  |
The Power Of Residual Income
Before discovering the power of residual income, I worked in a highly skilled trade for thirty plus years. I made great money because of the investment I made in learning very specific skills, but I was unable to get ahead. I was still only a couple paychecks from becoming homeless. Unfortunately, this is a fact of life for most of us today. For the last 3+ years it has been my purpose and passion to change that one fact of life.
When I started out in the workplace 35 years ago, I was able to provide a good income; one that could support my family even when I was in training. Things have changed quite a bit since then. Do you know that 9 of 10 families now require two working members to just make ends meet? So who is left to raise our children? Surveys indicate 85% of all Americans would like to own their own business A new home based business opens every five seconds. 25% of the people living in North America are involved in home business in some way, and it's no wonder when you consider the altenatives. Western Capitalism depends on someone making more than what they pay you. It simply doesn't work any longer for many of us. The average job today pays an average of $24,000 a year. This hasn't changed that much in the last few years, but the cost of living has almost tripled since 1965. The average home based business generates over $50,000 a year. Not all home based businesses earn that much, especially in the beginning, but some earn many times that amount. That brings up the overall average. The best part is that we get to choose to be one of the ones who make the most, or the least. It is up to us - not someone else. A home based business offers advantages that are unavailable in most professions. We can reclaim the true freedom missing in most of our lives through a home based business. The Internet is truly an opportunity of a lifetime. It is leveling the playing field and is making it possible for anyone to sell and compete with the big guys worldwide.
Don't jump to the conclusion that you can get rich quick. Some do, but most won't ! It takes time and effort, especially in the beginning, just as building any other worthwhile project. You first build a foundation, then gradually "grow it" from home." A great tree starts with a very small seed. The potential for a entire tree is already present in the seed. If you can envision the potential, you can achieve the results. This is the foundation of my business, and why I am writing this today. As your home business grows, it gradually takes less and less effort Two key concepts in a nutshel are: 1) You may not earn much - or anything - from the initial work. 2) You earn residual income AFTER you do the work. When you see a movie that you enjoy and tell someone else about it, you are, in effect, selling the movie to that person! The highest paying profession in the world is sales! Selling is simply sharing stories and helping people. Everybody hates selling, but almost everyone enjoys helping others. WHY RESIDUAL INCOME IS SMART MONEY THERE ARE FIVE WAYS TO EARN WORKING A JOB This is the way the majority of us earn income. It's the easiest way to get started but in the long run, it's not usually the best way. You may work for years developing specific skills, only to be replaced at any time by the whim of the company employing you. Your employer must make more from your efforts than you do. Today if you have a job, you will most likely work more than 40 hours a week. Employers today maximize your efforts in order to make a profit. If you work at a regular job, you should really love your work because you will be spending most of your time doing it. OWNING A BUSINESS You may sell or resell goods or services. This method usually requires you to make a major investment. You need to lease or buy a physical store then spend money to get people to come to it. Eighty percent of all conventual businesses exist less than 10 years. Even if your business succeeds, you won't be the boss. Every customer is your boss. Growing a conventional business requires very long hours and years to build. In the end, your business may end up owning you. The odds are against your success because:
If you begin without substantial funding, you have only a small chance of success, and in the end, this is another form of selling. INVESTMENTS Stocks and bonds, venture capital, and other investments are proven ways to earn income, but again, they require substantial up front capital. There are two major problems you must overcome to enjoy success.
