|Wealth Building Information|
The Truth About Setting Up A Wealth-Pump Business: The Passive Income Myth Exposed
In theory the idea of generating additional (and passive) business revenue from books, CD programmes and eBooks couldn't be simpler. Find a market. Create a product. Watch the money roll in while you play golf, pamper yourself, shop for shoes, go fishing or enjoy a little R&R.
The reality though is a little (I'm under-exaggerating here) different.
To make income from products genuinely passive there are steps in the process that you can't afford to miss out. In fact the first phase of setting up your passive stream of cash requires hard work, persistence and intelligence. You'll have spent a lot of time, effort and money before you can truly say the money coming in is truly coming in of its own accord.
So here's the myth:
Passive Income Is Easy Income
This dangerous myth has been shamelessly propagated by (almost) all the people selling "Passive Revenue How To Products" out there. What's worse is that they promote this myth in their own interests. You see, if they told you the truth. If they actually said that implementing their fool-proof programme means working your nuts off and taking a financial risk then they wouldn't sell so many of their programmes.
The truth is - us humans love the word EASY. "Easy" sells. But nothing really worth having (as life often proves) comes without a price. So in this case, unless you're extremely lucky, you're going to have to push that passive income vehicle up, an often, very steep hill before you're going to enjoy coasting along watching the money roll in.
It's Not Really All That Passive Anyway...
In the diagram below you'll see that there's a lot of effort involved to get your product off the ground. During this time you (or your publisher) will be spending time and money. But even after you reach the top of the hill (the tipping point) you still need to be active to a certain degree in order to profit. When you're coasting along at full speed you need to steer clear of obstacles. If you forget about looking after customers or collecting the cash then your income vehicle will crash. And you can forget about making any money!
The Active Steps
Gain Real Experience
Despite what people may say - if you're planning on producing a "how to" information product you'd better know what you're talking about. This does not mean attending courses or reading books (which means you'll just be regurgitating) but actually knowing (from hard experience) what it is you're talking about. If you're ethical, authentic and genuine, then you wouldn't even dare to claim you know something when you don't. But plenty of people still do it!
How many people do you see selling "Get-Rich-Quick" programmes who are flat broke? How many tell you how to make a fortune on the Internet when they can't even do it themselves? Too many!
If we can see through their lies then it goes without saying that if you bluff it you'll get caught out eventually too.
So rule number one. If you don't know about it (from real experience) then don't write about it!
Identify An Opportunity
It amazes me, but some people even forget (or skip) this vital step and wonder why they never make any money. You've got to find a community or group of people who will share the problem your product can solve.
It's your job then to identify a genuine NEED and market for your product. What pain relief can you bring with your knowledge? What expert information can you share on a popular hobby or pastime? What challenges, problems or dreams do people have that you can genuinely help them with?
Create A Valuable Product
This is the point where you leverage your experience, expertise and knowledge by turning it into a system which can then be recorded and delivered without you needing to be there. You can convert this system into a book, eBook, audio programme, video etc.
A valuable product must be able to deliver on a promise. It must be well put together and it must be unique. What's your unique spin on the subject? What results can people genuinely expect from applying your knowledge?
It's also a false economy to create audio (thinking that it's easier) for a "how to" product, with steps to follow, when a more appropriate media would be a book or eBook. Audio is great for motivation or self-help. But not so good for step-by-step stuff like DIY, Car Maintenance or How To Draw. So don't think in terms of what's the easiest thing for you - think in terms of what's the most effective way to communicate what you know.
Also, forget the "Interview An Expert" model. It's just a cheap (and blatantly easy) way to make a quick buck without coming up with a single unique thought yourself.
Promote It Like Mad
Even if you've been published by someone else - it's still your responsibility to get the word out there. For instance, if you have a mailing list then tell them about it. Your publisher is unable to do that for you. If you're communicating using blogs, chat rooms or forums (where your knowledge is being openly displayed) then mention your book. If you're still trying to sell higher-value products and services then use this as your lower-cost way in. For lots of idea on promoting things like mad on a budget buy The Gorillas Want Bananas or Lean Marketing Toolbox.
Don't sit on your bum when it comes to promotion whether you're doing it yourself or being published. If you're not making any money and you're doing very little about it then you only have yourself to blame; your publisher can only do so much on your behalf and is likely supporting another 100 people just like you. What's your excuse - you only have yourself to look after.
The So-Called Passive Steps...
Collect and Account for Money
It doesn't matter how great the product is, how hot the market it or how much promotion you do. If you don't have a system for collecting money then you're not making any income (passive or not). Be sure to have systems in place from the outset and account for everything. You don't want to lose all your profits to the tax man.
