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HOW TO BECOME A MILLIONAIRE BY CREATING 7 STREAMS OF INCOME FROM ONE BUSINESS · Earn Your Leisure

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• 1:51
  Speaker 2: I always use the restaurant because that's a business that
• 1:55
  Speaker 2: people can relate to, right. A lot of people are
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  Speaker 2: passionate about cooking their good cooks, at least in their minds,
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  Speaker 2: and that's something that people want to start.
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  Speaker 3: Right. It's a very difficult business to be successful.
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  Speaker 2: It's very difficult to be a restaurant tour to be
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  Speaker 2: successful for a variety of different reasons, but one of
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  Speaker 2: the main reasons why it's difficult to be a restaurant
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  Speaker 2: owner is that restaurant business really is like a good
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  Speaker 2: microcosm of why businesses fail because it's high capital that
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  Speaker 2: you have to put out, right, Like when you open
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  Speaker 2: a restaurant, you have to you have to get a
• 2:35
  Speaker 2: retail space, right. You got to pay first in month,
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  Speaker 2: first and last month rent. You got to pay rent
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  Speaker 2: every single month. You got to bring industrial machines in
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  Speaker 2: to actually, you know, cook. You got to make sure
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  Speaker 2: that you have it sanitized, clean properly. You got to
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  Speaker 2: have chefs that come in and cook it, or if
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  Speaker 2: you're going to be the chef, then you got to
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  Speaker 2: cook and run the business. You got to have somebody
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  Speaker 2: that is knowledgeable as far as how to buy the food,
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  Speaker 2: get the food source it, a waiter, waitress. You gotta
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  Speaker 2: have electricity, you gotta put TVs in the restaurant. You
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  Speaker 2: gotta paint. There's a lot of money that you spend
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  Speaker 2: as a restaurant own it. The problem is that the
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  Speaker 2: amount of money that comes in usually is up and downs.
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  Speaker 2: It fluctuates, right, because nobody goes to a restaurant that
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  Speaker 2: same restaurant every single day. Right, I might go I
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  Speaker 2: might love that restaurant, and I might go there six
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  Speaker 2: times a year. My favorite restaurant I might go to
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  Speaker 2: six times a year. That's not a sustainable business model
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  Speaker 2: if you don't live in a place that has high
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  Speaker 2: foot traffic. Right, So what ends up happening is like
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  Speaker 2: and this is a good microcosm for all businesses because
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  Speaker 2: this is why a lot of businesses fail. Your expenses
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  Speaker 2: stay the same or they go up, but your income fluctuates.
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  Speaker 2: So now if your expenses are ten thousand dollars a month,
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  Speaker 2: but one month you're making fifteen, then for two months
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  Speaker 2: you're making seven, and then you make two thousand, then
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  Speaker 2: that's not sustainable. Right before you know it, you've run
• 4:02
  Speaker 2: out of your savings and you got to close the
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  Speaker 2: doors because you don't have.
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  Speaker 3: Enough money to actually run the business. Right.
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  Speaker 2: So, if I was getting into the restaurant business, I
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  Speaker 2: would start with the MVP, and I would start with
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  Speaker 2: something that's workable today without a high cost, even though
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  Speaker 2: this is a business that is a brick and mortar business.
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  Speaker 3: I would start with a ghost kitchen. Right.
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  Speaker 2: So if people aren't familiar with ghost kitchens, or they
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  Speaker 2: became very popular during COVID where you have cities like
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  Speaker 2: New York, Boston, you know, high traffic cities, right, and
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  Speaker 2: people started to really order Uber eats a lot. Now,
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  Speaker 2: the thing about uber eats is that unless you really
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  Speaker 2: know the restaurant that you're ordering from. There's two ways
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  Speaker 2: that you order uber eats. You order from a restaurant
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  Speaker 2: that you know and you patronage, or you're just hungry
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  Speaker 2: and you want Indian food and you just look to
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  Speaker 2: see what Indian food is available on uber eats.
