Choosing Your Path

Online Residual Income Business Models Strategies For Planning And Building An Online Residual Income Business
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Transcript

So let's look at choosing your path. We've gone through the strategies. We've described the different types. But how are you going to choose your path? Well, first of all, decide your builder type, what do you think suits you the best. Don't base it on the skills you have, based on the characteristics on the type of content and and the type of activity you're going to have to do around those platforms.

So think about your platform builder, your content builder. Now we all we should strive to be a super builder, but you might want to start there, tough road, but you can start there if you want to. production value is the key thing. In all of your digital content, production values will often be the only thing that separates you from the competition. So once people realize that a market is viable, they're going to jump onto that market. And oftentimes the thing that holds people back is production values.

So with video for instance, this is a talking heads video. Most people aren't competing with, we'll do a podcast with some slideshares. That's not high production value, because people don't get to engage with the instructor. And the long term battle is won or lost here on production values. You know, when you look at Apple, you know how they succeeded. It's on the quality of the product a lot of the time or the perceived quality.

So the long term battle is won or lost here, production values is really, really important. Make sure you set yourself very, very high production values, and you reach the best you can with the resources you have in this important point. Sometimes you can't invest in a 25 20,000 pound studio for video recording, but get the best you can afford and figure out the best way and make yourself you know, stick to your production values. Commit to lifelong learning we talked about this before, but remember, you learn to earn so commit to voting. occasional training, commit to getting courses or learning all the time increasing your skill set. The deeper your skill set, the more in more residual income you can develop because you're more skilled.

Develop diligence. Be hardworking, persistent attended to detail and most of all, be honest. Be diligent in your business. Remember, plan for that 12 to 18 month return. But be diligent stick at it stick ability most important. Research your potential niche Make sure your niche is not too niche.

I've seen people do this. They create a product that's so niche because that's what they're used to presenting is very nice. Try and broaden that a little bit. And try to avoid pitting yourself down into something too narrow and check me out and potential in your niche. You want to know that you can earn money. Examine the competition, see what I do well See what they're doing badly.

Maybe run a survey in a group if you can see if there's interest. We searched the web magazines the keywords that traffic as we've talked about in the strategy sections. Do this research when you choose your path. Look for cross promotional opportunities. When you examine the competition, sometimes we can work with people, not against them. So look for different ways you might have their product on your website as an affiliate, and they might have their product on a whim.

There's lots of different ways you can work with the competition. And if you can't work with it, make sure you match or improve their production values. Make sure your production values are higher, or at least you match them. Go deeper with your information. Make sure look at what they're doing and go deeper. Make sure your course has more value.

For instance, if you're making course, if you're selling let's just say you create icons or something. Make sure your packages have more value. Look for ways to go deeper with your information. Look to wait to go deeper with the value. This is really important associate with like minded people, find forums and groups where people hang out and spend time and talk about creating online residual income. People that exchange time for money won't understand you until you show them the revenue when you say I owed $5,000 last month, or $10,000 last month, then they go oh, this is interesting.

But at the start of it, they're gonna think you're crazy. Or you're gonna make all this money online, that doesn't happen. So make sure you surround yourself or join a forum or community where people encourage and support one another. Set yourself goals allow those 12 to 18 months to reach critical mass plan your five years $6 million strategy, you might not have a $6 million dollar strategy. You might have a 500,000 pound strategy, but planet use the spreadsheet we gave you set yourself goals Your first product will take three times as long as your next because you're acquiring skills, you're learning to do things. And your next product is always better than the last one.

So the first product, you should always treat it as a prototype, you'll still get sales, you'll still make money, but that's what you learn. And that's why sometimes a 12 to 18 month curve is so long is because you're learning. Now, the other important thing to do is develop systems automate systems processes for all of your online marketing, all your digital creation. You want to reduce the time this is residual income we're creating. So we want to make sure our production systems our marketing systems are sleek, and as streamlined as possible. So look into different ways you can do that.

Now you've done all your research, you want to create a launch plan. Let people know what you're doing. on social media, what you're about to start doing, give launch days, give away free snippets in a series, give away free information. Create blogs for specialist sites. So if you're a niche area, and it's a specialist subject, find a specialist, I approach them say, Would you like me to write a blog? Most sites would be like, Great saves me running on next month.

Yes, that'd be good. join groups and start helping head of time, one of the most important things, find people that need your product, they're hanging out in groups and go in there and start helping them don't necessarily promote your product and start helping them. And then when your product comes online, you tell them, they've come back to your product. Join platform communities, and what is a platform community. Let's just say use Udemy. find their community of instructors.

Join them Shutterstock. Find a community because that's where you're going to learn the ins and outs. That's when you're going to learn the tricks and the techniques to make the platform work for you. Should be part of your launch plan. Consider a simple blog or website, we've launched information, it's a little bit of an advanced trick, but I wanted to include it. And then you can link to that site in your social profiles and form signatures.

So when you join a group, when you join a forum, if it permits you, you can sign a signature on your social profiles, you can often put a link to a website, create that, put that in there and give people a way to come back to you and link back to your product doesn't need to be in depth we're not on about creating, everyone needs to be super builder. We're talking about simple blog, a simple website, lots of free stuff out there that you can use. And oftentimes, it's just a case of some hosting costs and blogs, there's actually free platforms. So just think about that. Offer a pre launch discount before launch, commit to this product now. For $19.

It's pre launch, when it comes out, it's gonna be $49 or Launch will lower price, which is time limited. Excellent. We've had a large his or his our product. It's going to be this price for this long. And then promote that in the right places in the appropriate places. lineup reviews pre launch possible.

So get people to review your product. And as it goes live, have those. Have those reviews showing somewhere and get feedback in private when you do this. Make sure just look, I'm looking for good reviews. If you have some negative feedback, let me know. And then I'll change my product.

I'll adapt my product. And then I'd ask you to look at it again. Based on your feedback. I really appreciate that. But here's the most important thing. Remember to dream.

How will it feel when you've attained your 18 month goal, your free year goal your five year plan? What will you do? What you're gonna do with a residual income business? What does that free you up to do? What hobbies do you have? What desires, what plans what things have you always wanted to do?

Where would you go? Where would you visit? Who would you go and see? Maybe it's a family member you haven't been able to afford to seek to live in a different country? Who will you help? You know, we create residual income.

There's a moral responsibility to help other people around us. So who you're going to help? Whose life are you going to improve and impact on positively dream about these things? Remember to dream. Remember that because a lot of critical mass there's gonna be times when you're discouraged. There's gonna be times when you get down, but don't give up.

Good luck with your online residual income business. Anytime just chat to us in the course discussion. Send me a message. Any questions just put them in the course discussion? You know, but good luck with your online residual business is excited. Have fun.

But remember, educate yourself, commit to it and commit to the law of critical mass. And you too, can have your own successful residual online income business. I know you can

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