Deliver Excellent Customer Service
Again, your job is not over until you have a happy customer. What extras and bonuses can you give? Have you got the basics right? Is your delivery process as slick and efficient as it can be? Unhappy customers will want their money back and will tell their friends to steer clear so don't crash, due to a sloppy business model, when it should be plain sailing.
It's Never Passive Forever
Eventually, after all your hard work is done, sales will decline. So make it a habit to keep on promoting. It never stops. To mistake "passive income" with "passivity" is to see all your hard work come to nothing. Take responsibility and make it pay.
'Dangerous' Debbie Jenkins
(c) Copyright 2005 www.BookShaker.com
SUMMER CAN BE SLOW FOR BUSINESS
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Who Wants To Be A Millionaire?
Steve Martin once delivered an opening monologue for Saturday Night Live in which he answered the age-old question "How can I be a millionaire?" His answer was fairly simple and straightforward, "First? get a million dollars." If at this point you can't help but feel that Mr. Martin performed an extraordinary feet of oversimplification that night, then I urge you to read on, and hopefully, by the time you finish this essay, you'll be convinced that becoming a millionaire isn't nearly as difficult as everyone makes it out to be. Through a simple three-step process which I will lay out clearly, the keys to the millionaire's club will be shown to be available to anyone willing to merely reach out and grab them.
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Your Money Or Your Life
Have you stopped to realize that although you go to school to learn about important subjects, no one teaches you how to manage your money? Money is an essential part of life in our pursuit of happiness, yet very rarely will a parent sit down and tech their child how to handle their money. This is true in grade school, high school and worst college. So what happens? Many of us end up in an extremely large amount of debt. We can't seem to get it together even if we make more money. I found myself in this trap about 13 years ago. I had an okay job, a car, and an apartment. Nice I thought soon I would buy a house and live the "American dream". Wrong! I could never save enough to buy a house. I had plenty of credit cards, so many that I never had enough money due to many payments to put aside for my dream home. What was happening to my paychecks? Well, I was over extended in credit card debt for one. The buy now pay later syndrome was well embedded in my head. That mentality had to stop! Since, I wasn't terribly behind in my payments I was able to get some help from the creditors. I simply asked for a lower interest rate and/or the ability to skip a payment. After that call, I had to cut up and dispose of the cards. No! I didn't cancel my cards but I got rid of them just the same. Next I bought a tablet just for my budget information and bills. I also purchased a software program to keep track of my expenses. I think it is important to keep something manual that you can carry as well as a computer software tool. Next, as bills came in, I wrote them down with the name, address, phone number of the creditor, my total balance, interest rate, and minimum payment due, the due date, and if there were any annual fees acquired with the card. Review the card with the highest interest rate and pay more then the minimum due. Always ask if they can reduce your rate or seek the possibility of debt consolidation buy applying for a low interest rate loan or credit card. If you haven't cut up your credit cards do not get a consolidation loan. Because most likely once your payments are manageable you'll start using your cards again. Minimizing your spending is the key to financial freedom. Make sure to start a savings plan after you've gotten your debt under control.
Financial Freedom, Is It Only A Dream or Just Steps Away?
Almost all of us go to work everyday and do the same routine over and over again. We work so hard until we caught up in the routines for years. With the salary that we earn every day, we try to pay all of our bills. We always expect to get a higher salary, getting promotion or our business running better so we can earn more money. But we do not realize that when we get more income, we also have spent more money on our needs. After we work for two, five, or even ten years we just realize that we have been in the rat race of our financial troubles.
Thought Creates Reality Even When It Comes To Money
What if I told you that reading a book would also change the way you react to the demands that rest upon your shoulders by the system of money you live under. Would you click HERE to learn more about that new way of perceiving your own money situation that would change everything for you especially where money is concerned?
The Morphing of Thought and Cash
Here are some thoughts about the morphing of thought and cash. What do I mean by morphing? I mean the transformation of something from one form to another. If you have seen movies like TERMINATOR 2, X MEN, or MATRIX, you have an idea of what I'm talking about. In these movies, some characters literally change physical shape from one form to another. What I'm speaking about is a kind of mental "alchemy."
How To Get Investors And Bankers To Part With Their Money For Your Business
Time and time again entrepreneurs are losing out on getting the capital they need because of making basic mistakes in their pitch. It's great to have a magic product and tons of enthusiasm, but it's not enough. Follow these five rules and see your success rate climb.
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How to Make More Money
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The Three Step Plan To Prosperity
You have $100 in your bank account, your rent is past due, your creditors are calling, your business is dwindling and to top it all off, someone sideswiped your car and now it won't start.
One Pipeline Is Worth A Thousand Paychecks
It is with great pleasure of having you here at this hour. Let me get it straight and be honest with you at the very outset. First of all, I'm not going to sell you anything here. And second of all, if you are hoping that you could learn some tricks to earn Quick & easy Money, you are definitely in a wrong place.
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