Revealing FIVE Income Streams that Made Me $237K
Summary
TLDRIn this video, Pat Flynn, a successful online entrepreneur, shares his insights on building passive income streams. He contrasts the traditional income model with strategies that allow you to invest time upfront and continue earning over time. Pat explains the 'free vs headache-free' method, where you provide free value and then offer a convenient paid solution. He shares his success with affiliate marketing, content creation, and partnership events, generating significant income without creating his own products. The video also highlights the power of recurring revenue from affiliate links and partnerships.
Takeaways
- 💼 Traditional income models involve trading time for money, but investing time upfront can generate passive income over time.
- 🎥 Pat Flynn uses a strategy of sharing free, detailed tutorials, then offering paid, headache-free solutions through affiliate links.
- 💡 The 'Freeway vs. Headache Freeway' method teaches how to do something for free but introduces a convenient paid option for faster results.
- 🎙️ Pat Flynn made $27,732 from promoting Descript in 2023 by offering both free podcast editing tutorials and affiliate links to paid tools.
- 🗂️ In the Pokemon card space, Pat earns commissions by curating solutions for specific problems, like storing cards, through affiliate marketing.
- 📧 The '100 Emails Challenge' promoted ConvertKit by providing free value upfront, with the paid product as the next logical step after the challenge.
- 🔄 Recurring affiliate income, like with ConvertKit, provides ongoing commissions as long as users continue using the product.
- 🔧 Sharing behind-the-scenes tools and setups generates curiosity, leading to affiliate sales, especially with products Pat already uses, like podcasting equipment.
- 🎙️ Video content and podcast interviews help build trust with the audience, further driving affiliate conversions.
- 🤝 Partnering with companies for events or challenges enhances both value for the audience and affiliate commission opportunities.
Q & A
What is the main difference between traditional income and the model Pat Flynn discusses?
-In the traditional income model, you trade time for money, meaning you get paid for the hours you work, and when you stop working, you stop earning. Pat Flynn's model involves investing time upfront to create assets or systems that continue generating income over time, even after the work is done.
What is the 'freeway versus headache freeway' concept mentioned in the video?
-The 'freeway' involves providing content that teaches people how to achieve something entirely for free, often with time-consuming steps. The 'headache freeway' offers a more convenient, paid solution that saves time and effort. By providing both, Pat Flynn helps his audience while recommending paid tools as a faster or easier option.
How does Pat Flynn generate income through affiliate marketing?
-Pat Flynn generates income by recommending products he uses and believes in. He creates free tutorials to help his audience, then suggests paid tools (like Descript for editing) through affiliate links. When people purchase these tools using his links, he earns a commission.
What role does content creation play in Pat Flynn’s income streams?
-Content creation is central to Pat Flynn's income streams. He creates valuable, in-depth free content (tutorials, reviews) that helps his audience. This builds trust and leads to affiliate sales or partnerships when he recommends paid tools or services as better or more efficient solutions.
What is an example of a product Pat Flynn promotes through affiliate marketing?
-One example is Descript, a tool for podcasters and video creators to easily edit their content using AI. Flynn creates free tutorials on editing with tools like GarageBand and Audacity but suggests Descript for those who want a faster, more convenient solution.
How does Pat Flynn use challenges to promote affiliate products?
-Pat Flynn uses challenges, like his '100 Emails Challenge,' to help his audience achieve small wins (e.g., gaining 100 email subscribers). After participants succeed, he naturally recommends products like ConvertKit (an email service provider) to help them take the next step, generating affiliate revenue.
What are the key elements of an effective challenge, according to Pat Flynn?
-An effective challenge should be short, convenient, and provide a clear goal. It’s important to give participants everything they need to succeed for free. Once they achieve a win, you offer a paid solution (e.g., a tool or service) as the next logical step.
What is the 'Holy Grail' of affiliate income, according to Pat Flynn?
-The 'Holy Grail' of affiliate income is recurring revenue. This means earning commissions over time, not just once. For example, if someone signs up for a service like ConvertKit through Flynn's link and continues to use it, he earns recurring commissions each month they remain a customer.
