How to ACTUALLY Create 7 Streams of Income with Digital Products

Summary

The 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

00:00

💰 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.

05:00

💼 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.

10:01

🌐 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.

15:03

👨‍🏫 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.

Keywords

💡Millionaire

A millionaire is an individual whose net worth or wealth is at least one million units of currency. In the context of the video, the term is used to illustrate the financial success that can be achieved by focusing on a single, scalable income stream, rather than diversifying into multiple, less focused ventures. The video script mentions that the average millionaire has seven streams of income, but the speaker argues that focusing on one profitable activity and scaling it is a more effective strategy.

💡Digital Product

A digital product refers to any product that is distributed and consumed in a digital format, such as an eBook, online course, or software. The video emphasizes the importance of creating digital products as a means to generate income without the need for constant personal involvement. The speaker shares their personal experience of making over seven figures from a single digital product, highlighting the scalability and potential of digital products in building wealth.

💡Income Streams

Income streams are the various ways an individual or business generates revenue. The video script discusses the common belief that having multiple income streams is key to becoming a millionaire. However, the speaker challenges this notion by suggesting that mastering one income stream and expanding it through ancillary products and services can be more effective.

💡Focus

Focus refers to the act of concentrating one's attention on a particular object or activity. The video's theme centers around the idea that focusing on a single, profitable activity is more beneficial than spreading one's energy across multiple projects. The speaker uses the example of a barber who is involved in various side hustles but is advised to focus on his primary skill to generate multiple income streams.

💡Average Order Value (AOV)

Average Order Value (AOV) is the total net sales revenue divided by the number of orders received over a certain period. In the video, the speaker explains how increasing AOV can lead to higher revenues by selling ancillary products and services related to the primary service offered, such as a barber selling hair care products to his customers.

💡Ancillary Product

An ancillary product is a secondary item or service that complements the primary product or service. The video script uses the barber example to illustrate how selling ancillary products, such as hair care and grooming products, can create additional income streams from a single service.

💡Scalability

Scalability refers to the ability of a system, process, or business to handle a growing amount of work, or its potential to be enlarged, if demand grows. The video emphasizes the scalability of digital products, which can be sold to an unlimited number of customers without the creator having to put in more work after the initial creation.

💡Productization

Productization is the process of turning a service or expertise into a packaged product that can be sold repeatedly. In the video, the speaker talks about productizing one's knowledge and skills, such as the barber creating a digital product to teach other barbers, as a way to generate passive income.

💡Side Hustles

Side hustles are additional sources of income outside of one's primary job or business. The video script mentions side hustles as activities that people often engage in to diversify their income streams. However, the speaker argues that focusing on too many side hustles can lead to a lack of focus and hinder success.

💡System

A system is a set of interconnected elements or components that work together to achieve a common goal. In the context of the video, the speaker discusses the importance of creating systems that save time, energy, and money, allowing for passive income generation and freeing up personal time.

💡Online Business

An online business is a commercial enterprise conducted over the internet. The video script positions online businesses, particularly those selling digital products, as an effective way to generate income without being limited by time or physical location. The speaker encourages viewers to leverage the internet to reach a wider audience and monetize their skills and knowledge.

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

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