Create a New Income Stream NOW- What We’re Doing (with Katie Ferro): Episode 292

On this episode, I'm sharing an interview I did on Katie Ferro's podcast, Profits + Prosecco! We talk all about creating a new income stream, and how to get started to start seeing profits from a whole new source of income! 

*This post may contain affiliate links, which means I may receive a small commission, at no cost to you, if you make a purchase through a link on this blog. I would never recommend a product I don’t use or love myself!

Takeaways

  • We had -$400 in my checking account and I started network marketing. I thought to myself if they can do it I can do it too. I failed a LOT but kept working at it. We went from food stamps to 6 figures in 2 years. But then the company restructured, and my income was cut in half. This is when I realized, even though I was an entrepreneur, I was still working for that company, and whatever changes they made would effect me. So I knew I wanted to start my own business.
  • I hired a business coach, and found out my skill was Pinterest. I realized most people didn’t know how to use this skill. So I created courses and programs around this, and it launched She’s Making an Impact.
  • Anyone that you see that is successful started at ground 0 too. Success doesn’t just happen. It’s 100% about drive and pushing yourself out of your comfort zone. Knowing that you can succeed is thee first step.
  • How you do one thing is how you do anything. Show up powerfully.
  • I think a lot of times people get stuck in their own way- fear of failure, fear of spending money on their business, fear of taking risks. But this can be learned. The more mindset work you do, the more you can fast track this. But taking those steps of growth is the most important part.
  • Ask yourself, “how can I afford it?” When I was trying to invest in my business, here are some of the things I did:
    • Sold furniture we didn’t need.
    • Got a cheaper car.
    • Selling jewelry at pawn shops.
    • Sold our X-box
  • When you make an investment that is scary, you show up differently. That scary investment is what brought us to 6 figures in our business. I showed up every dang day and did everything my coach said. Make investments, and show up for yourself, and your growth is inevitable.
  • Because of the growth and success of this business, we’ve been able to start a nonprofit, employ so many people in Africa, and invest in communities in Senegal to help those communities.
  • Income streams:
    • Network marketing.
    • Evergreen webinars.
    • Course revenue.
    • Coaching.
    • Affiliate marketing.
    • Taking profits and reinvesting.
  • My schedule allows me to take time for my family. I take off Fridays-Sunday. Monday’s are super chill, just focusing on what I need to get done for the week. Tuesday-Thursday I work 11-3, ready for calls and getting stuff done. But I’ve built my business around my life.
  • Remember: Your business exists to support your life. If your business becomes your everything, it’s taking over your life. Katie says that it’s okay if this happens in seasons, if you’re working towards your goal. But if you’re working 24/7 you will burn out. Create boundaries, and build your business around your life, don’t build your life around your business.
  • When you decide to work less, you can be creative with your time and work even more efficiently!
  • Give even when you can’t. Give knowing that the money is going to come. Years ago, the day my husband lost his job, I went and sponsored a baby at compassion international. Tony Robbins says if you won’t give a dime out of a dollar, you won’t give a million out of 10 million. Your life isn’t going to become less complicated. Start with what you have, and give anyway.

Highlights

  • (1:30) An intro to Katie Ferro and how we met.
  • (2:37) A little more about me, and how I became an “accidental entrepreneur”
  • (5:38) Katie’s story: how she got started working with me.
  • (6:30) How Pinterest is able to gain leads leads later.
  • (8:18) Success can be for everyone!
  • (10:45) Our approaches to failure.
  • (11:53) How many people I’ve coached.
  • (13:02) The ability to fail forward can be learned.
  • (14:27) Sacrifices I made in the beginning to be able to afford investing in my business.
  • (17:55) My goals then, vs. now.
  • (19:03) Where my son has traveled by age 8.
  • (20:31) How this business has allowed us to make a bigger impact on the world.
  • (25:06) Activate is business in a box!
  • (25:44) Income streams: what types of revenue streams I have set up.
  • (27:06) Where we invest profits to diversify and create other streams of income.
  • (28:30) What my schedule looks like.
  • (31:44) Remember: Your business exists to support your life.
  • (34:30) How Katie’s life changed because of the power of intention.
  • (40:03) Build your offer around the life you want. Working less often leads to being even more efficient.
  • (42:01) Block out your vacation days way in advance. Time off is crucial!
  • (43:10) The story of when we gave when we couldn’t…

Quotes

“If they can do it I can do it too”

“Anyone that you see that is successful started at ground 0 too”

“How you do one thing is how you do anything”

“I can’t afford it, but I can’t afford not too”

“The more money you make the bigger impact you can make on the world”

Resources

Connect with Katie Ferro:

Pinterest Webinar: freepinterestclass.com

Apply for Activate: rachelngom.com/activate

Nonprofit Website:

Globalmercyimpact.com

Watch Full Episode:

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Hey! I’m Rachel. I’m a former Big Ten volleyball player turned entrepreneur and professional cheese taster (kidding–but that would be a sweet job).

I’m a Pinterest strategist for female entrepreneurs who are sick of struggling on Facebook & Instagram and want to automate their traffic and get more leads on autopilot. I’ve used Pinterest to increase my blog traffic by 34,000/month…for free!

Obsessed with: adventure, champagne, chocolate, and yoga pants.

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Tony Robbins

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