How I built 9 streams of income by Age 23 - ALI ABDAAL (Chapter-2)

Ali Abdaal is one of the new and brightest faces of the YouTube Community from Europe. He uploads videos about how he managed to gather the multiple arts and qualities in him, He also shares the way he did it, and the best part of him is that he wants his YouTube followers to learn from the mistakes he did and adapt the best of him. Recently, he uploaded a video talking about, how he managed to build 9 streams of income by Age 23? So, here’s a summary from our friend himself, Ali Abdaal.

He starts the video by distributing the streams of income in three different chapters.

·         Chapter 1 - Trading time for Money

·         Chapter 2 - Productized Services.

·         Chapter 3 – Digital Products.

Want to read Chapter - 1 Click Here

CHAPTER 2 – Productized Services.

Before I get into the next part of the story, I would like to explain the major problem with Trading time for Money, it’s not particularly scalable as you are trading time for money, and therefore for earning you need to be present there at the moment for earning money. So, if you are working on an hourly basis, then you are valuing your time on an hourly basis.  And if you try productizing your services, i.e., you’re doing a service, but instead of charging per hour you are packaging it up and turning it into a little package that you can then sell to people then it becomes a lot easier to make more money from basically doing the same stuff. And there’s an amazing book by my Friend, Robin Waite called Take Your Shot. It is literally about how to go from being someone who earns per hour to become such a person who earns large amounts of money for productized services. 

If I explain how I did this myself, there would be three main ways (between the ages of 19 to 23):

 APP DESIGN: I actually at this time had a bit of portfolio in web designing, I was often meeting people who were creating medical technology start-ups and they would see that my design skills were legit because I was going to hackathons and showing my services. And they would hire me to app design for them. Some of these people I have worked with, I did hourly rate but I tried to turn the whole thing into a package making it better financially for them. 

It started, where instead of saying, “Hey, I will do it for a certain number of hours and you will have to pay me this amount of money per hour”, instead of that I was saying,” Hey, I will design the first draft of your application and I will give all the files and you will have two revisions and I will charge you like £800 for that”. It actually resulted me being quite shocked because that was not gonna take me very long but now, I could charge a premium for that. Equally, if someone said they wanted a website built, I would give them quote for the whole website design package rather than, hey, this is actually only gonna take me this amount of time.

2. BMAT CRASH COURSE – When I was 19 years old, actually BMAT is an exam that some medical schools require if you want to apply to medical schools and before I got it all down in a package I was tutoring people for the BMAT for like £20 an hour but then in the summer of the next year I thought why not turn it into a productized service. Then I packaged it up into a one CRASH COURSE. But if you see that in the first-year release, we were earning £69 for a whole day of a crash course, it really felt that if I could get about 30 people in the classroom because it was a product and by the time it became a thing rather than me just being a private tutor trading my time for money. And the nicest part about a service is that you can scale. 

Often in a class where you are charging per hour, you cannot have 30 people here but charging for a course where you could have 30 people in. and as the time passed, we were making about £2000 in a day for a day of teaching and for me teaching was already quite a fun thing to do. And be time we gathered really good reviews and started making good money. So, coming in the later part, BMAT CRASH COURSE became a thing which I and my friends would do every year. And became a great part as it was a great injection of funds into my life.

3.       6Med – This is a company that I founded when I was at university it's still working to this day. And it was basically a combination of BMAT CRASH COURSE & UKCAT CRASH COURSE and our INTERVIEW CRASH COURSE along with, something that would help you with personal statements. Basically, it was everything that we could do to get people into a med school. But one thing we did, was never to charge on an hourly basis. It was like we had these many multiple courses and if you like it and signing up for it might help you.

All this would mean actually when I was at university, I was earning about 40,000 each year which would be about $50,000 which would be more than enough than what I was actually making in my first years of being a doctor. And seeing that, I was making all that money through med school on the side, while teaching all these courses. It was actually pretty sick and it was all based on the idea of productized services.

Read the Third Chapter HERE

A link to ALI's Courses site - Click Here

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