Let's start off this week by asking some important questions. Where do you see yourself in three years? How about in five years? Is there something you would REALLY like to do in three years? How about in five years? Do you have a plan (a REAL plan, not just a thought)? If you continue doing what your doing, are you going to arrive at the destination you are seeking? Insanity has been defined as "Doing the same thing over and over and expecting different results". Are you willing to see your dreams fade away because you aren't willing to explore new ways to reach those goals?
Last week the financial independence offered by Residual Income was the topic. This week we will look at how you will be able to take advantage of the benefits of Residual Income.
Developing a source of Residual Income is not difficult if you develop a plan and have the persistence to stick with the plan. Most people who fail at their first attempt to build a Residual Income generator don't have a specific business plan and therefore become discouraged. AND THEN THEY QUIT!!! Winners NEVER QUIT and Quitters NEVER WIN!!! If they would have had a business plan that led to success one step at a time, they would have been much more inclined to continue one step at a time until they had reached their goal.
Let's begin our business plan by defining what qualities a company should have for us to be willing to put our reputation on the line by endorsing the company and using the products.
(1) The company must have been around long enough to have a history of reputable service and products. Too many new companies fail. You don't want to invest your time and reputation in a company that's not going to be there, when you get your business built!
(2) The company must be committed to developing cutting edge new products. For a company to sustain long term growth, new products are a must.
(3) Companies with consumable products; products that consumers consider a necessity; will provide true Residual Income more dependably than companies that depend on selling the customer a new "Super Duper Gizmo" each month. True Residual Income is only generated if a substantial percentage (25% to 40%) of your customer base purchases products each month.
(4) The company needs to be oriented around a growing area of the economy, with the forecast for the primary demographic that the company serves, showing growth in that part of the population for the foreseeable future.
(5) The company's marketing plan must include back end marketing (monthly catalogs, newsletters and promotions) supplied by the company. You need to be concentrating on building your business, not delivering catalogs and newsletters.
(6) The business plan must be designed so that the average person can be successful. You aren't going to find very many "super salesmen" that are interested in joining your team.
(7) Find a program that DOES NOT require you to do COLD CALLS. Most people are very uncomfortable doing cold calls, in fact, after making a couple they will QUIT. A program that will lead you to success will provide contacts that are expecting you to call and, in fact, want to hear from you.
(8) Finally, the business model should allow you to build your business with a small monthly investment in the beginning, with the business becoming self-sustaining within a short period of time. Large initial startup costs will discourage too many good prospects from becoming part of your business.
After deciding on a company, there is one more very important decision to be made. Who are you going to partner with in this endeavor? Developing a plan that will result in success will be substantially easier if you find the right people to work with you. Your new undertaking will be much more likely to succeed, if you find a marketing TEAM that will be dedicated to your success. Experience does make a difference in this business and success will come quicker and easier, if you have someone to work with that cares about your success.
As was discussed last week, the primary reason most people don't pursue some form of Residual Income is that they were raised to believe that linear income (wages, salaries, one time commissions, etc.) was the best way to provide income for them and their families. The next stumbling block has been that they had no idea how to begin to develop a form of Residual Income. Following the strategy outlined here, and being willing to look at new possibilities, can take you to that dream we talked about at the beginning of this article.
Here's a quote from a man that started with nothing; had more challenges than anyone I personally know; and is now one of the wealthiest men on the planet:
"Never give up, shut up or let up until God takes you up" Peter J. Daniels
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