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How To Create Multiple Streams Of Income 

Whether you’re an employee or an entrepreneur, you don’t ever want to be limited to just one source of income. I’m sure you’ve heard the saying, “Don’t put all your eggs in one basket.”

 

When creating multiple streams of income, you want to include a combination of passive and active incomes. Having multiple income streams is extremely beneficial for protecting yourself during any crisis. Not only that, but diversifying your income streams will also allow you to earn more than someone who just has one stream of income.

 

Here are a few advantages of having multiple streams of income:

 

Advantages Of Multiple Streams Of Income

 

- When one part of the business hits a sales slump, the secondary revenue source can help make up for the loss.

 

- Creates a steadier income picture throughout the year and helps avoid borrowing for regularly occurring expenses.

 

- Can open up various types of opportunities and doors for you as an individual since your immersed in multiple revenue generating projects.

 

- Peace of mind when going to sleep every night knowing that if something were to happen to your primary source of income, you still have a backup plan.

 

Here’s how to create multiple streams of income:

 

1. Start A Mindmap

 

If you want to start a new stream of income, create a mind map. Indicate your primary business, product or service that you want to expand or branch off of to generate additional income.

 

2. Categorize Your Income

 

In starting a new stream of income, classify the types of income you can generate from your existing businesses. You can offer new products, services, or you can start affiliate marketing or advertising to generate new income sources. Also indicate other possible types, those that you think are less likely to generate income, but just a possible option.

 

3. Generate Ideas From Categories

 

Within the categories that you have created, you can come up with possible earning sources. You can start creating a book, coaching, offer courses, freelance services, training, advertising and affiliate marketing services. The possibilities are endless. Not all business will be able to develop ideas, but you as an individual can come up with multiple ideas even if they are outside of your existing business.

 

4. Focus On Creating A Passive Income Stream

 

Passive income type of businesses may take a while to generate income, but once created, the income generated will be continuous and your time involvement within the project will be minimal. There are a plethora of ways to create a passive income stream, it just depends on where your connections, expertise and passion lies.

 

5. Invest Rather Than Save

 

Many people make the mistake of giving the bank all their liquid cash so that they can earn pennies on the thousands of dollars they keep in their savings account. Don’t fall for that trap! What does the bank do with your money? They take your liquid cash, invest it and get strong returns while paying you pennies on the dollar. If you have cash available that you don’t need immediately, find ways to invest it!

 

6. Create One Stream At A Time

 

Don’t be hasty in creating a ton of income streams at once. Take one step at a time and create one at a time. Multiple income streams are often time consuming and confusing. Focus on creating one income stream so that your time and concentration is undivided. Avoid jumping into several ideas all at once.

 

7. Wait Before You Start Another Income Stream

 

When you have created an additional stream, wait until it’s up and running before starting another stream of income. You need to ensure that your first stream is systematized and fully running before you start working on your next one.

 

8. Drop What Isn’t Working

 

The toughest part of being successful with having numerous income streams is knowing what isn’t worth your time. If you’re spending too much time on an income stream and the return isn’t worth it, drop it. On the same token, if you’re spending a ton of time and you can’t get an income stream off the ground, that’s another reason to drop it.  You do not need to keep around non-working income streams. You need your time and effort to be focused on the income streams that generate actual income.

 

Conclusion

 

Adding income streams may take time, but when you create them strategically, you can set yourself up for the rest of your life. In this post, I shared how to create multiple streams of income.

 

8 Signs You Need To Start Your Own Business

Just do it.

 

It’s that simple. For anyone who wants to start a business, the first thing to do is to initiate the process.

 

“Quit Talking, and Start Doing.”

 

This is probably the motto of every successful entrepreneur. For aspiring entrepreneurs, they often times get stuck between wanting to start and the level of doubt that clouds their mind. So what is stopping them? Sometimes lack of finance, sometimes the lack of knowledge and other times it’s the free of trying something new.

 

If you want to be a successful entrepreneurs, you can’t simply wait for forever to start. There is no such thing as “too young” or “too old” in business.

 

Here are 8 signs you need to start your own business:

 

1. You Can Explain Your Idea Succinctly

 

If you can explain your idea with confidence over and over again that means that you have enough understanding to start taking action. If you fully understand the ins and outs of your idea, then most probably, you know how to build it, execute it and monetize it.

 

The entrepreneurial journey may be long and sometimes lonely, but you will get there faster if you figure out which direction you should move in. Lock in on an idea and don’t worry about improving before you start, improve as you go along.

 

2. You Have Emotional Maturity

 

Every entrepreneur who started a business has asked themselves if they are mature enough to run a business. As a business owner, you have to be ready to lead others and take accountability for the results of your own actions. That alone requires a level of maturity.

 

If you are confident that you can handle the responsibilities of launching your own business, that’s a great sign. If you are unsure, don’t worry about it and work on that specific area and improve yourself before you take action.

 

3. You Have A History of Getting Results

 

Ever since I can remember, if I put my mind to something, I always delivered. Whether it was trying to be the best handball player in elementary school or trying to learn to build a website at the age of 8, I got it done.

 

Doers are usually succeeders. If you have a long history of being the best at what you do and figuring things out when it’s tough, starting a business is right for you. Entrepreneurship is just about being more persistent than everyone else.

 

4. You Were Entrepreneurial As A Kid

 

If you have displayed entrepreneurial spirit, even as a kid, then, there is a good chance that you were meant to be an entrepreneur all along. Some of the successful entrepreneurs today have shown their entrepreneurial skills many years before they ever launched their company.

 

Think back to your childhood and think of all the times that you took the initiative on your own hands and made magic happen. That’s a really positive sign that your brain has been wired from a young age to pursue your own venture.

 

5. You Have Great People Skills

 

Being an entrepreneur will require you to frequently interact with other people. Whether it’s employees, potential customers, press contacts or partnership opportunities, you’re going to constantly be engaged in conversations with other.

 

Part of that battle of being successful as an entrepreneur is being able to convince people to do what you want. If you want to start your business, you need to have an excellent understanding of other people’s intents and efficiently communicating your ideas with them.

 

6. You Are A Visionary

 

A visionary is someone who can take an idea and see what the end looks like while taking it there. Visionaries are rare talents to find, but if you feel like that is something you’re great at, starting your own business is a phenomenal idea.

 

Some of the most successful visionaries in our time have been able to build game changing business. Steve Jobs for example was the leading visionary behind Apple, which is one of the largest corporations in the world.

 

7. You Are Creative

 

Creativity is a key skill that many successful entrepreneurs share. While this isn’t a vital skill to become a business owner, every business needs a creative at the forefront of it. Successful entrepreneurs can create new things and find unique solutions to existing problems in a marketplace.

 

This is a pre-requisite for those who are aspiring to have their own business. For your business to stand out and succeed, you need to have something special that you can offer that others fail to. Entrepreneurship is all about doing things in a way that hasn’t been done already.