How does Pat Flynn leverage behind-the-scenes content to generate affiliate income?
-Flynn shares behind-the-scenes (BTS) content about the tools and equipment he uses to run his business, such as cameras, microphones, and software. People often get curious about these tools and buy them through his affiliate links, generating income.
How does Pat Flynn use partnerships with companies like Circle to generate income?
-Flynn partners with companies like Circle by hosting events or challenges that demonstrate how to use their products (e.g., building communities). These events help promote the product to his audience, and if people sign up through his links, Flynn earns commissions.
Outlines
💼 Exploring Traditional and Passive Income Models
This paragraph introduces the traditional income model where time is exchanged directly for money. It contrasts this with a passive income model, where an initial investment of time can yield ongoing revenue without continuous effort. The narrator, Pat Flynn, shares his own experience, revealing that with just 63 hours of work in 2023, he generated $237,000. He emphasizes that none of this revenue came from his own products, sparking curiosity and setting the stage for the strategies that will be covered in the video.
🚀 The Free vs. Headache-Free Model for Promoting Products
Pat introduces a content creation strategy called the 'Free vs. Headache-Free' model. This involves providing in-depth, high-quality tutorials on how to achieve a goal using free tools, with no sales pitch involved. After showing the free way, he then introduces a more efficient and convenient method, known as the 'headache-free' way, which usually involves paid tools or products. Using the software Descript as an example, he demonstrates how this strategy works in real life, showcasing how his content has led to affiliate earnings. He also includes testimonials to show the impact of his content and how affiliate links have generated revenue.
💰 Affiliate Marketing: Earn from Recommendations
This paragraph highlights the benefits of affiliate marketing as a revenue stream. Pat explains how recommending products you use and believe in can generate commissions without creating your own products. He uses his success promoting the Descript software and the Pokémon card binder company Vaultex as examples. He shares how product reviews and tutorials can lead to consistent earnings and even partnership opportunities. By demonstrating the power of these tools and showing real-world results, such as $12,000 in earnings from Vaultex, Pat shows the effectiveness of affiliate marketing.
📧 How Challenges Boost Affiliate Conversions
Pat discusses how creating challenges can effectively introduce audiences to products and services. He shares an example with the '100 Emails Challenge,' where he guides participants through getting their first 100 subscribers. The challenge’s structure involves three days of value-packed content followed by a natural recommendation of the ConvertKit email service. The success of the challenge led to significant affiliate commissions ($115,000 in 2023). He emphasizes that challenges, when done right, can provide value to audiences and make product recommendations feel like the logical next step rather than a sales pitch.
🔧 Behind-the-Scenes Recommendations and Amazon Affiliates
Pat dives into the effectiveness of behind-the-scenes (BTS) content for generating affiliate income. He explains how sharing the tools and products you use can build curiosity and generate sales. Pat shares examples of his own content, such as his office setup tours, which have helped him earn around $814 in affiliate commissions in 2023. He notes that while Amazon affiliate commissions are generally small, the wide reach of BTS content can stack up earnings over time. He also mentions how tools like microphones and recording equipment consistently generate revenue.
💻 Leveraging Partnerships and Events for Recurring Revenue
Pat explains how partnerships and hosting events with companies like Circle can be a powerful way to generate recurring affiliate income. He shares examples of partnership events with Circle, which led to over $74,000 in commissions in 2023 alone. These events create opportunities for mutual promotion, converting more people to use the product and resulting in a win-win for both parties. Pat emphasizes that recurring revenue, like that from Circle and ConvertKit, can provide a steady income stream and long-term financial benefits.
🚀 Scaling Your Affiliate Income with Strategic Partnerships
In the conclusion, Pat encourages viewers to explore these passive income strategies for themselves. He reiterates the power of offering free solutions and then introducing the 'headache-free' alternatives through affiliate links. He suggests partnering with companies for events or challenges to deepen engagement and convert more users. He ends by inviting viewers to subscribe for more tips and strategies, emphasizing that building an effective passive income strategy takes time and persistence, but can be highly rewarding.
