Many of the top internet entrepreneurs talk about passive income. Most folks who probably visit me here at Genesis Blogging are searching for passive income, instead of trading ‘time for dollars’ w-o-r-k-i-n-g. 😉
I get it. Everyone wants to work less and earn more.
Create = Work
So they set out to create an info product, and the sales of that product are passive income.
However, the key word in the above sentence is: create. Create = work!
Yep, even for income streams that at some point in the process are more passive, the initial getting it all ready to sell requires work.
You could, in theory, outsource even the creation of your info product; or use PLR/MRR materials – but even then, to do it well and put out a product that is unique – you need to edit the materials to infuse your own personality, style and ‘flavor’ into it.
Yep, more work.
Earning Money Online vs Building a Business
Anyone can earn money online. Go sell something on ebay – there, you’ve earned money online. 😉
While some folks truly just want some cash (nothing wrong with that!); what most are really seeking is ongoing, recurring income they can use to pay their bills and live on. That my friends, requires a business.
Building a business requires planning and using your knowledge and skills to develop a business model that will help you meet your financial needs and goals.
The most common four business models:
1. Creating and selling info products.
2. Selling info products that others create (i.e. affiliate marketing).
3. Trading time for dollars in a service based business model. (i.e. coaching, consulting, virtual assistant, web designer, etc..)
4. Those that do a combination of the above.
I personally fall under #4 above; as I do a combination of things to diversify my income. For me, I like the variety – but I also like not having all my financial ‘eggs’ in one basket, so that if one of the four listed income streams falters – I don’t need to worry about my bills getting paid. 😉
Trading Time for Dollars
I want to specifically address this particular service-based business model, as it’s one that many other internet entrepreneurs, and those seeking to make money online, often try to avoid.
Starting a service-based business is probably the fastest way to earn a living. Without a doubt, it pays the bills.
While operating a service-based business definitely requires more time (aka: work) than creating an info product once and then enjoying that passive income down the road; there’s always a need for skills and services! (who do you think those info product creating folks outsource much of their work to?!)
Seriously, outsourcing is huge! There’s a very big demand for folks who are willing to do the work others are trying to avoid. 😉
Repeat after me: there is nothing wrong with doing an honest days work for an honest days pay.
Operating a service based business model is not selling out to w-o-r-k; it’s recognizing that earning money requires work. A successful entrepreneur is one who is industrious enough to use their skills and talents to help others also succeed. This includes coaches and consultants!
A win-win for everyone.
With over 27 million Americans out of work = I predict in 2011 many of those folks will go into business for themselves; many doing so online.
Create your own job security and build a business. Outsource some of your work and help others build their businesses. It’s a pay-it-forward cycle of win-win for everyone.
“This is all well and good , but I’m getting no where fast in trying to getting a business to profit online!“
Good news! There’s an app for that…..uh, I mean – I have a solution to help you. 🙂
My 3Core coaching program is designed around the 3 core principles I personally used to go from start to profit in just 10 days and to earning 6 figures in a mere 5 months! While I can’t guarantee you will have equal success, I can guarantee that if you are stuck and not getting your business to the next level – or even out the starting gate – without finding out why and taking the necessary action to change the direction of your business to the positive, you will continue to get the same results.
Keep doing what you’ve always done, you’ll keep getting the same results.
Check out my 3Core group coaching program to help you get unstuck and to the next level in your business. This month’s session starts January 10th.