Sheets or you can use different kinds of
softwares so there's wave QuickBooks
fresh books for me personally I hate
bookkeeping and everything so I
Outsource that so I have a bookkeeper
slac accountant who helps me do it and
the software we're using is QuickBooks
and make sure you are separating your
personal and business expenses so I
highly recommend opening up a business
bank account most of the big Banks like
wherever you are should have options
available for either I think maybe like
a very low price maybe like $5 a month
and I would definitely open up a credit
card for just business expenses cuz it's
just so much easier to manage everything
if you have like a separate thing for
your business expenses and depending on
where you live check if you need any
other kind of license like either your
city or state or Province you might have
to have like a business license for that
and if you're feeling really lost I
would double check with an accountant or
with a couple of business friends that
you have in your local area and there
are also a lot of useful organizations
for example I live in BC Canada so we
have small business BC who they have a
lot of resource is online about what you
need to register and what you need to do
like all the process and everything so
see if your area has a small business
office kind of thing where you can check
uh and look at resources so now let's
get into the three popular ways that you
can make money as a solo preneur and you
can definitely have a mish mash of these
three like right now I do have like a
mishmash of these income streams but at
the beginning I would suggest you just
start with one to focus on or else like
it's just going to be really hard to
manage everything the first one is
freelancing where you offer a service
these are some examples of freelancing
for me I've done social media
freelancing and also offering
calligraphy Services I know that's not
like a digital thing but it is something
that I offered and yes I was a
freelancer for the purpose of this video
I'm also going to slot in coaches and
Consultants under the freelancing
category because it's kind of the same
where you are offering a service you're
trading your time for money and you have
clients the pros of a freelance business
is it's pretty easy to start because a
lot of the times you already have some
kind of skill right you've lived your
life for x amount of years you have some
kind of skill and you can sell that
skill it could be photography web design
writing services teaching something like
for me I taught calligraphy or even
things like offering a haircut okay I
know that's not digital but still a good
example the other Pro is that when you
get one client it's usually like a
bigger payment compared to if you were
going to sell digital products which you
might make $10 per customer right but
with freelancing each transaction is at
a higher value so you might make $100 in
one transaction or $500 or $2,000 $5,000
in one transaction or in one contract so
when you secure one client it's like
bigger money depending on what you do
with freelancing you could also have
like monthly retainers where you keep
offering the service so it could be a
more sustainable income stream but it
depends on on what kind of service
you're offering like with social media
Services um you could get like a monthly
retainer for example and the other Pro
is that it is usually pretty easy to set
up because you already have the skill
you basically just need to set up a
portfolio um maybe reach out to some
people you spread the word about your
business and you can get clients that
way in the last four months I've been
using worky which is a all-in-one
freelancing platform and it does a lot
of things you can set up your freelance
portfolio schedule me invoice clients
have video calls and there are a lot of
other Nifty things that you can do with
this platform right now I'm using worky
for two main things the first thing is
to schedule free coffee chats with
companies that I am trying to do ugc
with which by the way is user generated
content and the second thing is to
schedule paid coaching calls with people
who are interested in starting or
growing a business it integrates with
stripe PayPal Zoom Google Calendar and a
lot of other apps so it's very easy to
just integrate work key into your
workflow my favorite thing is that you
can create a portfolio website and then
you can link your meeting scheduling
links directly into that portfolio
website and this is different from other
scheduling tools for example like
calendly which don't let you create like
a portfolio website recently the worky
team just updated the platform so you
can record your meetings directly within
the website there's a lot of invoicing
features and there's also full support
of workie on mobile workie is a free
tool to start but you can upgrade as you
go along and I do have a sweet 75% off
discount for you on all worky plans you
can use my code Dena 75 when you check
out to start your freelancing journey
now what are the cons with a freelancing
business first I would say it is a
little bit hard to get clients
especially the first couple of clients
cuz you're going to start building your
portfolio but then you might think how
am I you supposed to build a portfolio
if I don't have any clients oh yeah I do
have a how to start freelancing video
this one has a lot of strategies on how
you can get your first client so I would
definitely watch that one right after
you watch this but yeah getting clients
and especially if you are selling like a
higher ticket offer it is going to be a
little bit harder the other thing is
that you're still trading your time for
money so while you are working for
yourself it's kind of like you created
your own job for yourself and so like
the income you make is not that passive
cuz you still have to do the work to
start freelancing the main things you
need to do are to create a portfolio by
the way you can use worky for that
remember you have a portfolio website
right within the platform the other
thing I would recommend is to have some
sort of social media so I would say
Instagram LinkedIn um those are all very
good I would say it depends on what kind
of a freelancing business you're
starting maybe LinkedIn is better for
some of them U maybe not there's also
Outreach and networking strategies which
I definitely talk more about in this
video I did mention earlier in the video
that I'm trying to do more user
generated content and this is a new
income stream for me that I I just kind
of realized I could do because a lot of
companies I was talking to for
sponsorships on my YouTube channel a lot
some of them aren't a super duper good
fit for my YouTube channel but I'm still
like a user and a fan of their products
so now I'm pitching my ugc services to
these companies and they can run ads on
the videos that I make so yeah I made a
portfolio and I'm using an Outreach
strategy and make sure you subscribe if
you are interested in my ugc journey cuz
I'm going to be making a video probably
in a couple of weeks on how my ug
journey is going and how much money I'm
making the second common way to make
money as a onep person business or a
soulle priner is to sell digital
products a lot of you are following me
for my Etsy stuff and so selling digital
products on Etsy is definitely one of
them um you can also sell digital
products through a lot of other
different ways so for example I do have
a Etsy listing photos course that I'm
selling mainly through my email list and
my YouTube channel so that is a digital
product like a course that I'm selling
there are also other websites where you
can sell digital products like I think
creative Market is another one Etsy I
would say is like the most popular but
there are other platforms that you can
sell digital products on the pros of
selling digital products is that it is
very easy to start like you literally
just need your computer um and sit in
front of your computer and make some
things so I would say it is pretty easy
to start um the products could be very
easy to make if you already know
something about the product or about the
industry and the other good thing about
digital products is that they can be
very passive so once you make the
product and you post it people can keep
buying your things and you don't have to
do a lot of upkeep the hard thing with
digital products is that every time you
make a sale it's it's like a very small
sale it might be $10 or $50 or maybe
like $200 but every time you make a sale
like compared to freelancing cuz with
freelancing you could make a lot more in
one transaction with one client and it
could be like a retainer client like
every single month but with a digital
product most of the time you're going to
just sell it like one time you can
upsell other products but most of the
time people just going to buy it one
time right so you need a lot of sales
and to get a lot of sales you either
need to have well there's it depends on
where you're posting these digital
products and how you're selling the
digital products like for example with
Etsy you need to either create a lot of
listings or you need to have like an
outstanding product that is in demand
where there's not a lot of competition
to get a lot of sales or if you're not
selling on Etsy or like one of those
kinds of platforms and you're selling it
by yourself then you need like an
audience to sell the product and so the
building the audience part can take a
while the other thing is that you kind
of need to be good at graphic design to
some extent when you make a digital
product or depending on like what kind
of digital product if it's a template or
something
then you have to know how to use the
whatever software you're using like
either it's canva Photoshop or like if
you're making a otion template you need
to be familiar with that but if you're
making a course or something then
obviously you have to be on video right
and that might take a while for you to
feel like natural on video or you might
need to get some like equipment like a
microphone or something and how do you
get started with digital products the
first thing I would say is you need to
think about your Niche cuz if you're
selling digital products um you're
trying to find an AUD audience that
needs the product and so you kind of
have to know who that is and when you
make the digital product it kind of
helps if you are the customer like for
example when I made my Etsy listing
photos course like I was thinking back
to a year and a half ago when I was
making my first ever Etsy listing and I
had no idea how to make listing photos
and so that course that I made it's kind
of for me like it's for the old me a
year and a half ago who was feeling
super loss with making listing photos
and so because I like I am the customer
I know the struggles of the customer I
know like what uh I am stuck with so I
know kind of like already what to create
when I make the course so you need to
decide on your Niche then think about
like what platform is best Etsy is not
always the best U by the way like if you
are thinking about doing Etsy you have
to watch this video because I explain
other alternatives to selling on Etsy
it's not that easy to to be successful
with an Etsy Shop like there there's a
lot that goes into it so definitely
check out these Alternatives after you
watch this current video the third
common way that you can start a
oneperson digital business is to become
a content creator so being on some kind
