5 Keys to Building a Successful Business: Part 4
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
See Part 3 Here
4. Residual Income Growth:
This one is closely related to Step 3, but they are different in fact. As we discussed in part 3, 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. Now it’s time to go one step further with step 4 and build that automatic income with a residual component.
Here are 2 ways you can start adding more residual elements into your automatic income strategy today.
Residual Income Option #1
One way to add a residual income component to your business model is by finding a way to charge a monthly fee for something you do on a regular basis. For example, I hold a weekly training meeting every Thursday night which some who would like to attend are not always able to. In order to solve the issue of them missing the session, I created a group where they could catch the replay and I upload all replays to that group so that they can see all of them through the history of the meetings from the beginning. I charge about $10/mo to be a member of that group and get access to these recordings, but I also provide a forum for the members to ask questions, promote their ideas, and even their own services as part of that fee. With each new member I add, my residual monthly revenue rises without me doing anything more than I would be doing normally. A good friend of mine does something similar by charging a continual access fee of $150/mo to use his business tools and access his knowledge base. You can do that as well in your business. You just need to stop and think about the best way to make use of it.
Residual Income Option #2
Another option is to create an online product or course that can be sold, and then include an automatic membership element to stay active or as an added benefit to the customer. For example, we just discussed my friend who sells his tools, and then monthly access at $150 to continue to use it. Additionally, I also have products that I charge as high as $1000/month to access and use. When it comes to course offers, find something that you can supply to support those who have invested in your course and setup a monthly service to provide it to them and help them out. For example, We sell off extra leads which are no longer of value to our company to other clients of ours who have purchased one of our business building courses and could make better use of them. We do this as a monthly recurring service of $500/mo, and you could do something similar as well. If you want more information on how to build a course of your own and start doing this for yourself and your business, we even have a course specifically designed to teach you how to build a course of your own and start selling it to the masses. Check out our Course Offers now.
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Check out our other business tool explainer posts from this series so far:
