Step 2: Plan for Additional Streams of Income
There are many steps to planning your ideal business. One that you do not want to skip is planning for additional streams of income.
If your goal is to create $900 worth of copy for clients per week or bring in $800 per week as a blog designer for no more than one or two clients at a time, you are leaving a lot of money on the table if you do not add at least one stream of passive income to boost your earnings.
When you work for yourself – especially when you are not ready for outsourcing – it can be disastrous if you suddenly get sick and can’t work for six weeks. You either want two or three more VAs or copywriters in the wings, if you are a VA or copywriter yourself… or you want another stream of income quietly putting regular amounts of cash into your PayPal account or Amazon account….preferably more than one stream. In other words, you want passive income.
What Is Passive Income?
Passive income is an income-generation system you set in place that keeps perpetuating itself once it is properly set up and running. You receive a nice little (or big) check every month… without having to do more than a few hours’ work.
Unless you are generating it anonymously or under a “pen” name, keep your passive income stream related to your main business model, so that it supports and grows the main model.
If you ever hope to create a complete economy for yourself and dominate the market, you need to plan for passive income – even if you don’t yet know what that will be or how to do it.
In Section 3: “Business Models and Systems for Consistent Growth & Income”, we will explore this subject in more detail.
Step 3: Invest in Yourself
Find a Mentor or Business Coach
You do not have to do all this on your own and should not expect to do so. Yes, maybe you can… but it will take you five times longer to learn everything you need to learn; and, you will make unnecessary mistakes as you struggle to assimilate the incredible amount of new information that is involved. As soon as your business is up and running, and you have had some results (good or bad), the first thing you want to do is to look for a business coach.
If there is simply not enough money in the budget to hire a coach that specializes in your niche, look for mentors among your peers. Find and participate in a dedicated forum dealing with online marketing – preferably zeroing in on your niche; or, join a membership site that is specifically dedicated to on online entrepreneurship.
At the very least, find and join a top-quality free forum. The help you receive may surprise you. Of course, the “free” forums always offer “silver,”, “gold” and sometimes “platinum” levels where the attention is more personalized and the resources offer higher value… but, if you are low on cash, start with the “free” forum and graduate to a paid version once the money begins to flow in a more positive direction.
The right business coach or mentor can help your business (and you) blossom and grow in ways you may never have dreamed of.
Don’t forget to ask your online peers to refer other resources and forums. Potential online income is such a huge pie that there are plenty of unique, perfectly-designed pieces for everyone; and, most of your peers will be happy to share information and help you find resources that fit your needs.
Do not let yourself fall into the trap of thinking about your “unique business idea” as an Online job. Always think of it in terms of creating your personal Online economy! That will keep you focused and moving in the right direction when planning your ideal business.
Read the entire series beginning with Section I: Building an Online Business.
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