 

8. You Despise Authority

 

When I was 15 years old, I was working various minimum wage jobs after school. Within 2 years, I had worked 10+ jobs. I was either quitting or getting fired from every job that I was taking on. What was my problem?

 

I didn’t realize it then, but now I know why. I hated authority. I wasn’t one to take orders and have my freedom limited by someone else. If you feel the same way or have felt the same way at some point in your life, entrepreneurship is the right path for you.

 

Conclusion

 

Starting a business is a risk on its own. Possessing the skills and knowledge in business is critical if you want to start your own company and if you want it to succeed. In this post, I shared with you 8 signs you need to start your own business.

 

7 Actionable Tips For Selling A Business In 60 Days Or Less 

While selling your business shouldn’t be the reason why you start a company, you should build a company that can be sold if necessary. Your business will become more efficient by making some changes needed to get it ready for sale.

 

Many people wonder why they should sell a business if it is profitable or successful. There are many answers that go into it, but I’ll share a personal experience with you guys. When I launched StatFuse, I had no intention of selling the business. In fact, I thought I’d be working on changing the educational world for the next 10 years with this company.

 

However as time went by, I realized that there were certain hurdles that we were struggling to overcome within the business. We had a glorified plan of what we wanted to accomplish, but getting there wasn’t easy. We didn’t have the experience or the connections to make it happen in education. Thus, it was time to sell the business to someone who did have the resources to make it possible. When it comes to selling a business, there are tons of different things that can justify a sale.

 

Here are 7 actionable tips for selling a business in 60 days or less:

 

1. Become A Planning Geek

 

If you want to sell your business, it is best to have an exit strategy. Most investors and business plans require you to create an exit strategy for the business from the early days of inception. It is key that you outline the goals of the business, list your firm’s assets, give a brief description of your compensation plan to reward your key team members and have an overall understanding of how you want this transaction to work.

 

The more prepared you are before you actually seek to sell the business, the faster you’ll be able to get a deal done. Create a really solid plan for how the transition between the older ownership team and the new ownership team will work and share details on how you want to be involved in the business in the future. These are all extremely crucial factors that will determine the value of your business.

 

2. Get Your Business Buzzing 

 

If you want to sell your business, you need to first get as much attention and hype towards it as you possibly can. Create a marketing campaign or something that glorifies your business and outlines how successful it is. When I had made the decision to sell StatFuse, we did this by launching a massive PR campaign.

 

We started getting featured on various tech blogs primarily because we knew people who would understand our business were reading about it. Find a way to get your business in the spotlight where potential buyers might see you. If you don’t find your buyer just by doing this, it’s still great because you can showcase your buzz to other buyers you find down the line.

 

3. Create A Short & Sweet Pitch 

 

Any potential buyer is going to ask for information about your business. It can get extremely tiring taking hundreds of phone calls only to find yourself without a buyer. Instead, create a short and sweet pitch deck that outlines the most common questions that others will have.

 

For example, people will probably want to the following things about a business if they’re going to be remotely interested in purchasing it:

 

- Yearly Revenue Numbers

- Yearly Profit Numbers

- Who, What, Why, When (Inception of Business)

- Year To Year Growth Numbers

- The Team

- What Exactly Is Included In The Purchase

- Anything Else Noteworthy

 

Once you create a pitch deck that answers all these questions, instead of spending hours explaining your business to each potential buyer, you can email them a pitch deck. After they review the pitch deck, they can give you a call with any questions. This reduced the time we spent on the phone by almost 75%!

 

4. Seek Help From Brokers 

 

Note: Brokers should only make money if they sell your company only. The normal rate that I have seen in the market has been $10,000 or 10% (whichever is greater) as their fee for finding you a buyer. Brokers are a great place to start if you don’t know how to sell your business.

 

They’ll do the majority of the prospecting, chatting and research as they find you pre-qualified buyers. The key to finding success with a broker is finding a broker that has contacts in the same industry as your business. If you’re trying to sell an online business to a retail broker, you’re not going to get very many prospects out of it.

 

5. Reach Out To Competitors 

 

People called me crazy when I began reaching out to my competitors to buy StatFuse. However, when I sold my first company which was a multimedia agency, I did the exact same thing. Now you’re probably wondering, why the heck would a competitor want to buy your business?

 

Think about it. If you can sell your competitors on two things, you’re in a really good spot. First, you tell your competitors by them buying you out, they’re limiting the competition and they have one less person to worry about in the marketplace. Second, if you have a competitive advantage that has set you ahead of the competition to begin with, pitch that to them and show them how acquiring you will make them more successful. Never hesitate to reach out to your competition to see how you can swing a deal!

 

6. Be Open-Minded 

 

Over the years, I’ve gone through the process of selling a business a few times. I’ll be honest with you, it’s not always easy dealing with others who want to purchase your company. However, the one thing that I’ve learned from my experiences is to always keep an open mind.

 

By keeping an open mind, I mean that you’re going to get offered interesting deals. Most people go in with the mindset that they want 100% of their deal to be worth cash. I used to be like that too, but by not keeping an open mind I lost out on a lot. The first company I ended up selling, the buyer was offering me stock in his existing along with cash. I declined it, but if I had taken the stock, it would have been worth 250% more than what I got in cash. I would just have to wait a couple years to reap the bonus. Keep an open mind and hear everyones offer out because you’ll be surprised with what you get.

 

7. Minimize Surprises 

 

Deals fall through because big surprises come from the buyer or seller sides. As the seller, you want to make sure that your entire purchase plan is extremely rock-solid so nothing falls out last minute. One of the biggest surprises usually comes in the form of accounting. If your books aren’t crystal clear or well-done, you’re going to have a tough time selling your business.

 

I highly recommend hiring a professional accountant who can clear up your books and make sure everything is audited before the buyers team comes in and looks at it. All in all, you want to be transparent and honest about everything. Don’t hide things or create lies hoping that you’ll be able to get away with it. More often than not, you won’t and you’ll be stuck not selling your business.

 

Conclusion

 

If you want to sell your business, you should have a strong plan prepared ahead of time. In this post, I shared with you 7 actionable tips for selling a business in 60 days or less.

 

50 Highly Profitable Small Business Ideas You Can Launch In 30 Days Or Less 

When starting a business, one should evaluate the target market, level of competition, and how quickly you can launch your business. In these modern times, having to launch your business in a short period of time is more possible than ever, with the help of the internet. You don’t have to wait very long to start a business or invest a ton of money.

 

When starting a business, you need to look for a niche that you are comfortable with, passionate about and knowledgable in. With a little creativity, logic and knowledge in a certain domain, you can become an entrepreneur in no time.

