#007 Revealing My 6 Income Streams (Making $25,500/mo)

TSFF #007

Revealing My 6 Income Streams (Making $25,500/mo)

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I’m excited to reveal my six revenue streams and how each one stacks up.

I’ll also share where I’m going to take things from here and keep growing into 2024 and beyond.

Finally, for each revenue stream I’ll give you some lessons learned from my experience so you’ll be ahead of the game and can maximize them in your business.

Here are some quick highlights:

• My business crossed over into the multiple six-figures category. For reference, I define a “six-figure” business as one that makes at least $100,000 in annual revenue but under $200,000 and a “multiple six-figure” business as one that makes at least $200,000 but less than $1 million, and a “seven-figure” business as one that makes at least $1,000,000 in annual revenue.
• My revenue increased by $70,000 from 2022. Considering this year over year increase is more than my annual salary used to be as a pastor, I’m pretty stoked about it.
• The business grew steadily through the year, then sharply in the fourth quarter. First quarter per month average was $14,832/mo. This monthly average increased by nearly $11,000 by the fourth quarter which averaged $25,500 per month.
• The best month of the year was November coming in at $28,672. November is always great, but this one blew me away. My daily average that month was $956 - nearly $1,000 a DAY, every single day that month. I remember beating my head against the wall trying to figure out how to make $1,000 a MONTH online as recently as 2019.

Overall, I doubled down on what was getting the biggest results and dropped off some things that weren’t contributing as much - more on that later.

And before we jump in, two important caveats:

I offer these two caveats every time I do an income reveal, but they are worth repeating:

1) This is not a flex.

There's a lot of people out there making way more, and there's some making way less. I do this for one reason, and that is because when I first started in online business, there were so many people that would share what they were making, how they were making it, and it was so inspirational to me. People like Pat Flynn of Smart Passive income or Graham Stephan on YouTube. They made me realize what was possible online, and I’m forever grateful for that.

This is a way for me to be transparent, which is what I've always tried to do. This way, if you're wanting to get into online business, make a YouTube channel, start making content, sell online courses, you at least know what's possible. 

2) Passive income is not a myth, but it must be defined correctly.

When I mention passive income, some people think it’s a myth because they picture a person, sipping cocktails on a beach, having money sent to them for simply existing.

That could be the end result, but getting there takes a lot of upfront work. A better way to describe it is disproportionate income. Passive income only happens once you've put in the work to set up the systems that make the income.

The reason why I call it disproportionate is because there is a fixed amount of work and a disproportionate return on that work.

An example of how this works would be a book. I wrote my first book in 2015 and published it in 2016. It took me about a year to write that first book, so there's a lot of time and effort put into writing, editing, formatting, publishing, and marketing it. But once I did that fixed amount of work, I only had to write it once, launch it once, format it once, and I uploaded it to Amazon. It has sold consistently every single month since then. 

The result is that fixed amount of work providing disproportionate returns. That's what makes it passive.

Contrast that with a job that pays you a salary - you show up, do the job, and get paid every 15 days. If you stop doing the job, you stop getting paid. That's active income.

With passive income, you set up a system that makes you money in the future. So, passive income is neither easy nor a myth. You just have to define it correctly

With those two caveats issued, let’s dive into each stream.

My 6 income streams revealed

Stream #1 YouTube Ad Revenue $400-$500/mo

The first stream is YouTube ad revenue. With a small channel of around 10,170 subscribers, I make between $400 and $500 per month through YouTube ads.

While it's not a substantial amount, it contributes to the overall income. I look at each stream, no matter how small, as part of the overall picture.

YouTube ads work on a per-thousand-view basis so if I wanted to grow ad revenue, I’d focus on growing views especially on videos that have a higher CPM. CPM is the amount of money that advertisers pay per one thousand views.

But, in my overall strategy, ad revenue is not that important to me. My YouTube channel exists to get leads into my email funnel. I’m not concerned with subscriber count or ad revenue.

Key takeaways: Consistency is more important than chasing trends. Build authority and loyalty over time. Understand that your channel should be about authority building and lead-generation.

Stream #2 Book Royalties $400-$500/mo

Moving on to the second stream, I earn between $400 and $500 per month from Amazon Kindle Direct Publishing (KDP) and ACX. These account for all my book royalties for each format by books come in (paperback, digital and audiobook).

I've written two books, and the royalties continue to come in without much promotion.

I view books the same as my YouTube content, the point of books is largely lead-generation and authority building. I’m not looking to make a mint off my books. Rather, if my books get someone interested in my overall brand and offerings, it’s a win.

Key takeaways: A book is a massive undertaking, but some people will take you seriously simply because you have a book - provided it’s good. Make sure your book points people to your overall brand and offers.

Stream #3 General Affiliate Marketing $500 - $700/mo

The third stream is general affiliate marketing, where I make between $500 and $700 per month. This involves promoting various products, tools, and software I use through affiliate links in my content. 

This year I moved away from promoting as much general stuff and focused on the few key things that make the biggest waves for me. More on that later.

Key takeaways: It's essential to align affiliate marketing with your audience's needs and genuinely believe in the products you promote. Your reputation is currency so don’t promote garbage just for a buck. Over time, double down on what’s working, drop what isn’t.

Stream #4 Amazon Associates Program $700-$900/mo

The fourth stream is the Amazon Associates program. This income comes largely from product review videos on YouTube, where viewers click through the Amazon links in the description and Amazon pays me a small percentage of the sale - usually 1% to 4%.

This stream has dropped substantially from $2,000/mo in 2022 to $700-$900/mo in 2023. This is because I made a decision to pause my product reviews and focus on other types of content. Even though I was seeing results, it wasn’t the kind of business I wanted to build.

Key Takeaways: Just because something is “working” doesn’t mean you have to stick with it. You can drop something that is successful for something else that could bring even bigger results - or just something you enjoy more! 

Stream #5 Online Course Sales $5,000-$6,000/mo

The fifth stream is online course sales, bringing in $5,000 to $6,000 per month depending on launches, promotions and how my evergreen sales are doing.

A good online course can be an amazing source of passive income over time as nearly all the work is done upfront as you build it.

But I have found that selling courses in your evergreen funnel - meaning people who subscribe and go through your email funnel - requires a steady stream of opt-ins.

The money in course sales, at least for me, comes largely in two ways: initial launches and ongoing promotions. I promote something quarterly in each brand and it allows my course sales to see a spike.

Key takeaways: For evergreen course sales to flourish, focus on increasing opt-ins to your list. Use ongoing promotions to spike sales and raise your course revenue throughout the year. 

Stream #6 Kajabi Partner Program $16,500-$19,500 

The sixth and most significant income stream is the Kajabi Partner Program, generating between $16,500 and $19,500 per month. Kajabi is an all-in-one online business platform, and as an affiliate, I earn a commission on what users pay Kajabi.

I’ve made a ton of content about Kajabi, and I offer attractive bonuses to people who use my link. This has helped it soar to number one in my revenue streams.

A lot of people think of this type of business as an online course business. But it’s so much more than that, and to consider it merely a course business negates all that is possible.

It’s actually a content business that follows a four-step system:

Step 1: Content. People consume your content and it helps them solve their problem.

Step 2: Lead-magnet. You offer a free, helpful resource in exchange for their email address.

Step 3: Email Funnel. You provide even more value to them and give them an opportunity to explore your paid offers.

Step 4: Offer. You offer them your paid products: courses, coaching, affiliate products and/or community memberships.

The steps people go through are all the same no matter what your offer is.

Key Takeaways: Doubling and tripling down on an affiliate product that is working can be a smart move especially if it provides a recurring revenue model. Don’t view this as a course business, but a content business with an endless possibility of offers you can make. 

In total, these six streams add up to about $25,500 per month. My goal is to continue growing and expanding my business while helping others create their online businesses.

Wrapping it all up 

Looking back on 2023, I’m blown away by some of the results and unsatisfied with others. I suppose that’s how this business goes. Much to celebrate, but much to work on as well. Either way, I am grateful.

In 2024, I am focusing a lot of attention on evergreen course sales as I feel that’s where I have the biggest opportunity for growth. My course sales should easily be $20,000 plus a month, but my focus has been in other places. I have a plan to grow that over the year and I’ll report back on how I’m doing.

What income stream are you looking to grow in 2024?

 

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