What Does a Residual Income Business Opportunity Look Like to You?
Here is what a residual income business opportunity looks like for me:
- It must be time efficient.
- Simple step by step system
- Pays multiple times for every hour I put in.
- Eventually, the income will continue to come in, with or without me giving you the ability to 'own your life'.
Let’s look at each of these criteria for a residual income business opportunity:
Time Efficient
For me, having a ‘life’ is far more important then making a ‘living’. What I mean by that, is my time is precious.
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Over the years, the time I spent with my children was far more important then ‘making a living’. I was busy building and developing their characters. In the early years of my home based business, I didn’t know there was ‘another way’ I didn't understand how a residual income business opportunity worked. So I did what I could at the time. It has only been in recent years that I discovered a powerful residual income business opportunity. It’s given me residual income, is very time efficient and in the industry of network marketing. Many people’s perception of network marketing is that they ‘have to go out and sell to lots of people’. This is not the case, it’s really important to fully understand whatnetwork marketing is and isn’t. |
If you want to totally change what you are doing and spend hours and hours on the phone or ‘selling’ then this probably isn’t for you.
The magic comes when you learn a few basic skills and have ‘brief’ 30 second to 2 – 3 minute conversations with people you are already talking to anyway.
Simple step by step system
If your residual income business opportunity has a step by step system, that will allow you to own your life,Then it is only a matter of learning how to follow instructions. I emphasise learn.
Unfortunately, so many are looking for that get rich quick scheme and aren’t prepared to take the time and effort to required to learn - to their detriment.
Pays multiple times for every hour I put in
There are only so many hours in a day. Unless you get paid $1,000 a minute you will want to look at getting paid multiple times for every hour of effort.
This concept is similar to an author of a book or a singer/song writer like Elvis Presley – his estate is still receiving millions of dollars a year from his efforts years and years ago.
Franchising is also an example of leveraging your time. McDonalds makes their money from others implementing their system and getting a small percentage of the total turnover. Network Marketing works the same way. Double your way to millions:
If you were to take one cent, double that each day for 30 days. Like so:
- 2
- 4
- 16
- 32
- 64
- 128 cents is what you would have by the end of your first week! Yeah!
But hold on a second, by your second week it would be $81.92 and the third week it would be over $10,000! And the 4th wee in excess of $5,000,000!! Wow…now that is something to take notice off.
There are TWO basic ways you can make money: Other Peoples Money or Other Peoples Time.
By having the right residual income business opportunity, here is what can happen ( understand that in real life we are dealing with people and people aren’t perfect! So these numbers are for getting a point across. OK?)
Let's say you have found your ‘wonderful company, with the wonderful products and the wonderful pay plan’ you are excited.
You decided you will find only 1 person a month who feels the same way about your wonderful company, wonderful products and wonderful pay plan. You teach this person to do the same as you and here is what happens:
At the end of 12 months you would have personally introduced only 12 people but your business now has 4,096 people in it all doing the same.That means if each of these 4,096 people all only spend one hour a dayon their own business, it would be a total of 4096 hours a day!
The 80/20 Rule
There is a rule, based on human nature, that says that only 20% will actually DO anything so that leaves you with 817 who WILL make a go of the residual income business opportunity.
The question is: Do you believe this is possible?
If not then think again about what really makes your heart sing and what personal growth you are prepared go through to have that.
Eventually, the income will continue to come in, with or without you.
So you can see by using this model you can eventually become inconsequential to your own income.
This example hasn’t even taken into account the regular on going consumption of products (which is where your residual income comes from) or the home based business tax deductions available to you.
Once you take that into account and assuming you have all the other necessary ingredients for success you really won't need that many people in your residual income business opportunity to earn a decent passive income.
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