Mindmap
Keywords
💡Traditional Income Model
💡Freeway vs Headache-Free Way
💡Affiliate Marketing
💡Recurring Revenue
💡Content Creation
💡Descript
💡Passive Income
💡Challenge Marketing
💡Product Recommendations
💡Website Hosting
Highlights
Traditional income model involves trading time for money, but investing time upfront can generate ongoing income.
Pat Flynn shares how, with just 63 hours of work in 2023, he earned $237,000 from affiliate marketing.
The concept of 'Freeway vs. Headache Freeway' involves providing a free solution and then offering a faster, more convenient paid alternative.
Pat promotes Descript for podcasters through free tutorials and uses affiliate links for the paid tool.
Comments from users on free tutorials reinforce trust and encourage affiliate sales.
Affiliate marketing works by promoting other companies' products, and one can earn commissions without creating products.
Example of Pat's success with Descript: a total of $27,032 in earnings through affiliate commissions.
The 'Curator' model: Pat's Pokemon YouTube channel generated income by recommending the best products for collectors.
A challenge-based marketing strategy: Pat launched a '100 Emails Challenge' that led to $115,000 in earnings from ConvertKit.
Automated email drip sequences allow for ongoing income without constant effort after initial setup.
Recurring affiliate commissions, like with ConvertKit, are considered the 'Holy Grail' of affiliate marketing.
Behind-the-scenes content generates affiliate income by showcasing tools and equipment used in daily operations.
Partnership events, such as those with Circle, create value by promoting products through webinars and challenges.
Partnerships can also involve co-branded products, as seen with the Pokemon binder collaboration with Vaultex.
Event-based affiliate marketing, especially with recurring revenue models, can lead to large spikes in income during specific months.
Transcripts
this is the traditional income model you
work for a certain number of hours you
get paid for those hours and if you stop
working well you stop getting paid
you're trading your time for money but
what would it look like if you invested
that time upfront and you continued to
get paid over time from that initial
work that you did well that would be
amazing and that's exactly what I'm
going to show you in this video my name
is Pat Flynn and I've been an online
entrepreneur since 2008 have started
several businesses written books
keynoted on stages advised companies now
as well and in this video I'm going to
be revealing specifically what each of
these income streams you see on the
screen right now are and how they're
using this model to generate Revenue in
fact just from 2023 alone with a total
of 63 hours of work I was able to
generate 237,000
or coaching um not for my invention the
switch pod none of that in fact none of
these products here that generated this
Revenue are even my own products now if
you're confused or a little bit
skeptical before you light up the
comment section I invite you to wait
till the end because each of these
income streams come with their own
lesson and way that I was able to make
this happen and any one of these
strategies might be a GameChanger for
you and I want to start by teaching you
a very powerful formula that can be used
as a basis for how you create content to
support these things so it's this idea
of of the
freeway versus the
headache
freeway so what does that mean the
freeway is you literally sharing how to
do something completely free no tools
required no payments required you're
giving away the entire process right
with so much information out there this
is how information is often given
already but you give the best version of
the free way to do something and then
you say okay if you want to do it that
way great but if you want to do it
faster and more conveniently here's the
headache free way to do this case in
point income stream number one I promote
a product to my audience called descript
because it helps podcasters and people
who do video edit their podcast and
video easy using Ai and this is my
earnings for 20123 and you can see down
below here $
27,32 which is pretty amazing so how
does this free versus headache freeway
come into play here so I create free
tutorials to help podcasters learn how
to edit their show and as you can see I
have a very popular Garage Band one I
have one using audacity both free tools
and in my very popular podcasting
tutorial I share these videos and I also
show how to edit again completely free
the important points about doing this
are as follows it's all free value
there's no mention of any paid tools you
don't want people to have to pay to do
it the free way obviously and they're
the best most in-depth tutorials so if
you're creating free content on YouTube
or blogs or podcasts make it the best
tutorials you can can you're teaching
people how to do something for free and
that's great nobody could ever say hey
you're just doing this for the money no
because it's completely free and you
want these to be great here are some of
the comments that were coming in from
those free tutorials you know I watched
this several times finally got a little
recording down that's awesome uh got
scared I actually bought a course this
is even better Pat's making things a lot
easier amazing that's the kind of
response you want from the free content
that you create that literally reveals
the entire process why do that so that
