Podcast Builder Club
Podcast Builder Club

Episode 34 · 8 months ago

How to Become a Full Time Content Creator

ABOUT THIS EPISODE

Do you find yourself sitting at your desk dreaming of being a Podcaster or Youtuber full time, but feel like you can’t quit your day job? Taking the leap into content creation as a full-time job can be a scary process. That’s why today, we’re going to do an exercise that will walk you through a specific process that will help you figure out what you need to do to replace your current income with income from content creation. That way, you walk toward your dream with a specific plan and be able to quit your job when you’re ready.

In this episode, Travis talks about:

  • The importance of creating an overall budget for your daily life, and how to do it.
  • How consolidating and eliminating credit card debt will save you a ton of money in the long run.
  • How to take a hard, honest look at your spending and remove the non-essentials that are putting you over budget.
  • Specific ways to replace necessary income from content creation and examples of how to develop multiple income streams.
  • How to go forward with a plan, building up your business gradually.

Memorable Quotes

“Are [extra expenses] essential to you creating content? Are they essential to the dream of actually going full time and making a living as a content creator?

“The strategy here is going to be building up multiple streams of income as a content creator.”

Links to Resources

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So you may be sitting in a cubicleright now staring at a computer, not loving what you're doing, but it paysthe bills and it's a safety net that keeps you from taking the leap andbecoming a content creator, your dream of becoming a fulltime podcast or afulltime Youtuber, a fulltime twitch streamer, and this exercise that we'regoing to go through today is going to give you a lot of clarity. It might bescary because it might be something that you haven't done before, but I'mgoing to show you exactly how to figure out when you can become a full timecontent creator and how to replace Your income from Your Day job. In order todo that, so the first thing that we're going todo together is we need to create the overall budget. If you haven't donethis in your daily life, I highly recommend it regardless. If you'retrying to become a content creator, it's really great to be able to seeexactly how much your life cost you...

...every month versus how much money iscoming in. I think a lot of people out there are leveraging credit cards andthey're massing debt. That is unnecessary. Credit cards want you tospend money. They want you to make the minimum payment, so they cancontinually charge you interest on those purchases and, if you're buyingthings on credit cards and not paying your full statement, balance you're,paying way more for the things that you've purchased than you would, if youpaid in cash. So one little pro tip here is, if you have credit card debtor multiple cards, with dead, try to consolidate that debt and pay it downas soon as possible and by having this budget you'll know exactly how muchextra money you have to spend on things that you may be just wiping that creditcard on and purchasing for yourself. So on this budget, it can be as simple asa google sheet or excel spreadsheet, where you list out everything you'respending money on each month. I'm talking about rent or your mortgage,your car payment, car insurance,...

Internet cell phone, how much moneyyou're spending on groceries, Netflix, Hulu, aazon, prime, all those thingsthat add up. Every month to create your overall expense of what it cost you tolive every single month now this is going to be a challenge, because youhave to be honest with yourself. You have to say these are the things I'mspending money on and the number may exceed what you're making right now,which is why you're using credit cards. So it's a good thing to do just to seehey am I living within my means now once you've done, that we're going togo ahead and try to remove as many things as possible if you want tobecome a full time, content creator, sometimes you're, going to have to takea step back in order to move forward. So I want you to go through this liston your spreadsheet, make a copy of it and start to remove everything thatisn't essential for you to exist. When...

I think about what's essential for usto live, we need a roof over our head. We need food, we're going to needprobably transportation if it's required and probably a cell phone andInternet, but things like your Amazon, prime subscription or Netflix or yourcarwash membership, and all these other little things add up to a sizableamount of expenses each month and if you really want to make a jump tobecome a full time, content creator you're going to have to remove some ofthese expenses. So I want you to go through and completely remove thosefrom that budget. So you might be surprised on how much extra you erespending that is actually not essential to you existing there's, wonderfulthings like Netflix and Hulu, and all these APPs that we use. But you know,are they essential to you creating content? Are they essential to thedream of actually going full time and making a living as a content creatorand there's probably a ton of things on...

...that list that you're now seeing thatare adding up to a sizable amount of money that you actually don't reallyneed to spend every month? And so this is tough. But when we get down to bearbones, we see the actual number, that is our content creator living expenses.Okay, this is our new number all right, and what we're going to do with thatnumber is we're going to figure out exactly how to replace our day job orour income with multiple income streams, so we can become a full time contentcrator before we get to that. I also want to recommend that you consideranything on that list. If you can downsize I'm talking about, if you havea Mercedes benzleys or you have a really high car payment, or maybe youhave a house that has a bunch of empty rooms in it, you really don't need thespace. Can you consider downsizing in order to bring that number down? Ifyou're a homeowner you can refinance if...

...you're renting, you could potentiallynegotiate a new lease, but I want you to think about the things that maybearen't essential. I know that a lot of people get a high car payment or maybethey get a new car every two years which isn't going to serve you as acontent creator, and you want to figure out the things that you couldpotentially downsize in order to make that dream a reality. Now, speaking ofnegotiating every single year, I look at my expenses and I figure out whatcan be negotiated. I'm talking about Internet service providers, I'm talkingabout cell phones, you can call these companies up and simply tell them hey.I think I'm going to cancel by payments. I think I'm going to cancel my servicewith you. What's going to happen, is they'll probably tell you there's afeed o cancel and all you need to say is okay. I just really think I'm goingto go somewhere else, they're going to then elevate you to another service,wrep who's, going to actually make you a new offer. If you stay, I canactually reduce your rate to x. If you...

