Business coach, 40, who earns £15k a month working just 5 …[ad_1]
In our How I Make My Money series we aim to find out how people are earning their cash and making a living. This week we speak to Graham Cochrane, 40, an entrepreneur, business coach, author and speaker, who lives in Tampa Bay, Florida, with his family. Graham was made redundant during the heat of the global financial crash in 2009 and now runs his own business coaching company, which makes seven-figure sums every year. Passionate about passive income, Graham takes £15,723 from his business each month and works a five-hour week.
My monthly income: I regularly take £15,700 a month from my personal brand business coaching firm. The business makes a seven-figure sum every year. The money made from the business generally comes from my digital product sales and affiliate income. I sometimes pull more out of the business when required, for a one-time purchase or bigger trip, for instance.
My main household outgoings: Roughly £7,862 goes towards regular monthly expenses, including our mortgage, utility bills, groceries and insurance. We allocate £1,572 a month for travel expenses and set aside another £2,122 a month for our children’s school tuition. We also set aside around £3,930 per month for future events and potential purchases, like our retirement, college for the kids, gifts, car replacement and Christmas.
I grew up without knowing what it was like to have money and live comfortably. My parents were originally in the military, before moving into different jobs later on in life.
I started working and earning money from a young age. I started out cutting grass for a neighbour for a few dollars when I was 14, before working in a bagel bakery when I was 16, making £5.50 an hour. I then got a job at a video game retail store in a shopping mall, making £7.86 an hour. After college I worked at a jewellery store for £9.43 an hour and eventually got a job at a software company as an audio engineer making £11.79 an hour, plus benefits.
I lost my job as an audio engineer in 2009, right in the middle of the global financial crisis. By this point, I’d been making £1,572 a month, with promised commission. The company I was working for ran out of money four months into my job and I was let go. Money became a real worry for me. My wife and I had three months’ worth of savings in the bank, but we burned through that pretty quickly. We had to apply for food stamps and get government assistance for 18 months. My biggest fear was that I didn’t have many options when it came to employment, especially during a recession.
After losing my job in 2009 I started a business called The Recording Revolution, an online music business. It cost me £40 to set up. I purchased a domain and paid for web hosting. Over time, the business made seven-figure sums a year. I don’t run the company any more and I don’t take a salary from it, though I still own it.
In 2018, after stepping away from The Recording Revolution, I started a personal brand business coaching company. Before I’d started the business, I was already getting coaching requests and knew I wanted to create a powerful resource for other people who wanted to launch their own online business. I help people through my website, YouTube channel and podcast. I’ve also written a book called How To Get Paid For What You Know.
My business coaching company brings in seven-figure sums every year. The biggest annual profit the business has made was £1.26m. A lot of the money coming in comes from digital product sales and affiliate income.
The business outgoings are low compared to many other companies. I set it up so that it could serve my lifestyle. At present, I generally take £15,700 a month from the business, though this varies, and can be more if I need to make a one-off purchase or am taking a big trip somewhere.
I built my business coaching company to be fairly “automatic”. The secret is helpful and valuable content, which I post every week on YouTube. People find me there and want to learn more about me and what I do, so they join my email list. I share lots of free content and provide premium courses that can be purchased.
Passive income is key. I built my business to generate revenue as passively as possible, because it enables me to spend my time freely. Without passive income from my business, I would not be able to live the life I have now. I think far too many people focus on how much money they can make without ever thinking about how much of their time it will take to make that money. Time is more valuable than money.
I generally work five hours a week. I can do this by having a YouTube channel and blog content in place. New people find my content and products every day with no effort. This allows me to spend five hours a week creating new content, interacting with my community and touching base with my team.
I’m motivated to make more money primarily because it means I will have more money to give away. Generosity is hugely important to me, and I think giving is the key to happiness. I do feel I have enough money now and don’t have a figure in mind of what I’d like to be earning.
Outside work, I love spending money on travel, including nice hotels and Airbnb’s, restaurants, experiences with my family, books and movies. I’ve reached just about all of my ambitions financially. However, one dream my wife and I have is owning a large retreat house on a beautiful estate where we can host workshops and weekend retreats for business owners and couples who want to explore living.
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