June 13, 2024

Tricia Oak

Business & Finance Excellency

How this 29-year-previous turned his facet hustle into a $1.5 million small business

In 2014, I was new out of higher education and imagined I had my lifetime all planned out: Go to health care college, get a 6-figure work as a health practitioner, and make my parents happy.

None of that worked out. I recognized I hated blood and needles, and acquired rejected from far more than 15 clinical educational institutions. My mothers and fathers weren’t so joyful.

From 2014 to 2019, I took on tutoring side hustles, did some modeling gigs, began a drop transport small business, and even worked as a actual estate agent. But practically nothing was dependable in earning me a regular money stream.

Immediately after numerous business tries, I ultimately discovered a thing that labored: Submitting monetary assistance on YouTube, Instagram and TikTok. In 2021, my articles generation company brought in $1.5 million in revenue — and my mom stopped sending me position listings.

How I built a $1.5 million-for every-12 months business

In 2021, Chang’s company introduced in $1.5 million in gross profits.

Photograph: Charlie Chang

My 1st couple of movies received all over a dozen sights every single, half of which were from my mom. I was even now earning most of my dollars through odd careers and aspect hustles.

But in April 2020, about a thirty day period just after Covid-19 was declared a pandemic, I found a spike in fascination close to stimulus-linked articles. That month, I posted 20 YouTube videos about the stimulus and reduction attempts. One particular of my films went viral — earning me $10,078 in advertisement profits and 30,300 subscribers.

In May possibly, I posted 19 video clips and made $15,791 in advertisement earnings. And in June, I landed my 1st sponsorship deal with Foundr, an on line education company they compensated me $250 to build a person TikTok publish.

I continued to experiment with unique sorts of video content material to see what was most efficient in rising my audience and attracting desire from models.

By November, soon after securing an additional partnership deal and achieving all over 200,000 subscribers, I resolved to launch my to start with on the internet course educating individuals how to start out their possess effective YouTube channels.

In 2021, I additional affiliate advertising to my money streams. I designed $86,000 in January, then scaled to an regular of $150,000 for every thirty day period in 2021.

How to make a number of earnings streams

Today, I have around 650,000 YouTube followers. So far this calendar year, I’ve produced about $197,700 for each thirty day period by using 5 revenue streams — various of which create passive profits. At one particular place, I designed $245,000 in a month.

What I really like about the small business I have constructed is that I can choose when and exactly where to do the job. Some days I’ll function zero several hours, and other times I’ll set in 12 hours. On typical, I perform 35 hrs per week.

Here’s how I designed each individual of my money streams:

1. Affiliate promoting: 40% of every month revenue

With affiliate advertising and marketing, I gain fee for marketing one more brand’s product or service or solutions. I post affiliate hyperlinks in the descriptions of my YouTube films and on my website, then get compensated each and every time somebody is directed to a brand’s item website page or will make a obtain.

To make passive income as a result of affiliate internet marketing, you need to include things like hyperlinks on focused content material in a area of interest that folks are hunting for. This can lead to clicks for months, even long after you have posted. For instance, I connection to captions based on common lookup phrases, which I uncover working with the Google Traits software.

I get most of my affiliate bargains by partnership administration platforms like Influence Radius, Partnerstack and Share-A-Sale. Creators with any viewers dimensions can use these web-sites to come across and be part of affiliate url courses.

2. Model sponsorships: 25% of regular profits

With manufacturer sponsorships, providers fundamentally fork out me to point out them in a single of my videos or on my website.

Brand names commonly access out to me by using the e-mail deal with on my YouTube profile, but I also perform with agencies like Spacestation to safe extra sponsorships.

Acquiring a market assisted me grow a faithful and authentic audience, which has been very important to my achievement. I answered Covid-related finance issues that no just one else was addressing. Then I took the concepts with the greatest viewers engagement and ran with them.

“What I enjoy about the enterprise I’ve created is that the cash I make is not straight tied to my time,” claims Chang. “I can select when and where by I want to work.”

Uncover your possess area of interest by inquiring: What is a distinct problem that I can clear up with my story and exclusive expertise? Recognize the ins-and-outs of your viewers, like their age, place and basic pursuits. Through the negotiation procedure, remind manufacturers why that audience is worthwhile to them.

3. YouTube adverts: 25% of month-to-month money

I make an additional quarter of my earnings from YouTube Adsense adverts that show up right before or through my YouTube films.

To sign up for this plan, you will have to have at minimum 1,000 subscribers and 4,000 hours of enjoy time in the final 12 months. At the time you are part of the software, it really is vital to post regularly and generate films primarily based on what your viewers responds well to.

4. On the web system income: <5% of monthly income

My “6-Figure YouTube Academy” and “Personal Brand Masterclass” courses are both hosted on Kajabi. These courses took months of planning, research, filming and editing.

For YouTube Academy, I outlined what I was going to teach in each video using Notion, an online workspace organization tool, then created slides to play during each video on Keynote. It took me a week to film more than a hundred videos, which I edited myself using Final Cut Pro X.

From there, I organized my videos on Kajabi and started to market the course on YouTube, TikTok and Instagram. I don’t spend any money on advertisement.

5. Coaching: <5% of monthly income

I meet with clients one-on-one to consult on how to make their businesses more successful. This is a great way to connect with my audience and get to know them on an individual level.

My coaching sessions are done via Zoom, which allows me to meet with anyone from anywhere across the world. I charge $500 per 60-minute session.

Recently, I started building StartupWise, a resource platform for new businesses and entrepreneurs. I’m also working on a company called Side Hustle Mastery, and its complementary newsletter called Hustle Club.

Charlie Chang is a content creator and serial entrepreneur whose mission is to educate people on personal finance and entrepreneurship. He is a UCLA graduate and founder of StartupWise. Follow him on Instagram and YouTube.

Don’t miss: