business it’s play money you know like
if it doesn’t work out then it doesn’t
work out and you’re okay with that and
that was garbage for them that was
something that was literally garbage the
day before and now they’re selling it
what’s that believe nation it’s Evan my
one word is believe and I believe in you
I believe you have an amazing gift
inside you that I want to see exploded
onto the world so to help you on your
journey today we’re gonna talk about the
seven different ways that you can get
multiple streams of income that are
proven true so one of the questions I
get asked a lot by entrepreneurs is how
do I get more income how do I diversify
my products and services how do I get
multiple streams of income happening in
my business it’s not always the greatest
idea and I’ll touch on why at the end
but before that I’m going to share with
you my seven different ways on how to do
it the number one way is to create a new
product or service for your customers
this is the easiest way to grow your
business if you have a customer coming
in the door or ordering online they’re
buying from you just understanding what
other problems they are facing and how
you can help solve that problem for them
is an easy way to make more money it’s
way easier to sell something new to a
current customer than to try to get a
new customer in the door and so if I
look at my trend then tell us the
business is an example we start off
selling our salsa classes but we’ll also
have bachata we’ll also have a Zumba
will also have tango but also have
kizomba and so all these different
dances are opportunities for people to
come out and learn new things new styles
new techniques we have socials we have
parties we have activities we have
events the people can come to again and
yes we’re teaching them the core of
salsa and then there’s all this stuff
around it as opportunities to make more
money from it think about it like when
you go to Starbucks and you order a cup
of coffee this is not Starbucks but
cruise-ship coffee you go to Starbucks
you order coffee and they ask you do you
want to cook you with that do you want
to sandwich with that there’s a whole
lot of a big tricks that go along side
whatever you’re gonna be ordering and so
start thinking about your customers
what other problems are they facing and
how else can you help solve them and so
the closer you get your customers the
more conversations you’re having with
them the better you understand their
lives and their businesses the easier it
is for you to come up with new products
and services that can help them well
number two would you get multiple
streams of income is to sell your
sawdust this idea comes from lumber
mills where they would cut wood right
they’d get the trees and they would cut
the wood down and they would sell them
the pieces of wood but then to be all
this sawdust at the end of the day that
was annoyance that was hard for them and
they had to throw it away that all this
garbage right all this extra sawdust
that came as a result of making their
final product and then one day one of
the sawmills said hey how about we sell
this like would anybody buy this sawdust
and now it’s an entire market now if you
want to buy a trailer full of sawdust is
gonna cost you a thousand dollars plus
and that was garbage for them that was
something that was literally garbage the
day before and now they’re selling it
for profit and so it starts thinking
what are you throwing away in your
creative process to make your product to
make your service what are you throwing
away that you deem as having zero value
but might be really valuable to somebody
else
I remember at my high school and our
cafeteria we would throw all of our food
in a separate bin then our garbage and
our waste and plastics and all that
stuff the food went into its own bin and
I later found out that our school sold
that food to pig farms and the pigs
would eat our wasted food and so instead
of it going to the trash instead of it
going to the dump it became another way
for my school to make money as well and
help the pig farmers and help the pigs
out there as well and so think about
what you’re throwing away think about
the time that you’re throwing away and
think about the actual physical products
and goods and what you consider waste
that could be somebody else’s treasure
and you might be able to charge for it
[Music]
we’re number three to get multiple
streams of income is using affiliate
programs so this is basically where you
are not creating a new product or
service you are representing somebody
else’s product or service and every time
you sell it you take a cut you get a
commission for doing it the best ones to
do this with our products and services
that you actually use as an example in
making these YouTube videos if I was
using a specific phone or camera or
microphone or gear I could say hey I use
this gear myself this is what I use on a
regular basis for you guys if you want
to start your own YouTube channel and
you want to use the same gear go check
out this link on Amazon and anytime I
would do that I would take a cut I get a
commission for making that sale I’m not
a huge fan of affiliate programs I don’t
need it I don’t use it in my business
but it’s a great way to be able to add
extra streams of income without having
to do a whole lot of extra work because
it fits in nice and this is always the
key it fits in nicely with your current
business if you’re trying to do
affiliate marketing is totally different
than what you’re currently selling to
you your customers in this business line
and then you have another competent here
or another company in here and you’ve
got all these different mini businesses
that’s really hard because you’re never
actually focusing on one company and you
you end up doing everything in a really
mediocre way and so the best way to do
this is to have one core business one
core focus of what you’re trying to do
and then all of this can plug in so by
making youtube videos I use these
products here you go boom I could do it
in the dance world right here are the
dangers that I use if you want to go buy
the same dance shoes then here you go
and I end up getting a cut potentially
from that it’s easy because you don’t
have to worry about manufacturing you
don’t to worry about shipping you have
to worry about returns you have to worry
about customer service all you’re doing
is passing along the word to say I use
these guys they’re really good I think
you should too and you get a cut every
single time those deals happen the most
lucrative ones are one at some recurring
