Get ready for a rant on the ridiculousness of a single income stream.
If we haven't met: hi, I'm Codie. I own 20+ small businesses that bring in millions in annual revenue, and I built all of that while working a 9-5 job. I'm giving you a list of my favorite ideas on how to stack what I call horizontal income.
Companies don’t want you to have multiple revenue streams because then they can’t own you. This guide is about how YOU can become the master of your fate by taking control of your income.
Just like you don’t put all your money in one stock (or at least I hope you don’t), you shouldn’t rely on your income coming from one source.
Having multiple revenue streams means you can work because the fire in your belly wants to. That’s a beautiful thing. So you need to take control and say: "WHAT CAN I DO ABOUT IT?"
And this list of ideas will help you get there.
Before jumping into the ideas, you first need to understand leverage.
Leverage is about understanding where you have an advantage. Where you have an advantage is where you should look to create extra income streams.
For example, if you are new to the workforce, your leverage is likely time, because you haven’t been able to acquire any expertise. Or, if you are a current/former founder of a successful company, you could leverage your expertise because other founders would want to learn from you.
So first you have to understand which of the 4 areas you should leverage first. Then pick ideas that are within that type of leverage.
https://www.youtube.com/watch?v=uU05slDehkA
Table of Contents 👇
You’re probably already doing this at your current job. You’re trading your time for money. This works well if you have extra time on your hands. But given that there are only 24 hours in a day, you can’t scale.
Great for getting started.
Once you have more experience under your belt, typically by leveraging your time, you can leverage your knowledge.
This is usually starts out as consulting. You’re not getting paid for the actual “work” done, you’re getting paid for your knowledge. The more you are a perceived expert in your space, the more you can charge for your time. In the past, I charged $500 and took 3-4 calls per month.
Then, you can further leverage your expertise and become a board member of a company and make anywhere from $30k to $300k.
And once you become more well-known for your expertise, you can also get paid to speak at events. Start with local events, then corporate events, then conferences, and finally exhibitions. Exhibitions will typically be the highest paying.
And for more of a passive income approach to leveraging your expertise, you can create digital products like courses and guides.
Once you start creating content, you can monetize your audience. You may traditionally think of this as YouTube ad revenue, but that’s just the tip of the iceberg. You can monetize most of your other social channels, but it’s pennies on the dollar compared to a newsletter. If you create an email list from your organic following, you can monetize that newsletter to make easily five figures or more per month, depending on how many sponsors you choose to add to your email.
This is not for you if….
Once you have money from leveraging the other three types of leverage, you’ll start to leverage your money. All this means is making your current money make more money. This is what investing is all about. Some examples of this that worked for me…airbnbs and boring business acquisitions.