 

Here are 50 highly profitable small business ideas you can launch in 30 days or less:

 

1. eBay Seller

 

If you have a set of products that you can make yourself or can buy for cheap, you can sell them on eBay for a nice profit. If not, you can try sourcing products from a site such as Aliexpress or Alibaba and also sell them on eBay for a nice profit. If you have products you would want to sell, be an eBay seller. This is a highly profitable business that you can launch in just a day or two.

 

2. Restoration 

 

If you have a talent in being able to restore old items and make them look new and unique, then you can turn it into a business. Restoring different kinds of furniture, electrical items, vehicles and other things  is becoming extremely popular today, and very profitable. People want their prized items restored and brought back to new. This is a business you can start as a hobby and flourish as a big restoration company.

 

3. Sourcing Service

 

Believe it or not, some local businesses actual hire sourcing services. Your job as a sourcing service is fairly easy as you’re in charge of finding services of products that are needed and can be resold for a profit. This is a simple business you can launch and gain profit with immediately with really no overhead.

 

4. Personal Trainer

 

If you love the gym and fitness, you can turn it into a profitable business. I’ve had many friends who went from fitness enthusiasts to fitness trainers and they’ve been very successful with it. Start by marketing your services at the local gym you work at and find a client you can charge monthly. Help them become fit, motivate them, monitor them and give them workout/diet routines that they can follow. This is another small business that you can start with really no overhead.

 

5. Interior Decorator 

 

If you have a talent in interior decorating, then you can start your own business. You don’t have to be a professional to do this, you can start by offering the service to your your friends and relatives. This kind of business can easily spread through word of mouth and as business picks up, you can create a marketing budget and target bigger clients.

 

 

6. Jewelry Making

 

When we say jewelry, it’s not always about selling gold or diamonds,. You can make a jewelry out of beads, nylon thread and lots of creativity. You can create customized jewelry for kids and other clients while selling your goods through social media sites or an ecommerce platform.

 

7. Sewing and Alterations

 

Today, sewing is almost out of trend amongst the millennials, but if you have talent in sewing and making alterations, you can turn your hobby into a business. This is a noble business you can do full-time or part-time to gain decent profit.

 

8. Advertising Campaign Manager

 

If you have a talent in online advertising, you can start a business as an advertising campaign manager. Many companies need this kind of service to promote their products or services through social media, videos, etc. Create a case study outlining your success and market your services to businesses everywhere.

 

9. Blogging

 

Blogging isn’t just a place for you to share your thoughts anymore. There are tons of bloggers all over the world that are making 6 figures + yearly. Blogs can be used as a platform where you can channel your knowledge and leverage that to monetize it for yourself.

 

 10. Photographer 

 

I’ve had many friends of mine that have been extremely successful in photography and videography. Your only overhead cost with something like this is just obtaining the video and photo equipment necessary to shoot your clients. Niche down and focus on a specific category that you’re passionate about.

 

11. Copywriting

 

This is a freelance job you can do at your home, and later on, you can develop it into a business where you can hire additional copywriters to help with your clients. This is another business where you’ll earn a good amount profit with zero investment.

 

12. Ebook Writing  

 

Ebook writing can become a business, especially for those who work from home. You can write a book on a variety of topics and self-publish it on platforms such as Amazon, iBooks and Lulu. You can earn a passive income from writing eBooks.

 

13. Fashion Designing

 

Women aren’t the only ones into fashion nowadays, even men are valuing their fashion sense. You can start your own fashion designing business by designing clothes by focusing on a specific niche. After you create your first products, advertise yourself in social media and wait for customers. This is another highly profitable business that you can start in just a few weeks.

 

14. Graphic Design

 

If you are an expert graphic designer, you turn your expertise as a business. Many companies would enlist the service of a graphic designer for their products. Having a good eye for modern design and a creative mind can make you extremely successful when launching a graphic design firm.

 

15. Human Resource Consulting

 

Human resource consulting is now a growing field and it can be the  start of a new business. Companies are seeking the services of HR professionals to help them with training, compliance, administration and payrolls. So if you have what it take to become an HR consultant, this could be a highly profitable business for you.

 

16. Online Grocery Delivery

 

Online grocery shopping is becoming the big new trend today. Sign up with your local grocery in the form of a partnership and create advertisements online. Take your customers’ orders and deliver it to them while earning a profit without any upfront investment, except for the local store.

 

17. Tutoring

 

If you have the patience and expertise in a particular subject or series of subjects, you can start tutoring. This can be done online or offline, whichever you prefer, and earn a profit. Over time, you can get more clients and customers from just referrals.

 

18. Proofreading

 

Publishing houses are seeking to outsource proofreading to those who can do this task even at home. Some self-published authors also hire proofreaders to help with the editing of their books before they publish it. This can be a great platform for a business to earn money with no investment.

 

19. Teach Music

 

To launch your own music business, you do not have to be a professional musician or a maestro. Some young adults who play instruments well can teach others who are just starting out to play music as well. You can do this on your spare time and with a little start-up cost, advertise and soon, you will have your own music studio where you teach others to play musical instruments.

 

20. Pet Grooming

 

If you love animals and have knowledge in grooming pets, you can start a pet grooming business at your house. You can begin by grooming your friend’s pet and advertise through social media to promote your new business.

 

21. Social Media Marketing

 

Social Media networks are great for small businesses to take advantage, but not everyone knows about it or has the time and skills necessary to keep their businesses active on social media. If you think you have the talent, you can do this for clients clients and charge them for this service. This is another business you can start immediately with very low start up costs.

 

22. Cleaning Business

 

This is another simple business anyone can start, even for teenagers who are seeking additional money during their summer vacation. You render your services to those who wants to have the cleaning done, especially the lawns and the gutter and the roof of a house.

 

23. Virtual Assistant

 

If you have tried working as an online virtual assistant, you probably know that this niche is continuing to grow. You can capitalize on it and start your own virtual assistant business, offering your service to businesses who need your talent.

 

24. Dog Walking

 

This can become a start up business for teens who wants to earn in their spare times. Some dog owners do not have the time to walk their pets because of busy schedules, but you can give this service to them in exchange for payment, of course. This is a simple business that can be highly profitable.

 

25. Sell Homemade Products

 

Some successful businesses started at home. Homemade products such as muffins, cupcakes, accessories, and trending items can get you good profits. You can promote them via social media or through word of mouth from your satisfied customers.

 

26. Content Producer

 

Almost every business nowadays needs a ton of content if they want to be successful. If they don’t have an in-house team pro ducting their content for them, they hire individuals or companies to do this for them. You can launch your own content production company while hiring more employees to scale it out fully.

 

27. Sell Plants Online

 

A lot of people want to look for plants to add to their landscapes, gardens or even the insides of their homes. If you have a green thumb, you can start planting and sell them online through social media or advertising it in your local community. This business is a growing niche and can give you tons of profits.

 

28. Become An Affiliate

 

Affiliate marketing is a growing business that you can start yourself. Other businesses will want you to promote their products and encourage sales. You can start this business anytime you want and expand. The benefits of this business is that you don’t have any overhead costs and you don’t even have to create any products yourself.