service and then you take an ongoing cut
so it’s not just a one-time sale but
it’s ongoing so email newsletters are an
example I use Aweber for my email
newsletters if I sent out a affiliate
code to you guys and say hey I use
Aweber I’ve been using for over a decade
you guys should use Aweber too here’s an
affiliate link if you clicked on that
and you sign up for
Weber anytime you made a payment which
is usually every month then I would get
a cut that’s part of their program it’s
like it’s a cut for life
not just a cut off the first time sale
and so if you want to take affiliate
marketing seriously you want to turn
that into something that can be you know
massively revenue genuine for you I
would be looking at once we get an
ongoing payment and not just the
one-time fee but more important than
that is make sure that you actually use
the product that you actually find it
valuable that you would recommend it to
your mother or your wife or your husband
or your kids to use because it is just
that helpful way number four to get
multiple streams of income is use your
assets a lot of times in businesses and
just as people we have assets that are
not being news that are just sitting
around in personal life example do you
have a basement apartment that you could
rent out right here’s his assets just
sitting dormant do you have people who
are on your team who aren’t working to
full capacity and can you lease out some
of their time can they work you know on
a different project for a different
company if you have a graphic designer
as an example who’s not it’s not busy
enough for you who’s only working half
time but you could pay them full time
and then you could outsource their
services to somebody else and take a
commission take a cut make some money
off of it
look at time on your if you have actual
tools if you have plants if you have
processing is it being used to its full
capacity chances are your assets are not
and so look at your balance sheet right
look at all the assets that you have
there and see are these assets being
used to its full potential and if not is
there an easy way from you able to sell
it lease it you’ll use that extra time
on it so that you’re making income
coming in as well what you don’t want to
have is a bunch of dormant assets that
are sitting there depreciating every
single year for you instead you want to
generate a return on investment every
single year
[Music]
we’re number five to get multiple
streams of income is to partner up find
somebody who has a complementary product
compliment skills company service where
you don’t have to be involved in the
day-to-day but you can lend some of your
advice some of your experience on your
time some of your customer base to help
build that business up again you’re
trying to find something that is highly
complementary to what you are already
doing and instead of just doing an
affiliate deal where you’re selling you
know a phone or microphone you’re
selling something much higher leverage
higher skill higher value higher dollar
and so you’re using your connections
your introductions your network whatever
you have an experience in but the other
person is doing most of the work the
other person is actually building a
product the other person is actually
doing the servicing and you’re getting a
cut for bringing in the business and so
it works when you have a customer base
that has other products and service that
they want that you don’t want to go off
and create yourself right you know this
is the main for this but you don’t want
to create it so if I look at me as an
example in the education system I want
to improve the education system I think
I think we need to I think there’s not
enough entrepreneurship being taught
being promoted I don’t think it’s enough
self-awareness being taught and promoted
but I’m not the guy to do it by myself I
don’t have enough of a passion in
education to understand and work my way
through all the loopholes and figure out
that direction right and navigate
through those waters I could if I really
wanted to but that’s not how I want to
spend my time I don’t think it’s the
best use of my time and so I want to
partner up with that person I want to
partner up with a person who understands
the education system who knows how to
make the introductions who knows how to
get curriculum past and I can help
provide the content I can help provide
the resources again it’s really aligned
with what I’m already doing I’m taking
what I’m great at and being able to
bring it to a new market and partner up
with that person who can then go out and
help execute it and all I have to do is
what I’m already naturally good at and
so finding those kinds of partnerships
finding those kinds of opportunities
where you are bringing what you are best
at and already doing and you’re
complimenting yourself with people with
resources with execution who can go out
and actually do most of the work is
super valuable another great way to
build your business
[Music]
way number six is to be an intermediary
an intermedia is somebody who basically
just brokers deals you’re just setting
up an introduction and so my last point
I was talking about partnering up this
is where you are actually an owner in a
new business right you’re starting that
new venture you on a percentage your
partner owns a percentage and you’re
attacking the market together in this
model you’re not actually owning any
part of a new business you are just
helping facilitate deals so this is what
I did after I sold my first company I
join up with a venture capital firm and
we were intermediaries so what we did
was I was trying to find deals I was
trying to find companies who needed to
raise capital and we would bring the
venture capital funds we were bring them
to government back funds we basically
find different funding sources in Canada
in the US and every time we did it we
would take a cut and so if it was a
really simple debt raise we might take
1% 2% of all the proceeds it would go
all the way up to 8 10% for equity
because equity is a lot more difficult
and challenging to raise any time we
made a deal we would earn a commission
and so it’s kind of like an affiliate
program but suped-up right you’re
looking at much higher end stuff and so
I’ll be looking at who are the top
customers that you have who are the
people who are spending the most amount
of money with you and what are their
problems and how can you create a
solution to their problem by connecting
them to other influential people who can
actually solve that problem and so being
