I’ve never been the entrepreneurial type. But after losing my job as an audio engineer in 2009, I had to get creative to make ends meet.
Thirteen years later, at age 39, I’ve built two online businesses that bring me a total of $160,000 a month in passive income. I also recently published a book, How to Get Paid for What You Know.
The first business I started was The Recording Revolution, a music and education blog selling music production courses. The second one I started in 2018 is teaching people how to monetize their passions like I did. This is the most profitable business, thanks to sales of online courses and coaching programs, as well as affiliate commissions.
Graham Cochrane started his first business in 2009. Since then he has grown two online companies and now earns around $120,000 a month.
Photo: John Olson for CNBC Make It
About 2,800 people use my products and my goal is to help more entrepreneurs grow their online business by working fewer hours.
My top priorities are spending time with family and being able to indulge, so I’ve set up my work and personal life so that I can focus on these key values.
Here’s what my typical day looks like:
Mornings start slow and easy
I usually wake up at 5am – before the kids – because I always want an hour to myself. I’ll start with coffee and my Bible.
After some reading, prayer, and journaling, I’ll make breakfast with my wife and wake up the kids. We’ll spend 20 to 30 minutes eating together in the kitchen before I drop them off at school by 7:30am
Then I head back to my home office or do a quick session at the gym if I’m in the mood.
Graham and his wife have breakfast with their children in the morning before discussing their schedule.
Photo: John Olson for CNBC Make It
I only work five hours a week – Monday and Wednesday
On Mondays I plan and create YouTube videos and podcast episodes. Potential clients usually find me through this free online content. If they like it, they can sign up for my newsletter and receive emails about free resources and premium online courses.
I make some passive income from these courses. I designed my business system to send emails automatically, so most of my job is just to keep a constant flow of new, free content.
Videos and podcasts take about two hours to record. I also have a person who edits and uploads the content. My remaining Monday hour is dedicated to answering emails or giving advice to members of my six-figure coaching community.
On Wednesdays, I spend time interacting with the community, then I do a 90-minute live chat with my Advanced Business Coaching students.
Graham spends about five hours a week creating content and running his business.
Photo: John Olson for CNBC Make It
Once a month I shoot an exclusive tutorial for members of my paid community, which adds about two extra hours of work per month to my schedule.
I’ve never been a fan of hustle culture; I don’t believe it’s healthy or sane. If you can find a way to build systems into your business so that it mostly runs on its own, you don’t have to waste time in constant maintenance.
After all, what’s the point of being your own boss if you’re working all the time?
Time with my family is my number 1 priority
People often ask me what I do with all the extra time in my week, and my answer is not the most exciting. I run errands, go to the gym, go to the car wash, have coffee or lunch with a friend, or dive into a good book. I’m currently reading Living Without Fear by Jamie Winship.
But most importantly, I spend time with my family. Fridays are considered “date day” with my wife. We work out, go out to lunch, catch up on life, talk about the kids, and meet with our marriage counselor.
Lately we’ve been focusing on how to communicate better when we have disagreements. No marriage is perfect and the work I put into our relationship has made me a better husband and father.
My wife and I never compromise on picking up the kids from school together. We want to be home when they are. The other non-negotiable is the family dinner. Every night we sit down to dinner without technology. Most evenings my wife cooks and I wash the dishes. But we also eat out a few times a week.
“My schedule has two non-negotiables,” says Graham: “I pick up my daughters from school every day and our family has dinner together every night.”
Photo: John Olson for CNBC Make It
We love going for walks, swimming in the pool, watching movies or playing Nintendo Switch with the kids. By spending time together, we hope to teach them basic life skills, such as how to share feelings and be kind to each other. I also want them to feel like valued, included members of the family.
We also love to travel – both locally in Florida and around the world. A few summers ago we spent a month in the South of France. And just this spring we stayed in Puerto Rico for three weeks. Having the time and flexibility to make these memories together is priceless.
Radical generosity is a core value
We attend church every Sunday and often volunteer with local organizations that help the homeless population in our city.
My philosophy is that I make this money so that I can give most of my profits to charities and my local church, groups that do a lot of good in the world.
My wife and I currently donate 30% of our income, but we hope to eventually give 50%.
Graham Cochrane is the founder of The Recording Revolution, author of How to Get Paid for What You Know, and business coach to over 2,800 clients worldwide. Follow him on Instagram and Twitter.
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