 

29. Presentation Maker

 

This is a very simple business that even young teenagers can do in their spare time. You can make beautiful slideshows for your relatives friends and even businesses seeking your help. Build attractive presentations and offer this as an ongoing service for companies of all sizes.

 

30. Personal Chef

 

Many households are seeking the services of a personal chef. Whether you come in and make the food one day out of the week or you create the food at home and deliver it, personal chef services have become wildly popular.

 

31. Babysitting

 

If you have been a babysitter yourself, you probably know that babysitting can be a profitable business. You can start this business with your family or friends, where you manage your business and provide clients with babysitters (friends or cousins who want to babysit). It’s like a babysitting agency and this is a business that can be highly profitable.

 

32. Cake Decorating

 

If you have the talent and expertise in baking cakes and cupcakes, and the creativity to decorate them, you may want to look into launching a business like this. You can sell your creations via social media or your neighbors and earn a profit from it.

 

33. Create Custom Clothing

 

If you have the eye for fashion and designing clothing, this business is for you. You can accept orders from friends and relatives or neighbors to design their clothing to how they want it to be. This is a good business that will help you earn fantastic profits.

 

34. Pet Sitting

 

Who said only babies need to be looked after? Pets also need to be taken care of if their owners are going away on a trip and they cannot bring with them their pets. This business can give you solid profits and you’ll get to spend a ton of time with new pets.

 

35. Gardening Services

 

Not every homeowner can tend to their garden and many look for a service provider to come in and take care of their needs. A landscaping service is a great idea for your next business. You may have to go out and handle the jobs initially, but after the business grows, you can hire employees to do it.

 

36. Handyman Service

 

If you have basic skills for home repairs, you can start your handyman service business. You can do small repair jobs like plumbing or fixing things around the house. Handymen can often charge upwards of $50 an hour for their expertise.

 

37. Knitting

 

If you have a talent for knitting, you can start to make this your own business. You can start knitting table cloths, sweaters or other ornaments for people’s houses. You can knit sweaters for people who wants customized knitted sweaters for their everyday use and sell it with a really nice mark up.

 

38. Translation Service

 

This service is a fast growing industry online and it can be a business you can start anytime. If you are bilingual or trilingual or happen to speak many languages, you can make this your business and profit greatly from it.

 

39. Produce Videos

 

If you have the talent to produce videos, you can start this business almost immediately. Companies want various types of promotional videos to build their brand. These organizations are constantly seeking professionals who can get this job done and this is something you can often times do from the comfort of your home. This business can be highly profitable and it can be launched in a short time.

 

40. Errand Service

 

Since most people do not have time to do their own errands, you can start your own errand service and do other people’s errand on their behalf. This type of business has a growing demand and it can be launched in a short time.

 

41. IT Maintenance

 

Computers, tablets, smartphones and other tech devices are wildly popular nowadays. With all that technology, many people are faced with technical issues that they don’t have the solution for. You can create your own IT maintenance business where you help individuals with cleanups, downloads, software installation and repair services.

 

42. Electronics Repair

 

This is another highly profitable business where you can render your repair services for various electronics. People usually don’t want to throw away their televisions, refrigerators and other electronics when they face issues. If you can offer affordable solutions to their problems, you’ll have an extremely successful business.

 

43. Household Organizers

 

For those who have just purchased a home, they often seek the help from various organizers to tidy up their new house. If you can work rapidly and organize a large space rapidly, becoming a household organizer might be a great idea. Though you’ll mainly be working as a freelancer, this business is highly profitable and you don’t need months of preparation to start this business.

 

44. Massage Therapist

 

If you are great at giving massages, you may want to consider becoming a massage therapist. You can start your own massage therapy business by giving an in-home service. You will be your own boss and in control of your own schedule.

 

45. Resume/Cover Letter Writing

 

This is a writing business that you can start immediately without having to invest a considerable amount of money. You’re in charge of writing resumes or cover letters for your clients in exchange for payment.

 

46. Dating Consultant 

 

This is a modern specialization that has garnered a ton of popularity in recent years. If many of your friends call you ‘Hitch’, this is a great business for you to start. You help those looking for love by offering them tips, strategies and action plans in order to find dates and successfully have positive dates.

 

47. Direct Sales Consultant

 

If you want a really profitable business idea, you can start with direct sales for a company like Avon, Tupperware, etc. These companies give you the opportunity to have your own business by selling their products and gaining profits. This business does not need much time to start, but after some training, you’ll be able to make money by selling direct to your customers.

 

48. Domain Name Purchaser

 

This is a really simple business that you can start from anywhere in the world. Look for profitable domains that you can buy and later sell for a profit. You can even take it a step further and start optimizing the websites for the search engines and selling them for an even larger profit.

 

49. Window Cleaning Service

 

Window cleaning isn’t easy, but that’s good because it allows you to charge a higher price for it. Many stores and houses are not able to have their windows cleaned so they hire a window cleaning service to do it for them.

 

50. Travel Planner 

 

I always tell everyone how much I hate dealing with my travel plans. I would love to pay someone to tell them where I want to go and when I want to go with them finding me the lowest rate possible. As a travel planner, your job is to plan out the flights, accommodations and travels in an area for a client.

 

Conclusion

 

Small businesses can be profitable if you know your market and you know what type of business you have the proper expertise for. In this post, I shared with you 50 highly profitable small business ideas you can launch in 30 days or less.

10 Teen Entrepreneurs Who Made Millions Before Turning 18

Believe it or not, there is no age limit or restriction on when you can become an entrepreneur. While most people tend to think that they can’t start their own business until a certain age, that’s absolutely not true. When I launched my first business and jumped into the entrepreneurial path, I was 17 years old and still in high school!

 

It’s never too early or too late to become a successful entrepreneur and become a millionaire. Anyone has the ability to achieve anything as long as they find a problem to solve.

 

Here are the 10 teen entrepreneurs who made millions before turning 18:

 

1. Adam Hildreth

 

 

Adam Hildreth was only 16 years old when he earned his first million. How did he achieve such a feat? He created a popular social network in the UK known as Dubit, and he marketed it to teenagers. It became a popular website among teenagers in the UK and gained a ton of traction after he launched it. After that, it began reaching major companies such as Coca Cola who began setting up focus groups with members on their site to better market their products to a younger audience.

 

He was impressed with the success of his first website that he wanted to do more. His aim was to help his peers and he decided to create Crisp. This website aims to protect children from online predators. Today, Adam is one of the most successful digital entrepreneurs in the UK.

 

2. John Magennis

 

 

John Magennis earned his first million when he was 16 years old. He started a web design business in his bedroom with a small investment. This millionaire is a self-taught web developer and web designer.

 

At a young age, a lot of other entrepreneurs began seeing his professionalism in his work and he became well known in the industry. He went from charging $20 a website all the way up to $30,000 a site as his business grew.

