Once you've picked out your subject area, your niche, you've also got to think about what is the one main thing you're going to do to actually make money? What is the main thing you're going to sell? What is the primary revenue driver? Now you're going to hear from a lot of experts in the freelance space, public speaking training space, talk about you got to have multiple streams of income and certainly go on the internet. we're bombarded every day with all these people saying, oh, here's how to have multiple streams of income. Here's I have passive income.

I'll talk about some of those things. I don't mean to poopoo all of that. But let me paint a picture to different people and you tell me which one you think is better. The first hand I've got someone who speak sometimes gets thousands of dollars for an hour. Hand has products, books, videos, an online course different clients has multiple multiple streams of income. diversification.

Now there's a another person I want you to think of, as she just works in an office for a company for a firm only has one type of client doesn't get thousands of dollars every hour, doesn't sell books, doesn't have multiple streams of income doesn't have any passive income. doesn't travel around doesn't have clients coming from other countries. Which one sounds better? If you listen to all hype, that first person sounds so much better. multiple streams of income, thousands of dollars for an hour, sometimes passive income coming in from that person sounds a lot better. Let me tell you, who I'm thinking of when I describe that person.

I'm thinking of the average professional speaker. Now the elite group of that are relatively elite are members of the National Speakers Association. I can tell you when I first joined that organization, and not that recent, but it was in the 21st century, they did a survey of their members and what they found was the average professional speaker, may $28,000 a year and they're spinning their wheels with all these multiple streams of revenue. Now, this other person I was talking about this woman I was talking about, who's a lawyer. Guess what she does. She's a partner at the Wachtell liftin Law Firm.

Based in Manhattan. The average partner as of 2012, made $4.97 million a year. So 28,000 thousand dollars a year multiple streams of revenue $4.975 million of revenue, just one source of revenue. So my point is not that multiple streams of revenue are always bad or or passive income is bad, it's that it's far more important to figure out what is your dominant stream? What is your anchor stream? What is the one thing that if everything else went away, you'd still be okay.

I have found with most experts with most freelancers, even if they do 10 or 20 things. One thing that makes the cash register ring more than anything else, I can tell you in my own business, I sometimes charge for giving keynote speeches. I have 10s and 10s of thousands of students from 175 countries who take my courses online. I sometimes do training through live Skype video, I have written and sold half a dozen books. I have more than 100 courses online, I have many, many streams of revenue. But far and away the vast, vast majority of my revenue every year comes from one revenue driver.

It comes from one thing. It's organizations hiring me for a full day of doing one on one or small group training, either on public speaking skills, or media training skill, so if everything else went away, and I still did that, I'd be fine. If I could no longer get booked, just for these day long trainings. Well, it would be a very serious drop in my income and lifestyle. What I have seen so many friends Answers do is make the mistake of spinning their wheels. And oh, let me create an E book.

Oh, let me do this quick online. And they've never really established what their primary revenue driver was, before I ever spent any. And believe me, I've wasted a lot of time doing things that didn't make sense in my business. But one thing I did when I really got serious about my freelance business is I just eliminated all distractions and I spent all my time trying to sell one day of training because that's what people were willing to pay me the most for. If I could do even a few days of training, I could keep my head above water, pay my bills have enough to advance and go on. And I was making not 10% of what I am now but just a little bit more.

So it was a dramatically lower daily fee. But it was still enough. To make everything work so that's my challenge to you figure out what is the one thing people are willing to pay you the most for. And let's really nail that let's really get that consistent. Let's make sure we got all the money we need each month. Just from that one thing before we spent a lot of time on lots of other products services or the the all talked about important passive income