“Currently, I only spend 5 hours a week doing business”
Graham Cochrane loves music and aims to be a full-time musician when he grows up. The guy pursued his dream in a practical way – working for a company from 9 to 5 as a sound engineer. Meanwhile, still growing his business as a freelance music producer for indie artists.
But in 2009, at the age of 26, Graham lost his job. After that, he decided to follow his passion and switched to business Full-time music producer. However, he and his wife still struggle to make ends meet. Graham earns between $800 and $1,000 per month (18.3 – 22.9 million). While his wife earns between $500 and $1,000 per month as a photographer. Around that time, this home also welcomed a new baby, so the financial pressure really started to hit.
Fortunately, this is also the time when Graham started blogging, producing online content. Of course, it takes a while for a business to be profitable. However, at the age of 38, Graham looks back and sees himself as having accomplished something amazing: “I only spend 5 hours a week on my business. The rest of the time is spent with my family.”
Illustrations
Earn $160,000 (3.7 billion) per month from passive income
In April 2010, I created and sold my first online course teaching clients how to use the popular recording software Pro Tools for $45. I started scaling my freelance production business in 2012. So far, I sell dozens of online courses and online communities for prices ranging from $67 (1.5 million) to $397. ).
From October 2018 to September 2019, I brought in $1 million (VND 22.9 billion) in revenue. And in 2021, as the course was also completed, I decided to stop producing daily content. Now, even if you don’t do anything, this course still brings in about $40,000 per month.
My 2nd job, teaching people how to monetize their knowledge and passion the way I used to. Over the past 6 months, I have generated a passive income of $120,000 (VND 2.7 billion) per month from an online course. Currently, about 2,800 business owners are using my coaching courses. The goal is to help them grow their online business while reducing work time. That is to try to be more productive.
Illustrations
Advice for people starting their own business
1. Sell your skills for passive income
When you offer a service, there are two main ways you can make more money: reaching potential customers and increasing the amount of fees you can get. However, each person only has 24 hours in the day, and there is always a limit to how much you can charge in your industry.
The turning point for Graham was when he had the idea to turn his knowledge of music into an online course. Selling digital products has brought the source passive income. What’s more, it allows him to earn more in a day – while spending less time – than when working as a freelancer.
2. Give People Valuable Free Content
The guy’s entire business is built on providing the best free educational content, even if it costs money. That’s why Graham has a blog, YouTube channel, and podcast.
According to Graham, every piece of valuable content he puts out in the world acts like a magnet for people, through the power of search on Google or YouTube. It’s a way for people to discover and build trust with him.
Then, when he sold a high-end product, even with a hefty price tag, they were still willing to pay for it.
3. Build automatic system
Working just 5 hours a week helps Graham avoid burnout and spend more time with his family. This would not be possible without an automated system.
Example: Almost all of your marketing and follow-up with customers happens through automated emails. When people find Graham’s content, they have the option of signing up for exclusive content via email. After contacting each other, he had dozens of pre-written emails automatically sent. These emails provide business insights, tips and techniques.
That means Graham doesn’t have to spend hours on social media to attract people. He let content and email automation do the heavy lifting.
at Blogtuan.info – Source: Kenh14.Vn – Read the original article here