RESIDUAL INCOME A powerful and efficient way - the way that inventors, authors, actors and musicians earn income. It's called "residual income". Future earnings are derived from work you have already performed. Royalties, licensing fees, distribution fees and commissions are examples of this powerful earning method. At it's best, since you can earn unlimited income for many years for work you have already performed. HOME BASED BUSINESS This is one the best methods for the rest of us. It usually requires very little up-front investment and the income earned may continue to grow long after your initial efforts are complete. Once you have established your own home based business, your initial efforts may continue to generate income indefinitely. You should consider the following when selecting a product or service to market from home: BEFORE GETTING STARTED 1.) Choose a business in which you have already developed some interest and knowledge. If you don't have a passion for it, you probably won't follow through. 2.) Keep your costs down as low as possible at first. Work on producing a stated amount of income. This seems so easy when you start and you may assume your product will make some money because others have, or said they have, made money. The truth is many people make little or no income the first time out. You need to learn what to do and how to do it. At best, this may involve some trial & error on your part. I use a concept I call The $300 Solution.My first goal, when considering a home business opportunity, is to determine:
I continue goal setting in small but exponential increments. You can use any number you want to. THE $300 SOLUTION
3.) Look for a turn key business system, if you can. Most people spend too much money, and not enough time, promoting their first home business. If it doesn't pay off in a few weeks, they go around telling everyone, "Internet marketing doesn't work". I can't tell you how many times I've seen Internet "newbies" spend $300 to $1000 to earn $25 dollars the first few months. 4.)Choose teammates wisely, as if you were hiring management employees to your staff, because that's exactly what you are doing. You want to find self starters who bring more than an appetite to the table. WHAT DO YOU BRING TO THE TABLE Your time is important. In the end, the time you invest is your product. People who learn quickly, can plan, and are willing to work, are the ones who will stick around, so don't waste your time trying to make people into something they are not. Many people are looking for someone to hold their hand. It's OK to hold someone's hand from time to time, but you can never succeed with someone who does not understand how to do the work alone. The best thing you can do for others is to share what works best for you. The process is called duplication. THE ART OF DUPLICATION IS A KEY TO ONLINE SUCCESS In most businesses the majority are waiting for someone to tell them what to do. When you find these people, send them to "those other guys" who will hold their hand. You will be able to help them only in rare cases anyway. If it's true that "every seed gives birth to fruit of it's own kind", you are looking for those seeds that are ready. You would never plant a peach and expect to grow a watermelon. It's not in its nature, just as you would never plant cactus in a rain forest. Success in home based business depends on a set of learned professional skills. To choose people to work with, listen to what they ask or tell you - that's why God gave us two ears and only one mouth. 5.) Think long term. Most people give up long before making very much money. Don't spend extra money or time in the beginning, and don't allow yourself to be rushed into a decision. Most Internet scams depend on making you believe you must act now. The truth doesn't change over time, but scams always promise more than is reasonable to expect. In almost all cases, look for bottom line first literly. Read the fine print first. Realize that very often it's what they don't tell you that counts. If you don't understand later, when you ask about the fine print, they will tell you you should have read the entire offer in the first place including the fine print. Know what you are getting into BEFORE putting out your time & money. Success is in understanding the details. If it sounds too good to be true, it usually is - especially on the Internet. It's that simple. Since most people fail, I study what everyone else is telling me to do, then I do the opposite. Your long term results will depend FIRST on your efforts - not the efforts of others. Take your time. It's important to choose wisely in the beginning. You can't go back and do the beginning over. Success doesn't care how you get there. Success is based on your taking the time to understand the basic principals. Most people go from one opportunity to another, waiting for success to come to them. I call this the Internet lottery. In order to make the big money you need to learn how to earn a little money first. Once you have earned something, you can teach others how you did it. When you help others make the same money you are already making, you will earn more and more yourself. 6.) Once you start making money grow, then diversify. You must learn to make your business grow FIRST. How else would you get the funds to diversify? You diversify so that all your eggs are not in one basket. If McDonalds had stopped with the first hamburger stand, it never would have become the giant it is today, but if Mcdonalds had gone into the car business after their first success, they wouldn't have been able to leverage their successful fast food experience. Once your are making money, start planning how to leverage what you have already learned. Your first on-line business should offer products that are somewhat in demand, just as any good investor will buy conservative stocks and later diversify into other (sometimes more risky) investments. In the long run, develop a mix of conservative businesses and shoot for the stars as a sideline. TARGET & DIVERSIFY I worked a single on-line business for almost a year and used most of the knowledge and profits to diversify my business. Now I am reasonably comfortable producing several independent income streams. I couldn't have been successful if I had not spent the time learning on the first business, but I could have chosen that first business more carefully and saved a lot of time. 6.) Build your own marketing team. I use a concept I call a Mastermind Alliance, which is just cooperative marketing that uses your strengths plus getting help from others it their areas of expertise. In a perfect world, everyone would do what they were drawn to and skilled at doing. A MASTER MIND ALLIANCE I prefer to call multi-level marketing cooperative marketing. Why start with new people every time you discover a new opportunity? Isn't it smarter to bring in the people you have already worked with before? How about going with them when the opportunity is perfect for their skills and interests? Build a team, learn to be a team leader, and learn to know when to follow someone else. 7.) Once you learn how to be a leader, then can learn to serve. You will find that if you focus on making your team money, you will end up making more yourself. You do this by teaching and learning. You will find that other leaders will want to work with you if you build your team right. Each teammate may all focus on different aspects of the businesses, and using cooperative teamwork and synergy, you will all earn more, and do a better job. THE POWER OF TEAM BUILDING Absolutely anyone can make money marketing goods and services on the Internet. Internet marketing requires development of a specific professional skill set. Start small; do as much as you can on your own; find others to trade support; and most importantly - never give up. If you follow this prescription. YOU CAN'T FAIL UNLESS YOU QUIT. Best Wishes Bob ROBERT SMITH
helps thousands successfully market their Internet based home business. You can reach him by phone at: (541) 689-1847 PST, and by email at: The Best Programable Follow-up System Available Today
|
 |
 |
|
|
Click Here to Email Bob Smith