...stay, I can put you on this new programthat we have and reduce your cost on those. So take a look at the thingsthat are left on your content, creator, living expense and just call thosecompanies and see if you can negotiate a new rate. So congratulations! Youfigured out exactly what you need to make in order to become a full time.Content Creator becoming a full time. Content Creator in the beginning isn'tgoing to allow you to have a frivolous lifestyle. You may have to stop eatingout, stop going to starbucks at first, but, as you start to make more money,you can add those things back into your expenses and by taking that all outyou're able to see the true number of what it would actually take for you tobecome a full time, contrant creator. So now that we have this number, what Iwant t you to do is think about the ways you could replace that income as acontent. Creator, and one thing I really want to make sure that youunderstand- is that we don't want to...

...put all of our eggs in one basket. WhatI mean is if you're a podcaster- and your number is say two ousand dollars.What we don't want to do is have one sponsor, giving us two tusand dollars amonth in order to cover our expenses. The reason we don't want to do that isbecause, once that sponsor decides to pull out or cancel, we are going to beleft in the dust with no income. The strategy here is going to be buildingup multiple streams of income as a content creator. Now, let's do someexamples, so let's say your number is: I need two HSAND dollars a month toexist as a content creator. We want to find as many different ways that we canreplace that. So if one of them disappears, we can easily replace itwith another. So, for instance, I'm going to use Amazon affiliates topromote products and services that I use and let's just say that that numberadds up to be two hundred dollars a month. That's going to leave me witheighteen hundred dollars that I need to...

...fulfil as a content creator, I'm goingto reach out to a couple different people to sponsor my podcast and let'sjust go ahead and say that that gives us six hundred dollars of income fromsponsorship or a being in affiliate of a product. So now we're at eighthundred dollars income for our content creation. I'm also going to go aheadand make let's say a membership for my listeners where they can get extracontent or exclusive content, and I'm going to set a goal of getting twentysubscribers at five dollars a month to create an additional hundred dollars ofrevenue. For me as a content, creator, there's nine hundred dollars of incomethat we've replaced in order to become a full time content creator. Now, I'malso going to potentially start to leverage my skills as a content,creator and consult. So I'm going to offer my services or my expertise toother content creators through...

...consulting packages, and I course soI'm going to build a course on a free platform and sell it for a hundreddollars. And hopefully I can sell, make a goal of selling five a month andthat's another five hundred dollars in the bucket for our content, creator,lifestyle, so we're up to fourteen hundred dollars, which leaves sixhundred dollars left. I think you get the idea here. There's Youtube ads thatwill add up. There are affiliate marketing programs that will add up soanother part of this exercise can simply be multiplying your content.Creator expenses by by twelve, let's say it's two thousand dollars we'regoing to get to twenty four sand dollars a year, and if I just dividethat by one thousand, that is twenty four dollars times: Af thousand people,if you can get a hundred, it becomes two hundred and forty dollars, and youcan break that out into a way where you can set a manageable goal to hit inorder to become a content creator. What...

I want you to understand is thatbecoming a full time. Content Creator isn't going to be a dream. Once youhave this number, once you actually have a gold to hit, you can create aplan in order to get there, but if you're, just sitting in front of yourcomputer wishing ind hoping that you're going to become a full time contentcreator, it's probably not going to happen. You're going to need to havethis budget you're going to need to know your number and you're going toneed to have a plan in order to replace your income. Now I want you to become acontent creator. fulltime responsibly, I'm not a big fan of just quitting yourjob and hoping that content creation works out. You need to know the numberyou need to have a plan, and once you have that you can work towards that inorder to be able to quit your day job once you figure out how to do it. Onthe side, wake up early stay up, late work through lunch, build it up, slowly,to once, you've replaced that number. You can walk into your boss's office,putting your two weeks notice and know...

...that all your expenses will be coveredknow that there will be a roof over your head and a car to drive in thedriveway and you'll be able to do it without Dhi stress of having to figureout how you'll survive each month. So I hope this was beneficial to you. Let'sjust recap what we need to do in order to become a full time content creatornumber one is actually just write out. Our current budget of expenses numbertwo is to remove the fluff. Remove the waste, remove the things that weabsolutely don't need to survive. Number three is going to be tonegotiate on the things we can like our Internet service provider and cellphones. Number four is to potentially downsize. If we can do, I need thatexpensive, Mercedes bensleys. No, I need a car that can get me from point ato point B safely and that can reduce your overall expenses. You are going topotentially have to take a step back in order to take a step forward. Now, oncewe've done that we have our content...

...creator living expense. This is thenumber we need to hit every single month to survive and be able to livethe life of our dreams. Of course, as we make more, money will be able to addback in those little bells and whistles that we have that we love in our lives.But if we really want to make this reality, we have to start bare bonesand then once you have that content creator number, you can start to figureout a plan of multiple streams of income. In order to replace thatremember, we don't want to put all our EGS in one basket. We don't just wantone thing to potentially go away and be a disaster for us. We want to build upa bunch of small chunks that are going to be easily replacable if, for somereason they end up going away having to replace two to four hundred dollars ofincome every month is going to be much easier than having to replacetwohsanddollars right away. So I hope this video was helpful if you enjoyedit. Please consider subscribing hit that little bell. So you know when Irelease new videos and I'm really excited for you, because I think you'regoing to have clarity now on what your...

...life actually costs and what your lifewill actually cost. If you really want to make the leap to becoming a fulltime, content creator.

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