How to make $6k+ per month with a ONE PERSON BUSINESS (3 big online income streams)

I've been self-employed for 5 years and I would say I have tried most of the common income streams that one person businesses or solopreneur have and specifically they are freelancing slash becoming a coach second one is digital products or selling your own courses the third one is being a content creator so I will go through the pros and cons of each of these businesses and tell you how exactly you can start doing this but first before you like do anything with any kind of business you have to get get the admin legal stuff out of the wafer so I'm going to talk about that quickly you want to make sure that you've covered your bases in terms of registering your business bookkeeping and opening a business bank account and also just making sure that you don't need any other kind of license depending on where you live like depending on your state or your city or Province I live in Vancouver Canada and this is for Canadians if you are looking to start a soul proprietorship or a corporation in Canada I used a service called owner to register my business and I highly recommend it for Canadians who want to start a business I've added a link in the description for bookkeeping at the very beginning you can do your own bookkeeping because you probably aren't going to have that many expenses and like it's probably not going to be that complicated with clients or the money you're making so you can just keep track of it using either like a simple Google Sheets or you can use different kinds of softwares so there's wave QuickBooks fresh books for me personally I hate bookkeeping and everything so I Outsource that so I have a bookkeeper slac accountant who helps me do it and the software we're using is QuickBooks and make sure you are separating your personal and business expenses so I highly recommend opening up a business bank account most of the big Banks like wherever you are should have options available for either I think maybe like a very low price maybe like $5 a month and I would definitely open up a credit card for just business expenses cuz it's just so much easier to manage everything if you have like a separate thing for your business expenses and depending on where you live check if you need any other kind of license like either your city or state or Province you might have to have like a business license for that and if you're feeling really lost I would double check with an accountant or with a couple of business friends that you have in your local area and there are also a lot of useful organizations for example I live in BC Canada so we have small business BC who they have a lot of resource is online about what you need to register and what you need to do like all the process and everything so see if your area has a small business office kind of thing where you can check uh and look at resources so now let's get into the three popular ways that you can make money as a solo preneur and you can definitely have a mish mash of these three like right now I do have like a mishmash of these income streams but at the beginning I would suggest you just start with one to focus on or else like it's just going to be really hard to manage everything the first one is freelancing where you offer a service these are some examples of freelancing for me I've done social media freelancing and also offering calligraphy Services I know that's not like a digital thing but it is something that I offered and yes I was a freelancer for the purpose of this video I'm also going to slot in coaches and Consultants under the freelancing category because it's kind of the same where you are offering a service you're trading your time for money and you have clients the pros of a freelance business is it's pretty easy to start because a lot of the times you already have some kind of skill right you've lived your life for x amount of years you have some kind of skill and you can sell that skill it could be photography web design writing services teaching something like for me I taught calligraphy or even things like offering a haircut okay I know that's not digital but still a good example the other Pro is that when you get one client it's usually like a bigger payment compared to if you were going to sell digital products which you might make $10 per customer right but with freelancing each transaction is at a higher value so you might make $100 in one transaction or $500 or $2,000 $5,000 in one transaction or in one contract so when you secure one client it's like bigger money depending on what you do with freelancing you could also have like monthly retainers where you keep offering the service so it could be a more sustainable income stream but it depends on on what kind of service you're offering like with social media Services um you could get like a monthly retainer for example and the other Pro is that it is usually pretty easy to set up because you already have the skill you basically just need to set up a portfolio um maybe reach out to some people you spread the word about your business and you can get clients that way in the last four months I've been using worky which is a all-in-one freelancing platform and it does a lot of things you can set up your freelance portfolio schedule me invoice clients have video calls and there are a lot of other Nifty things that you can do with this platform right now I'm using worky for two main things the first thing is to schedule free coffee chats with companies that I am trying to do ugc with which by the way is user generated content and the second thing is to schedule paid coaching calls with people who are interested in starting or growing a business it integrates with stripe PayPal Zoom Google Calendar and a lot of other apps so it's very easy to just integrate work key into your workflow my favorite thing is that you can create a portfolio website and then you can link your meeting scheduling links directly into that portfolio website and this is different from other scheduling tools for example like calendly which don't let you create like a portfolio website recently the worky team just updated the platform so you can record your meetings directly within the website there's a lot of invoicing features and there's also full support of workie on mobile workie is a free tool to start but you can upgrade as you go along and I do have a sweet 75% off discount for you on all worky plans you can use my code Dena 75 when you check out to start your freelancing journey now what are the cons with a freelancing business first I would say it is a little bit hard to get clients especially the first couple of clients cuz you're going to start building your portfolio but then you might think how am I you supposed to build a portfolio if I don't have any clients oh yeah I do have a how to start freelancing video this one has a lot of strategies on how you can get your first client so I would definitely watch that one right after you watch this but yeah gettin

Related Articles

Back to top button