Why Relying on One Paycheck Is Risky

Episode 230: Dorie Clark - How To Monetize Your Expertise & Create Multiple Income Streams

• Commonalities of leaders who sustain excellence:
  • They do what they say they're going to do -- Have integrity
  • They have a great ability to focus. They don't get distracted.
  • They have patience
• Principles:
  • Create multiple streams of income -- However, don't try to create them all at once. Patience. 1 or 2 at a time.
    • A steady progression. Add 1 or 2 per year.
    • Dorie has 8 income streams.
    • "If you're relying on one paycheck, from one employer, you may be courting disaster."
• Dorie was laid off on September 10, 2001 -- She received a 4 day severance package... A highly stressful time. "Never be reliant on just one employer"
• "Side hustles make you a better employee, it liberates you." -- "You can speak truth to power"
• Dorie's 8 Streams of Revenue:
  • Consulting
  • Executive Coaching
  • Writing Books
  • Teaching at Duke
  • Keynote Speeches
  • Online Courses
  • Affiliate Marketing
  • Mastermind Groups
• Dorie's online course "Become A Recognized Expert"
  • Create the content
  • Social Proof -- Credibility
  • Strong network -- To be recognize, need to be an expert and have others share the message
• We discussed the goals Dorie set from her first time on the show (2 years ago):
  • Double email list
  • Have a best selling book
  • Get a girlfriend
• The importance of joint ventures
• Why Dorie wants to become an Italian citizen
• "The thing that gives you courage is the market rate" -- "No one is a competitor"
• "When someone asks you your fee, find the number that makes you scared and then add 10%"
• Doing TEDx Switzerland
• How to build online courses:
  • Surveyed audience -- 1,200 responses
  • Pilot course at discounted rate ($500)
  • Final course ($2,000) -- Premium content, premium price
  • Total cost -- $1,200 (had 150 students paid in full)
  • Video module type courses are lower cost and not as much engagement
  • The $2,000 course has regular follow up and conversations with Dorie in addition to the video work. Interaction with others in a Facebook group chat as well. -- It has 40+ hours of content created for it... And webinars
  • Dorie Clark is a marketing strategy consultant, professional speaker, and frequent contributor to the Harvard Business Review. Recognized as a "branding expert" by the Associated Press, Fortune, and Inc. magazine, she is the author of Entrepreneurial You (Harvard Business Review Press,), Reinventing You, and Stand Out, which was named the #1 Leadership Book of 2015 by Inc. magazine and one of the Top 10 Business Books of the Year by Forbes. It was also a Washington Post bestseller.

    Clark, whom the New York Times described as an "expert at self-reinvention and helping others make changes in their lives," consults and speaks for a diverse range of clients, including Google, the World Bank, Microsoft, Morgan Stanley, the Ford Foundation, the Bill & Melinda Gates Foundation, and Yale University. At age 14, Clark entered Mary Baldwin College's Program for the Exceptionally Gifted. At 18, she graduated Phi Beta Kappa from Smith College, and two years later received a Master of Theological Studies from Harvard Divinity School.