Exploiting Opportunities and Multiple Income Streams: A Key to Financial Stability with Mike O'Kelly | SOS Ep. 357

Imagine sustaining yourself comfortably on something less than a 250K annual income - does that sound like an impossible dream? Well, it isn't! I, Mike O'Kelly, am here to share my journey of how multiple income streams, from coaching programs to consulting, have allowed me to thrive in the outside sales landscape. I'll reveal how crucial it is to ensure that all your products and services have crossover potential, offering a more in-depth look into financial sustainability.

But that's not all folks, seizing opportunities is the key to future success. Get ready to be motivated to take action, to grab hold of what's available and maximize your potential. If you or someone you know is grappling with financial struggles or trying to break into a new field, this episode is a must-listen. Let's embark on this expedition towards financial stability together because every journey begins with a single step. Don't miss out on this chance to secure your future!

Transcript

Speaker 1: 0:00

The Surviving Outside Sales podcast, hosted by Mike O'Kelly, presented by Sales Builder Academy. The goal is to survive and thrive all phases of outside sales, whether you're getting in, dominating or getting out. Surviving Outside Sales. Now on with the show. Welcome to the Surviving Outside Sales podcast. I'm your host, mike O'Kelly.

Speaker 1: 0:30

A couple announcements as a reminder. The business of sales live series is rolling along Thursdays, so today at noon. So if you're listening to this before noon, hop over to LinkedIn. You can find it on my page. Just search for my posts. You can register, you can sign up and we're going to be talking with Ty Snow about time management in the sales world. Ty is the area sales manager for a medical device company Apologies, medical device company and he is going to be sharing his insight.

Speaker 1: 1:16

Every Thursday, though, at noon, there's going to be a live event, the business of sales live. You can ask questions. There will be various topics, so please don't miss that. On the East Coast, that is during your lunch break on a Thursday. The week starts to slow down. You got a little bit more free time and different topics are going to be on different days, so you don't want to miss that.

Speaker 1: 1:40

Also, sales Builder Academy has a new group sales entry plan. So if you are new to sales or you're looking to get into the sales world, there is a community for you. This is going to be a group coaching group community system. Go to mycokellycom slash sales entry plan and you can see what's involved. It is cheaper than a or more affordable than a Netflix subscription and, instead of just wasting your time away, you're actually going to get better. You're going to get into that industry. You're going to get the tips and the knowledge in order to do the best you can. If you are starting in your career or looking to get in, and on the flip side, next week, we're going to launch the sales escape plan group community as well. So if you are 10 to 15 years in your career and you want to connect with like-minded people and you want to discuss what everybody else is doing regarding leaving whatever they're doing, taking the next step, building a side hustle, whatever it might be, that is going to be launching next week on mycokellycom as well, so you don't want to miss that.

Speaker 1: 2:51

As always, I do individual coaching for various topics, so please, please, please, reach out to me on LinkedIn. You can email me, mike at surviving outside sales if you have any questions or you want to know more about the programs that I have. So today's topic I just want to talk about multiple streams of income. There's been a lot of talk and a lot of chatter. A lot of people have reached out to me wondering about multiple streams of income. Here is the fact you have to have them.

Speaker 1: 3:16

Okay, unless you're making, I'd say, 250 or above a year, you need to have multiple streams of income and this is not because you're trying to get rich or you're trying to just make money, money, money, money, money. It is about sustainability and life. It really is. Things are becoming more expensive and even you know there used to be a time where you could make $100,000 and you could live very comfortably. That is not the case anymore, and I know that some people would love to make $100,000. That should be your first step. Then your next step should be 150, and then it should be 200, and then it should be 250. And then it should just keep going up and you just want to squeeze as much as you can, because we have no idea what's going to happen with the dollar. We have no idea what's going to happen with interest rates. We're going to no idea what's going to happen with inflation over the next 15, 20 years. But if it continues on this pace, they're estimating you're going to need about $5 to $6 million in retirement to be able to retire comfortably and not retire poor. So I don't want to do that. I know that you don't want to do that. So, multiple streams of income I'm going to run through some of my multiple streams of income and I'm going to give you a couple suggestions. It's going to be a very short episode.

Speaker 1: 4:19

I have got the coaching programs that I do. I have the communities that I'm building. I sell merchandise on my website. So if you want to get a coffee mug, if you're big in a coffee and you want to support me, support the show, go to mycokellycom. I've got merch and then I've got coffee for sale as well. I sell coffee and wine because the coffee and wine go together with the lifestyle. It's mold-free coffee. It is clean wine. It's not rocket science. I'm substituting the scouting grounds for what I was drinking, which was illy coffee. It's cleaner. It has less toxins on it, less pesticides on it. It has been tested. Also, the wine the wine is clean wine. So my wife has switched that out, for what she was drinking was could give her some headaches if she had more than one glass. So coffee, I've got the merchandise, I've got the coaching courses, I've got my consulting and I also have the Restore Hyper Wellness. So my wife and I invest it in a franchise. So those are right now the income streams we are building and then I'm going to continue to look for more revenue streams later.

