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A 39-year-old making $160,000 per month in passive income shares his best advice

When starting a business, it’s sometimes hard to know what to prioritize, and going it alone can be overwhelming. But there are strategies you can use to avoid common pitfalls.

My mission is to teach people how to monetize their passions. That’s what I did: I went from living on food stamps to building two online stores.

Today I run a music blog, The Recording Revolution, and an entrepreneurial coaching company. I work just five hours a week from my home office and make $1[ads1]60,000 a month in passive income.

Here’s what I ask my 3,000 clients to think about in the first 30 days of starting a business:

1. Be clear about how you want to spend your time.

Many new business owners I meet know only one thing: how much money they want to make.

While it’s a great starting point, it’s incomplete. Your business should serve your life, not the other way around. So make sure it aligns with your hopes, dreams and goals.

To become clear about the type of business and life you want, ask three questions:

  1. What does a perfect day look like to you? Don’t just think about your typical work day. Consider other life activities you want to fit into your day, such as exercising or spending time with family.
  2. How many hours do you want to work a week? You don’t have to follow the standard 40-hour work week. Knowing exactly how many hours you will work will help you better prioritize tasks.
  3. How important is time off? Some people don’t care too much about taking time off, as long as they love what they do. Others value extended time off. To have money flowing in when you’re not working, you need to have some sort of passive income stream.

2. Simplify your business model.

When I started my music teaching business, people told me I needed to test my sales pages, throw launch parties, and pre-record a bunch of ads to grow.

Instead of stretching myself thin doing things that didn’t make sense to me, I kept it simple and focused on three things: creating weekly content for my blog and YouTube channel, growing my email list from that audience, and promoting the paid products I created for that list.

If you’re just starting out, develop content around your expertise to gain an audience. It doesn’t have to be perfect. You can iterate as you go and design new products based on what customers want more of.

3. Cut out unnecessary daily tasks.

Identify which daily activities will help you earn more. Don’t waste time or burn yourself out focusing on unimportant tasks.

It can feel good to get to inbox zero or change the color of the buttons on your website, especially in the early days where you’ll feel like you’ve accomplished a goal. But none of these things will make you money.

Before starting a new task, ask yourself three questions:

  1. What is the expected result of performing this task?
  2. Does it lead to more money?
  3. Can I point to a direct correlation between doing that task and earning income?
  4. What is the cost of doing this instead of something else?

4. Prioritize having fun.

A 39-year-old making 0,000 per month in passive income shares his best advice

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