 

3. Farrah Gray

 

 

This young man faced numerous challenges growing up and that is what made him the man he is now. Farrah Gray became an entrepreneur at a very young age of 6 years old. He sold body lotion and hand-painted rocks as bookends. When he was 7, he had a big vision of himself and his business card reads “21st Century CEO”.

 

At the age of 8, he became a co-founder of Urban Neighborhood Enterprise Economic Club (UNEEC). When he was 13, he established his own business called Farr-Out-Food and that earned him millions in his first year in business. He was one of the youngest self-made millionaires at age 14 and the youngest person to receive an honorary doctorate. Not only that, but he was also one of the youngest individuals to have an office in Wall Street.

 

4. Nick D’Aloisio

 

 

Nick was a self made mobile entrepreneur before the age of 18. He created a smartphone app that was bought by Yahoo for a whopping $30 million. He launched the mobile application called Summly, which was responsible for summarizing various articles that became extremely popular over time.

 

He self-taught himself coding when he was 12 years old and made a news app during his spare time. This app caught the attention of Yahoo and they bought it from him when he was 17 years old for a nice $30 million. Today, Nick D’ Aloisio is also working for Yahoo as part of the acquisition terms.

 

5. Jon Koon

 

 

Jon Koon was called the fashion financier and he earned his first million before he turned 16 years old. At a very young age, he opened an after-market auto parts store called Extreme Performance and provided parts exclusively for the MTV program known as Pimp My Ride. He expanded his business overseas and began distributing to 20 countries.

 

He wanted to explore his entrepreneurial drive more and he launched a clothing company with a rapper known as Young Jeezy and earned more millions in the process. Today, his business has expanded and reaching more people, earning him more millions.

 

6. Tyler Dikman

 

 

Tyler Dikman started showing his entrepreneurial spirit when he was 5 years old and selling lemonade in his neighborhood. At the age of 10, he did magic shows at birthday parties and started investing in stocks. He was 15 when he started CoolTronics.com, a computer supply business. The website provides online safety lessons to computer and internet users with tutorials in removing viruses or upgrading a PC.

 

His business branched out into selling and setting up computers and delivering to his customers. When he was 17 and still in high school, he earned his first million dollar in sales from his company that generated revenue from subscriptions and advertising.

 

7. Ashley Qualls

 

 

Ashley Qualls is the owner and developer of the website, Whateverlife.com. It started as a hobby as she used the website to post various pictures and graphic designs that she created.

 

The website eventually became popular and provided free layouts for a social network called MySpace. The website received tons of visitors, and it solely relied on advertisement revenue since the layouts and tutorials posted were free. When she was 17, she earned her first million dollars. Today, many companies want to acquire her business, but she turned them all down to continue working on her vision.

 

8. Juliette Brindak

 

 

Juliet Brindak created the Miss O and Friends, characters based on a series of drawing-based characters that she also developed. This venture is known as “Cool Girls” whose aim is to be a role model for young girls and teenagers.

 

She launched Miss O and Friends online and it instantly became a hit with the girls, where they could seek advice from a supportive community and play flash games designed for girls. She earned her first million before she was 18 after Procter and Gamble invested in Miss O and Friends.

 

9. Cameron Johnson

 

 

Cameron Johnson started his career when his parents ask him to design invitations for an upcoming party. His neighbors were impressed by the results of his work and they began offering him money for designing jobs.

 

When he was 11, he started Cheers and Tears, his own greeting card company. He then later on developed an advertisement service called Surfingprizes.com and it also became a success. When he was 15, he earned his first million dollar year of sales.

 

10. Robert Nay

 

 

Robert Nay was considered a child prodigy at the young age of 14. He self-taught himself in code writing the old fashioned way by reading up at his local library. After a month of writing various codes, he sold 4,000 lines of code for his game Bubble Ball and put the app online for free.

 

Within just two weeks, the game became wildly popular and dethroned Angry Birds. In just two weeks, he had earned his first $2 million from his wildly successful app.

 

Conclusion 

 

It’s never too young to start something, and no such thing as too young to earn a million. In this post, we have shared you the 10 teen entrepreneurs who made millions before turning 18.

 

How To Make Money Writing On Your Own Terms

Anyone can write, but not everyone can write. Writing is not everyone’s forte or talent, some struggle to start an essay, whereas others enjoy writing as a passion and have fallen in love with it. While writing is a way to channel your creative prowess, you can actually earn a lot of money from it as well.

 

Some of the best selling writers today started from being in love with writing and using writing to relieve their stress and anxiety. So they continued writing, producing novels, sharing their life stories with their online blogs and began creating a following of fans. Now, they are extremely wealthy because of their passion for writing.

 

Here is how to make money writing on your own terms:

 

1. Self Publish A Book

 

If you want to publish your book the traditional way, you’ll need a publishing agency to represent you and it can be a rather long and drawn out process. Today, you can publish your own book electronically, without the hassle of sending manuscripts to an agency and waiting for their reply.

 

You can self publish your book through a platform like Kindle and have it reach your readers in a short period of time. You can market your book to your fans or audience and charge them to receive a digital copy. Make sure you hire a designer to come up with a good design, edit your book properly and provide valuable content in your book.

 

2. Start A Blog

 

If your passion is writing and you want to share your talent with the world, you can start a blog. It can be a personal blog where you write about whatever you’re passionate about. I’m passionate about helping other entrepreneurs so my blog is focused on creating valuable content that people in the business world will find valuable.

 

Find a niche that you’re passionate and well-versed in and start writing. To make money from your blog, there is a handful of various things you can do. A few of the easy things to monetize your blog would be advertisements and partnerships with affiliates. In addition to that, you can try launching premium products, courses, memberships, books and other value-added products that you charge for.

 

3. Become A Copywriter

 

Being a copywriter is one of the most profitable forms of writing. As a copywriter, your job requires you to write the content that a business or website will use to sell a product or service. This can be done through advertisements, a landing page, an entire website, sales letters or even a brochure.

 

Most copywriters work as freelancers and they have the ability to bid on jobs that they think they’re capable of taking on. You can find gigs through Craigslist, UpWork and other platforms where businesses seek copywriters.

 

4. Ghostwrite 

 

Ghostwriting is another form of writing, where you write on behalf of someone. Usually a client or business may hire you to write something using their name, but you’re in full control of creating the content behind the topic that they need written. This is another position that is often contracted on a freelance basis and it gives you the freedom and flexibility to work on your own terms.

 

While many writers feel uncomfortable about not having their name in the spotlight for a work they have written, some writers actually enjoy it. If you like to stay out of the spotlight and just want to channel your passion of writing, ghostwriting is an ideal choice for monetizing your writing abilities.

 

5. Do Freelance Writing

 

Freelance writers usually work with various publications such as a magazine, newspaper or a blog where they contribute content on a consistent basis. Many publications will be missing writers or need surplus content so they will reach out to freelance writers for help.

 

It may take a while to find some good paying gigs online, but when you find a steady client, it can be a solid source of consistent income. You may need to build up a portfolio and start by doing some free ‘guest blogging’ before you’re given paid opportunities.

 

6. Become A Freelance Journalist

 

A freelance journalist, known as a stringer, often writes for newspapers and newspaper writing can offer big pay. If you are the type of person who wants to be constantly engaged with the world and the community, you might make a great stringer.

 

You will act as your own correspondent and you will be digging around for news and features on your own. You may get assignments from your editors to cover various events, but other then that you’ll have the freedom to hunt down stories yourself.

 

7. Become A Technical Writer

 

Being a technical writer is a lucrative job and it can pay big. A technical writer is often exposed to writing about software applications and latest technology products that have been launched.

 

Technical writing is a great job that does not require you to be an expert on too many subject matters. Usually, the end user or the clients are newbies who seek the help of technical writers to give them the step-by-step instructions to complete a project. Today, demand for technical writers are growing, they are very much needed in tech and are being hired at an alarming rate.

 

8. Transcribe

 

Being a transcriptionist does not require any prior experience. If you are looking for an immediate job online, try applying as a transcriptionist. A transcriptionist is required to listen to audio files and type out exactly what they hear.

 

Companies often hire a transcriptionist to transcribe internal meetings, presentations and other events that they record and would need the content for. Transcription jobs may not be that easy because sometimes you have to deal with poor audio files, thick accents or poor English that is difficult to interpret. However, if you can put up with all those things, you can earn a solid income.

 

Conclusion

 

If your talent and passion is writing, there are many ways to earn a living on your own terms nowadays. In this post, we shared how to make money writing on your own terms.

10 Guerrilla Marketing Ideas to Grow Your Business Offline

As a business owner, you’re constantly looking for ways to grow your business. While most of the articles I write focus on growing your business online, today I’m going to focus on the offline side of things.

 

Before the internet came along, one of the oldest forms of marketing was called Guerrilla Marketing. This marketing concept was established to help small businesses expose their brands or products by direct offline exposure via foot traffic or word of mouth buzz from people who were talking about their brand or products.

 

Guerrilla marketing is a strategy used by small businesses who are facing budget constraints to hire a professional firm for their advertising needs. This strategy aims to achieve conventional results by using unconventional methods. This marketing strategy invests in energy, idea and creativity rather than money to reach its target market.

 

Here are 10 guerrilla marketing ideas to grow your business offline:

 

1. Public Relations

 

PR has been one of the oldest forms of guerrilla marketing. However, it still remains to be one of the most effective ways to get buzz building around a business or brand even today.

 

The great part about PR campaigns is that it generally is absolutely FREE and you promote your product or brand to major publications. These publications will highlight your business or write an article featuring your business it in, thus exposing your company to a large audience. When launching StatFuse, this was one of the ways that we obtained 10,000 users in 2 weeks during our beta!

 

2. Street Propaganda

 

Another very old & effective form of guerrilla marketing is known as street propaganda. Coming up with creative marketing campaigns in local neighborhoods or areas that you think your business is relevant is a great way to get some attention.

 

I am definitely not promoting you to tag up your local neighborhoods with graffiti, but ideas of street propaganda can vary. For example, we’ve had local kids in the neighborhood that are already hanging out earn some extra money by handing out our flyers. The aim of street propaganda is to really give your brand exposure in a certain area.

 

3. Give Discounts

 

The next best word after “FREE” to capture someone’s attention is “DISCOUNT” or “SALE”. A popular and effective guerrilla marketing strategy used by businesses often times is offering coupons.

 

While sites like Groupon and LivingSocial tend to dominate the coupon market, there are numerous other ways to get your coupons out there. People still tend to read local print newspapers and many neighborhoods will often have coupon books distributed to the houses in the area. By including your business and a small little coupon, you can definitely expose your brand to a new audience.

 

4. Support Local Community Events

 

One of the most successful ways that I’ve been able to give my business positive exposure over the years has been through supporting the local community. If your local community is having any charitable events, become a sponsor. By becoming a sponsor, you can do a meet and greet with the locals while promoting a great cause.

 

Building a solid relationship between your business and the community can help boost popularity and sales. You can offer products or giveaways to the public while embedding your brand and business, which can lead to them buying from you and increasing your sales down the line.

 

5. Give Stuff Away 

 

Remember how earlier I said that the best word people love to hear is FREE? If you have a little bit of a budget and are willing to use it for a giveaway, you can really get some hype around your business.

 

Free is a word that everyone loves to hear. Give something for FREE away to your customers in exchange for an email address or a phone number. I see these types of giveaways taking place all the time. In fact, just the other day I was at the Angels baseball game and Honda was doing a giveaway. Get a free backpack and pair of sunglasses by just filling out a form with your name, email address and phone number. They must have collected at least 2,500 data points at that game.

 

6. Random Acts Of Kindness

 

All marketing aside, entrepreneurs should all go in with the mindset of making the world a better place. That’s why I’m an entrepreneur. Making money, having awesome sales numbers and scalable business models are all great, don’t get me wrong. Howvever, making a difference in the world is the greatest thing of all to me.

 

Another way to reach your market and advertise is by doing something that can put a smile on the face of your customers. Everyone wants to receive simple acts of kindness, such as free hugs for children from having a brand mascot act a fool (if you have one). Find ways to be creative while helping people as you capitalize on exposing your brand.

 

7. Make It Rain With Stickers

 

Another super awesome way that we made StatFuse go viral in the early months of launching was through the use of stickers. We were targeting high school students and we decided to print a bunch of stickers to give away to them for FREE.

 

Stickers were an amazing form of advertising for us. They were sticking our stickers on their notebooks, backpacks, laptops and even other students. The best part of all this was that our brand was constantly being exposed through the use of these stickers. Stickers are an inexpensive and efficient to way show off your business to the world.

 

8. Pop Up Shops

 

This method of guerrilla marketing has become extremely popular in recent years and many businesses have thrived as a result of it. Another way of reaching your target market, is by reaching them in the flesh.

 

Setting up a pop up shop in various high traffic locations can be a GREAT way to gain brand exposure and to directly sell your products to customers. Setting up a temporary physical store at street corners, or within a store, is a way of bringing your point of sale to your customers.

 

9. Hire An Influencer

 

While most people turn to social media influencers to be a brand ambassador, you can look to offline influencers as well. Hiring an influential person to promote your product can influence your customer to purchase your product.

 

Influencers, as they are called, can use their fame and connections to endorse your product and get noticed by the public. If you have a product that doesn’t necessarily cater well to a social influencer, try to find an offline influencer that can make a big difference.

 

10. Urban Hacktivism

 

Now before I mention this, I am in no way condemning anything that is illegal or done without the permission of those who need to be asked. An unusual way to advertise and evoke curiosity to the market is by using creativity through the urban world.

