Friday, June 27, 2014
Thursday, June 26, 2014
Passive Income
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Passive Income
How to Earn More and Work Less
Do you want to continue working 50, 70, 100 hours a week the
rest of your life?
Good! Neither do I.
Do you want to be able to take time off whenever you want
to, without worrying about what's going to happen to your business?
So do I!
There's a saying in the corporate world: "Don't make
yourself irreplaceable. If you can't be replaced, you can't be promoted."
As an entrepreneur, this is still true in its own way. Let's think of
"being promoted" as earning more and working less. You can raise your
prices, but until you can remove yourself from being directly involved in doing
the work that generates the income, there's always going to be a limit to how
much you can earn, and it can only increase very slowly.
Passive income, on the other hand, is income that does not
require your direct involvement. Some kinds of passive income you may be
familiar with include owning rental property, royalties on an invention or
creative work, and network marketing. If you want to earn more, work less, and
have a decent retirement, you're going to have to start creating income streams
that do not require your direct involvement. Whether you're just starting your
business, or you've been running it a while, the sooner you start thinking
about how you are going to shift your business model to create more passive
income, the sooner you can achieve personal and financial freedom.
Let's look at two basic types of passive income, and a third
type of income that, while technically not passive, is a key strategy for
earning more and working less.
Residual Income
Residual income is revenue that occurs over time from work
done one time. Some examples include:
An insurance agent who gets commission every year when a
customer renews his policy
A network marketing or direct sales rep's income from her
direct customers when they reorder product every month
An aerobics instructor who produces a video and sells it at
the gyms where she teaches
A marketing consultant who creates a workbook and sells it
in e-book format on the Internet
A photographer who makes his photos available through a
stock photography
clearinghouse and gets paid a royalty whenever someone buys
one of his images
A restaurant or retail owner who has grown to the point of
hiring a trustworthy manager
As you can see, there are many different ways to generate
residual income across a wide variety of businesses. It may be recurring income
from the same customers, or the sales of a product to new customers. It may
require no personal involvement whatsoever, such as an e-book sold on a web
site, or it may require some personal interaction, such as the insurance agent
calling the customer to remind them about their renewal and ask them if they
want to change any of their coverage. Often, it's something that you can
delegate to an assistant.
Note that this is different from merely recurring income.
Recurring income may still require your involvement to earn the income, e.g., a
coach or consultant on a monthly retainer, or a caterer who delivers lunch
every Monday to the local school board. While this "active recurring
income" offers welcome stability, it also tends to tie you down, and you
still have limits on your earning capacity based on your own personal
production capacity.
Leveraged Income
Leveraged income leverages the work of other people to
create income for you. Some examples of leveraged income include:
An e-book author selling her e-book through affiliates who
promote the product
A network marketer who builds a downline and receives
commissions on the sales made by people in his downline
A general contractor who makes a profit margin on the work
done by sub-contractors
Franchising your business model to other entrepreneurs (the
ultimate leveraged income)
Again, there are many different models in many different
businesses. The key is that you are making money off of other people's labor,
rather than primarily your own. Note that leveraged income may or may not also be
residual income. When you combine them, that's even better.
Active Leveraged Income
This is a term I use to describe income that requires your
direct participation, but that you can make more money by having more people
involved. This generally involves a one-time event, such as:
A seminar or class
A conference or convention
Concerts and dance recitals
Raves and other parties
Although these require your direct participation, your
earning potential is much higher than if someone were just paying you a direct
hourly rate. Fill a room with 1,000 people paying $50 each and you can cover
your facility cost, promotional cost, and staffing fees and still have a nice
chunk of change left over.
Applying It
Now is the time to think about how to apply this in your
business. Can you create a product that people will buy over and over again?
Can you engage others to sell your product? How could you make money off the
work of others?
The sooner you answer these questions, the sooner you'll
have financial and personal freedom.
$100/Day Success Timeline
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$100/Day Success Timeline
Days 1 and 2:
Print out this manual and read it 2 times front to back. If
there are any gaps in
your knowledge, mark them down and go fill those gaps by
doing some quick
research in the PGI membership area. Then, go back and make
notes in the
margin.
Day 3:
• Register your 124 domains and signup for your hosting
accounts.
• Set the proper DNS setting on your domains so that they
work on your
hosting accounts.
• Load your 100 money domain URL’s into an Excel spreadsheet
• Setup all 124 domains on your various hosting accounts.
• Setup your Google AdSense channels
• Load your domains into an FTP program like CuteFTP
• Gather 200,000 keywords
Day 4:
Your domains will most likely have propagated by now.