you can offer now the headache free way
to do something here are some videos
specifically now about descript three in
fact that did very well and what it does
is it creates that jux position hey you
can do this all for free here it's going
to take you a lot of time and a lot of
work or if you want to save some time
and make it a lot more convenient for
you well here's an affiliate link for
this product that I use here's how
awesome it is in real time each of these
videos shows off descript they're the
best most in-depth overview it's not
about every button in what they do it's
just like here's how convenient this can
be right and really you want to focus on
how much time is saved and each one
includes an
affiliate link and that's really
important a lot of these companies that
you already may be using might have an
affiliate link or an affiliate program
where when you promote and you help
people kind of make that purchase
decision you will get a commission from
that company I mean check out some of
the comments here from literally videos
that were created Creed to generate
revenue from affiliate commissions
Grandma goody here says this has made a
tremendous impact on my work dude you
have no idea how many editing hours I've
spent removing ums and Oz wow thank you
so much for this holy crap I'm
absolutely Blown Away how incredible is
this tool is now I have the comment
section selling this on my behalf which
is pretty amazing right and by just
creating some videos about this tool and
a total of 4 hours of work and that work
originated in 2022 it wasn't even done
in 2023 I mean the payout speaks for
itself right this is affiliate marketing
and it's so powerful because you don't
have to create these products yourself
they already exist people are already
buying them but it's up to you to create
the best recommendations so make money
by let's say
creating the
best
recommendations create those videos that
show p a person how much time they can
save really demonstrate the power of it
make money by creating the best
recommendations for other Company
products and you can win and all of this
is a really good reason to have a
website so you can create and manage
your own campaigns just like this and
also have them found on search engines
too when it comes to building websites
my go-to solution is hostinger.com the
sponsor of this video they make it super
easy to use and set up especially
WordPress websites that can grow with
you over time and are so easy to
customize all you need to do is go to
hostinger.com
SPI and I recommend using the business
plan because it unlocks certain tools
like AI tools woard Commerce and their
new hosting or Amazon affiliate plug-in
which I just got access to and it is
amazing because in just a couple clicks
inside of your post you can search for
and display the products that you want
to promote as an affiliate just like
that again go to hostinger.com SPI and
be sure to use the code SPI during
checkout to save even more a big thank
you to hostinger for sponsoring this
video and supporting the channel and now
let's move on to the next income stream
let me show you another example in a
space outside of cre
and making money online now you might
know that I have another YouTube channel
in the Pokemon collection space and in a
span of 3 years was able to get to
nearly 200 million views and the
estimated Revenue blurted out there I'm
going to save that for another video I
didn't want it to distract so make sure
you subscribe so I can tell you more
about that later but this channel which
has nothing to do with making money I'm
generating Revenue in the same kind of
way income stream number two is for a
binder company called vaultex and this
is what I like to call the professional
curator being a curator is often times
more valuable than just being a Creator
helping people filter all the noise out
there to find exactly what they need so
here's a video that was published on
that channel called the correct way to
store Pokemon cards in a binder and look
at that 2.9 million views which is
amazing so again I'm not going to teach
YouTube and thumbnails and all that
stuff now if you want more of that info
let me know in the comments but here's
what you need to do one find a relatable
problem two recommend the best solution
three compare other solutions to that
solution that you selected so there's
some proof and why that's the case and
four then you can partner with the
company so of course in this video about
storing your Pokemon cards I recommend a
vaex binder and people are able to go
through a link and I get a commission
from volx as a result we have
9,624 but uh this is you know the
equivalent of $12 to $133,000 which is
pretty darn great for just a product
that I recommend that I show people how
to to use and why to use it in addition
to their e-commerce affiliate earnings
some people purchase these on Amazon so
I get a commission from that as well you
can see some affiliate commissions there
for all this vaultex stuff here and you
know they don't make quite as much but
they definitely help out and over time I
mean I'm still earning revenue from a
one-time video and the few times I
mention it after and the cool thing
about affiliate marketing is in addition
to the revenue that you can earn
Sometimes some of these companies will
want to partner with you and check this
out this is a deep pocket monster which
is my channel binder that we were able
to work together on and I got paid
additional revenue from the sales from