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  Speaker 3: Right, that was all time.
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  Speaker 2: You don't necessarily know where. You don't know where that
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  Speaker 2: Indian food is coming from. You just look it looks good,
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  Speaker 2: you know it has a nice menu.
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  Speaker 3: Whatever. Now with the ghost kitchen, you can get an
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  Speaker 3: industrial kit You can rent industrial kitchen space, right, and.
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  Speaker 2: You have a restaurant. They come, they expect it, they
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  Speaker 2: make sure that it's clean. But it's not an actual restaurant.
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  Speaker 2: It's just a kitchen that you're cooking out of. But
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  Speaker 2: that's not important because now the cost of you renting
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  Speaker 2: that is a lot cheaper than you actually renting a restaurant, right,
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  Speaker 2: and you're making the food yourself. But what you're doing
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  Speaker 2: is that now you're developing. And you talk about promotion,
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  Speaker 2: you promoted on social media, you're developing a following at
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  Speaker 2: a low cost. We got a great episode years ago
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  Speaker 2: with Nacho banging shot out to him. But this is
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  Speaker 2: a way to kind of get up and running, building notoriety,
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  Speaker 2: building the name, and most importantly, making money in real
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  Speaker 2: time before you actually go and open a restaurant.
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  Speaker 3: Right now.
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  Speaker 2: The next part about this is this is vitally import
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  Speaker 2: So they always say you need seven streams of income
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  Speaker 2: to become a millionaire. Right now, this is this is
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  Speaker 2: frustrating for most people because they look at it like
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  Speaker 2: you need seven jobs, or if you're a business owner,
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  Speaker 2: you need seven different businesses. This is another reason why
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  Speaker 2: businesses fail because they don't have multiple streams of income
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  Speaker 2: from their own one business. So most of the time,
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  Speaker 2: so let's say you, let's say you made it past
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  Speaker 2: the ghost kitchen phase and you opened up a restaurant. Now,
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  Speaker 2: most people and this, like I said, this can be
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  Speaker 2: applied to any business. It's just a restaurant is an
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  Speaker 2: easy business to give an explanation to. So most people
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  Speaker 2: think that when you think of a restaurant, you're thinking
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  Speaker 2: that you're gonna make money from people coming into your
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  Speaker 2: restaurant and buying food. That's that's easy, right, But like
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  Speaker 2: I said, there's problems with that because if if there's COVID,
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  Speaker 2: if there's anything like that's that's not a sustainable business
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  Speaker 2: model because you only have one stream of income right now.
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  Speaker 2: You don't have to have seven different crazy ideas. You
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  Speaker 2: have to have seven streams of inn come off of
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  Speaker 2: that one business. So as a restaurant owner, you can
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  Speaker 2: sell food, that's the obvious way, but you can also
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  Speaker 2: do what I just said, Uber eats delivery. Everybody does that, right,
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  Speaker 2: that's another stream of income for people that I order
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  Speaker 2: Uber Eats more than I actually go to the restaurants.
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  Speaker 2: So now that's now you're actually working on two streams
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  Speaker 2: of income.
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  Speaker 3: Right.
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  Speaker 2: But that's still pretty understandable. But we live in a
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  Speaker 2: society where a lot of people can't cook, right, Well,
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  Speaker 2: that's an opportunity. So maybe on a Saturday morning or
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  Speaker 2: an off day whatever. Now you have cooking classes. Right now,
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  Speaker 2: you offer in person experience. You can make it every week,
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  Speaker 2: or you can make it a group thing, but you
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  Speaker 2: actually are teaching people. Now you're actually a teacher, right,
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  Speaker 2: So that's another stream of income because now people are
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  Speaker 2: actually coming in and they're paying to learn how to
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  Speaker 2: cook typhoo, or they're paying how to learn how to
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  Speaker 2: cook Jamaican. You can make it date night, you can
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  Speaker 2: a variety of different things. Right, But now you're already
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  Speaker 2: teaching people how to cook. So now you've become a teacher.
