Posted by Matthew Loop | 2 Comments
Have you set and solidified your goals for the New Year yet? If so, I would imagine that one of them is to earn more money, right? Well, this blog post is going to reveal 3 powerful and PROVEN ways to generate an extra six figures in recurring income this year.
I’m sure you’d agree that having a brick and mortar small business can be tough at times, especially in this uncertain day and age.
However, when you have additional, reliable streams of revenue rolling-in, it affords you the ability to create your own year-round prosperous economy.
So, what are the best ways to create an extra six figures ON TOP of your current physical business? Here they are in no particular order:
Personal coaching / consulting
This is a revenue steam that I’ve been blessed in ABUNDANCE with. It still blows my mind that people are willing to pay such a premium from experience-based advice. But, I get it. It’s what I personally do in many areas of my life.
If I need information that I know will add more income to my business, I seek-out a master in that specific area. It’s much cheaper for me to “buy speed” from an expert than to dick-around learning for weeks, months, or more. This is one reason why the rich get richer.
The top 1% always know the value of their time and are interested in speed of implementation. Time is money.
In my business, I offer private phone coaching or a live immersion day. Both of which applicants need to be accepted for. I get to work with professionals I want and they pay a premium for my internet money-making knowledge. Most clients make their investment back in the first 45 days or less, too.
Turns-out, those that pay high prices for a service value it more, are less hassle, implement what you say, then get the best results and make the greatest case-studies. It really doesn’t get any better than that.
Start doing speaking gigs:
In 2006, my life changed forever in a few different ways. My name was getting around in different circles and a network marketing company got a hold of me, wanting to speak to their company CEO about Myspace and YouTube marketing. I was kind of new to speaking at that time.
They asked me what my fee was to present for an hour. Umm… I thought to myself. Then, I just blurted-out “$1,500 plus airfare and accommodations.” The next thing that came out of this guys mouth was, “Can we meet this Tuesday in Houston?”
I was floored…
That’s when I got a taste of how lucrative speaking could be. I ended up flying there then speaking for around an hour and a half. I got home back in Atlanta around 5pm that day and sat in front of my computer for about an hour wondering what the heck just happened!
Since that time, I’ve performed countless speaking engagements and get paid at least a $2,500 honorarium almost every time. Mind you, this is for one hour of speaking.
The bottom line is that the acquisition of knowledge is VERY important in today’s time. It doesn’t matter what business you have. You have information and experience that others simply don’t!
There’s absolutely no reason you can’t earn an extra $5,000 per month just from speaking.
Not to mention, most of the time you get to offer your product / service when you’re finished which leads to way more back-end sales and income.
Master information product development and marketing
In this previous post, I outlined how my “secondary” source of income became my primary, overtaking my practice. This was accomplished through profitable marketing of video trainings, ebooks, and teleseminar audio courses. They simply solved a HUGE problem that the market was facing.
These products are able to be sold 24/7 which enables you to break away from the “exchanging time for money” hamster wheel. Imagine having sales pour into your bank account while you sleep.
It’s a total game-changer and never gets old, trust me.
I’m going to group affiliate marketing into this category as well since it’s where you take a digital product that someone else has created and promote it. This is where I actually got my feet wet internet marketing in 2005.
The first affiliate commission I made changed my life. It opened my eyes to the fact that making real money online was not only possible, but it could be used to grow a 6 and 7 figure business. As I built email lists in different industries, the commissions came easier and faster!
As an affiliate, you don’t have to stock any inventory, there’s no recruiting others, there’s no products to ship, no handling payments, low start-up cost, and huge flexibility to promote how you want. It’s one of the easiest ways to generate income from the web.
As my business grew and technology progressed, I went on to develop other things like premium webinar trainings and iPhone apps. Now, everything I touch turns to gold… meaning, it’s easy for me to go into any market and create a passive source of income from scratch. Here’s an example.
If you are seriously thinking about adding one of these proven recurring / passive income methods or if you already have one, but are not seeing the results you know that you want, I have great news. You have the opportunity to get my most complete and detailed training on all aspects of information marketing.
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