this a little bit of time upfront to
invest and a lot of more money coming in
overtime as a result moving on to income
Source number three convertkit
convertkit is an email service provider
that I've been an affiliate for for a
while I'm also an adviser to the company
but here what really helped Kickstart
this was the idea of a challenge and
this was actually something that started
in 2016 and it was live launched and
then has become automated and continues
to generate Revenue over time with zero
additional work just some work put in up
front to make this happen so why does a
challenge work really well well the
challenge we did was the take the 100
emails challenge so imagine this
actually let me give you the rundown of
how this works and I'll give you a
specific example so people sign up for a
short and convenient challenge in this
case to get 100 subscribers you don't
want people to have to pay for anything
you don't mention any products or tools
people just do this for free again the
free way to do something and then the
headache free way to do something so
people sign up for this the content in
this little challenge is delivered and
managed through an email drip sequence
that was already pre-written and number
three after success the product becomes
the next step because think about it if
I can help a person get to a 100 emails
on their own they're going to need to do
something with that and they're going to
want to take it to the next to the next
level great convertkit becomes the next
logical step two and it doesn't even
feel like selling at that point it's
just the logical Next Step for people to
take so here's how the challenge works
just so you can get a rundown and
perhaps create a framework of your own
so this is a landing page and this is
the uh landing page at 100.com people
sign up for that and what happens is
over the course of three days they get
emails day one they get an email and it
gives them basic instructions on how to
get their first 10 subscribers something
really light day two they get another
email and this one is a little bit more
more difficult and it kind of stretches
them a little bit but they're still
getting some
results and then their day three email
this is a 3-day 72-hour
Challenge and this is all dripped right
it's all pre-written ahead of time which
is nice if you wanted to live launch
this you can have it start on a certain
date and end on a certain date but like
I said you can automate this like we
have since 2016 so this is day three and
the magic happens on day four this is
where your product recommendation goes
and in this case it's an email service
provider to help you take the emails
you've already collected and to be able
to send broadcast to be able to create
autoresponder sequences of your own and
all those good things that happen with
email this is a very natural way to help
people get a result and then to lead
directly into a product that makes it a
win for everybody it's a win for the
company they're getting customers it's a
win for your audience because they're
getting the curated next step and they
know exactly what product to use and
they of course trust you because you've
already helped them get a result and
you're also getting a commission as well
in addition to the challenge which the
challenge was definitely the number one
thing that has helped with that
particular affiliate uh partnership um I
had Nathan Barry the founder on the
podcast to have him tell stories that
helps build trust with the company
because it's not my product but having
him on the podcast hearing his voice
hearing how he started the company his
his vision for it uh really helped
builds trust and this definitely helped
convert people and of course I have
YouTube videos to help promote and
demonstrate how easy and convenient this
is is to use as well and overall we can
see the date range here
2023 convertkit alone had generated
total commissions of about
$115,000 and this is the Holy Grail
because convertkit and a few other
softwares do something that many other
affiliate opportunities do not the Holy
Grail of affiliate income
is
recurring meaning if a person comes in
through my affiliate link for convertkit
as long as they stay on for a certain
period of time I mean different uh
programs have different lengths of how
long that'll go for um I'm continually
getting a commission month month over
month sometimes it might be a year
sometimes it might be two depending on
the company but it's not just a one-time
thing for a lot of products which is
pretty amazing so these things will
stack on each other so if you get 100
people in this month I mean you can get
another 100 people in the next month but
now you have 200 people who are
continually paying you a percentage of
the overall price of what they paid for
pretty amazing okay moving on to income
stream number four and to set this up I
want to share a web page for you on my
personal website patf flim.com this is
the most visited page on the website
because it shares all the different
tools that I use behind the scenes and
when you share behind the scenes how you
do what you do people get very
interested in the tools that you're
using case in point you've been seeing
me use this pad and and Pen you more
than likely have been curious about what
am I doing to do this and have the
screen set up in this way well I'm
simply using an iPad in an app called
procreate but again just to show you
people get curious when they see you
