I grew my passive income streams from $10,000/mo
to over a $160,000 in profit per month.
And in this video, I'm going to share the five things
that I did that helped me the most.
There's a principle in business called the Pareto Principle
and it's extremely important
for this concept of growing your income.
The principle explains that only 20% of the things
that you actually do are responsible
for 80% of your results.
What this means is that if you do 10 different things
to try to grow your business,
there's likely going to be two of them
that were really effective
and made up 80% of your overall growth.
The reason I tell you this
is because the tips in this video
are the 20% of super effective things
that made up 80% of the growth in my income.
The first thing that I learned is that
if you wanna truly make passive income,
you're going to need to diversify your income streams.
Now, to give you a real-life, hands-on example of this,
when I started selling print-on-demand,
I diversified my business by uploading my designs
to multiple different print-on-demand websites.
Now, Teespring, which was actually one of the most
popular print on demand websites just a few years ago
has nearly fallen off the face of the earth.
Because I was already uploading to several other websites,
I didn't feel this impact like other people did.
Over time, as years go by,
things are destined to change.
This could be one of your income streams shutting down
for some reason or even just getting smaller.
The big lesson that I learned was not to rely
on just one source of passive income.
Instead, set up multiple ways to make money.
Just something quick, but really important
to add onto this one is that beyond diversifying
within your single business model,
you can take it one step further
and you can add on additional business models.
What I personally did is,
once my print-on-demand business was well-diversified,
I started to add on affiliate marketing
and selling online courses.
As you can imagine,
for both of those other business models,
I diversified within them.
Tip number two is nearly always overlooked,
but made a massive difference in my personal income.
What I learned is that one of the easiest ways
to increase your income
is not to continue growing your business,
but to look back on your business
and optimize your existing income streams.
Spend some time to take a hard look
at your current income streams
and look for areas where you can improve.
Personally, I do this in two different ways.
First, I look over my current work to see
if there are any mistakes that can quickly be corrected.
And second, I zoom out of the day-to-day tasks
of the business and look at the bigger picture to see
what opportunities I might be overall just missing.
For example, if you have an affiliate marketing website,
every once in a while, go through your analytics
to find your most popular articles
and read them word for word.
When I do this, I almost always find
that I forgot to put in an affiliate link
that I met to put in somewhere.
I find typos that can be corrected or paragraphs
that can generally just be rewritten better.
Speaking from a lot of experience on this one,
by correcting just one single affiliate link
that was either a broken link
or you forgot to put the link in altogether
could literally make you a couple extra hundred
or thousands of dollars per month instantly.
The third tip is one that I learned recently
and is super relevant
if you're just starting your business now.
As your passive income streams start to grow,
finding ways to use automation tools
or outsourcing your work is going
to free up a lot of your personal time
and generally just make your life better.
To give you a real-life example of this one,
the biggest time-consuming task
for a print-on-demand business
is coming up with the phrases
that you're going to put onto your designs.
What I discovered is that there's a tool called ChatGPT
that many of you have probably already heard of
that you can use to come up with a whole list
of creative, new phrases literally in seconds.
This is just one example
that condenses hours worth of work
for a print-on-demand business into literally minutes.
I'm personally one of those people that always wanted
to do every part of the business myself
because I could be a perfectionist
and I knew all of the work was perfect every time.
However, I learned the hard way
that there's a certain point
where you're simply going to max out
and your income is just going to hit a plateau
because you can't do any more work.
So with that said, right now, there are more
and more tools than there ever have been.
That can take your time-consuming tasks
and get them done a lot faster.
However, with that in mind,
there are certain tasks in a business
that are just going to require a human touch.
They can't be done by tools or by AI yet.
For those, I recommend finding a really good freelancer
that has your same quality standards
and that can be a huge game changer for you.
The fourth tip is one that I didn't understand fully
until I was making over six figures per year.
In business, you'll hear people say that the amount
of income that you make is directly related
to the amount of value that you deliver.
With that said, sometimes the only way
to increase your income is to learn
how to deliver more value with your business.
Personally, I am not a fan
of the $1,000 expensive online courses
because I feel like over the last couple of years,
they've generally turned into just empty money grabs.
However, in the sake of trying
to take my business to the next level,
I tried some of these courses.
And to my surprise, I actually took a $1,000 course
that delivered a ton of value.
This was one single course.
I can't speak for all the courses out there,
but I learned a lot from it.
So if you find yourself kinda maxed out
and you can't figure out
how to make more money with your business,
sometimes the only way up is to invest in education.
Tip number five is something that I learned.
That's the absolute foundation
to make all of these other tips work.
I learned that in order to grow your business
to really high amounts of income,
you have to have a process in place
to track your progress so you can figure out
what is actually working for your business.
This is the way that you determine
what are those 20% of things that you're doing
that are making the 80% difference.
Now, personally, I hate busy work and tracking things.
I just find it boring and time-consuming.
So what I do is I have an Excel sheet
and I update it once per month.
I only track two things and it keeps it really simple.
The first thing I track is the earnings
from each of the passive income streams,
and then the second thing I track
is all of the major business changes
or things that I tried during that month.
Now, for those of you starting
kind of at the beginning here,
if you need ideas on passive income streams
that you can start, I'll put a link
in the description below to a video explaining
the first seven passive income streams that I started
that grew well over six figures per year.