Podcast Builder Club
Podcast Builder Club

Episode 34 · 11 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 acubicle right now staring at a computer, not loving what you're doing, butit pays the bills and it's a safety net that keeps you from taking theleap and becoming a content creator, your dream of becoming a full time podcaster, a full time Youtuber, a full time twitch streamer, and this exercisethat we're going to go through today is going to give you a lot ofclarity. It might be scary because it might be something that you haven't donebefore, but I'm going to show you exactly how to figure out when youcan become a full time content creator and how to replace Your income from YourDay job in order to do that. So the first thing that we're goingto do together is we need to create the overall budget. If you haven'tdone this 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 is comingin. I think a lot of people out there are leveraging credit cards andthey're massing debt that is unnecessary. Credit cards want you to spend money,they want you to make the minimum payment so they can continually charge you intereston those purchases. And if you're buying things on credit cards and not payingyour full statement balance, you're paying way more for the things that you've purchasedthen you would if you pay in cash. So one little pro tip here isif you have credit card debt or multiple cards with debt, try toconsolidate that debt and pay it down as soon as possible. And by havingthis budget, you'll know exactly how much extra money you have to spend onthings that you may be just swiping that credit card on and purchasing for yourself. So on this budget it can be as simple as a google sheet orexcel spreadsheet where you list out everything you're spending money on each month. I'mtalking about rent or your mortgage, your...

...car payment, car insurance, Internet, cell phone, how much money you're spending on groceries, Netflix, Hulu, Amazon prime, all those things that add up every month to create youroverall expense of what it costs you to live every single month. Now,this is going to be a challenge because you have to be honest with yourself. You have to say these are the things I'm spending money on, andthe number may exceed what you're making right now, which is why you're usingcredit cards. So it's a good thing to do just to see, hey, am I living within my means now? Once you've done that, we're goingto go ahead and try to remove as many things as possible. Ifyou want to become a full time content creator, sometimes you're going to haveto take a step back in order to move forward. So I want youto go through this list on your spreadsheet, make a copy of it and startto remove every thing that isn't essential for you to exist. When Ithink about what's essential for us to live,...

...we need a roof over our head, we need food, we're going to need probably transportation if it's required, and probably a cell phone and Internet. But things like your Amazon prime subscriptionor Netflix or your car wash membership and all these other little things addup to a sizeable amount of expenses each month and if you really want tomake a jump to become a full time content creator, you're going to haveto remove some of these expenses. So I want you to go through andcompletely remove those from that budget so you might be surprised on how much extrayou were spending that is actually not essential to you existing. There's wonderful thingslike Netflix and Hulu and all these APPs that we use, but you know, are they essential to you creating content? Are they essential to the dream ofactually going full time and making a living as a content creator? Andthere's probably a ton of things on that...

...list that you're now seeing that areadding up to a sizeable amount of money that you actually don't really need tospend every month. And so this is tough. But when we get downto bare bones, we see the actual number, that is our content creatorliving expenses. Okay, this is our new number, all right, andwhat we're going to do with that number is we're going to figure out exactlyhow to replace our day job or our income with multiple income streams so wecan become a full time content creator. Before we get to that, Ialso want to recommend that you consider anything on that list if you can downsize. I'm talking about if you have a Mercedes Benz Lee's or you have areally high car payment, or maybe you have a house that has a bunchof empty rooms in it you really don't need the space. Can you considerdownsizing in order to bring that number down. If you're a homeowner, you canrefinance. If you're renting, you...

...could potentially negotiate a new lease.But I want you to think about the things that maybe aren't essential. Iknow that a lot of people get a high car payment or maybe they geta 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 could potentiallydownsize in order to make that dream a reality. Now, speaking of negotiating, every single year I look at my expenses and I figure out what canbe negotiated. I'm talking about Internet service providers, I'm talking about cell phones. You can call these companies up and simply tell them, Hey, Ithink I'm going to cancel my payments, I think I'm going to cancel myservice with you. What's going to happen is they'll probably tell you there's afee to cancel, and all you need to say is, okay, Ijust really think I'm going to go somewhere else. They're going to then elevateyou to another service rep who's going to actually make you a new offer.If you stay, I can actually reduce your rate to x. If youstay, I can put you on this...

...new program that we have and reduceyour costs on those. So take a look at the things that are lefton your content creator living expense and just call those companies and see if youcan negotiate a new rate. So, congratulations, you figured out exactly whatyou need to make in order to become a full time content creator. Becominga full time content creator in the beginning isn't going to allow you to havea frivolous lifestyle. You may have to stop eating out, stop going tostarbucks at first, but as you start to make more money, you canadd those things back into your expenses and by taking that all out, you'reable to see the true number of what it would actually take for you tobecome a full time content creator. So, now that we have this number,what I want to you to do is think about the ways you couldreplace that income as a content creator. And one thing I really want tomake sure that you understand is that we don't want to put all of oureggs in one basket. What I mean...

