- Hey, it's Pat here.
In this video I'm going
to teach you how to earn
an additional $500 a
month in your business.
It doesn't matter where
you're at with your business,
if you're just getting started
or you want to add an additional income
to what you've already done,
whether it's on the side
or you're growing your full-time business,
it doesn't matter.
These are gonna teach
you what is possible.
And the reason this video is important
is because we're gonna get
into the math a little bit.
The math helps you determine what to do.
Now I'm not gonna tell
you how to do something
for like a quarter and
do it like 2,000 times,
but we'll start with a dollar.
Something you can do for a dollar
or sell for a dollar 500 times, right?
Because 500 times one is $500.
So one example are iPhone apps, right?
iPhone apps are very popular.
99 cents is a common price
point and you sell 500 of them,
you can have about $500 a month.
But you have to keep in mind also
that you're splitting the cost.
Essentially, Apple is taking 30% from you
if you're gonna be doing iPhone apps,
so that means you have
to do a little bit more
at the 99 cent level to get to that point.
Now I've actually built an
iPhone app business myself
with a partner of mine back
in 2009 and we did very well.
We almost grossed a
million dollars from that,
but we've since stopped that
because the app market is quite
huge now and very saturated
and it's very difficult,
especially with Apple
and all the other competitors out there,
to get found and cut through the noise.
But you can make it work, and
many people have proven this.
Where you can succeed with apps,
if you choose to go down that route,
is to get very niched with it.
So find a specific group of people.
These entertainment apps,
like these farting apps or whatever,
those don't work anymore.
You can get lucky, but
if you really want to
actually build a business out of this,
selecting a niche, building tools
and resources that they can use,
these apps that they can use
in their sort of daily life
or create habits or whatever,
that's how you can start
to gain some momentum there
and actually make these 99
cents apps work for you.
Another example that uses
a very similar kind of math
would be like producing ebooks
that you then sell on
Amazon for like 99 cents.
And very similar, Amazon takes
a cut of that, typically 30%,
and actually they take more
if it's between a certain price range.
So I think even at the 99 cents range,
you'd actually benefit more
by pricing it at $1.99,
in which case you'd
only have to sell half.
But again, how do you
get people to find them?
Well, iTunes and Apple and Amazon,
they have algorithms that can help you.
And really what matters is
how useful is that thing
or how great is that content.
That's how you get found,
that so you get shared,
and that's how you can do very well
by selling a lot of things
at a very cheap price,
but that may not be
the way you want to go.
Alright, so next up let's
talk about something
you could sell for perhaps
maybe around the $5 level.
Now obviously you could sell apps for $5,
you can sell ebooks for $5,
but let's talk about something else.
What about something like a template
or a worksheet or some sort of spreadsheet
that people can get
access to that helps them
in some way shape or form in their life.
So this is actually a lot
more common than you think.
There's a lot of niches out there
that do serve a lot of
people in that space
by selling worksheets and templates.
If you look up on Etsy
there's a number of them
related to parenting and productivity
and those kinds of things.
Sites like Teachers Pay Teachers,
teachers are creating their curriculums
and selling them to other teachers as well
and they're making money
as a result of that too.
Now five bucks would likely
be on the lower range
of selling things like that
and just think about it,
you'd need about a hundred people
every single month to get access to that.
But of course since you're
using these platforms,
you're likely going to share
a little bit of that profit
with those platforms and that's okay.
So you might need to sell
a little bit more than a hundred a month,
but if you can get to that point
or maybe you have that size audience
or you have connections with people
who have those kinds of audiences,
it can work out really well.
Alright, so let's move up now
to $20 per item that you're selling
and how many of those
would you need to sell
in order to get to $500 a month.
Well, 25 of them, right?
And this is something
I have experience with
because the first thing
I ever sold was a book,
an electronic book, an ebook,
on my website at GreenExamAcademy.com
and this was a book that
was not available on Amazon,
but it was a study guide, essentially.
A lot more information, a
lot more helpful for people
who are trying to pass
this particular exam.
I sold it for $19.95.
And at that price level,
as you can see, 25 people.
That's less than one a
day every single month
to get to that $500 level.
So things start to add up at this point.
As you can see, now we have less people
that we need to find, but we're
helping them in bigger ways.
Yes, an app or a little ebook on Amazon
could really help somebody,
but something that's a little bit more
related to the specific
problems that they might have
and something with perhaps some workbooks
and other worksheets and
things that they can do
to get some results,
that's something that you can command
a much higher price point for
and again, you wouldn't
need as many people
to get some big results.
And fun fact, I later raised
the price of that same book
and in that month I actually sold more.
So as the price goes higher,
there's higher perceived value
in what it is that you're offering,
at which point a person may
be even more comfortable
with paying for that thing.
Okay, so let's move up in price point now
to something that's maybe
around the $50 range.
