How to Build a Business of Residual Income Part 5 of 7

I am very passionate about building a business of residual income and this is part 5 in a series of 7.

I am very passionate about building a business of residual income and this is part 5 in a series of 7. When I started my online business, I didn’t have a blueprint of what to do, I did however, have many mentors, including the person who brought me into this business. I like to share what it is I’ve learned throughout my ten years, all my answers and secrets to help people live the life that they want.
Part 5 in my series on building a business of residual income is all about being HONEST.   Continue reading

How to Build a Business of Residual Income Part 4 of 7

What residual income means is the longer you do something the less time you have to put into it.

Time Vs. Money

In the beginning it seems you are putting a lot of time for not a lot of payoff. As time goes on you put in a little less time for a little more money. Balance starts to tip in your favor. A good example is that of musicians. They put in a lot of time in the beginning stages of their music, writing songs, assembling the band, recording and then production. Then they can enjoy the payoff as their song is played and purchased.

In the beginning when I started I was working ten hours a week and only making about $30, that’s $3 an hour. People thought I was crazy! I knew that with the residual income model that eventually it would work in my favor, as long as I stayed consistent.

So…how do you stick with something that isn’t benefiting you financially? You need to be able to think long-term. What is Possible? What is coming? What are you setting yourself up for?

Consistently base your actions with your long-term goals. Are they pushing you to the next level, to financial security, think to yourself where do you really want to be?
Challenge yourself and ask yourself “Does this go along with my long-term goal or is this just short-term?” What helps me is to think to myself is this the most important use of my time right now. Mentor and personal development guru Brian Tracy speaks to this topic a lot and it really hit home with me.

Teaching people how to have successful businesses, personal development and goal achievement is my passion. Always keep your eyes off the income/numbers part of it, remember relationships first. Don’t look at people as dollar signs, if you are only looking at financial rewards it will end empty. The true blessing is who you are becoming. Be the best, be who you want to be and time is going to pass.

Think about is this something you could duplicate? Can you teach someone else to do what you do? This is especially important with a home based business or online franchise. You don’t want to make yourself so niche that you won’t be able to teach it to someone else.

Oftentimes it is the start that stops us.

We think about all the things that we want to accomplish in life but at the end of the day if we don’t feel like it’s possible or if it is so far out of our reach that it’s just not going to happen, we just don’t start. Just because you don’t know the outcome of something, does that mean you shouldn’t ever start? When I started this business I didn’t know it was going to be successful, that I’d be able to retire after a few years, that I’d be able to work part-time and make full-time income, start a family, work from home. I am glad I didn’t let the unknown outcome stop me. In the beginning I just wanted to buy groceries, then I realized I could pay off my car, create a savings account, pay off my debt, quit my full-time job.

I want to work with positive people and help them build a successful business with what I know works. Drop a comment below and I look forward to hearing from you.

How To Be More Productive

I have such an incredible productivity tip for you today. If you want to increase your productivity – you should journal or create your “to do” list the night before. So…when you wake up you hit the ground running, the other thing is your brain works on things while you are sleeping.

I heard this from Shark Tank star Daymond John, who also wrote the book The Power of Broke, he writes down the things that he is working towards or obsessed with, so that his brain can start working on them.

I usually like to watch tv and do mind numbing activities before going to bed and as some of you may know I have been struggling with insomnia lately. I thought to myself maybe this journaling might help, Chalene Johnson also speaks to this and does her “to do” list the night before.

I decided to journal what I was grateful for and then jot down my goals and finally listed the goals I was working on at the time. Starting with what I was grateful for put me in a positive state of mind before tackling my massive to do list. I was able to pull out my top five things that I would focus on the following day for the short time I have to work.

When I got to my desk to work I was able to start working on what I actually needed to get done that day. So often, I would sit down to work and have to spend time figuring out what I wanted to get done, I wasn’t being as productive as I should have been. When I sit down I need to be ready to work. and on this day I hammered through my list.

Figure out what things you need to do daily or monthly to reach your goal. You will definitely get more accomplished if you prepare for your day the night before.