Building a business with residual income is an investment in your future. Passive income, where you make money with an initial (and eventually decreasing) input of time, is to some people the ultimate financial objective. When the relationship between the time you have and the money you make is no longer linear, you gain the freedom to spend your time as you wish and still make money. That's pretty cool. So how you find the right residual income business opportunity and then turn it into a cash machine? Follow these steps.
Things You Will Need
- The Internet (to research)
- Your time (to invest)
- Some amount of money to start (varies according to what residual income business you are starting)
Identify your "why."
Latch onto a reason or reasons why investing your time, effort, energy, and money on a daily basis into a residual income business is worthwhile. If nothing is pulling you to exert that kind of effort, you may find yourself coasting on an initial wave of excitement and energy, only to ultimately find yourself without results because you lack a continued disciplined daily practice.
Research the opportunities available to you.
Numerous residual income business opportunities are available. Most are completely legitimate, although you definitely want to do your due diligence to make sure you are investing in a structure that will be a vehicle for you to produce the desired results. Passive income opportunites include, but are not limited to: Internet marketing, network marketing (also known as multi-level marketing), buying stocks that generate dividends (although this is technically known as portfolio income), building a business that does not require your direct participation (whether it is a turnkey business or you have done a great job with leadership development in your organization), and so on. While you want to identify the residual income business opportunity that is structured most favorably to your financial targets, what is so much more important is finding the opportunity that you see yourself sticking with in the long run, even when the original excitement fades away.
Find your sweet spot.
Your sweet spot is a combination of what you are passionate about and what you can see yourself consistently doing on a daily basis to build the residual income business you are interested in. Again, it is not so important what type of residual income business opportunity you pick, just that you can see yourself taking action on a daily basis to move your business forward.
Take action now.
Purchase whatever you need to purchase. Set up whatever you need to set up. Start today, and get in the habit of doing whatever you need to do now and not later.
Overall the steps are straightforward, but not necessarily easy: research, find something you like, and get into consistent action about it. In that way, you can build a business with residual income that will continue to generate income for you long after you have completed your initial investment of time and money.
Tips & Warnings
Take whatever daily actions you need to take, and do not skip them for any reason (easier said than done, I know, and yet realize that you are actually building the habit of taking action today so that taking action tomorrow will be easier). Continue to take daily action using an established framework for making money and you will find the payoff to be worthwhile.