"Join our program and retire in 3 months..." yeah, right.
We all want to get to a place where we have ongoing, hands-off income that continues without us having to work for it. These ads play into that desire by offering us the promise of "easy continuing income."
The reality is often far from the sales pitch.
The first step in developing an ongoing, residual income is to dispel some of the myths surrounding the sales hype.
Here are some of the most common myths about creating a residual, ongoing online income:
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.
Myth Two: MLM/Networking Income is Residual Income.
Almost always a part of the sales pitch in networking is "creating residual income." While that is *possible* with MLM, it is very difficult to maintain. Here's why...
MLM 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 MLM "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 Residual Income is Easy.
I don't want you to fall for this one, either. Developing a residual 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.
Developing a residual, on-going, hands-free income is worth the effort. Avoid trusting in these four fantasies, get ready to work and you can have a supplemental income in no time at all. Keep it up long enough and you can eventually retire.
Kevin Bidwell owns http://www.All-In-One-Business.com and has just released a new report on creating a residual income. You can claim your copy here - Residual Income Report
I counsel a LOT of people about money. I see... Read More
To lose weight in the 80's, we went on low-calorie... Read More
One of the things most of us have old ideas... Read More
Some people in this world are thinking that their poor... Read More
Financial freedom is the power to do what you will... Read More
Yesterday we learned that 74% of all wealth is created... Read More
Is the ghost of "Money Past" haunting you? Do you... Read More
1) Pay off your loan, credit and store card debt... Read More
"Join our program and retire in 3 months..." yeah, right.We... Read More
Everyone wants to be wealthy, but most of us do... Read More
What is the difference between wealthy people and poor (even... Read More
E-currency is very popular on the Internet today. People use... Read More
Results from a new tool developed by UK based firm,... Read More
A surprising number of readers want to know "Can a... Read More
So you want to become wealthy? While there is no... Read More
Would you like to profit from your own information empire?... Read More
As a work at home Mother, I know the value... Read More
This is a true story about a homeless man from... Read More
In most societies, we are raised to believe in the... Read More
Do you have financial problems? Then a budget is the... Read More
As a woman Netpreneur, I sat down via e-mail with... Read More
As someone who loves to shop, enjoys holidays and owns... Read More
You've been thinking that your financial life could probably be... Read More
Six out of six people who were asked to list... Read More
Feng shui coins can allow you, among other things, to... Read More
Very few people whom I know are familiar with the... Read More
This retirement account is so new and unique that you... Read More
I'm constantly reading articles on the internet and in financial... Read More
Most people work hard all their lives only to "retire"... Read More
U.S. Supreme Justice Louis D. Brandeis"I live in Alexandria Virginia.... Read More
Now is a great time to make it a habit... Read More
Paper burns and large companies can go bankrupt, but if... Read More
Most accountants, financial planners and wealth-building experts agree that there... Read More
Many people assume that the offshore world is accessible only... Read More
This 4,000 acre sale (now a marina and resort town... Read More
OK, this article will start with the cheapest piece of... Read More
Before I had a lot of money, I was really... Read More
Saving money for retirement can be easy or difficult depending... Read More
Hello,If you dont understand this yet, or have not heard... Read More
When I look around at all of my friends, and... Read More
There are many of us who are working on our... Read More
Let's begin easing you out of the pits. I mean,... Read More
I have given many prosperity lectures over the years and,... Read More
They are the object of thinly disguised envy. They are... Read More
Self-Made Millionaires are not smarter or better than you. They... Read More
To budget, to have a budget and to be on... Read More
Articles on 'How to make money' come a dime-a-dozen. How... Read More
I have a good friend who works in an area... Read More
Look at Forbes' top 10 United States wealthiest people. Notice... Read More
Recently I was reading a book called The Millionaire Mind.... Read More
You have $100 in your bank account, your rent is... Read More
Very few people whom I know are familiar with the... Read More
At any time in history, no matter what the current... Read More
There are few things in life that are more stressful... Read More
Well, the New Year is around the corner and so... Read More
No matter how tight things are financially for you; no... Read More
No one has complete control over their thoughts. But with... Read More
In today's unpredictable global economy, you obviously never know what... Read More
Money can be your servant or it can be your... Read More
In his best selling book, "Rich Dad, Poor Dad, Robert... Read More
Is accumulating wealth as easy as following a 3-step plan?... Read More
Early in my legal career I represented two young women... Read More
Bottom line. No exaggeration. No hype. If you want to... Read More
Living on credit is fashionable. Indulging oneself is fashionable. Saving... Read More
"Any fool can rich, the wise get wealthy." Chris WidenerGetting... Read More
There is no need to use the many middleman websites... Read More
Wealth Building |