If you just watched the first part in this series, I welcome you to part two in a series of seven on how to build a business of residual income. It is my passion to help other people find freedom creating this anomaly called residual income. If it sounds too good to be true just think about it like this, actors get paid when their movies continue to live on, right? They do all this work to develop this movie and they continue to get paid after their work is done, their movies live on. That's kind of what residual income business, or passive income is, you do a lot of work up front, in the beginning, and the work that you've done continues to pay off over time. So, you can take vacations, you can take breaks, you don't always have to trade a specific amount of time for a specific dollar amount.
If it sounds too good to be true just think about it like this, actors get paid when their movies continue to live on, right? They do all this work to develop this movie and they continue to get paid after their work is done, their movies live on. That's kind of what residual income business, or passive income is, you do a lot of work up front, in the beginning, and the work that you've done continues to pay off over time. So, you can take vacations, you can take breaks, you don't always have to trade a specific amount of time for a specific dollar amount.
Today we're talking about the second thing you need to do in order to create a residual business that is strong. To develop residual income you must have a very strong “why” and by this I mean a strong reason or reasons why you want/need to do this business. You need to figure out why are you doing this, what do you want to get out of it. If you were to look at the big picture of what your life looks like working part time hours while making a full time income, what would that life look like. Perhaps you want to get out of debt, this would be your reason why.
Now I would like to let you in on why so many people fail, they don’t take the time to clearly define their reason why. If you were to just say this is something you want to do and not follow through with what you need to do to get there, it would fail.
Here's the cool thing about the human brain, the human brain will subconsciously lead you in the direction that you tell it to go. It will lead you toward the things that you want, if you've ever heard of the movie or the book The Secret, it is putting out what you want into the universe and letting your subconscious mind lead you to your goals.
Usually, it takes three weeks to develop a habit if you do something diligently for 21 days in a row. This is kind of what starts the process of creating the undertone, that underlying current, of drawing you to those things. Once we've set our sights on something, all of a sudden it comes to the forefront of our mind and it's become part of our conscious thinking. For instance, when you are looking at buying a new car and you’ve set your sights on a certain model, you tend to see that type of car everywhere around you. You hadn’t noticed them before because it wasn't at the forefront of your mind, but then all of a sudden your brain has put them all around.
When it comes to developing residual income, it all circles around how clear are you going to make that goal, how clear can you define that thing that you're going after. For instance when I started my online business from home, I knew that I had a couple hundred thousand dollars of debt and over fifty thousand dollars of that was in credit cards alone. So, I truly set my sights on paying off at least the credit card debt which was fifty thousand dollars within two years time.
I knew how many hours I could possibly pull out of my schedule without going crazy, which was at that time about ten hours a week. By the way, I still work about 10 hours a week at this awesome business. It wasn't just about what I wanted it, I made sure I had a specific dollar amount to pay off in a specific amount of time to aim for. I did this so my brain had something to focus on, I would put up little reminders, little triggers all around me so when I got out of bed every single morning I looked exactly at what I was aiming for, the business that I was trying to build.
This is where you develop your why power, willpower will fail you at times, but your why power is what is gonna take you to the next level. What do I mean by why power? Your why power is layer upon layer upon layer upon layer of WHY you are doing something. My reasons for why I was starting my own business were: I wanted to get out of the debt and my why was I wanted to eliminate stress. By eliminating the stress of creditors calling and working three jobs I would eventually sleep better and eventually I would be able to look to the future for other things I wanted to do. These of course were getting married, buying a home, and starting a family to name just a few.
People say that money can’t buy happiness and while this is true it does give you options, it does give you freedom. So, if you can find a way where you enjoy what you're doing and you're helping other people feel good about what they’re doing, you are creating a better life for you and so many others.