5 Keys to Building a Successful Business: Part 3
If you want to build your dream life, chances are good that you will need to build a business of your own in order to do it. Building a successful business in the United States is not a difficult thing to accomplish, if you know the formula. Once you know that, all you are required to do is plan according to the formula, work hard, and persevere. While I can’t do much to help you with the work itself, I do have the formula to share.
I came up with this winning formula about 5 years ago, after having researched the richest men in US History and their business models. Each of them had the same 5 distinct elements within their business models, more matter the industry, product line, or service. Since implementing these 5 key principals into my plan, my businesses, and my personal wealth, have continued to grow exponentially for me, and incorporating these keys into your business will do the same for you as well.
There are the five key principles to keep in mind as you work towards achieving your entrepreneurial dreams. In this 5 part series, I’ll detail out one of these principals for you each week for the next 5 weeks. Be sure to subscribe to my blog so that you don’t miss anything as it is released.
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See Part 1 Here
See Part 2 Here
3. Automatic Income:
If you are unable to work, maybe due to illness, injury, or family obligations, would your income still continue to roll in each month? Would your bills continue to get paid? If the answer to these questions is no, or that you aren’t sure, then you need to take a hard look at setting up automatic income. Adding automatic income streams to your business model is crucial for the security of your business and personal financial future. Relying solely on one source of income puts you at risk of losing everything if that source dries up. Automatic income streams provide a stable, predictable income that can help you weather any economic storms.
Here are 3 ways you can start adding more automatic income into your business strategy today.
Automatic Income Option #1
One way to add automatic income to your business model is through affiliate marketing. By promoting other companies’ products or services and earning a commission on each sale, you can generate a steady stream of income without creating your own products. If you would like to learn more about affiliate marketing and how you can best put it to use in your business model, sign up now for this FREE Course from 1400Now.com
Automatic Income Option #2
Another option is to create an online course or e-book that can be sold on autopilot. Once you’ve created the content, you can set up a sales funnel that will automatically sell your product to customers, generating passive income while you sleep. At the Miller Firms, we have 9 different course offers running constantly to continually feed revenue into the machine. We even have a course specifically teaching people how to build a course of their own and start selling it to the masses. Check out our Course Offers now.
Automatic Income Option #3
Finally, consider offering a subscription service that provides ongoing value to your customers. This could be a monthly membership site or a software as a service (SaaS) product. With a subscription service, you can generate recurring revenue that will continue to grow over time. At The Miller Firms, we have incorporated this into our business model through monthly membership to one of our information sharing groups, as well as through monthly webhosting services, and breaking down larger priced services into payment plan options for our clients. While these bring in smaller revenue initially, the monthly revenues continue to grow each month without additional work output needed by the sales team which we track with our Complete Business Management System from TW3 Systems and Rocket Business Tools.
If you would like to learn more about how to incorporate some tools into your business model that will help you automate your income and add multiplied effort, without hiring more workers, check out Rocket Business Tools website. I use these tools for all of my businesses and they work really well together.
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Check out our other business tool explainer posts from this series so far: