15 April 2013
These days almost everyone is talking about Passive Income Opportunities – the stuff that helps you earn money even while you sleep, dine, watch a movie, vacation – in simple words, earnings that happen even while you are not working at it. To the skeptics, it sounds too good to be true, plain crap and scam to those who are not educated about the concept.
However for those who have tried it (provided those Passive Income Opportunities aren’t SCAM in the first place), Passive income is real and perhaps the ultimate way to achieve greater financial independence, and time freedom as additional bonus. They probably have heard of Robert Kiyosaki’s ‘Cashflow Quadrant’, and read his popular book, ‘Rich Dad, Poor Dad’.
Still, it is extremely essential to understand what it really takes to succeed when joining a Passive Income program. The program is certainly should not be one of the dreaded and avoidable ponzi scheme in the first place, and then it should also have a concrete and workable compensation plan to deliver. So, selecting the right company to get associated with, is of most prime importance. Thereafter, what one needs to focus on is, personal attributes that need to be addressed, developed and monitored to exploit the complete benefit being provided by such opportunities.
So, here are the six personal guides to benefit from Passive Income programs.
Invest Necessary Seed Capital in the Passive Income Program
Since Passive Income Program is a real business – you need to spend money to earn money. Be ready to spare some real cash to get you started. But the beauty of most Passive Income programs is that these are designed for just minimal investments, mostly equivalent to annual expenditure on a family dinner in a respectable hotel once a month. And, actually it may not be an investment, since you do not put in pure cash. It may rather be a product that you purchase for your personal use, or a service that you utilize.
You don’t have to spend more money in most Passive Income programs. The strategy would be to add passive income programs into your existing business once you have made a steady income – which is not necessarily big. This is called adding revenue streams – which will allow you to earn multiple incomes from different revenue sources. Common sense dictates that many small quantities put together can become big, but risks can be kept low.
Have Clearly Defined Goals About Your Passive Income Venture
Joining a passive income program is like starting your own business. You need a business plan. And, you need to define your goals – what are your needs, how you want to achieve them, and what are your skills and experiences that will help you achieve your objectives.
You need to discover your strengths and your weaknesses. You need to set your targets, put dates and deadlines, provide criteria of assessing your performance and understand/mitigate the risks involved.
You can seek help from people who have tried the program, your uplines as well as the downlines, and you can do research online too. Well established programs have things in the right place to ensure adequate training and motivation. Be sure to take active part in them.
Spend Quality Time For The Passive Income Program
You don’t want to start a business and then forget about it would you? You need to spend time – quality time each day of every week to grow your Passive Income business. Before you start enjoying the fruits of steady passive income, you need to put lots of hard work in it. If you cannot commit yourself to spend time to your business – you should not start it in the first place.
It is essential to appreciate that such successful programs have been tested over a period of time, and the requirements to succeed in it get conveyed through various interactions with the people involved in it. These need to be followed in true letter and spirit.So, do look within before you decide to blame the system for your failure, in case that be.
Believe In The Products/Services That You Will Offer
If you can’t use it, or find it worthless, then you don’t want to offer it to others. It’s just a simple rule of thumb. To be credible, you must be able show people that you are using the Products/Services that you sell. If your Passive Income Program is domain and web hosting, then show people you have a working website using the Passive Income Program that you are promoting. Even if you are not personally using a particular products being offered by your company, you should still have complete knowledge about the products which you wish to promote, and be able to support it with adequate research/literature/testimonials.
While others are saying you can earn money even without a product/service, you should be careful about joining and promoting it as it definitely smells of a Scam from a distance. Believe in the dictum ‘There are no free lunches’.
Most Passive Income Programs use the Network Marketing as a business model. This allows the ability to distribute earnings or commissions in multi-levels – thus allowing earning revenue from these multi-levels as well.
That is why, in any Passive Income program, the key is to work on few quality potentials rather than running on many “unproductive” leads. You do the grunt work on these few leads, say just two people. When successful, your efforts can be ‘duplicated’ on another set of three people, who in turn can use the same ‘duplication’ method to get two people each.
This is where and how Passive Income is generated. So the question is, can you make two sales and get at least two people to join under you and do the duplication process? If you’re short of friends in this world and cannot find two people – then you’re probably better off working to earn money.
Have Patience In Growing Your Passive Income Earnings
Growing your Passive Income business to generate a steady revenue that can make you dump your JOB (‘Just Over Broke’ for the uninitiated) forever takes time, and lots of patience. Remember that you’ll be in it for the long haul, but commensurate to the efforts put in by you. It will take weeks, months or even a few years before you can enjoy a good revenue. This is why, only those people who opt to remain committed about Passive Income earning, are actually able to exploit it’s full potential and enjoy it’s fruits. “Put in dedicated efforts for four years and earn more than what you would in a job in 40 years”, well this statement has a lot of truth in it.
We all know this!!! Right?? So, where’s the problem in succeeding? It probably is in NOT translating knowledge into ACTION. So, go ahead and JUST DO IT!!!
I am an Army Officer, who is now re-attired as a Corporate Warrior, and having interest in varied fields from IT to Arts, and Photography to Blogging. I have an inherent inclination for motivation training and personal inspiration. Being an admirer and staunch supporter of human values and humanity, I am always on lookout for means which can help society at large. I am also an extremely passionate Direct Selling Professional and vociferously promote the concept of Time and Financial Freedom. I can be reached by filling the contact form.