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RISDUAL INCOME — MAKING MONEY FROM THE INSIDE OUT
Poverty To Rich requires building passive and residual income. Requires that you have
a product or a service that people will pay a profitable amount for. If you plan to be
rich, consider this. Do you like to read???? Consider this: Do you like to manage
your time???? Finally, Consider this: Do you have a passion to do anything that some
one will pay you for????
Why is residual income good?
Residual income is an important factor for businesses and individuals. Your personal residual income can make a difference in the types of loans and other offers you qualify for, and the more residual income you have, the better you can invest in wealth building for the benefit of your future self.
What is the residual income?
Is residual income the same as profit?
Simply put, the residual income is the net profit that’s been altered depending on the cost of equity. The equity charge is computed by multiplying the cost of equity and the company’s equity capital.
Making Money from the Inside Out
It is a well-understood axiom of the business world that there are two ways to improve the bottom line of the business. Stated simply, those two ways are to make money or to cut costs. Now no business can cost cut their way to profitability.
But by the same token, waste and excessive internal costs for any business can eat away any profits that business is enjoying. So to get ahead in a competitive business environment, both methods must be employed.
When a business turns its eye to cost cutting, there is a stated or unstated business objective that the business owners will discover significant bleeding of revenues that are going on within the systems of doing business.
So if those systems can be improved to eliminate that waste, the business would literally make money from the inside out because the overhead of the business would drop so dramatically.
The usual progress of such a cost saving campaign by a business is to find “the low hanging fruit” first. By that we mean that in order to satisfy the demands of management, middle management will identify superficial savings in hopes of satisfying the requirement.
Hence switching from disposable cups to mugs or cutting back on break room amenities often go on the chopping block first.
Sadly, while there may be some superficial savings to be found in such places, the significant introduction of efficiencies for any business lie at a deeper level and take a more in-depth process of locating problems with how things get done internally.
The methodology of finding these “money pits” within a business is often called “Process Improvement.”
The concept of process improvement is to diagram a particular business process from inception to completion and document the stages it goes through, the handing over of authority for the process and to pin point places where inefficient methods are causing excessive cost in executing that process en route to the final stage of process completion.
Routinely, the areas of business structure that most often identified as being candidates for a process improvement examination are…
- Excessive overhead between departments. Departments within a business are notorious for taking on the atmosphere of a fiefdom and becoming resistant if not suspicious of other departments in the same company.
When that happens, department managers will introduce paperwork and unnecessary processing to cause “work” to move to his or her department from another or for completed jobs to continue along their path.
This excessive overhead can be costly at the department level and bog down the business as a unit enough to actually reduce the profitability of the organization.
- Communication problems. A business process moves through the organization as each department or entity adds value to the process through to the completion of the job.
However if communications between departments or people along the process chain are flawed, a process can grind to a halt and wait for hours if not days before the missed communication is discovered and the work is put into the cycle to be completed. This slow down or break down in communications can be a tremendous drain on the company.
To correct the problem, modern tools of communication should be reviewed so each significant person along the chain is quickly made aware of work that needs to be done and can signal to the next agent that their step is complete and that the process is moving to the next stage.
- An inefficient IT infrastructure. Out of date computer programs that are not integrated with each other cause needless work to be done to take data from one system and moving it into the next computer program only to be entered again at the next stop along the chain. Standardization and integration of data and systems will introduce huge efficiencies to the process.
By streamlining the process of moving a business requirement from inception to conclusion, we can remove much of the inefficiency and waste that has become inherent to that process.
We can introduce up to date integration designs both at the IT and process level to quickly move the process from one department to the next upon completion.
The outcome is a streamlined organization that is no longer “bleeding money” due to inefficiencies and as such is making money “from the inside out”.
3 POWERFUL TACTIS THAT MOTIVATE CUSTOMERS TO BUY – (PASSIVE INCOME)
3 Powerful Tactics That Motivate Customers To Buy
It’s difficult to reach your bu goals if you don’t have the right materials and/or the information to help your business reach the success it’s capable of. These 3 insights will help you generate the business you’ve always dreamed of.
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Wooing customers is a little bit like dating. No, you can’t present the engagement ring on your first date!
There’s a two-way relationship that grows one step at a time before it leads to the church doors. You can’t rush it… you can’t skip it… if you’re looking for the satisfaction of a life-long commitment.
Getting to know your date, or getting to know your customer takes a little time and effort. The personality, likes and dislikes of each date are different, but customers share some commonalities that you, the marketer, can grab onto.FREE INFORMATION
Give them what they want, and they’ll become the loyal, life-time customers that make your business prosper.
1. Forget About Selling… Put The Emphasis On Buying
People like to think that all of their buying decisions were reached due to their own great ideas and skillful shopping. Hey, no one is fond of a pushy salesman.
A salesman who “HELPS” them discover the best buy for their buck on the other hand, is a hero.
Really, when a person walks into your place of business, they are most likely thinking of making a purchase before they get there. You don’t have to persuade them to buy.
You can take it easy, and simply help them decide what the best purchase is.
Keep your focus on the customer and his needs. Think… what benefits would he be most interested in? What is the price range he can afford? Basically, keep in mind that you are there to serve his needs, not persuade him. Ah, the pressure’s off!
2. Make Purchasing A “Sure Bet”
Buying is a “risky” business. The higher the price tag reads, the higher the risks are! Yep, a customer is just looking for a product that satisfies the needs he purchased it for.
The question they ask themselves is… “Is it worth it?”
Hey, it’s a legitimate question. The world is full of scams where you spend your hard earned cash and end up with trash that doesn’t last and that you can’t get serviced.
A few tough lessons, leave customers wary about off-the-cuff purchases. They want something they can trust.
