How To Generate Supplementary Revenue In 2024

All you want to do is log in, check your PayPal, check your bank account. And by the way, if you have never actually worked from a remote location, you know just how challenging it can be. You have the sun in your eyes, you're sweaty, and there is no reliable internet connection. It is not practical in any form or fashion.

But you have this idea in your mind because you believe that there is something called additional revenue streams, and quite frankly there isn't. I know that might be upsetting to some of you guys. For certain types of articles on this website, I might discuss "additional revenue streams" but I make it clear that it does not exist.

By the way, this is coming from someone who owns multiple companies which are meant to provide extra income. There is a perception that you just build a business, invest money, and then it just grows. That is not really the reality. For example, if you own an internet-based enterprise. It's internet-based commerce and it's not as passive as you might think.

Ladies and gentlemen, no it's not. I even run a digital consultancy for 6 years and I will tell you, that was probably about as close to passive as I've ever gotten. And I will tell you in just a second why that is. It goes all the way down to even Real Estates.

Real estate is considered a true form of additional revenue streams and even that, you have paperwork to do, you have tenants to deal with and a whole bunch of headaches to deal with even with the true forms of extra income. You can either continue to live in a fairytale, la la land, you can read the rest of this article and I will give you the game plan on how to achieve additional revenue streams.

Or at least in your mind, what you perceive to be additional revenue streams. I will give you a 12 months road map on how to actually accomplish that. To give you a clear understanding of what extra income is actually like, it's like you decided one day that you never want to have to deal with running low on toilet paper.

So you decide you're going to buy as much toilet paper as soon as possible. And you might do pretty well. You might sell out a storage of toilet paper. You might even have a twelve-month, eighteen-month, or twenty-four-month supply of toilet paper but at the end of the day, that toilet paper runs out.

At a certain point the efforts that you front loaded, because you put in a lot of effort on the front. Basically what you did was to buy yourself time, but eventually it's a ticking time bomb. What you are doing here with the idea of extra income is you're kicking the can down the road.

I'm not saying that it's not smart, I do many things in my businesses which means that I'm basically buying myself time. I know that at some point things will eventually break and I have to come back and repair it or give it my attention again because I have taken this action today, this week, this month that basically buys me time.

That means I have more time before I have to think about how to deal with it again. So as I said, keep reading because I'm going to give you the full 12 months breakdown on how to actually accomplish this stuff. If you are just at the beginning of your business endeavors, you need to understand that your greatest asset is time.

Why do you want to spend less time on your business? Why is that your focus when that is the most valuable thing that you have? I am not trying to be diminishing or trying to put you down. I'm just being honest with you, your time is not much.

So if you put a little bit of time into something and that time isn't worth a lot, then of course you are not going to get any profitable results in your life. Instead, you want to be using your greatest asset which is your time, for some of you who can spend only 3 or 2 hours a day on your business but still do it.

Don't avoid the work. Now eventually what happens is that you start to build leverage, and true power in life is leverage. And there is no such thing as additional revenue streams, there is simply laverage income. There is really two main types of leverage. There might be a third but for most people, it doesn't really apply.

At first, the main source of leverage that you have is methods. You get to a point where you will start doing things in your internet-based enterprise and you will build methods around them. Or maybe you start to automate them or use some automatons. That's leverage.

You might get to a point where you build a method to get clients and customers when the method is built and that is your leverage because that thing keeps running. The second form of leverage, which is the most powerful leverage by far is team.

In the first six months you don't have to worry about this too much but team could mean having a virtual assistant, it could mean having a freelancer, it could mean having a cheap intern, it could mean having staff members all the way up to employees who get paid $100,000 plus all the way to $1,000,000.

But you don't have to worry about that now. I'm just trying to paint a picture so that you have this idea of additional revenue streams. 'Oh I'm going to spend a little bit of time and I'm just going to build additional revenue streams". You need to understand the world is a free market.

That means everyone is competing against everyone, and if someone else has more leverage than you in the form of methods and in the form of team, they are always going to win. And that's just the cold hard reality of it. 

Now that you understand the two primary forms of leverage which are methods and team, there is actually a third one which is network. But most people totally overestimate how important a network is for actually building your business or getting your business off the ground. 

The most important thing when you first start your business is just doing the work. But now I'm going to tell you how to actually achieve additional revenue streams in 2023 which basically means leverage income. To keep it short, I am going to give you a two-part plan over the face of the next twelve months.

For the next six months, you have to learn a skill. There is actually a fourth leverage that you can pull which is funds, but obviously I'm not mentioning that. Because I know that all of you reading this have a lot of funds to start. It's not like you just invest $100,000 into some company and it turns into $3 million.

And even then, it's not that simple. You still need to have so much experience and so many skills. You can give a hundred million dollars to any random person and I guarantee if they try to invest in companies, they'd lose it very quickly. So back to the point, for the next six months, you have to learn a skill.

First, you learn a skill and then you apply leverage to that skill. It doesn't matter what business you start, whether it's an internet-based boutique or a fulfillment method store. Whatever floats your boat, it doesn't matter. The point is, you have to be a skilled professional. You are going to call yourself a business owner.

But for the first six months, you pretty much have to learn the skills and do things yourself. When it comes to electronic commerce and fulfillment method, the best skill that you can learn is identifying successful items. Because at the end of the day, you could have the best product on earth and some perfect ads.

But if you compare that to the worst that the market doesn't really want even with the best ads, well, the best product will always win. When it comes to starting an internet-based consultancy, the only skill that I tell people is that there is no room for avoidance. You don't have to be the best in the world, but you need to be competent.

If you want to start an internet-based boutique agency or any source of service-oriented enterprise or whether you want to become a virtual mentor. Whatever it is, you need to have an understanding of sales. You need to identify your potential customers, your potential clients and why they should invest in your service or product.

For the next six months, the only thing you need to figure out is based on the business model that you decide to choose. Once you figure out what business works for you, then you need to figure out what is the most important skill in that business model. And you need to focus and learn more on that for the next six months.

What is going to happen is that in the space of the next six months, it probably won't be your first week or your first month but after a couple of months, you'll begin to have some success and start to get some clients. You're going to start making a little bit of money, you're going to build some methods and you're going to get into doing things day by day.

And in the next six months, you're going to start to apply leverage. For me, the best and the most powerful form of leverage is hiring a team. Once again don't let that scare you, I'm not talking about payroll or whatever it is. I'm saying that if you use softwares to find new products, you can hire a cheap virtual assistant to buy back some of your time.

Because unlike the beginning when you start, your time is worth practically nothing but now, your time actually leads to money. When you spend time on your business, it actually leads to you getting paid. So for that electronic commerce example earlier or let's say you're running a consultancy.

If you're spending time finding clients, if you're lead sourcing or putting together a list of potential clients to work with. So in the second phase, what you're trying to do is buying time after your first year of trying to build additional revenue streams (leverage income). Each year, all you will do is to spend more and more money to buy back your time to build leverage.

Eventually what's going to happen is that you're the bottleneck to your business, and that's where you hire a better team. The truest form of additional revenue streams is when you have an amazing team. By the way, if you pay people salaries and you just decide to go on a holiday and live a remote work lifestyle and you just expect your team to work and nothing else, they just know they're working and making you rich.

That will never work. So you either have to make sure that you're still involved in your business. Or the other option is you give people percentage of profit sales. That means whatever the company makes, they get a percentage of profit. In some business, that makes sense whereas in some business, it makes more sense to give your team equity.

I know that for some of you reading this, it might be underwhelming to you and you just wanted the secret, the little hack and the trick on how you'll make additional revenue streams in 2023 and here I come bursting your bubble telling you to get to this idea of additional revenue streams you want, it will take at least a year. And it will actually take many more years to truly live a life where you have additional revenue streams.

By the way, I have been in the world of businesses for six years and if I fell asleep for a year, I will wake up and would have made collectively between the businesses over 8 figures in profit. But ladies and gentlemen, that six years journey I can tell that even two years ago, if I stopped working for about 4 months the company will be collapsing.

That is the truth of additional revenue streams. All additional revenue streams is building leverage and building methods and all you're doing is you're kicking the can down the road and you're buying yourself time. So ladies and gentlemen, the long story short, put your head down, focus, stop looking for the convenient options for the easy routes out.

I can tell you right now that when you get to the top of the mountain, earning money really is as easy as everyone makes it how to be. When you've been in business for three, five or ten years and you're dedicated to business as a sports. It's generally like being a professional athlete, you have to give it that level of dedication.

You will start to realize that there is money in literally every single direction you look. But for the first year or two, it is the grind, it is you earning your stripes, putting your head down and focusing on building the main thing which is leverage. So that way, you can make leveraged income rather than this whole idea of additional revenue streams.

Go ahead and implement the twelve-month framework I told you about in this article and I will catch you in the next one.