Posts Tagged ‘Sam Walton’

How to set up a residual income business

September 9th, 2009
Work on Mona Lisa begins.
Image via Wikipedia

A residual income business is one that will make money for your family even after you are gone. In today’s uncertainty, setting up a residual income home business is not only a practical idea, it is even necessary. But how does one identify the right residual income business opportunity?

Frankly, this is not the right question. Why? Because to earn residual income the key is not the business itself, but in fact the person. YOU. You are the one who first needs to tune your mind in that way before you tap any residual income online or otherwise.

What would this mean? Let me share an example that I know very well… it is mine 🙂 I have been a consultant since 1992 and have always had a mindset that "one has to work to earn". The fact that such a mindset is not fertile ground for "earn even when you are dead" never occurred to me. And neither did any residual income.

So one day, reading Robert Kiyosaki, this flashed like a 10×10 red neon sign in my brain. Bing!! And I stopped active consulting and started setting up systems to manage the consulting company. Started creating intellectual assets that anybody could work. And you know what? My house went on rent and we moved to inexpensive accommodation closer to family.

Residual income just falls in place. This how energy flows . You don’t ask… "hey but this is not residual income from consulting – this is residual income from rent…" That is how the universe provides. Once you flip the switch in your mind, residual income starts. Soon after, it started online for me. Today I own an asset based ecosystem to do the work. And here’s how any big business owner sets it up…

Think of a residual income business like Art. Paintings, you know, Mona Lisa etc? Right. They are assets. And they can feed your family after you. Now if you have a left-quadrants mindset, you might buy a half dozen art pieces and display them around. But if you are into the right quadrants (where real residual income and wealth exist), you would think of having an art gallery. Now let’s stretch our visualization a bit…

imagine you can afford only a couple of paintings… but you like the concept of residual income and dream of a gallery. What could you do? Well, you could take a warehouse on rent and plaster the walls, light it up well, and invite artists to display for free. Your total investment would be as much as the cost of a couple of paintings. But you wouldn’t buy the paintings… instead you would buy plaster and lights. And people around you would say you’re dumb. "Haha… don’t you know you use paint for paintings, not plaster". Hmmm. They said such things to Sir Richard Branson and every other b-quadrant business owner too.

Nose to the ground, you would then create an attractive entrance gate and encourage some of the local neighborhood to set up a little galleria with hoity-toity stuff. You would promise them good traffic in exchange for a little commission. Win-win. Nobody pays out of pocket. You might even have an entrance ticket so the rowdies don’t get in to muck up the ambiance. Right?

Next, you would focus on getting people to visit. Even passers-by would be attracted by the commotion of the galleria and most would fool around… some would buy… and a few may even step into the gallery. Very few may even buy the art pieces! What a concept (!)

But you would make money from the entrance tickets, the galleria, the lighting systems (you would display a few for sale to people who want to have good art-lighting in their homes) and of course, from the art. Everybody would be happy for their own reasons (except the people who expected to buy a Mona Lisa original in the galleria… they shouldn’t have bought the entry ticket in the first place).

Are you able to picture all this? Great! You are already tuning your mind with this little exercise! So even if you are a "passer-by", you will leave this article at a whole new level if you study all the links below.

Now let me give you online analogies. My entrance gate looks very appealing to network marketers. On this planet networkers are the most open minded community of people who are harbingers of dramatic economic change in the coming decades. Please read an article here in case you don’t understand why I write this.

My galleria is various affiliate products – most of which I also use – that help educate on internet marketing concepts; generating leads (driving traffic in), emailing , building lists , using google smartly , pay-per-click advertising , building relationships , using videos for marketing , developing the success mindset etc.

My art gallery is the a business system where the rich and famous art collectors congregate and exchange ideas, paintings, rewards. They also buy lighting systems and learn concepts of setting up their own art galleries… thanks to some phenomenally powerful meetings and interaction.

And finally my art pieces are put together by some wall street and industry gurus who educate people on wealth . This knowledge is a permanent asset (as also the compensation plan).

And what do I do? Innocuous little things… Like making friends on facebook… Creating interesting articles and ads… Dreaming with people… Guiding them though options… Sleeping, while someone buys art or it appreciates… And importantly, thinking of what to do next with the shed beside the warehouse 🙂

So think about you. Will it be a couple of paintings you save for life? Or would you be looking for a shed instead? Your thinking will shift the paradigm forever!

How to do online business?

April 17th, 2009

The Internet isn’t as complicated as we think it to be. If you get a hang of a few easy business concepts, online business is simple and fun!

For starters, let’s be sure that it is worth spending your time learning somethings. Because the Internet is not just another communication option anymore. It was originally just that… first only for the defense (70’s – arpanet)… then for education (80’s – ernet)… then for businesses (90’s – b2b)… then for customer-oriented business (b2c)… now for anyone (c2c – not just on the computer but on any mobile gizmo) and soon it will be an embedded chip on our shoulder and everyone’s aura will be connected 🙂 !

So this medium is like a sixth element and knowing how to use it – and better still, profit from it – is like harnessing water or fire! Sounds crazy, I know… but hey, look around you. There are 3 types of people:

  • those who make things happen
  • those who watch things happen
  • those who wonder what happened

Using this site, you will be in the top class. So is it worth prioritizing some time for this? To my knowledge, no one has put the use of time as well as Steven Covey in the Urgent-Important matrix.

Now it is recommended to spend 70%+ of your life in Quadrant II and less than 10% in each of the other quadrants if you really want to get anywhere other than the mortuary end. These are the 5 things that are Important-but-not-Urgent in Q2.

  • Preparation
  • Planning >> critical
  • Prevention
  • Relationship building
  • Personal development

Shall we examine them one by one, relative to this site and your new-found ‘business life’?