So how many of those
would you need to sell
to get to $500 a month?
Well, 10 obviously.
When you break it down,
that's like three a week.
So what kinds of things
could you do at that level?
Well, you can create something
like a small online course
that really helps a person achieve
some sort of goal that they have.
So a little bit more valuable than a book,
in terms of how you help somebody,
a lot more valuable perceived there,
because there's likely
gonna be videos in it
or perhaps some quizzes or
even a certificate at the end
and this is very common through sites
like Udemy.com or Lynda.com.
Prices can range in those
different platforms,
depending on the price,
and you see courses that are
even more expensive than that.
But that's something you
can do that you just do once
and then you just have to worry about
having students understand
that this thing actually exists
and then you can start building that
and then of course you can build
more courses on top of that.
So maybe you only have to sell
one of each course every week
if you have three courses down the road.
So the math really starts
to work in your favor
at the higher price levels, obviously,
but it all comes with providing more value
and the kinds of things that you produce.
Now online courses can obviously
range in different prices
and I would absolutely
not undersell yourself,
which is a very common thing to do.
I mean, I have courses that
are in the $497 and $697 range.
Very premium courses
that walk people through
a very specific process
on how to do things
like podcasting or affiliate marketing,
but anyway we'll talk
more about that later.
Let's move up a level and
let's get to the $100 level.
What could you sell for $100
and how many would you need
to sell to get to $500?
Well, the obvious answer is five.
So what could you do at that $100 level?
What would make sense?
Well maybe you take the information
that you have in this course,
and instead of an online course
that people get access to,
maybe it's group coaching.
So you find people who want
to work directly with you.
You can answer their questions
and you do it in a group manner
where it's one to five, for example,
and you can have those people
continue to pay you every single month.
So you don't even have to find new clients
when you want to do that.
So this could be something like tutoring.
Maybe you do tutoring for something
or you teach music or
something like that online.
You can do that virtually
using tools like Zoom,
for example, where people
get access to a link
to then get direct access to you
and you can do that in a group fashion.
You can start to introduce some sort of
lower-level services at
this price point too.
So maybe, for example,
you have some web development expertise
and you have five people who
pay you every single month
just to get access to you
whenever they have questions
to help them with their website
as they come across bugs
and things like that.
A little bit of access in a group manner
or some services that you
can offer at this point too.
Five people a month?
$500.
So now let's make the
jump from $100 to $500.
Why? Because all those
things I just talked about,
you can obviously
increase the price point,
you can sell one course
for $500, for example,
you can have two clients who pay you $250
for some sort of service that you offer,
but let's talk about the
one client or one person
or one customer at $500 a month.
Kind of sounds cool,
where you can just find one
person every single month
or one person that can
pay you for 12 months
and that's all you have to worry about
for an extra $500 a month.
What could it be?
So perhaps this is a one-on-one situation.
You have one person who
pays you $500 a month
for some training, physical
training, for example,
or maybe you are there to help them
with their search engine optimization
or you become their go-to designer
to help them with whatever
images they might need
on their website or photography.
Maybe you just continually provide
some photography for this client of yours.
No matter what it is, one person,
what do they need help with?
Do you have a skill that they need?
They're likely gonna pay for that,
because they don't have the time,
they don't have the skillset
or the education that
you have about that thing
and you'd be surprised about
what people would pay for at that price.
Another example would be to find a company
that would pay you a $500 a
month retainer, for example,
for some sort of ongoing
service that you do.
It could be really anything.
Find a company, ask them
what they need help with,
and work out a deal.
It's actually a lot easier than you think
to find problems that you
could potentially solve.
Now coming up with a deal
and getting the courage to
actually go and do that,
that's the hardest part.
It really all starts up here.
So the money is out there.
There's no shortage of
opportunities for sure
and there's a lot of different
ways, as you can see,
to kind of move things up and down
in terms of how much something costs
and how many people you need in.
And, of course, over time you
might get even more people in
at even a higher price,
which be kind of cool,
but it's really up to you
to take those first steps
and take that action.
So hopefully you got some
motivation from this video
and the numbers make it
seem even friendlier to you,
because I know a lot of you
are just getting started
and you just have no idea
what's even possible.
Well again, like I said,
I've structured it in a way
so you can see the numbers
actually work in your favor.
So why don't you just get
started and make things happen?
Now what's really cool is,
since you're just getting started likely,
you are in the right place.
I teach people how to take what they know
and turn that into a business.
So make sure you subscribe to the channel
if you haven't already.
I'd love to know also below
which one of these examples
are you either doing already
or thinking of doing?
Which price range and person range
is most interesting to you?
And then finally, make sure
you click on the videos
either here or over here on
this side to get started,
because those are going to be
the most helpful videos for you right now.
So click on one of these videos next
and I'll see you in the next one.
Thanks again and Team Flynn for the win.
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