Speaker 1: 5:33

And there is a misnomer about spreading yourself too thin. You can spread yourself too thin if the products or the services that you're doing are not aligned Like there's no crossover. You need to be able to sell things. You can sell multiple product lines to the same person. So, for instance, when I have a conversation about Restore, people are going to be interested in clean coffee and clean wine. So that's natural. But there also might be some crossover when it comes to sales and Restore, sales and coffee. Coffee is natural. The phrase coffee is for closers. That is natural. That coffee would go with sales professionals. So there's a crossover. You want to have crossover. You don't want to completely reinvent the wheel unless it is a hobby or you have a lot of technical competence in.

Speaker 1: 6:19

I drink a lot of coffee. I know a lot about coffee, so I feel comfortable talking about coffee. I have tried many side hustles in the past where I didn't know a lot about the subject or I was going to have to call on other people and I was really obsessed about the money. I was obsessed about how much money you could make. Here's the deal. I would love for people to join me in my scout and seller opportunity, but not if you don't know coffee and you don't know wine, but if you are obsessed with coffee and you're obsessed with wine, as I know a lot of people are, let's have a conversation. I am looking to bring in five people to work with me and I will mentor them and coach them up on what they need to do so they can make an extra $5,000, $10,000 a month. Who knows, they might be able to make enough to replace their full-time income and do something that they enjoy.

Speaker 1: 7:09

Because I absolutely love the weeks. I love getting up on a Monday. I don't dread the Monday. It's funny. I was talking with a guy recently who was talking about the Sunday scaries and I hadn't heard that term in a while. But I don't have that feeling anymore. Sundays are a day of rest. For me, it is a time to go to church, time to be with family. I love Sundays and I love Mondays. There's not a day in the week that I don't dread. Actually, I take that back Sometimes. I don't like Fridays because I realize that the work week is coming to an end and I feel like always on Friday afternoon I've got 15 things that I want to accomplish and they have to wait until Monday, which that's okay. That's life.

Speaker 1: 7:46

You're not going to be able to squeeze everything in at every moment. Here's the point. You need to start making a plan. I recommend you reach out to me and let's have a conversation about what you're going to do with the rest of your career, what you're going to do to get into your career. What are you doing to drive multiple revenue streams? I'm not talking about if you're out in sales trying to sell a side hustle to the people you're primarily doing. No, if you have a W-2 position, you need to honor that.

Speaker 1: 8:14

I don't want to get this any confusion. I'm not saying do something during work hours, but if you are going to grab lunch at a restaurant and you have a side hustle and you tell the server or the bartender. That is not a conflict of interest. You are taking a break from your work and you're talking to somebody and having a conversation. If you're texting or you're having phone calls while you're driving between clinics, that is not a contract. Oh sorry, I said clinics because that's what I am, that's what I have my most background in, but between clients, if you are driving between clients, you have a phone call. Somebody wants to know about side hustles or something You're doing, or they want to buy something. That is not a conflict of interest, because you're not physically working, you're in between. That's okay. I still recommend that you focus on your primary position and then, at your nights and weekends, you start connecting with people and having conversations, and it really comes down to having conversations.

Speaker 1: 9:07

Okay, if you're listening to my voice, right now we are having a one-way conversation. I'd love to have a two-way conversation. I'd love to get to know you. Please reach out to me on LinkedIn, dm me, say hey, mike, heard your episode about side hustles, about multiple streams of income. I'd like to have a conversation and let's talk. I Talked about 12 to 15 people a week.

Speaker 1: 9:28

So if you're not reaching out to me and you think you should be. You are the one that's missing out. You're just hurting your future self, because there are other people that are listening to my voice, that are taking action and they're reaching out to me and they're having that conversation. So don't miss the opportunity. I've talked to you before about opportunities will present themselves. If you're hearing my voice right now, this could be your opportunity. Don't pass it by. Dm me on LinkedIn and let's have a conversation. Thank you so much. I really appreciate it. Please download this episode. Send this to somebody. Share this just with somebody that needs to hear this, somebody that's been complaining about not making enough money or not making ends meet, or they're just looking for an opportunity. They're trying to get their foot in the door. What have you? Send this to them and Tell them to get in touch with me and let's have a conversation. Thank you so much. I really do appreciate it and we'll see tomorrow. Surviving outside sale. I.