Ready to jump start your home business? If you are thinking that it’s all that easy to go out there and start earning thousands of dollars a month, then you are wrong. As the old saying goes, ‘the only job you start from the top is digging a hole’, and the same applies in this [...]
Ready to jump start your home business? If you are thinking that it’s all that easy to go out there and start earning thousands of dollars a month, then you are wrong. As the old saying goes, ‘the only job you start from the top is digging a hole’, and the same applies in this scenario as well. Starting a home business is lucrative only if you know what to do. Without having the right keys, you might not be able to open doors for your success. And, you don’t want to open the wrong door, do you? Keep up your spirits, and know the deal and you surely will cross the milestone!
Honestly, a home based business is actually a ‘business’, and it has more or less the same norms regulating within. Believe it or not, it does require what every other business would do. But, the positive attribute of a home based business, especially one that utilizes the Internet as a marketing medium, is that the efforts and capital you put are far less compared to the profits you can reap.
If for some reason, you are still thinking that you can have a successful home business without investing any capital, efforts and time…well then you need think again! But, if you want to know the secrets of how to start a successful business with a little investment of time, money and efforts then you are ready to go!
A unique idea you excel in
Coming up with an idea that is unique and can drive people in is the foremost thing to do. There are loads of people generating income streams through home businesses. Their success stories will always tell you the importance of coming up with a unique idea. Whether you want to sell wish bones or home made bags, the idea is yours. The key bonus of starting a business right now is that it can be based on whatever you like and you can become a successful entrepreneur in the process. So, to start, dig deep within yourself and see what that one skill that people love in you is. Maybe you are an awesome cook or a great designer! All you need to do is to make that personality trait a foundation of your business.
Establish your business and know what to do
The second most important thing you need to do is to make proper grounds for your business. Once you know what your business will be about, start researching and see how others have established it. If, for example you are starting a home business for homemade bags, you could get in touch with a number of shops who specialise in your product and become one of their wholesalers. This might be a better idea than retailing initially, because it would require lesser investments from your end. Plus, you can get to know how many sales you are making. Once you know the potential of your product, you can then move onto retailing!
Using the Internet for exposure
Whether you want to market your products, bring in investors or find local shops, the Internet is the best way to do so. Luckily you are in the 21st century where things have been simplified so much that even housewives are becoming entrepreneurs. Today, you don’t need to use pamphlets and hoardings for advertisements. There are innumerable websites that are willing to promote your business and get you customers or investors without fee. Now, isn’t that something you have just been waiting to hear for such a long time? It’s true – social media websites such as Facebook, Twitter, Stumble, etc. are all there for your help.
Slow and steady wins the race
The Internet is one platform where this old saying actually becomes a reality. It’s not going to matter if you decide to invest a million dollars or a measly 100 – you need to stay focused and have faith. It takes sometime to gain recognition and exposure on the Internet and that is probably one reason why most home business owners lose hopes. Don’t! All web entrepreneurs are the ones who didn’t invest much, but kept working on their businesses constantly.
Feel free to leave some comments.
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There are many network marketers who keep on using the terms Residual Income and Passive Income interchangeably. On the other hand, there are others who strictly use one or the other to identify certain ways of generating income. The question is: which of these approaches is correct? Is it the passive income opportunity or the [...]
There are many network marketers who keep on using the terms Residual Income and Passive Income interchangeably. On the other hand, there are others who strictly use one or the other to identify certain ways of generating income. The question is: which of these approaches is correct? Is it the passive income opportunity or the residual income opportunity? Are there two different sides of a coin, or are they the same?
Passive Income
Passive income is defined as income that can be generated despite the fact that the person earning it isn’t actively involved. In simpler terms, passive income doesn’t require that you spend your efforts in order to make it. This sounds like a very exciting idea! All you have to do is make a few business investments, and relax while others work on getting you your profits.