of social media platform obviously I'm
very bis towards YouTube I think YouTube
has the best
monetization options but you can start
anywhere Instagram Tik Tok because with
a content creator business actually the
pro is that there are a lot of income
streams that can come with a big one is
definitely brand deals and on pretty
much all the social platforms you can do
brand deals however you do need to build
an audience first so that is the con it
is difficult I think for the average
person to build an audience like it's
going to take some time but once you do
have the audience then it's a lot easier
to make money through brand deals you
can combine this method with the other
one which is selling digital products so
you can then sell digital products to
your own audience and depending on the
platform you could make money from the
platform itself like with YouTube you
have YouTube AdSense and to give you an
idea and I'm very transparent about this
every month I'm making about 1,600 to
1,800 in USD and you can also add your
freelancing services into the content
creator business that you have so you
can offer whatever service you're
offering or you can offer coaching or
Consulting as well with the content
creation business the pro is that
basically anybody can start and it's
very easy to start we all have a phone
you can start making videos short form
is very easy to make you can make long
form too but if you are doing YouTube I
would recommend getting a microphone you
don't need a camera right away but audio
is really really important the other Pro
I mentioned is there's a lot of income
streams like many many Diversified
income streams for a content creator
business the con is that you do have to
build an audience to be able to access a
lot of these income streams so building
the audience part takes a while and the
other thing is that for a lot of people
people who aren't used to being on video
like making the first video and posting
the video can be a huge hurdle because
either you you you you feel like you're
not qualified to talk about whatever or
you're not confident or you're just you
feel like you're awkward so I think that
is also a huge hurdle I guess another
kind of content creation business is a
Blog so you don't necessarily have to
make videos you can write blog posts um
so that is another option too for me
I've been self-employed for 5 years so I
have tried all three of these ways and
you know what I actually like doing a
whole bunch of things all at once just
so I don't feel stuck so right now I'm
I'm still creating videos like I'm
trying to start like more freelancing
stuff like doing the ugc stuff and I'm
still working on my Etsy Shop creating
digital products and I'm still trying to
sell my course the Etsy listing photos
course so there's a lot of things that
are keeping me busy and it's really fun
once you start with one of these things
either the freelancer or creating
digital products or becoming content
creator now how do you grow so the way
to grow is once you've built up one
income stream then you're going to stack
on other income streams so just to give
you an example you could start as a
freelancer trying to get clients you
built your portfolio maybe you have a
couple of clients and then what you can
do is you can tack on a content creator
business to that so while you're getting
these clients then you can share about
your freelancing journey on social media
you can talk about like hey I just
started my freelancing journey 1 month
ago and here's how it's going because
there's always people going to be
interested in your journey honestly I
think with anything that you do in life
you can make content out of it so
content is really easy to tack onto
whatever you're doing and other things
to consider are affiliate marketing as
well especially if you have a bigger
social media following joining affiliate
programs can be very very good passive
income but I will recommend that you
join affiliate programs where you
actually love the products because you
want to make sure that with you and your
audience like you don't break the trust
right so you want to make sure that
whatever you're recommending you have
tried it yourself personally and you
like it the other thing that I would
recommend to add on to all of these is
start an email list and I think an email
list is important for all three of these
freelancer digital products and content
creator because you own your email list
a lot of the times we depend on social
media for a lot of things right but what
if your account gets hacked what if it
gets deactivated or suspended for
whatever reason you still have your
email list so there are a lot of email
lists providers the one I've been using
since 2019 is active campaign I do have
a code if you want to try out active
campaign but there are a lot of other
ones like a MailChimp mailer light
convert kit flow desk honestly there's
like so many different kinds and it
really depends on what you want to do
with your mailing list so you can
definitely Google like which one is best
for you but at the beginning I knew that
I wanted to have like a really robust
email list provider so that's why I
signed up with active campaign oh by the
way if you want to join my email list
cuz I send out a Weekly Newsletter every
Friday with updates of what's going on
in my life and my business and useful
advice if you want to start a business
I'll put a link below and you can sign
up also if you sign up for any one of my
freebies like the business plan template
the start your Etsy checklist or the
start your YouTube checklist like you
will be added to my email list so feel
free to look at the freebies as well
because they might be useful for
you
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