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A 39-year-old who makes $160,000/month in passive income shares his best advice

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When starting a business, it’s sometimes hard to know what to prioritize, and going at it alone will be overwhelming. But there are strategies you should utilize to avoid common pitfalls.

My mission is to show people earn money from their passions. It’s what I did: I went from living on food stamps to constructing two online businesses.

Today, I run a music blog, The Recording Revolution, and a entrepreneurship coaching company. I work just five hours every week from my home office and make $160,000 a month in passive income.

Here’s what I tell my 3,000 clients to take into consideration in the primary 30 days of beginning a business:

1. Be clear about how you wish to spend your time.

Many recent business owners I meet know just one thing: how much money they need to make. 

While that is an amazing start line, it’s incomplete. Your enterprise should serve your life, not the opposite way around. So be sure it aligns along with your hopes, dreams and goals.

To get clear concerning the form of business and life you wish, ask three questions:

  1. What does an ideal day appear like to you? Don’t just take into consideration your typical workday. Consider other life activities you wish to fit into your day, like exercising or spending time with family.
  2. What number of hours do you wish to work every week? You do not have to follow the usual 40-hour workweek. Knowing exactly what number of hours you wish to work will make it easier to higher prioritize tasks.
  3. How necessary is time without work? Some people don’t care much about taking time without work, so long as they love what they do. Others value prolonged time without work. To be able to have money flowing in if you’re not working, you’ll have to have some type of passive income stream.

2. Simplify your small business model.

Once I began my music education business, people told me I needed to check my sales pages, throw launch parties and pre-record a bunch of ads so as to grow.

Moderately than stretching myself thin doing things that did not make sense to me, I kept it easy and focused on three things: creating weekly content for my blog and YouTube channel, growing my email list from that audience, and promoting the paid products I created to that list.

When you’re just starting out, develop content around your expertise to grow an audience. It doesn’t need to be perfect. You’ll be able to iterate as you go and design recent products based on what your customers want more of.

3. Cut out unnecessary every day tasks.

Discover what every day activities will make it easier to earn more. Don’t waste time or burn yourself out specializing in unimportant tasks.

It’d feel good to get to inbox zero or change the colour of the buttons in your website, especially within the early days where you wish to feel like you’ve got achieved a goal. But neither of those things will make you money.

Before you begin a recent task, ask yourself three questions:

  1. What is the expected consequence for doing this task? 
  2. Does it result in extra money?
  3. Can I point to a direct link between doing that task and earning income?
  4. What’s the associated fee of doing this as a substitute of something else? 

4. Prioritize having fun.

People can tell if you happen to’re just doing something for the cash or if you happen to actually love what you do. That authenticity will connect you deeper to your customers and it should sustain you for the long haul. 

You don’t need to burn out since you spent all of your time doing things that weren’t meaningful to you.

I all the time give my students this framework after they are starting their entrepreneur journey: Construct a business around something you see yourself doing and having fun with for the following 10 years. 

Graham Cochrane is founding father of The Recording Revolution and writer of “The best way to Get Paid for What You Know.” He has helped greater than 3,000 people launch and improve their very own businesses. Follow him on Instagram and Twitter.

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