Some examples of passive income include rent from properties, dividends and interests of stocks and bonds, and pensions. However, in the virtual world, passive income can be accumulated differently. For example, you can invest some cash in making your website search engine friendly. This way, you won’t have to market your products, and instead rely on search engines to lead potential customers to you.
Pay per Click is also another way of generating passive income. Through PPC, you will pay advertisers to vigorously market what you have to offer. Though you will have to part with a small share of your profits, you will still be able to have just enough to allow you with a semi-luxurious lifestyle. Similarly, setting up your own affiliate program will ensure you of considerable amounts which require very little work on your end.
Residual Income
The concept of residual income contradicts that of passive income. Whereas the latter doesn’t involve any work, residual income requires it. By definition, residual income consists of recurring payments which are received after an initial effort had been made. For example, had you written and published a book, you can enjoy the royalties you will get whenever someone uses your material. Basically, all you need to do is start something and then let the profits roll.
Taking the previous examples, if you decide to work on the optimizing your website for search engines, your effort will eventually pay up later on. Affiliate programs are also a good example of residual income. An internet marketer will be paid commissions whenever his articles or websites lead internet shoppers to a retailer’s website.
The Verdict
After you had reviewed the definitions of both passive income and residual income, you will definitely deduce that they are completely different. However, both types of income are linked. You see, you can start off with residual income and end up with passive income. Here’s an example:
You had put all your efforts into creating software that teaches alphabets to toddlers. Whenever someone downloads the program, you will be getting residual income. However, had you sold that program to a software development company, you will be getting royalties from that company on a regular basis. Thus, you will be earning passive income.
So, Which One’s Better?
Well, if you’re planning to do everything yourself, both will be a necessity for you. However, which of these is better depends on what you are willing to offer. If you can provide the efforts to make something rather than its finance, the residual income opportunity will be a better option. On the other hand, if you don’t have the time or skills necessary to start something, yet have a healthy bank account, then passive income opportunity may seem more feasible.
Whether you’re opting for passive approach or residual income, you will be earning a lot of money while working less. That is because both processes are automated, so you hardly need to spend much of your time or effort.
Feel free to leave a comment.
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I had someone contact me the other day who was interested in some advice on how to make money online, he mentioned eBay. I thought I would share my reply for everyone to read as I have been involved in what he was asking about in the past. Hi XXX, Thank you for taking your [...]
I had someone contact me the other day who was interested in some advice on how to make money online, he mentioned eBay. I thought I would share my reply for everyone to read as I have been involved in what he was asking about in the past.
Hi XXX,
Thank you for taking your time to read my blog. I know your time is valuable and I can defiantly help point you in the right direction as I have now been online for 8 years.
You mention eBay and there are two main reasons you will not want to start working online with eBay. I have made money with eBay in the past so these two points are based on personal experience. The first being that you can potentially work full time from home acting as a sales agent on eBay but you will cut off the chains from your current type of work and simply chain yourself to the desk at home managing auctions, dealing with suppliers, customers and returns. Do not be fooled, the people who claim to make $100,000+/yr, if it is not a false claim, will be working hard. Hard, as in 12hr/day, 6/days a week.
The second reason you don’t want to start making money online with eBay is you will not be creating a residual income. Every sale you make requires another sale. If you stop, the money stops. This is exactly what happens when you want to take a holiday. When I stopped for a holiday, the money also stopped. Even in a traditional ‘9 to 5’ job you will be paid holiday leave. Not so with eBay.
This leads me to what you are looking for, you want an opportunity that will create a residual income, an opportunity available that will train you. From having minimal knowledge of internet marketing to becoming a master marketer backed by a community that will endeavour to keep all the latest marketing methods up to date so you can focus on ‘income producing’ activities.
Regards,
Dominik
So what is the moral of the story?
Leverage
Regardless of what opportunity you decide to get involved in you need to make sure you leverage your time to create a form or residual income. Or you will do exactly what so many people working from home on eBay trap themselves in. Consistently ‘working’, and when they stop working the money stops.
The second moral of the story?
Value
This gentleman decided to go back to my blog and look at the opportunity I had on offer as I provided him with value. I replied with a detailed response that helped him decided what to do next. I did not just pitch him my opportunity, hyping up how great my business opportunity is. We need to remember that most business opportunities will work but it is up to the individual that is behind the opportunity to ‘make it happen’. Providing value will take you so much further in the world we live in, this can be related to all aspects of life.
Thanks for reading and please feel free to a comment,
Dominik Mikula
Ten years ago MLM was considered a magnificent opportunity with incredible potential for the average person to work from home. As they say ‘were there is a will, there is a way’ and several determined and committed networkers rose to the top of MLM organisations creating small fortunes in the process. MLM In Today’s Reality [...]
Ten years ago MLM was considered a magnificent opportunity with incredible potential for the average person to work from home. As they say ‘were there is a will, there is a way’ and several determined and committed networkers rose to the top of MLM organisations creating small fortunes in the process.
MLM In Today’s Reality
Times have changed, and the MLM industry as we used to know it has long gone. In addition, the industry has turned into a chaotic mess. Every other day we hear of a new pre-launch MLM firing up. Companies are claiming they will revolutionise the world with the latest super juice or wonder pill.
Like junkies looking for the next hit, networkers flock in the tens of thousands to “get in at the top” of these pre-launches. Regardless of the MLM company, after the music stops, 8 to 12 months down the track the cycle will be repeated. Like lemmings, this hoard of networkers destroys a relatively new company and they flock to the next pre-launch.
Throughout this process, new reps in your downline will not typically outlast a pitiful 90 days. First, they complain that their $300 was an overpriced investment. Second, when the new recruits do not see instant results, they will come running to you for help, again complaining without having put a fair effort to start with. This destroys your residual checks with compensation plans requiring you to “get 3, who get 3, who get 3” as those who get more than 2 and far and few between.
The idea of a dream lifestyle that is ‘sold’ to new recruits is now just n over hyped and bad attempt at a sales pitch. Creating a ‘life-long’ residual income through the power of a strong downline used to be a quite viable option. However, attempting to build a downline in the internet era is like trying to fill a leaking bucket, the hole can never be plugged. Today it is only a fabricated lie that will never become a reality.
Those who chose to continue to play the MLM game will find themselves building a new business every 9 – 12 month, perhaps 15 months if they get lucky. A disappointing truth, but this is Network Marketing in 2010 and beyond…
The Solution
GPT is rapidly taking over as the problem solver. More and more networkers are choosing to Get Paid Today as they are sick and tired of the pitfalls and challenges traditional MLM brings to the table. The GPT business model is based on Top Tier companies with higher end product paying out $1,000 or more in commissions for each sale. This tends to attract the motivated and high caliber networkers as opposed to those in MLM complaining about the small start-up costs and wanting their hand held.
It is much easier to make 4 sale per month to create a $4,000/m income than attempting to recruit 50 to 100 new reps into you business knowing they will drop off like swatted flies within 90 days. The bonus GPT offers is the $1,000 commission per sale, this is regardless of business builder being recruited or a purely a customer sale.
We must also consider the unique compensation plan of the GPT model. Top Tier opportunities provide a compensation plan going down no more than a few levels, but paying out a very high rate of commission. One customer per week provides you with the potential to produce an income 10x greater than $4,000/m.
Now consider when you get paid, you get paid today and your money is worth more today that in 3 years if it were to be paid out on a residual basis. Let’s consider you have built up a $4,000/m residual income through traditional Network Marketing. In 3 years you will have been paid $144,000. The alternative and the smarter method would be to have that money in the form of GPT as getting paid today, would pay you the money in the first 12 months and not over 3 years. However, we cannot forget the challenges faced in MLM and the likelihood you will lose half your residual income from your downline jumping ship to the next pre-launch.
