Nathan Barry went from working at Wendy’s to operating a software program firm doing $2.5M in income each month.
However there have been a number of steps alongside the best way — and people steps are the subject of at the moment’s episode.
In 2019, Nathan penned The Ladders of Wealth Creation to elucidate why to stage up your incomes energy, you often have to stage up your expertise.
On this episode, we cowl:
- The 4 Ladders of Wealth Creation
- The way you could possibly add new revenue streams to an present facet hustle or enterprise
- A advertising technique that’s working properly for Nathan proper now
- Hulu Ad Manager — Make the transfer to streaming TV promoting at the moment and attain a extremely engaged viewers for as little as $500 per marketing campaign!
Ladder 1: Time for Cash
The primary ladder is exchanging time for cash at job. It could possibly be hourly or salaried.
For instance, my jobs included:
- Shelving books on the library
- Operating the money register at a Mongolian grill
- Managing pay-per-click advert campaigns as a advertising intern
- Managing a gross sales territory of Ford sellers
Ladder #2: Your Personal Service Enterprise
In Nathan’s framework, the second ladder is branching out by yourself with your personal service enterprise. You are able to do this as a solo freelancer or as an company.
In my case, that seemed like:
- Portray homes
- Modifying books
- Freelance writing
For Nathan, it was designing and creating iOS apps.
To make the leap from Ladder #1, there are a complete host of recent expertise to study, together with:
- Managing your time
- Customer support
- Estimating tasks
- Setting up a business entity
- Doubtlessly bringing on staff members and being liable for their work
Ladder #3: Productized Companies
On the subsequent ladder, we’re nonetheless promoting a service, however we’re treating it like a product. Examples may embody:
Nathan argued that to realize this ladder, you must grasp the abilities of copywriting and on-line cost methods in order that clients should purchase from you with out even having to talk with you first.
Ladder #4: Merchandise
The ultimate ladder to climb — the one with the very best incomes potential — is promoting merchandise. This might embody:
- Digital merchandise like programs, ebooks, and printables
- Airbnb leases
- Software program
- Marketplaces and networks
For Nathan, that is ConvertKit, his tremendous widespread e-mail advertising software program for creators.
For me, it’s Facet Hustle Nation. We talked about how a content material enterprise falls below this class, and contemplated the challenges of capturing consideration on-line and one of the best locations to direct that spotlight (advertisements, associates, sponsors, merchandise, and so forth.).
And with this ladder comes a brand new set of expertise to study, together with maybe:
- search engine marketing
- Paid acquisition
- Gross sales funnels
- Constructing a staff
- Techniques and scaling
- Knowledge analytics
The large image thought is you can leap steps on the ladder, however you’ll be able to’t skip studying the abilities required.