 

A really awesome and cool marketing idea I had seen a few years ago was in Downtown Los Angeles. A street wear brand had created a ‘scavenger’ hunt of sorts that led to their store and warehouse. They ran this scavenger hunt by using the existing street signs as clues and leaving behind clues at various public places. I don’t know exactly how successful this campaign was, but when I did visit the store during the time that they were running the scavenger hunts, I noticed a line all the way to the parking lot.

 

Conclusion

 

Guerrilla marketing is about using your marketing skills mixed with creativity, ingenuity, imagination and innovative ideas that can titillate the public’s interest at a low cost. In this post, I shared 10 guerrilla marketing ideas grow your business offline.

 

8 Niche Marketing Examples That Show You How Much Money Can Be Made In Targeted Industries

 

A niche market is a growing market that focuses on selling a streamlined type of product or goods that is within a specific category, or niche. This marketing strategy enables the entrepreneur to become the face of an industry or space that may not necessarily be serving a massive audience, but fills a deep void.

 

Niche marketing does not appeal to a broad range of customers, but it caters to the special demands of the small group that they target. Niche markets benefit the entrepreneur in a number of ways, such as premium pricing, lower costs to attract customers and the opportunity to become the go-to company in the chosen niche. These kinds of niche businesses are beginning to thrive and becoming very successful.

 

Here are 8 niche marketing examples that show you how much money can be made in targeted industries:

 

1. LuluLemon Athletica

 

 

This is an example of a typical niche retail company that has become successful in its chosen niche. It specializes in marketing exercise equipment, athletic wear and exercise accessories that are designed for women. The retail company has countered the stereotypical market that often has exercise accessories and athletic wear designed for men.

 

The company has narrowed its focus and came up with LuluLemon Athletica that targets women who exercise and do yoga by selling them just the right items for their needs. These products come at a much higher price, but it’s a targeted niche that has been very successful.

 

2. Ties.com 

 

 

While there are plenty of online clothes retailers like Amazon, Zappos or Gap, Ties.com has joined the hyper-focused niche market of ties. The company focuses on selling only ties, which are an everyday essential for numerous working men in the world.

 

This company provides the largest selection of neckwear on the planet as it specializes in producing ties. If you are looking for a unique tie that is of superior quality, Ties.com can provide it to you. This retail company is dominating the online market with their unique products.

 

3. Lefty’s 

 

 

This unique retail store has become popular to many in the US. About 10% of the US population is left-handed and most of the retail stores that sell school supplies, kitchen goods, or gardening tools are selling items that are made for right-handed people. This retail store is the most successful in its niche. It provides items and goods that are designed for left-handed people.

 

Being a unique store, the company has invested in PPC advertising that has helped their business to reach their target market. Whenever a left-handed person searched for a left-handed item, the Lefty’s advertisement would appear. This helped them become extremely popular while gaining brand recognition among left handed individuals.

 

4. Lehman’s

 

 

Lehman’s is a successful store that specializes in selling nonelectric, old fashion appliances and tools. Their products are often used by groups of environmentalists, homesteaders, hunters and fishermen.

 

Some of their products are even used for Hollywood sets that replicate historical places. They may be nothing compared to retail stores that sell electrical appliances, but Lehman’s has been in the business for over 50 years now. They focused selling their products to a core group of people, the Amish, which allowed them to achieve massive success. This strategy has won them over the rising competitive market.

 

5. Bonobo’s 

 

 

Bonobos is a company that set out to solve the problem that most men deal with on a regular basis – pants. Most of the store-bought slacks for men just didn’t fit right for men.

 

They provided their customers with the adjustments to men’s pants as suggested by their audience. They reached their prospective customers by sending emails and using social media to let men know they had a solution to their problems.

 

6. Just Right Packages 

 

 

If you want to talk about niche marketing examples, this one is my favorite. Just Right Packages allows you to send care packages to inmates who are in prison. Just take a moment and think about how niche that category really is.

 

Not only do you have to know a close friend or family member that’s in prison, but you also have to really care for them enough to send them a care package. While the market may not seem massive to you, Send A Package has done extremely well in this unserved space.

 

7. Drybar 

 

 

Drybar is a salon catering to a very niche problem. People with curly hair who consistently enjoy getting blowouts since they’re tired of straightening their every day go to Drybar to get a blowout for an affordable price. When the founder had an issue with her curly hair, she knew that others must have felt the same way.

 

From there, Drybar was born and it has been an extremely successful venture. Not only do many women look to Drybar to get affordable blowouts, but they’re coming back over and over again to get the job done. This is a great example of someone who took a problem they dealt with and found a creative solution to it.

 

8. Throx 

 

 

Throx is genius. Throx is a company that sells socks, but instead of selling you a pair of socks….they sell you three socks at a time. Now, if your anything like me and tend to lose your socks all over the place, you’re in luck. Throx’s niche is targeting clumsy people who tend to lose things by selling them three socks.

 

They are a very successful company that didn’t do anything radical or revolutionary. All they did was add an extra matching sock with each order to help give careless people such as myself a peace of mind.

 

Conclusion 

 

From this post, you can see 8 niche marketing examples that show you how much money can be made in targeted industries. If you’re thinking of launching a business, don’t hesitate to attack a smaller market because the rewards can be massive.

 

How to Market A Book And Make It A Bestseller

Launching your own book or ebook has become easier than ever before.  With that, making your book a bestseller has become tougher than ever. So the million dollar question remains to be, what makes a book a bestseller?  But what makes a book a bestseller?

 

Being a bestseller can boost your credibility and give you the recognition you deserve as a leader in an industry. For an author to be recognized as having a bestselling book, it’s an honor and a privilege. Whether you produce a paperback book or an ebook, you need to have a strategy to turn your work into a bestseller. When I launched my book, Limitless Thinking, I went in with a game plan and executed upon it.

 

In this post, I’ll share my tips on how to market a book and make it a bestseller:

 

Step 1: Write A Great Book 

 

For you to be become a bestseller, you need to write on a topic that people want to read about. Your book must create value and answer a question or fill a void that people are looking for. Start off by asking the following questions:

 

- Is my topic popular on Amazon? Are many people buying books in this category? Are there tons of books covering this topic?

 

- Is my book going to give people what they want instead of what I think is valuable?

 

- Who’s my audience and what’s the easiest way to reach them?

 

- Is this a topic that my audience relates to and is looking for?

 

- Am I writing to them in the proper tone and language that they will understand?

 

In order to write a great book, you have to start by writing about something that they’re looking for answers to.

 

Step 2: Make A Killer First Impression 

 

First impressions are everything. Would you go to your next meeting wearing unwashed clothes smelling like trash?

 

Probably not because you know better. When authors create a book, they often times don’t know better and they make this horrifying mistake. You have to make a killer first impression if you want to convert your ‘viewers’ into ‘buyers’. Ask the following questions:

 

- Is my cover professionally designed and something that will convert well?

 

- Does my title and subtitle exactly explain what the book is about?

 

- Is the description for my book compelling?

 

- Do I have a handful of good reviews that talk about the value of my book?

 

- Is my book formatted well for Kindle and other publishing platforms that I launch on?

 

Step 3: Select The Right Categories 

 

In order to be a #1 bestseller on Amazon, you don’t really need to sell the most books. You just really have to sell more books in a certain time period compared to author authors in a specific category.

 

See how much easier it became to be a #1 bestseller? Many people often think that you have to outsell every book on Amazon for a day to become a bestseller, but that’s a myth.

 

Since you can select a couple categories, find two that relate to your book but don’t have as much competition as some of the larger categories on the marketplace.

 

My book “Limitless Thinking” is a book for entrepreneurs helping them find their own path in life, but the Amazon category I used to propel my book to a bestseller was Personal Transformation in the Self-Help category. The category has much less competition and it’s much easier to become a #1 bestseller, but the content of my book is still relevant to that category.

 

Step 4: Start Marketing Months Before Launch Day 

 

You know your book is great, but it isn’t very easy to convince others right? You need to get the word out months before launch day. While you’re still writing your book, create hype around your book.

 

- In the time before you launch your book and make it officially available for download/purchase, build up buzz, get people to your website, start collecting emails for your list and let the world know that a book will be released soon.

 

- Days before launching the book, get people excited by teasing some of the content in the book, running contests/giveaways and dishing out bonuses to people who are you on your list.

 

- If you build hype for your book long before you ever launch it, it’ll make hitting the bestsellers list a lot easier. Many people make the mistake of getting too focused on writing their book that they do nothing to market their book.

 

Step 5: Dominate Your Launch Day 

 

Ready for the easiest part to become a bestseller if you follow all of the things mentioned above? For 24 hours, have as many people as you can download or purchase your book. You need to show Amazon a killer sales volume for a short period of time (preferably as soon as you launch out of the gates) to propel yourself into the bestsellers list.

 

- Start with the email list you collected and email everyone letting them know that your book is available for sale.

 

- Offer discounts, promotions and coupon codes for a ‘limited time’ to get people to take action immediately within the first 24 hours.

 

- Message friends, family and loved ones to support you by purchasing your books and leaving you positive reviews/feedback.

 

- Leverage your social media platforms by sharing posts with a link to your book so that people can easily purchase it.

 

- If you do blog or write guest posts, this is the day to have all your posts released while doing a small promo for your book.

 

Monitor and track your sales while you watch your book climb the charts and make it to the bestsellers list!

 

In Conclusion 

 

In this post, I shared my tips and strategies on how to market a book and make it a bestseller. Have a question? Hit the comments!

 

5 Ways to Earn Residual Income

 

You’ve probably heard the saying quite often that “the wealthier get wealthier.” It isn’t because of luck or good fortune in most cases. In fact, it’s because the wealthy are earning money in a completely different way than most others do or even think of.

 

There are many stories of people who were born into poor situations or lifestyles that were able to turn it around with hard work and strategic mindsets to become millionaires or even billionaires. Opportunity surrounds our daily lives, it’s just a matter of capitalizing on it.

 

Most people are focused on ‘active income’, which is the concept of trading a certain number of hours in exchange for compensation. The wealthy are focused on ‘residual income’, which is the idea of working for a set period of time to create an income stream that will allow you to get paid even once you finish the work.

 

The mass majority of businesses that I have built or currently work on are set up in this manner as well. If I leave tomorrow to go travel the world for 365 days, I’ll still get paid and earn an income. For most others who don’t have awesome travel benefits, if they leave their job to go travel the world…they probably won’t be earning a dime.

 

So how can you earn residual income? In this post, I will share 5 ways to earn residual income:

 

1. Sell Information 

 

Selling information is something that can be done in many different mediums. Some turn to informational products or courses to sell a subject they are a master of to a large audience. Others create information through e-books or paperback books and charge a fee for that.

 

You can build your own website and sell informational products or you can leverage a platform such as Udemy to create a course to sell to an audience. For e-books and paperback books, you can sell it direct to consumers through your website or use a self-publishing platform such as Kindle. If you want to take it a step further, you can even seek out publishers to market and sell your books for you.

 

2. Sell Physical Products On The Internet 

 

Find a niche or a product line that you have a good amount of knowledge in and white label it. You can also go the more extensive route of innovating your own physical products and selling it to an audience. Find a niche, locate a supplier and start creating products under your own brand.

 

Take those products and you can either sell it through your own e-commerce or Shopify website. On top of that, you can directly sell with platforms such as Amazon, Jet, Walmart and many others. Once your brand is large enough, you’ll even have the ability to try to get into retail stores or develop partnerships with drop-shipping websites. Once you have all this set up, you can hire employees to do the customer service and inventory management while you rake in the residual income.

 

3. Affiliate Marketing

 

Affiliate marketing is better described as performance-based marketing. It is the way for a company to sell its products by enlisting affiliates to market their products in exchange for a commission. The affiliates are responsible for marketing the product to their audience and they can generate additional passive income.

 

In fact, many people that I know have successfully done this over the years. Pat Flynn from SmartPassiveIncome and John Lee Dumas from EntrepreneurOnFire are just a few examples of the most successful affiliate marketers that I know. They took great products they believe in and promoted it to an existing audience that had a need for it as well.

 

4. Rental Properties 

 

Going back to what I was speaking about earlier, the wealthy get wealthier by reinvesting their profits. If you take your money and put it in the bank, I guarantee you that the bank is making more on your money than you ever will in the entire time you keep it in your ‘savings accounts.’ The wealthy understand this concept and are constantly using their money to leverage residual income.

 

A fairly hassle-free way to earn residual or passive income is through rental properties. By properties and do one of two things. One, you can buy a property and rent it out to others (you can even hire a property management company to do all the hard work). Two, you can even use platforms such as Airbnb or HomeAway to list your property as a vacation home that can generate you some really nice residual income.

 

5. Build A Mobile App 

 

Building mobile applications have become easier than ever in this modern era. You don’t even need to know a thing about coding in order to build your app. You can hire freelancers or an employee to build your mobile applications. Come up with the concept, hire the graphic designers and developers and see your mobile app ideas come to life.

Whether you decide to monetize with advertisements, outright payments or in-app purchases, mobile applications are great for passive income. Build a great app once, have your existing team update it and reap the profits for years to come. Many of the top apps such as Candy Crush or Clash of Clans generate millions per day from a game they built over a 6-12 month period of time. Developing apps that are simple, easy to use, but are unique can generate significant passive income.

 

In Conclusion 

 

In this post, I shared just 5 ways to earn residual incomes. What are some ways that you’ve been able to successfully earn residual income over the years?