It is now all up to you to make the choice.
Have you struggled in traditional MLM in the past? Are you a first timer looking to start an online business? GPT is recognised as an upgrade people move through after a few failed MLM’s but regardless of your situation, you now have the facts and you need to asses which opportunity fits your situation. Only you can be the judge.
Feel free to leave me a comment below.
Get the ‘Bigger’ Picture and Read the Full Report
junkies looking for the next hit, networkers flock in the tens of thousands to “get in at the top” of these pre-launches. Regardless of the MLM company, after the music stops, 8 to 12 months down the track the cycle will be repeated. Like lemmings, this hoard of networkers destroys a relatively new company and they flock to the next pre-launch.
Throughout this process, new reps in your downline will not typically outlast a pitiful 90 days. First, they complain that their $300 was an overpriced investment. Second, when the new recruits do not see instant results, they will come running to you for help, again complaining without having put a fair effort to start with. This destroys your residual checks with compensation plans requiring you to “get 3, who get 3, who get 3” as those who get more than 2 and far and few between.
The idea of a dream lifestyle that is ‘sold’ to new recruits is now just n over hyped and bad attempt at a sales pitch. Creating a ‘life-long’ residual income through the power of a strong downline used to be a quite viable option. However, attempting to build a downline in the internet era is like trying to fill a leaking bucket, the hole can never be plugged. Today it is only a fabricated lie that will never become a reality.
Those who chose to continue to play the MLM game will find themselves building a new business every 9 – 12 month, perhaps 15 months if they get lucky. A disappointing truth, but this is Network Marketing in 2010 and beyond…
THE SOLUTION
GPT is rapidly taking over as the problem solver. More and more networkers are choosing to Get Paid Today as they are sick and tired of the pitfalls and challenges traditional MLM brings to the table. The GPT business model is based on Top Tier companies with higher end product paying out $1,000 or more in commissions for each sale. This tends to attract the motivated and high caliber networkers as opposed to those in MLM complaining about the small start-up costs and wanting their hand held.
It is much easier to make 4 sale per month to create a $4,000/m income than attempting to recruit 50 to 100 new reps into you business knowing they will drop off like swatted flies within 90 days. The bonus GPT offers is the $1,000 commission per sale, this is regardless of business builder being recruited or a purely a customer sale.
We must also consider the unique compensation plan of the GPT model. Top Tier opportunities provide a compensation plan going down no more than a few levels, but paying out a very high rate of commission. One customer per week provides you with the potential to produce an income 10x greater than $4,000/m.
Now consider when you get paid, you get paid today and your money is worth more today that in 3 years if it were to be paid out on a residual basis. Let’s consider you have built up a $4,000/m residual income through traditional Network Marketing. In 3 years you will have been paid $144,000. The alternative and the smarter method would be to have that money in the form of GPT as getting paid today, would pay you the money in the first 12 months and not over 3 years. However, we cannot forget the challenges faced in MLM and the likelihood you will lose half your residual income from your downline jumping ship to the next pre-launch.
It is now all up to you to make the choice.
Have you struggled in traditional MLM in the past? Are you a first timer looking to start an online business? GPT is recognised as an upgrade people move through after a few failed MLM’s but regardless of your situation, you now have the facts and you need to asses which opportunity fits your situation. Only you can be the judge.
Welcome to my Blog and thank you for stopping by. I am in the initial setup stages at this point but stay tuned for daily videos and articles on Internet Marketing, Network Marketing, MLM and Personal Development. For the time being feel free to read about My Story. Or perhaps if you are a serious [...]
Welcome to my Blog and thank you for stopping by. I am in the initial setup stages at this point but stay tuned for daily videos and articles on Internet Marketing, Network Marketing, MLM and Personal Development.
For the time being feel free to read about My Story.
Or perhaps if you are a serious entrepreneur check out the Work With Dominik Mikula section.
Respectfully,
Dominik
