We all know that the economy is terrible. With gas prices rising and food costs climbing higher than ever, it’s not hard to see why people are worried about their financial security. In the past, a single paycheck was enough to live on and be financially secure. Nowadays, the cost of living is too high, and it’s not easy for many people to make ends meet with just one job. With the economic downturn showing no signs of improving, many people have been forced to rethink their sources of income. Brian Waldron, a 26-year-old business mogul from Brooklyn, NY, is one person who’s done this successfully. From his experience, he’s found that multiple income streams are not only sustainable but also provide opportunities for long-term wealth building and greater freedom.
Growing up, Brian discovered he wanted to get into entrepreneurship at a young age. However, he didn’t know exactly what would work and what wouldn’t. In school, he tried everything from selling cards to candy to sneakers. The idea for his first major venture came when Brian was helping out at his family’s smaller event space in Brooklyn. Brian became fascinated with the idea of renting space out for small events, and within a year, he acquired 3 event spaces and began servicing hundreds of events in New York City. Then, just as the business took off, COVID struck, and everything stopped.
Although Brian was devastated, he quickly pivoted and transitioned into teaching by hosting his first-ever online Zoom class in August 2020. By this point, he’d learned numerous lessons from his own journey in the events space and helped change the landscape. Brian shared these lessons with his audience, breaking them down from how to start to scaling and then automating your own event space. Once that side of the business picked up, and the world got out of the pandemic phase, Brian diversified. He ventured into real estate, e-commerce, and Airbnb rentals. In real estate alone, Brian has amassed about $2M, an impressive accomplishment for someone so young.
Brian believes everyone should have multiple income streams if they want to survive the current economic climate. “One stream of income is too close to none,” he argues. “If there’s no seat at the table, build your own — but you need at least 4 legs to do that.” So, how do you do that if you are new to entrepreneurship? Brian has several pointers.
“Get a mentor early,” he advises. The truth is that someone has already been where you are trying to go. If such a person mentors you, your chances of succeeding are higher than those of someone trying to do it solo. Your mentor will tell you where the pitfalls are and help you avoid them, reducing your learning curve and helping you succeed faster.
Consistency is the other thing Brian emphasizes. From experience, he knows entrepreneurship is not for the fainthearted. That means you must prove yourself from the beginning and keep improving as you go along. Brian increased his market share by outworking his competition, providing the best customer service, and giving his clients value for their money. His advice is to grind when you are young so you can live comfortably when you are older. Once you succeed in one field, use the lessons you pick along the way to grow in another field until you no longer have to worry about money.