354: Turning a Service Business into a Passive Income Stream - Part 2

The Side Hustle Show

Nick Loper

How To, Entrepreneurship, Business, Education

4.7 • 1.6K Ratings

🗓️ 26 September 2019

⏱️ 40 minutes

🔗️ Recording | iTunes | RSS

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Summary

Sick of trading time for money? Looking for ways to turn a service or a skill you already have into a digital product? This is exactly what Matt Bochnak of HowtoMotorcycleRepair.com has done. He’s turned a "blue collar" service business--repairing motorcycles--into a lucrative business with multiple streams of time-leveraged income. This is a “Where are they now?” episode. I first caught up with Matt early in 2016 when he was a guest on episode 160 of the Side Hustle Show. Back then, Matt’s revenue split was about 50/50 between repairing bikes and selling the video guides of the repairs. Overall, his business was doing around $800-$1,000 a month. Fast forward almost 4 years later and Matt is earning $4,000-$5,000 a month, still on the side from his day job. What’s more impressive is that this boost in revenue is mostly from passive income streams, and he’s spending less time than ever in his garage. If this sounds like a side hustle you’d like to replicate with your own business, tune in to hear how Matt’s creating content without repairing customer's motorcycles, and the various passive income streams he’s built up over the past 4 years. Full Show Notes: Turning a Service Business into a Passive Income Stream - Part 2 Related: Need a website for your service business? Here’s the fastest and cheapest way to get one online.

Transcript

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0:00.0	Are you sick of trading time for money? Here's how a blue collar service side hustle turned into
0:08.0	multiple streams of that elusive passive income. What's up, what's up Nick Loper here?
0:16.0	Welcome to the Side Hustle show because your 9 to 5 may make you a living but your 5 to 9 makes you alive. I've got a where are they now
0:25.0	check in this week with Matt Boknock. I am pumped for this one because I think
0:30.0	Matt's business is just so inspiring and creative. So Matt started a side hustle years ago
0:36.5	repairing motorcycles in his garage on the side from his day job as an engineer,
0:41.1	but the stroke of genius was when he started filming himself doing the repairs and then selling those videos online to other do-it-yourselfers.
0:50.0	When we last caught up in episode 160 in early 2016, Matt was earning 800 to a
0:57.0	thousand bucks a month from this business and the revenue split was about
1:01.2	50-50 between turning wrenches and the video sales on how to
1:06.3	motorcycle repair.com. Now if we fast forward three and a half almost four years
1:11.0	later now he's earning four to five grand a month and even more during
1:14.5	the high season still on the side and the income split today is like 99 to
1:19.4	one in favor of the online passive time-leveraged variety.
1:24.8	Super cool stuff.
1:26.5	We're going to dive into everything that's changed
1:28.6	since 2016 and how you may be able
1:30.9	to follow Matt's lead and build something similar in your niche.
1:34.6	Notes and links for this one, plus the full text summary of our conversation are at
1:38.7	Side hustle Nation.com slash Matt B.
1:42.4	That's M-A-T. Now whether you're repairing motorcycles in your
1:46.8	garage or providing some other type of service you're going to need a reliable
	...

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