Shortcut #7: Don’t Ride that Rollercoaster
Shortcut #7 is one that I’ve been preaching for over a decade.
Rollercoasters are fun, right? You go to Six Flags or Universal and you want to scream and feel terrified for a few moments. It’s safe and fun.
What is not safe and fun is wondering where your income is going to come from each month.
And this is where both passive and recurring income come in.
If you have neither passive nor recurring income built into your business, you start off the first of every month with a big fat ZERO in the bank account coming in. And you have to plan and worry and wonder where your money that month will come from.
Conversely, if you have passive or recurring income coming in every day and it PAYS for your expenses, then you never have to worry about how you’ll pay the mortgage or your car payment. You know that money is coming in and you know you’ll be ok if you have an otherwise low income month, if something happens where you can not work that month, or if you (GASP!) choose not to work that month and instead take off in an RV for a few weeks.
It is what has allowed me to sleep restfully since 2004. I’ve had passive and recurring income at the forefront of a lot of what I do. And, I hope you will, too.
How does this qualify as a shortcut? Simple. Because you can make sales 24/7 without having to be sitting in front of your computer. It frees you up to work on other things – or to enjoy life.
Now that you understand WHY it’s important, what are some ways you can do this?
- Having funnels in place that convert new leads into customers by offering them amazing value and opportunities to buy products, services, or tools that will help them to get results. These can be either your own products or ones you recommend as an affiliate.
- Incorporating promotions for recurring income into your ongoing promotions. What does this mean? Simple. When creating your own programs, think about creating masterminds or clubs that are monthly or yearly plans. OR if that sounds overwhelming to you, then find affiliate programs for products that you LOVE that are also monthly or yearly. For instance, at one of my businesses, CoachGlue.com our affiliates love to promote us, because we have a monthly and an annually recurring program, too. And our affiliates get paid month after month for people they referred years ago. That adds up!
- Creating evergreen programs that your affiliates will promoting ongoing.
There are tons of other ways to build in passive and recurring income. From tee-shirts and mugs, to writing books, to offline gigs like buying rental properties.
And if you search my blog, there are tons of posts about this type of income. www.NicoleontheNet.com
But, the important thing is that you have something to rely upon. Because life happens for good and for bad. And, this shortcut can save your butt over and over again.
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Go do awesome stuff.