the intermediary it can’t be another
great way to be able to bring more
business in to your company but again
again again again the reminder make sure
you’re doing it within that narrow scope
of something that you really understand
and you’re not spreading yourself too
thin
[Music]
and the number seven way to get multiple
streams of income is to invest and here
you could be investing into public
markets you’re invested into the stock
market you might be invested in the
bonds you’re investing into real estate
you could be investing as an angel in
two different companies the thing here
though that I’d really recommend is make
sure that you are doing your homework
that you really understand what you’re
doing before you get into it if you
don’t know anything if you want to
invest in a stock market and you don’t
know anything the best thing to do is
just buy an index traded fund it
basically spots the index so as the
index goes up as the stock market goes
up you go up as it goes down you go down
but net it’s gonna go up right with
history you may have a couple of years
if it going down but net it’s gonna go
up you don’t have to ever pay attention
to it you just keep putting your money
into the index fund and as the stock
market goes up it goes up you could go
with a manager but any time you go with
a mutual fund that’s been managed or you
go with a financial advisor date taking
a piece of everything that is part of
your portfolio and typically they take a
piece even if you didn’t make money so
even if you lost money that year they’re
still taking a percentage of what’s in
your portfolio so you’ve lost money on
the market based off of their advice and
they’re still taking the Commission for
giving you that crap is that’s how
broken the financial system is and it’s
mostly cuz people are they don’t know
they’re afraid they don’t have the
information they feel like a
professional can handle it better and so
they’re losing money because of it
mutual funds on the average do not beat
the market over a historical period of
time and so your best bet is to go
indicate it fund if you have some money
that you want to play with there’s a
stock you want to put money into you
want to take your shot at Bitcoin or
crypto go for it just make sure that one
again you kind of know what you’re doing
into if you don’t then it’s play money
you know like if it doesn’t work out
then it doesn’t work out and you’re okay
with that it’s like going the casino
it might work you can come home tripling
your money or you could come home having
lost everything and chances are you’re
probably gonna lose it more often than
triple your money so investing is a
great way to get multiple streams of
income especially if it’s a dividend
yielding portfolio but again make sure
you know what you’re doing before you
get in it
so those are my seven tips on how to get
multiple streams of income for your life
and your business the caveat or the
bonus that I would add is I keep
thinking about Andrew Carnegie who was
the richest man in America who Carnegie
Hall is named after and he had a really
famous quote that I resonate strongly
with is put all your eggs in one basket
and then watch that basket so when
people say don’t put all your eggs in
one basket you got to diversify you guys
diversify I got to diversify what is it
happening so awful when you try to
diversify too much is you you become a
master at nothing and so if you’re
looking from a stock portfolio
perspective it’s great to diversify
because if you don’t know what you’re
investing into it’s good to have
multiple investments that’s why buying
the index is so powerful because you’re
buying into basically every single stock
if you put all your money into Bank of
America and Bank of America goes down
and you have no control or no saying
what happens at Bank of America then
that’s a really dangerous position to be
in if you’re an entrepreneur though if
you try to diversify too much if you try
to startup ten different companies
chances are all of them are gonna suck
and so I would much prefer to be the
expert to be the person who knows as
much as possible in industry put all my
eggs in that basket and then watch that
basket like Andrew Carnegie said you
know what’s happening you know where the
trends are going you know how you can
make an impact that’s where you can
really spot the growth opportunities if
you really know an industry better than
somebody else and you can see where it’s
going that gives you the white space to
get there first that gives you the
ability to be the Conqueror to win the
people were the ones who often win are
not the ones doing a part time they’re
not the ones who have a hundred
different businesses and all of them
suck like those aren’t the ones who win
the people who win are the ones who are
the best at what they do
and they know the industry better than
everybody else and they continue to
learn and get better and so the idea of
multiple streams of income is super
attractive to a lot of people and I
think a lot of people think is just
passive income that is easy to get I
would strongly strongly strongly
encourage you to pay attention to the
opportunity cost that by trying to do a
hundred things at once you’re really
doing nothing well and your goal should
be to have an impact and if your goal is
to touch a lot of lives and make a lot
money look at the people who have done
it right model success typically it’s
not the people who are launching
hundreds of companies did it a one at a
time one at a time brick by brick super
boring
super fucking super boy but it’s tried
its tested its true and I hope you’ll
take all the advice and apply to your
situation so thanks guys for watching I
would love to know which of the seven
ways to let the biggest mark on you you
learned the most from did I miss an
eight nine ten that you want to add to
the list leave it down comments below
really curious to find out thank you
guys so much for watching I believe in
you I hope you continue to believe in
yourself and whatever your one where it
is much love I’ll see you soon
raise your standard Apple at the core
its core value is that people passion
and not one drop of my self-worth
depends on Europe that’s something
cement I don’t ever give up I’d have to
be dead or completely incapacitated hey
believe nation if you want to see my
all-time favorite top ten most a success
I have a very special secret video for
you these are the individual clips that
I have personally learned the most from
and applied to my life and my business
check the link in description for details