A multi-millionaire entrepreneur has revealed the single best way to increase your income by 10 times starting with just $1,000.
Entrepreneur Chris Koerner spoke to Steven Bartlett for an episode of his podcast, The Diary of a CEO.
During the chat, Koerner shed some light on how he would invest $1,000 to create income.
In the video description, it explains: “With over 80 companies launched and years of helping everyday people escape the nine to five, Chris explains the simple opportunities almost anyone can start from home.
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“He shares the wedding rental idea that turns a few pieces of lumber into one thousand dollars per weekend, the newsletter strategy that can pay you back within 60 days, and the mindset shift that separates successful entrepreneurs from those who give up too early.”
When asked what he would invest the money in, Koerner replied: “So, for whatever reason, when I see $1,000, I think um about the wedding rental business. So, believe it or not, weddings are increasing in popularity. People are getting out, getting married outside more than ever.
“I think like 75% of weddings are outside now, which is increasing every year. Um, and that increases the market for these random one-off rentals, right?
“I read an article on Reddit about a guy that built a wedding arch from his garage with some 2x4s, some lumber. I think he spent like $200 or $300 to build it, and he rents it out to weddings for like $1,000 per wedding. And it’s just a piece of wood for the couples to stand under as they say, I do, right?”
Detailing how to advertise the business, the entrepreneur continued: “People are using local Facebook ads. Let’s say you live in Boise, Idaho. There’s 200,000 people there. You post a Facebook ad that says, ‘hey, find out what's happening in Boise, Idaho. One email per week in your inbox’. You can acquire a subscriber for about 50 cents from Facebook or Instagram.
“Okay, let's call it a dollar to be more conservative. Acquire a subscriber for a dollar. If you sell ads inside that email newsletter, you can charge about 50 cents per month per subscriber.
“So, if we had $1,000, I would use a free trial for an email newsletter software like Beehive or ConvertKit or any of those. And so I've already spent $0 and I would give all $1,000 to Meta. I would set a defined radius in a local area.
“Preferably it's where you live, but it doesn't have to be. It could be on the other side of the world. I've launched this, I tested this in New Mexico and it worked. I'd spend $1,000 to acquire a thousand subscribers.”