There are many reasons why someone would be looking to create home based income or build a residual income business. There are numerous tax advantages, conveniences, flexibility and of course income as well as many other such benefits. You’ll find all kinds of different companies and opportunities where you have to sell health vitamins and supplements, cosmetic products, weight loss programs, soap, shampoo and other household products, communication services, legal services – even rare coins and discount savings memberships. What each of these residual income businesses has in common though is the overall business structure itself.
The Home Based Income Business Structure
To create home based income with a residual income business requires the movement of a product or service. If you’re not operating a large storefront somewhere – if you’d rather be able to work from home, on the go, as you travel (at the beach? – somehow you need to be able to move a whole lot of something so that your commissions from those purchases on a regular basis allow you to live the lifestyle you desire and to reach the dreams and goals you’ve been shooting for.
One way to create home based income is to become a master salesman and sell as much product, as many services or memberships as you possibly can and just continue to trade your time for money as a salesman. One of the biggest problems with this approach is that most people HATE sales and will not do it. Secondly, all you’ve done is bought yourself a sales job and you employ no leverage with this approach.
You see, most people unknowingly make this mistake starting out because they unfortunately believe that the product is the most important aspect of the business. This oversight has caused more people to fail in this industry than any other. To clarify, the product is one important part of the business obviously, but not THE most important component.
Where your Focus NEEDS to be to Create a Strong Residual Income Business
By focusing solely on the product, people have a tendency to pitch everyone on all its great features and benefits. All that’s great, but what SHOULD one be focused on? What is your reason WHY? Why are you building the business? If it’s because of the wonderful benefits and features of the product then don’t consider what you’re doing A BUSINESS, but rather a hobby. Unless otherwise specified, a business is FOR-PROFIT. And the only way to create profits is to MOVE the product. Therefore your focus needs to be on how you can best MOVE the MOST product in the SHORTEST time frame possible – and going one step further – with you being involved in the process as little as necessary (ie, not having to be THE salesman that has to personally be involved in every sale you get some commission on…).
Think about a Realty or Insurance office – is the broker involved in every part of every transaction that he or she gets paid from? Yet the broker still receives a percentage of the income from each sale generated, right? The key is leveraging the efforts of other people by team building. That is how you create lots of home based income; that’s how to successfully build any residual income business, regardless of the product.
It’s all about creating a distribution channel for your residual income business, a network that can market and move product on your behalf, for which you receive monetary compensation, ie, home based income. The product is simply the item that is being purchased from which you receive your income. Everything else being equal, you of course do want a good product because at the end of the day it is the product that has to sell for you to get paid but you only need to move some product with a massive network of others also moving some product to end up with an incredible amount of sales taking place (ie, put forth 1% of the total effort yet retain 100% of the benefits).
If you’d like to learn how to master the art of prospecting and building a distribution network, fill out the form below to download 3 FREE training CDs that will teach you the skills necessary to create a 6-figure home based income with your residual income business:
Originally posted 2010-11-14 18:40:14.
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