doing something kind of new and
Innovative so this is income stream
number four which much of this can point
to Amazon uh it doesn't necessarily have
to be Amazon but that's where a lot of
these products and things that you might
recommend that you use exist and the
affiliate commissions aren't great from
Amazon but these things stack up
especially if you create really good
content that gets viewed uh quite a bit
and and gets a wide reach the BTS
recommendation right behind the scenes
not the K-pop group although junk cook
is pretty awesome all right so a couple
videos I created a long time ago that
promote a lot of the the tools and the
cameras and the lights that I do you
could see a live studio office tour here
home office tour people love to see the
behind the scenes uh stuff of what you
got going on a couple more I went live
every day here on the channel for 365
days straight in 2020 and people got
interested in what that setup was like
how did I do this what tools was I using
and this stuff converts extremely well
as you can see here in all of 2023 I was
able to generate
$814 simply by just recommending the
tools that I was already using because
people are very curious about those
things here is a broken down report by
product which is pretty cool so most of
these earning 3% commission from Amazon
but look at this Samsung Q2 this is the
microphone I recommend and basically
every time I talk about podcasting and
pod podcasting equipment uh a quick easy
to ous nice sounding us B mic has
generated over $1,000 just that one
product alone and it's not just the
microphone right it's the armstand it's
the shock mount that goes along with it
uh the portable mic that you might need
if you're on the go all these kinds of
things again it doesn't even feel like
selling because I'm just showing people
what I'm doing behind the scenes and
then dropping an affiliate links for
those products the fifth income stream
is a new company called circle circle is
where I host our communities at SPI our
SPI Pro community and our All Access
pass um it's where our community lives
so if you'd like to check that out the
links are in the description but circle
like convertkit has a recurring Revenue
when you get people to sign up for
Circle which is pretty cool and the way
that we best promote this there is a
little bit of behind the scenes like hey
this is what we use to create
communities but partnership events with
these companies so if you promote a
product think about potentially working
together with that product to create an
event we've done a number of these
events with circle that have always
worked out really really well this first
one here was when we were doing a little
uh build your build your brand build
your community Challenge and we worked
with them in fact they helped promote to
their list of people who did not convert
yet over to Circle they promoted this
event for us because what were we doing
we were helping people learn how to
build their communities so if they
weren't converting for people directly
they could convert from us we're doing
Circle a service in that way and in turn
they're giving us a commission for
anybody that converts this one is a
little bit different this was a circle
hosted event that Matt my partner and
CEO and I we came on to provide some
value and if we were able to convert
people and we pushed people over there
if we converted people over to Circle
from there then okay we would get a
commission as well so a lot of high
value very little upfront uh investment
I mean a little bit more time than
normal for events because there's a lot
of planning that's involved and whatnot
but overall especially when it comes to
recurring Revenue opportunities with
affiliate programs it's definitely worth
the shot so what is the result of doing
event Partnerships leading into an
affiliate offer we have $74,500
14 and you can see just in July alone
July was when we hosted one of those
events in 2023 you could see a big
uptick that was our best month so what's
going to happen is next year or excuse
me this year 2024 when July circles back
around because a lot of those people
came in on the annual plan we're going
to see another uptick and like I said
before these things will continue to
stack so what would it look like if you
had even just one additional product
that can generate more revenue for you
and maybe you shared the freeway to
achieve the same goal which was hard and
kind of ridiculous but you shared it for
free and then you showed and ju
positioned it with the headache free way
to do something the more convenient way
the way that would make sense to invest
in and people would go through your
affiliate link because you provided them
value what would it look like if you
partnered with one of these companies
and did a bigger event or perhaps you
did a challenge to get people a little
bit of a win so they can move into that
product as a second step I think that
would be pretty pretty awesome and you
know what would also be awesome is if
you hit that subscribe button so I can
continue to help you over time as you
and I grow our businesses together so
thank you so much peace out check out
this video right here especially if
you're just starting out you want to
learn how to figure out what you might
be able to help people with and build a
business from that video right there I
don't know why I'm holding my pen that
way right there thanks so much
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