In 2014, I used to be contemporary out of faculty and thought I had my life all deliberate out: Go to medical college, get a six-figure job as a physician, and make my mother and father proud.None of that labored out. I spotted I hated blood and needles, and obtained rejected from greater than 15 medical faculties. My mother and father weren’t so joyful.From 2014 to 2019, I took on tutoring side hustles, did some modeling gigs, began a drop transport business, and even labored as a actual property agent. But nothing was constant in incomes me a regular earnings stream.After a number of business makes an attempt, I lastly discovered one thing that labored: Posting monetary recommendation on YouTube, Instagram and TikTookay. In 2021, my content material creation business introduced in $1.5 million in income — and my mother stopped sending me job listings.How I constructed a $1.5 million-per-year businessI had been posting on YouTube since 2006, however the content material was random and inconsistent. So I made a decision to stay with the subject that excited me essentially the most: cash.Growing up in a painfully frugal household, I used to be all the time interested by arising with methods to be smarter about incomes, saving and investing. In 2018, I created a new YouTube channel devoted to monetary recommendation. I posted virtually each day, in addition to on Instagram and TikTookay.In 2021, Chang’s business introduced in $1.5 million in gross income.Photo: Charlie ChangMy first few movies acquired round a dozen views every, half of which had been from my mother. I used to be nonetheless incomes most of my cash via odd jobs and side hustles.But in April 2020, about a month after Covid-19 was declared a pandemic, I seen a spike in curiosity round stimulus-related content material. That month, I posted 20 YouTube movies in regards to the stimulus and aid efforts. One of my movies went viral — incomes me $10,078 in advert income and 30,300 subscribers.In May, I posted 19 movies and made $15,791 in advert income. And in June, I landed my first sponsorship cope with Foundr, an internet training firm; they paid me $250 to create one TikTookay publish.I continued to experiment with various kinds of video content material to see what was only in rising my viewers and attracting curiosity from manufacturers.By November, after securing one other partnership deal and reaching round 200,000 subscribers, I made a decision to launch my first on-line course educating folks learn how to begin their very own profitable YouTube channels.In 2021, I added affiliate internet marketing to my earnings streams. I made $86,000 in January, then scaled to a mean of $150,000 per thirty days in 2021.How to construct a number of earnings streamsToday, I’ve over 650,000 YouTube followers. So far this 12 months, I’ve made about $197,700 per thirty days through 5 earnings streams — a number of of which create passive earnings. At one level, I made $245,000 in a month.What I like in regards to the business I’ve constructed is that I can select when and the place to work. Some days I’ll work zero hours, and different days I’ll put in 12 hours. On common, I work 35 hours per week.Here’s how I constructed every of my earnings streams:1. Affiliate advertising and marketing: 40% of month-to-month incomeWith affiliate internet marketing, I earn fee for selling one other model’s product or providers. I publish affiliate hyperlinks within the descriptions of my YouTube movies and on my web site, then receives a commission every time somebody is directed to a model’s product web page or makes a buy.To make passive earnings via affiliate internet marketing, you should embrace hyperlinks on focused content material in a area of interest that persons are looking for. This can result in clicks for months, even lengthy after you’ve got posted. For instance, I hyperlink to captions based mostly on standard search phrases, which I discover utilizing the Google Trends software.I get most of my affiliate offers via partnership administration platforms like Impact Radius, Partnerstack and Share-A-Sale. Creators with any viewers measurement can use these web sites to search out and be part of affiliate hyperlink packages.2. Brand sponsorships: 25% of month-to-month incomeWith model sponsorships, corporations basically pay me to say them in certainly one of my movies or on my web site.Brands sometimes attain out to me through the e-mail handle on my YouTube profile, however I additionally work with businesses like Spacestation to safe extra sponsorships.Finding a area of interest helped me develop a loyal and genuine viewers, which has been essential to my success. I answered Covid-related finance questions that nobody else was addressing. Then I took the ideas with the very best viewers engagement and ran with them.”What I like in regards to the business I’ve constructed is that the cash I make is not straight tied to my time,” says Chang. “I can select when and the place I need to work.”Find your personal area of interest by asking: What is a particular drawback that I can resolve with my story and distinctive information? Understand the ins-and-outs of your viewers, like their age, location and common pursuits. During the negotiation course of, remind manufacturers why that viewers is effective to them.3. YouTube adverts: 25% of month-to-month incomeI make one other quarter of my earnings from YouTube Adsense adverts that seem earlier than or throughout my YouTube movies.To be part of this program, you have to have at the very least 1,000 subscribers and 4,000 hours of watch time within the final 12 months. Once you are a part of this system, it is vital to publish constantly and create movies based mostly on what your viewers responds effectively to.4. Online course gross sales: <5% of month-to-month earningsMy "6-Figure YouTube Academy" and "Personal Brand Masterclass" programs are each hosted on Kajabi. These programs took months of planning, analysis, filming and enhancing.For YouTube Academy, I outlined what I used to be going to show in every video utilizing Notion, an internet workspace group software, then created slides to play throughout every video on Keynote. It took me a week to movie greater than a hundred movies, which I edited myself utilizing Final Cut Pro X.From there, I organized my movies on Kajabi and began to market the course on YouTube, TikTookay and Instagram. I do not spend any cash on commercial.5. Coaching: <5% of month-to-month incomeI meet with shoppers one-on-one to seek the advice of on learn how to make their companies extra profitable. This is a nice method to join with my viewers and get to know them on a person degree.My teaching classes are executed through Zoom, which permits me to fulfill with anybody from anyplace the world over. I cost $500 per 60-minute session.Recently, I began constructing StartupWise, a useful resource platform for brand new companies and entrepreneurs. I'm additionally engaged on a firm known as Side Hustle Mastery, and its complementary publication known as Hustle Club.Charlie Chang is a content material creator and serial entrepreneur whose mission is to coach folks on private finance and entrepreneurship. He is a UCLA graduate and founding father of StartupWise. Follow him on Instagram and YouTube.Don't miss:
https://www.cnbc.com/2022/05/12/how-this-29-year-old-built-a-million-dollar-business-after-getting-rejected-from-15-medical-schools.html
