38 years old, working 5 hours a week, earning billions a month thanks to passive income after losing a job: ‘Pick up’ 3 tips

I am a music lover and aim to be a full-time musician. I followed my dream in a very practical way – to work as a full-time sound engineer for a company in addition to my side job as a freelance music producer for indie artists.

But in 2009, at the age of 26, I lost my job and decided to make music production a full-time job.

However, at that stage, I struggled a lot to make ends meet. I make between $800 and $1,000 per month (about $18 million to $23 million), while my wife makes $500 to $1,000 a month working as a photographer. In addition to our freelance income, we live on savings and food stamps. That was also the time when we became parents. And that’s when the financial pressure really starts to set in.

So, later that year, I decided to start a music blog – The Recording Revolution – with the sole desire to make more money. And I realized that this online presence helps me get more customers.

It took me a while to learn how to turn it into a profitable business. As of 2022, I’m making more money from my online businesses than I ever made as a full-time producer.

The Recording Revolution blog alone grossed $40,000 per month (about 918 million). Besides, I also earn a total revenue of $120,000 (about VND 2.7 billion) per month through my online coaching, where I teach clients what I have learned. work to make The Recording Revolution a success.

At the age of 38, I have achieved quite a feat: working 5 hours a week and spending the rest of the time with my family.

How did I turn my passion into a business?

I started Recording Revolution as a blog and YouTube channel with the goal of sharing what I know about music and getting more clients for my music production.

When I first started, I regularly posted three blogs on my website and one YouTube video per week. I’ve shared quick, step-by-step tutorials on different recording and editing techniques, along with product reviews and interviews with musicians and producers.

In the first year of starting a YouTube channel, I noticed my daily views increased from about 60 views per day to 2,000 views per day. As my audience grew, I saw an opportunity to monetize my content.

Initially, I made 200 to 1,000 dollars per month (about 4.5 million to 23 million VND) through video sponsorship and advertising revenue. To hit these deals, I created a set of media documents that shared my website’s traffic and channel viewer market segments, and sent it out to the brands that create products that audiences mine may be favorites. In my reach, I invite them to advertise in YouTube videos or banner ad slots on my blog.

By 2010, I had found the key to making more money: Build and launch your own digital products, such as ebooks or online courses, that teach people valuable skill that I have acquired throughout my career.

How I make $160,000 per month from passive income

In April 2010, I created and sold my first online course, which taught clients how to use the popular audio recording software Pro Tools for $45.

I used screen recording software called Screenflow to record my computer screen and voice as I demonstrated how Pro Tools works.

Before recording, I write a basic content sketch of the parts of the software I want to share and in what order, and then spend three to four hours recording and editing the content.

People suggested starting an email list to market my courses. To attract subscribers, I offered a free eBook. I had about 500 subscribers by the time I sold my first online course.

I started scaling my freelance production in 2012. I now sell dozens of online courses and memberships through The Recording Revolution. Prices range from $67 to $397.

From October 2018 to September 2019, I made $1 million in revenue. And in 2021, The Recording Revolution brought in about $40,000 per month.

My second job, teaching people how to monetize their knowledge and passions like I did, was launched by me in 2018. And in the past six months, I’ve made $120,000. per month from passive income from an online course called Automatic Income Academy, a high level business coaching program called The Epic Mastermind, affiliate marketing from a company called Kajabi…

Currently, about 2,800 business owners are using my coaching products. The goal is to help them grow their online business while working fewer hours.

My best tips for aspiring entrepreneurs

Turning a job that was originally just a side job into a full-time job has changed my entire life. My original dream of becoming a musician has been replaced by what I do now: Helping people live more lucid, flexible, and meaningful lives.

If you are ambitious, want to create something of your own, here are the top three tips I want to share to help you increase your income.

1. Sell your skills for passive income

The turning point for me was when I had the idea to turn my knowledge of harmony and recording into an online course. Selling digital products provides a passive income source and allows me to make more money in a day – while spending less time – than if I were working as a freelancer.

2. Give Free on What You Can Offer

One of my core beliefs is that the giver will be the rich. My entire business is built on providing the best free educational content, although there are times when I may have to shell out money for it. That’s why I have blogs, YouTube channels, and podcasts.

This may seem counter-intuitive, but here’s why it works: Every piece of valuable content I put out across my platforms acts like a magnet to attract people, through the power of Google or YouTube search. It’s a way for people to discover and build trust with me.

Then when I sell a premium product, they’ll be more than willing to pay for it.

3. Build an automated system

Working just five hours a week helps me avoid burnout and allows me to spend more time with my family. This would not be possible without an automated working system.

For example, almost all of my marketing or follow-up communications happen through automated email.

When people see my content, they have the option of signing up for more exclusive content via email. As soon as we formed a connection, I had dozens of pre-written emails that automatically sent out. These emails provide business insights, tips and techniques, and share which of my products they would benefit most from.

Focusing on email means I don’t spend hours on social media getting people in their message boxes. I let content automation and email do the heavy lifting for me.

*Author of this article is Graham Cochrane, founder of website The Recording Revolution, author of “How to Get Paid for What You Know” and business coach for more than 2,800 clients worldwide gender.

According to ttvn.toquoc.vn