Preparation: What is required of an online business person?

The first thing we need is the right ‘mentality’. Does business mean some kind of ‘lottery’ to you… or does it stand for a process of building up something from scratch, methodically, and with commitment. If it means the latter, please read on… else, you might want to be on the DoOnlineLottery kind of site.

Having said that, I do understand, you might be here to make money faster than off-line… and you probably will. My intent was only to brush off the get-rich-quickers. That you are around, let’s just understand that we’d need to start planning for our business life and prioritize some budget to pick some product/s and plug into some system/s that will get our business/es into the cyber-world.

And that was important… Any F*R*E*E kind of stuff is an exercise is self-consolation and a waste of time. A free business is not getting money from anywhere, so what’s it going to pay you? Obvious but often overlooked. I wonder why people love to ‘feel busy’ evaluating freebies 🙂 (Quad IV stuff).

Here’s an article that would perhaps be good to read before you move on

Planning: What types of online businesses are possible?

Essentially there are 5 slots into which any online business available for individuals (c2c) would fall:

1. Direct Sales

This is easy to relate to. The internet has cut too many ‘middle-men’ out of the equation. Any company has a product or service to sell. They have researched it, produced and packaged it and now need you to market it. Since you like commissions, you master the ways of selling it online and presto, get paid for it! Examples are many but some meaningful opps are ebooks , google courses , wealth education , home business solutions etc. Clickbank is also a good place to find products to promote and ebay is an age-old market place.

If you are selling your own products or services, that too would fall under this category.

2. Affiliate

Somewhat similar to direct sales, affiliate-ships help you to a web page that could be customized with your name and some details. They typically work for:

It is easy to see that you would need some or many of these as you go about your online business professionally, so bookmark this page.

3. Multi-level

The genius of distribution modeling, multi-level networks pay off pretty well for people who do not quit. The biggest problem with MLM is, it is easy to get in and so it is easy to get out. But if you work a networking business professionally – like you might if you had your life-savings invested in it – nothing can pay better. Here’s a must-read article to grasp what you might be missing .

There are many off-line network marketing opportunities, for which online means are great to communicate, establish relationship and keep contact. And there are many pure online MLM business too like chattotext , gdi , evp , me2everyone etc.

Anywhere you hear the word ‘x-by-x matrix’, you know it’s an MLM. If you are open to understand this, nothing does it better than the videos here . Be patient there are lots of them… but in a few minutes a day, they will set your concepts good for sure (and for free because this is the creator’s tribute to the industry).

4. Systemic

What a system is needs to be understood and the article here will help . All I’ll say is, systems do more than just lead marketing mlm , and a business opportunity seeker in mlm can lead effectively as an internet marketer / online business owner. Many systemic online businesses are found in finance and day trading also.

5. Data-based

The opportunities here are more c2b than c2c, so customers can do data entry type work for companies to get paid. Surveys, transcriptions, translations, mturk, writing opportunities, form-filling works are the type of ventures that fall into this category of online business. Less business and more work actually, but that’s what keeps a large number of people in their comfort zone 🙂

Prevention: … is better than cure … says it all

Instead of creating Quadrant I crises, preventing problems can give you more time for other Q2 stuff. Online, this would mean better education for instance. Use of systems . Belief in your coach . All of which serve to ‘sharpen the axe’ and prevent losses.

This last reference is obviously to the story of the woodcutter who spent a full day cutting one tree. The wise man told him to sharpen his axe… "by doing so you will cut four trees in the same time." But our man did not do that. Why? He thought he had no time to sharpen his axe!

Are you thinking that way? Are you mostly fire-fighting for survival and therefore minimizing your productivity? Maybe you want to review 🙂

Relationship building

This is where the rubber meets the road. MK Gandhi said, "A customer is the most important visitor on our premises, he is not dependent on us. We are dependent on him. He is not an interruption in our work. He is the purpose of it. He is not an outsider in our business. He is part of it. We are not doing him a favor by serving him. He is doing us a favor by giving us an opportunity to do so."

You build relationships online and relationships build your business. Period. Of course you can advertise… all the talk about craigslist classifieds, banners, pay-per-click (PPC) and stuff. But all that only leads to the start of the relationship. And that is the business owner’s main focus.

On Web2.0 (the interactive c2c web), there are many forums and chat places… there are also huge hang-outs like facebook and myspace. What do you do here? Build relationships! Imagine these as social parties. You get into the room, make some friends and invite them to your home (your blog) or to office (your business site). Simple. Just as you would behave off-line, behave online. Again, I wonder why many people don’t. Perhaps it is the Q1 addiction taking over. And that brings me to the last point.

Personal development

Nobody trained most of us for business. Especially not for big business, which the internet is perfectly capable of. So I urge you to start this journey with Robert Kiyosaki. His book, Cashflow Quadrant, is the most profound treatise on how to think for life – with or without a business. And if you are going to be with it, even more critical to know 🙂

Building both, vision and relationships, requires reading. ‘Skill with people’ by Les Giblin; ‘Questions are the answers’ by Alan Pease; ‘The magic of thinking big’ by David Schwartz; ‘Secrets of the millionaire mind’ by Harv Eker; ‘You can heal your life’ by Louise Hay; ‘Personality plus’ by Florence Littauer; ‘eMyth’ by Michael Gerber; ‘Piano on the beach’ by Jim Dornan; ‘Made in America’ by Sam Walton; at least start with these.

Books will stretch your mind to the level of the author. Why compress it with inane negative newspaper input when you can blossom with books and make your business bloom alongside effortlessly?

So practically, where do you start? Click here and get on to a fantastic journey! All the best!

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