Income streams that made me $650K+ last year (all because of a $3 digital product)

Summary

The speaker shares their entrepreneurial journey, detailing the progression from a simple Etsy digital product to five interrelated businesses generating $65,000 to $75,000 monthly. They recount the transition from labor-intensive glitter resin cups to scalable sublimation tumblers, the creation of digital designs, and the establishment of a membership site and course community. The video also discusses passive income sources, a new physical product venture, and the decision to pivot from Etsy to Shopify for greater control and profit.

Takeaways

• 🚀 The speaker has built five semi-related businesses over the last three years, starting from a simple $3 digital product on Etsy.
• 📈 Initially, the speaker made a transition from time-intensive glitter resin tumblers to sublimation designs due to health concerns during pregnancy, which led to a scalable business model.
• 💼 The business evolved to include digital design sales, which allowed for a more passive income stream and a shift away from hands-on production.
• 🌐 Bailey Design Co., the first business, now operates with a more passive approach, bringing in over $10,000 a month from organic sales of previously viral designs.
• 🔑 The second business, Bailey Tumbler Designs, operates on a membership subscription model, offering unlimited access to designs and generating $15,000 to $20,000 monthly.
• 📚 Digitally Purpose is the third business, a hybrid course and community for those interested in selling digital products on Etsy, earning an average of $20,000 to $25,000 a month.
• 📺 Unpredictable passive income sources such as AdSense, affiliate income, and brand sponsorships make up the fourth business, with earnings fluctuating around $5,000 to $22,000 a month.
• 🛍️ The fifth business is a physical product business, which the speaker plans to grow significantly using the established infrastructure and audience from previous businesses.
• 🔄 The speaker has experienced challenges with Etsy's policies for new accounts, leading to the closure of an Etsy shop and a pivot to Shopify for the new physical product business.
• 🔑 The decision to return to physical products is driven by the speaker's multi-passionate nature and the ability to support family members with jobs that offer flexibility and fun.
• 🎯 The speaker has set an ambitious goal to reach $100,000 in combined monthly income across all businesses by June, with the new physical product brand aiming for $40,000 of that.

Q & A

What was the initial business venture that the speaker started with?

The speaker started with creating and selling a simple $3 digital product on Etsy.

How many businesses does the speaker currently run, and what is the monthly income from these businesses?

The speaker runs five businesses, which together consistently earn over $65,000 to $75,000 a month.

Why did the speaker transition from making glitter resin tumblers to sublimation tumblers?

The speaker transitioned because glitter resin tumblers were time-intensive and expensive to make, and not scalable, while sublimation tumblers required no hazardous chemicals and had a much simpler and quicker process.

What was the turning point that led to the creation of digital designs for tumblers?

The turning point was the speaker's pregnancy with their third child, during which they couldn't work with epoxy due to health concerns, leading them to explore other types of tumblers.

What is the name of the speaker's digital design business on Etsy?

The name of the speaker's digital design business on Etsy is Bailey Design Co.

What is the monthly income of Bailey Design Co. currently?

Currently, Bailey Design Co. brings in a little over $10,000 a month.

What is the business model of Bailey Tumbler Designs, the speaker's own website?

Bailey Tumbler Designs operates on a membership subscription model, offering unlimited access to all designs for a monthly, yearly, or lifetime fee.

What is the name of the course and community the speaker created for those interested in selling digital products on Etsy?

The speaker created a course and community called Digitally Purpose.

What is the nature of the unpredictable passive income business mentioned by the speaker?

The unpredictable passive income business includes sources like AdSense from YouTube videos, AdSense equivalent on TikTok, affiliate income, and brand sponsorships, which are variable and can't be reliably predicted.

What is the speaker's strategy for the new physical product business?

The speaker's strategy is to sell the new physical product through a Shopify store, driving traffic primarily from TikTok, and is considering the use of TikTok's shopping platform and affiliates for marketing.

Why did the speaker decide to pivot away from Etsy for the new physical product business?

The speaker decided to pivot away from Etsy due to issues with new account restrictions, order suppression, and held funds, opting for more control and lower fees with Shopify.

What is the speaker's goal for the new physical product business by June?

The speaker has set a goal to hit $40,000 a month with the new physical product brand by June, which would bring the total combined income of all businesses to $100,000 a month.