Creator breaks down his 6-figure income | Terry Rice

- Hey, my name is Terry Rice. I'm a biz dev consultant, and here's how I make money. So the first is my podcast, which is not bringing in a lot of money. It's bringing me around 5% of my revenue. But the cool thing is that builds my brand and gives me access to a lot of smart people who can help me make more money. So as a result of the podcast, I often get speaking engagements, and that's around 30% of my revenue. Cool thing about speaking, you can use the same content over and over again. You get better and better every time, and you get paid very well for it. But the cool thing is, while you're speaking, you're often speaking to your target audience and they might hire you as a result, so you're getting paid to prospect, which is really awesome, and that leads to me getting consulting clients. That's about 30% of my revenue as well. And I've streamlined that in a way where I'm not working with someone for like, you know, months and months anymore. What I like to do is VIP days where instead of me saying, "Okay, within three months you're gonna change your life," "Let's just do it Friday." And the result's been amazing because I can deliver a transformation rather quickly. And if you need a tune up or an accountability partner, I'm still available, but you're not waiting months and months and months to get the outcome you're looking for. Also, I'm a paid content creator, and it takes many forms. It can be something simple like me creating a quick reel on Instagram or creating an online course for an organization. And I like that because I can help people that I'll never meet because this organization is distributing my content on their behalf, right? And the last part is affiliate revenue, which is great. I mean, I can talk about all the products and tools I use. If someone clicks through on my link and makes a purchase, I get a small percentage. I want to increase that more as my kids are getting older because I have four kids and I have to help them do their homework. And apparently, math is a lot harder in second grade than it used to be, so the more passive income I'm making going forward, the more time I'll have to do homework, so I'm looking forward to growing that revenue stream more. So in regards to money, there's two things I wish that I knew sooner. One is, I wish I read "Rich Dad, Poor Dad" when I was in high school instead of like "Romeo and Juliet," because I don't know what the key takeaway from that was. But "Rich Dad, Poor Dad" would've been transformational in regards to buying revenue-generating assets. But in the beginning of my creator journey, I wish I realized you need to charge more. And I think as a creators, often we feel like, "Oh, this is like a hobby or something." Or it's like, you know, "Anyone can do this." But you are a creator. You're a valuable individual. And realize that a lot of large companies have in-house creative teams. Those guys are getting, you know, 200, $300,000 a year to do the same stuff you are, so why are you afraid to charge two or 300 bucks, right? So, I wish I had charged more money and found the people who actually truly valued me, instead they like the tire kickers and the people who are like bottom feeders. Because the value of your knowledge is contextual. And if you wanna make more money, you just have to change the context. So the person that you're talking to, the organizations you're working with, that changes the context and you can make a lot more money.

Channel: ConvertKit

Views: 959

Keywords: automation, best email marketing platform, business, career, challenge, convertkit, create, creative, creativity, creator, earn, email, email list, email marketing, grow, i am a creator, inspiration, marketing, newsletter, writer, writing, entrepreneurship, digital, overcoming, inspirational, empowerment, success, content, Terry rice, entrepreneur, magazine, personal development, adversity, corporate, teaching, consulting, coaching, motivation, impact, online, course, consultant, income, breakdown, explained, expenses, money

Id: fnMKCETsXX8

Length: 2min 48sec (168 seconds)

Published: Fri Mar 15 2024