• Get your WordPress template(s) ready if you’re using your
own
• Install a WordPress blog on the root of every one of your
100 money
domains.
• Gather 200,000 keywords
Day 5:
• Setup your blog farms domains in your hosting control
panels
• Setup your first blog farm as well as your Excel tracking
sheet.
• Gather 200,000 keywords
• Setup your other 2 blog farms in the same way you setup
your first.
• Gather incoming links to blog 6 on all 3 blog farms.
Day 6:
• Gather 200,000 keywords
Day 7:
• Install Swift Blogger as directed earlier.
• Load all of your blogs into their respective Swift Blogger
installs
• Load content into all of your Swift Blogger installs
Day 8-10:
• Finish gathering keywords so you have at least 3 million
(preferably 4
million)
Day 11:
• Build Pages on 50 domains
Day 12:
• Build Pages on Remaining 50 domains
Day 13:
• Load all of your pages into Swift Blogger. Swift Blogger
will now begin
posting links to your sites.
Day 14 and Beyond:
• Begin your ‘icing on the cake’ promotional methods,
including setting up
Linktator, Blogger blogs, and submitting RSS feeds.
***
Extended Timeline
Day 30 - 45:
• You should be seeing income now. Over the next few weeks
track your
Adsense stats in Asrep (or any other ad tracking system
you’re using) and
watch your channels in AdSense. Figure out which keyword
lists are
performing the best and save them to a special folder on
your computer
called “Big Money Lists.”
Day 45 and Beyond:
• Take some of the income you’re earning from AdSense and
reinvest it in
new hosting accounts and another 100 domains. Don’t wait. Do
it
now…you’ll be glad you did. This time around it will be
MUCH, MUCH
faster as you’ll know the process front to back and won’t
have to constantly
refer to this manual.
• Build sites on your next 100 domains using your “Big Money
Lists.” These
domains will likely be quite a bit more profitable than your
first 100.
• Come back and read this manual again and figure out which
tasks you can
begin outsourcing with your newfound stream of income.
ACTION. In little, bitesized steps. So here’s a look at how to implement this package over the next 2 weeks.
Follow this plan if you want to start attracting targeted traffic in viral quantities. Skip a step and it doesn’t work. If you’ve followed along you’ll realize it all builds on the previous step. And it’s pretty easy, and
mostly FUN.
WEEK ONEACTION. In little, bitesized steps. So here’s a look at how to implement this package over the next 2 weeks.
Follow this plan if you want to start attracting targeted traffic in viral quantities. Skip a step and it doesn’t work. If you’ve followed along you’ll realize it all builds on the previous step. And it’s pretty easy, and
mostly FUN.
Day One | register accounts with all social media sites | source 2 blogs relevant to your niche | source 2 forums relevant to your niche and register | |
Day Two | write 1 article and 1 blog post | convert article to powerpoint and pdf, share to slideshare, post to FB and | Ping your blog post and post it in Tumblr | |
Day Three | minimum 5 forum posts | minimum 5 blog comments | attempt to initiate dialogues in blogs | |
Days Four | create video from powerpoint or outsource | manually upload or outsource uploading | 5 forum posts | |
Day Five | upload all images from the week’s blog posts and articles to | submit article snippets and links to | ||
WEEK TWO | ||||
Day One | 5 blog comments | 5 forum posts | ||
Day Two | Create 1 article and 1 blog post | submit as in day 2 week 1 | ping blog post and post in Tumblr | |
Day Three | Convert powerpoint to video or outsource | upload video manually or outsource | 5 blog comments | |
Day Four | submit all images from articles and blog posts to pinterest | 5 forum posts | ||
Day Five | blog commenting and forum posting | spend time updating your site and/or offer pages | submit article snippets and links to reddit | |
It all builds, and we’re laying a foundation here.
The beauty is that once this foundation is laid this system becomes pretty much self sustaining. Because after a month, you’ll have established authority. Your social media accounts will have grown exponentially. Your blog posts will see increased traffic. Your comments and posts will get noticed. And you’ll have gotten so good at all this that you’ll be able to accomplish these tasks in a fraction of the time and they’ll simply become a part of your daily routine
. By habit when you go into facebook, for example, rather than checking your personal feed you’ll be commenting on pages relevant to your niche. Which is just as much fun, but produces results! So please stick with it to see the benefits.
This isn’t hard, it just takes a bit of time to get rolling. And a small time spend to see converting traffic coming your way is a pretty valuable investment.
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