...is, if you're a podcaster andyour number is, say, twozero, what we don't want to do ishave one sponsor giving us twozero a month in order to cover our expenses.The reason we don't want to do that is because once that sponsor decides topull out or cancel, we are going to be left in the dust withno income. The strategy here is going to be building up multiple streams ofincome as a content creator. Now let's do some examples. So let's sayyour number is I need twozero a month to exist as a content creator.We want to find as many different ways that we can replace that, soif one of them disappears, we can easily replace it with another. So, for instance, I'm going to use Amazon affiliates to promote products and servicesthat I use, and let's just say that that number adds up to betwo hundred dollars a month. That's going to leave me with eighteen hundred dollarsthat I need to fulfill as a content...

...creator. I'm going to reach outto a couple different people to sponsor my podcast, and let's just go aheadand say that that gives us six hundred dollars of income from sponsorship or beingan affiliate of a product. So now we're at eight hundred dollars income forour content creation. I'm also going to go ahead and make, let's say, a membership for my listeners where they can get extra content or exclusive content, and I'm going to set a goal of getting twenty subscribers at five dollarsa month to create an additional hundred dollars of revenue for me as a contentcreator. There's nine hundred dollars of income that we've replaced in order to becomea full time content creator. Now I'm also going to potentially start to leveragemy skills as a content creator and consult so so I'm going to offer myservices or my expertise to other content creators through consulting packages and I course.So I'm going to build a course on...

...a free platform and sell it fora hundred dollars and hopefully I can sell make a goal of selling five amonth, and that's another five hundred dollars in the bucket for our content creatorlifestyle. So we're up to fourteen hundred dollars, which leaves six hundred dollarsleft. I think you get the idea here. There's Youtube ads. Thatwill add up. There are affiliate marketing programs. That will add up.So another part of this exercise can simply be multiplying your content creator expenses byby twelve. Let's say it's two thousand. We're going to get to twenty fourthouars a year, and if I just divide that by one thousand,that is twenty four dollars times of thousand people. If you can get ahundred, it becomes two hundred and forty dollars, and you can break thatout into a way where you can set a manageable goal to hit in orderto become a content creator. What I want you to understand is that becominga full time content creator isn't going to...

...be a dream. Once you havethis number, once you actually have a goal to hit, you can createa plan in order to get there. But if you're just sitting in frontof your computer wishing and hoping that you're going to become a full time contentcreator, it's probably not going to happen. You're going to need to have thisbudget, 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 wantyou to become a content creator full time. responsibly. I'm not a big fanof just quitting your job and hoping that content creation works out. Youneed to know the number, you need to have a plan and once youhave that, you can work towards that in order to be able to quityour day job once you figure out how to do it on the side.Wake up early, stay up late, work through lunch. Build it upslowly to once you've replaced that number, you can walk into your boss's officeputting your two weeks notice and know that...

...all your expenses will be covered,know that there will be a roof over your head and a car to drivein the driveway, and you'll be able to do it without the stress ofhaving to figure out how you'll survive each month. So I hope this wasbeneficial to you. Let's just recap what we need to do in order tobecome a full time content creator. Number one is actually just right out ourcurrent budget of expenses. Number two is to remove the fluff, remove theWaiste, remove the things that we absolutely don't need to survive. Number threeis going to be to negotiate on the things we can, like our Internetservice provider and cell phones. Number four is to potentially downsize if we can. Do I need that expensive Mercedes Ben's lease. No, I need acar that can get me from point a to point be safely and that canreduce your overall expenses. You are going to potentially have to take a stepback in order to take a step forward. Now, once we've done that,we have our content creator living expense.

This is the number we need tohit every single month to survive and be able to live the life ofour dreams. Of course, as we make more money, will be ableto add back in those little bells and whistles that we have that we lovein our lives. But if we really want to make this reality, wehave to start bare bones and then, once you have that content creator number, you can start to figure out a plan of multiple streams of income inorder to replace that. Remember, we don't want to put all our eggsin one basket. We don't just want one thing to potentially go away andbe a disaster for us. We want to build up a bunch of smallchunks that are going to be easily replaceable if, for some reason they endup going away. Having to replace two to four hundred dollars of income everymonth. It's going to be much easier than having to replace two thousand dollarsright away. So I hope this video was helpful. If you enjoyed it, please consider subscribing. Hit that little bell so you know when I releasenew videos. And I'm really excited for you because I think you're going tohave clarity now on what your life actually...

...costs and what your life will actuallycost if you really want to make the leap to becoming a full time contentcreator.

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