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  Speaker 2: So now you can reach it even larger audience on
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  Speaker 2: what we're currently on right now, which.
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  Speaker 3: Is called YouTube. Right, So now you have a cooking.
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  Speaker 2: Podcast because that's there's millions of people that will be
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  Speaker 2: interested in learning how to cook it, but they might
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  Speaker 2: not live where you live. Right, So now you actually
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  Speaker 2: are a content creator. You never looked at yourself as
• 8:17
  Speaker 2: a content creator, but now you're a content creator because
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  Speaker 2: you're you're offering a product and if you get enough
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  Speaker 2: stream then you can actually make money from YouTube.
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  Speaker 3: Right.
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  Speaker 2: And then if you can do it from an audio perspective,
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  Speaker 2: then you can actually put that same content on audio
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  Speaker 2: and repurpose it and now people can listen to it
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  Speaker 2: as a podcast.
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  Speaker 3: And now you're actually a podcaster. Right.
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  Speaker 2: But when you're actually cooking in front of a camera,
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  Speaker 2: you have to wear something. So now you can actually
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  Speaker 2: wear aprons that you actually make, or chef's hat or whatever,
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  Speaker 2: and you know, you put some like we had ass
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  Speaker 2: of aliability as a slogan that we that we've done.
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  Speaker 2: We're in front of a camera, so we wear our
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  Speaker 2: merch and people buy it. You have your merch on
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  Speaker 2: and people buy it. Right, So you come up with
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  Speaker 2: some cool idea and now you become you're selling merch
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  Speaker 2: off of it as well.
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  Speaker 3: Right.
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  Speaker 2: And the restaurant business is so difficult to be successful,
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  Speaker 2: and that's a good thing because now if you are successful,
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  Speaker 2: then you become an authority in the space. So there's
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  Speaker 2: really there's no school a lot of times to actually
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  Speaker 2: learn a lot of this. It's culinary school, but it's
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  Speaker 2: not a school to be learned how to become a
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  Speaker 2: restaurant tour. You got to learn as you go most
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  Speaker 2: of the time. That's why second and third generation. A
• 9:30
  Speaker 2: lot of restaurant ownly that are successful a second and
• 9:32
  Speaker 2: third generation because they've been taught from their parents. So
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  Speaker 2: if you pay me, I'm going to save you the
• 9:39
  Speaker 2: headaches because you're going to fast track your learning everything
• 9:42
  Speaker 2: that I went through. In order for me to survive it,
• 9:45
  Speaker 2: I have to learn these things, right, So now you
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  Speaker 2: pay me, that's going to be a higher ticket item.
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  Speaker 2: Then somebody coming in just learn from cooking classes, right,
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  Speaker 2: and then you can also sell items like you can
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  Speaker 2: sell spice that you can actually put online.
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  Speaker 3: Right.
• 10:00
  Speaker 2: Let's say you really make a jerk chicken. Now, there's
• 10:02
  Speaker 2: a thing called jerk chicken sauce that you put on
• 10:04
  Speaker 2: jerk chicken, right, and then once you build a follower,
• 10:07
  Speaker 2: now you can actually label that jerk chicken sauce and
• 10:10
  Speaker 2: put it on YouTube and sell it. And then if
• 10:12
  Speaker 2: you really get up and running, then you can potentially
• 10:15
  Speaker 2: have it in supermarkets. But I wanted to say that
• 10:18
  Speaker 2: because that's seven streams of income that I just named.
• 10:21
  Speaker 2: None of those streams take you away from your business, right,
• 10:26
  Speaker 2: that's still within your will. I didn't tell you to
• 10:28
  Speaker 2: buy a truck. I didn't tell you. You know what
• 10:30
  Speaker 2: I'm saying, do anything crazy?
• 10:32
  Speaker 3: Right.
• 10:32
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• 10:34
  Speaker 2: as an entrepreneur, you're not thinking about that.
• 10:36
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