Peace family! I'm often asked how do I do the things I do as an entrepreneur and DJ (Djpreneur as I like to call myself), how do I travel the way I do & still pay my bills. Before I get into how I'm able to do what I do allow me to give you an introduction of how I was able to get to this point in my Djpreneur journey. I left my job at 99.5 Jamz in 2016 & didn't come up with the idea of jumping in the karaoke lane until 5 months later. I launched YoKaraoke in Feb 2017 and went about doing it all wrong which lead me to losing money! I was thinking about giving up on karaoke until I got some good info on how to go about doing it the right way. Once I started implementing the info that was passed to me I've been able to live off YoKaraoke and here's how I'm able to do so:
I live below my means, and know how much my expenses are every month. In 2018 I was able to lock in 2 clients for karaoke Applebee's and a local establishment in Roanoke Rapids called The Plump. The Plump was a weekly event which put me in a position to be able to cover my monthly expenses from just that one client. Keeping my expenses low is how I was able to achieve that feat, my monthly expenses was under 1k a month so it wasn't far fetch to live off of 1 client. I cut my cable bill, no Netflix or Hulu. When it came time to get another vehicle I opted for an older truck to avoid paying $400-$600 a month with a 6 year loan plus insurance. My truck payment is $154 a month and my insurance is $91 a month, one event covers that.
Not spending money on dumb sh!t helps as well, once I cut out spending money on sneakers and other liabilities I noticed I had more money after paying bills. That's another thing that hinders people from being able to save money, there's a lot of investing in wants that drain their bank account. Instead I'll reinvest money I have left over back into my brand or into my mutual fund or stash portfolio. Backwards I know, all investment gurus say "pay yourself first" but I choose to do what works for me.
So that's how I'm able to use YoKaraoke to pay my bills, living below my means and tracking my spending. Here's a bonus, having multiple streams of income helps as well. Having multiple streams is like having insurance, when things slow down you have something in place to hold you down til you back booming. So cut your expenses, stop spending money on dumb sh!t, and keep track of where your money is going. Simple solutions that has helped me base my business around my life and not the other way around. Love