4 Common myths about creating a passive, ongoing income
In an article by Kevin Bidwell on, he talks about the 4 myths of creating ongoing income and that we should dispel some of these myths surrounding the sales hype.
Myth One: Put up a Website and Sit Back and Collect the Checks.
Those of us who have run Internet businesses for a while can tell you: Making a good living on the Internet requires marketing, customer service and order fulfillment.
Myth One: Put up a Website and Sit Back and Collect the Checks.
Those of us who have run Internet businesses for a while can tell you: Making a good living on the Internet requires marketing, customer service and order fulfillment.
Either you have to do it yourself or you need to hire someone to do it. Either way, having a website and selling your own products is often far from the "laying around on the beach while collecting your checks" image.
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Myth Two: M-L-M Income is Residual Income.
Almost always a part of the sales pitch in networking is "creating residual income." While that is *possible* with M-L-M, it is very difficult to maintain. Here's why...
M-L-M income is built on three basic factors: new purchases by retail customers, the recruiting of new *wholesale* customers and the ongoing purchases by both groups.
Myth Two: M-L-M Income is Residual Income.
Almost always a part of the sales pitch in networking is "creating residual income." While that is *possible* with M-L-M, it is very difficult to maintain. Here's why...
M-L-M income is built on three basic factors: new purchases by retail customers, the recruiting of new *wholesale* customers and the ongoing purchases by both groups.
In order to have an ongoing "residual" income, you need to recruit, train and motivate a sufficient number of *leaders* who will then continue the process in growing numbers. This is rarely the case.
Instead, top leaders have found it is easier to build a large list of M-L-M "junkies" who they then take into one program after another. If you stopped joining new programs, your income would also dwindle within a few months.
Myth Three: Just Build Your Business and Hire People to Run It for You.
This does work, but it is often more of a nightmare than a dream.
At various times I have had anywhere from 0 to 15 employees. I have had many friends and clients with much numbers up to 1,000 employees. We all have the same opinion: Unless you have enough employees and profits to hire top quality managers, employees are a constant headache.
If you DO build a big enough, profitable enough, business and if you have the right personality, then building your business and hiring people to run it is a great idea.
Myth Four: Developing A Passive Income is Easy.
I don't want you to fall for this one, either.
Myth Three: Just Build Your Business and Hire People to Run It for You.
This does work, but it is often more of a nightmare than a dream.
At various times I have had anywhere from 0 to 15 employees. I have had many friends and clients with much numbers up to 1,000 employees. We all have the same opinion: Unless you have enough employees and profits to hire top quality managers, employees are a constant headache.
If you DO build a big enough, profitable enough, business and if you have the right personality, then building your business and hiring people to run it is a great idea.
Myth Four: Developing A Passive Income is Easy.
I don't want you to fall for this one, either.
Developing a passive income will take some perseverance.
The steps to getting it done are not difficult, but it requires one thing many people will not put in -- consistency.
If a person does the right things, day after day, they will create an ongoing, growing income. If they try today, then one day next week, then one day a month later, they are unlikely to ever get there.
If you can dispel of these myths and avoid trusting in them, get ready to put in real effort and work towards a strong passive and residual income... and keep it up, in no time at all, you will be able to gain finan-cial independence and choose to live your life the way you want to.
If you can dispel of these myths and avoid trusting in them, get ready to put in real effort and work towards a strong passive and residual income... and keep it up, in no time at all, you will be able to gain finan-cial independence and choose to live your life the way you want to.