A money back guarantee alleviates a great amount of concern in the mind of the consumer. There’s peace in knowing that if the product doesn’t live up to its claims, they aren’t stuck footing the bill for a piece of junk.
Customer testimonials also clearly tell “would be” buyers that
BUSINESS STRATEGY: CLARIFY YOUR PUPOSE AND VISION
Business Strategy: Clarify Your Purpose And Vision
Planning for how to make this year your best year ever? Take some time to really clarify your Purpose and Vision for your business.
These are two of the most necessary elements for pulling your business towards future success.
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Whether it’s the beginning of a new year or we’re halfway through, you want it to be your best year ever. You are no doubt doing some planning for how to make that happen. You are doing some planning, aren’t you?MONETIZING A HOBBY INTO A BUSINESS
I’d like to recommend you take some time to really clarify your Purpose and Vision.
Clear purpose and vision are the keys to giving you a focus and direction.
Unfortunately, that’s something that is all too often lacking from small businesses. What you need to do is quite simple, but may challenge you if you’ve never taken the step before.
Here are a few ideas to help you make this your best year ever.
Clear purpose describes what you are out to cause with your business. Have you lost track of your purpose? Do you remember what led you to start or get into your business in the first place?
Three questions to ponder as you seek to re-ignite the purpose in your business:
What do you really want out of life?
What do you really not want in your life?
What would you be willing to give up in order to live the life you want?
Answer these questions honestly and build your business around the life you want to live. Talk about a purpose that would set you on fire.THE ROLE SELF HELP BOOKS PLAY IN MAXIMIZING YOUR POTENTIAL
Here’s an idea for creating your vision. Think of the absolute greatest outcome that you can possibly imagine that your best clients would really want from your service.
Build your vision around being “the resource” that works to deliver that.
Examine your values and principles and then determine what you want your business to be in the future.
Find your favorite way to relax quietly and let your mind open to dwell in what’s possible.
Imagine yourself in a private movie theater watching a movie of your future self in 10 years. As the movie ends you notice you’ve been joined by the star of the show.
Ask them any question you want about how they got to that place of great success in the movie. What were your future self’s purpose and vision?
This may seem silly to you at first, but if you open your mind up to accept that the visioning process will work, you’ll be amazed at the answers that will emerge.
JOURNEY TO FINANCIAL FREEDOM — STARTING YOUR VERY OWN BUSINESS ON A SHOE STRINGCUTTING DEBT to Invest More
The process of generating wealth, which can be achieved with even minimal income, requires commitment to basic measures. The measures that can lead to the generation of wealth, if properly implemented are highlighted below.
Budgeting
It seems pretty obvious
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That budgeting should be one of the top measures implemented to spend less and invest more.
As cliche’ as budgeting may seem, it still serves as an established means of spending less of one’s income and investing more of the income.
For budgeting to be effective, a budget has to be functional and include all kinds of expenditure, from the emergency expenses to the regular expenses.
Penalties for exceeding the budget should also be stated and implemented appropriately. An effective budget should be a proper reflection of one’s financial habits and should aim towards cutting unnecessary expenses.
Allocating funds to separate accounts
Having separate accounts, especially savings account, where different categories of funds can be kept is another measure that can be implemented to ensure the most minimal spending.
The allocation of funds to different accounts works better when measures for ensuring that the allocated funds for a specific purpose are not used for other purposes.
For example, an account where regular savings are kept should not have a debit card to ensure against undue withdrawals.
Restricting luxury expenditure
It has been well established that living below one’s means is a clear-cut method of building wealth. In achieving less expenditure and more investments, it is thus important to implement practical methods of restricting undue spending.
One of such methods that can be implemented is the taxing of such undue expenses.
Taxing these expenses increases the cost of undue expenses thus restricting one from engaging in them. For example, for every family vacation, for example, a certain amount must be put into the savings account, to balance up that expense.
Thus, whenever one thinks of a family vacation, they would consider the cost of the vacation as well as the saving equivalent and plan properly towards such expenditure.
Investing
As much as it is important to save, it is more important to invest savings. A saying goes thus, “No one ever get wealthy from leaving money in a savings account”.
9 CHARACTERISTICS THAT MILLIONAIRE BUSINESS PEOPLE HAVE IN COMMON
9 Characteristics That Millionaire Businesspeople Have in Common — 1400 People Will Become Millionaires Everyday — WILL YOU LISTEN AND LEARN HOW?????
What do the rich and powerful people in business have in common? They live life with a strategy and exhibit characteristics that not all that different from other not-so-successful businesspeople. What’s their secret? They train themselves to keep these characteristics in mind.
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In May 2005, Forbes magazine reported that there were 691 billionaires in the world. 1400 people across the world turn into millionaires every day. Want to become one of them? Of course you do. Everyone wants the freedom to do business in the way they choose. There is so much power in running your own business – and having a business that runs itself, which for many people is the ultimate goal.
Making money is not the only goal of becoming an internet millionaire – it’s about freedom. Many people across the world are gifted with experiencing this freedom everyday. How can you become one of these people? What kind of life, and business, do you want to run? Would you like to be able to check your email from your private plane? These are the kinds of goals many people have in mind when they begin to forge ahead with their business ideas.
But the truth is that the rich and the successful – the millionaires off and online – have about nine characteristics in common, not that different from a lot of people we all know. Most of them exhibit some or all of these. The truth is that we all have the potential for greatness – if we can train ourselves to keep this in mind as we go about our business day.
1. They don’t blame. Successful businesspeople don’t blame others. Instead of making excuses for bad outcomes, or reassigning responsibility to others, they take time to learn from their own mistakes.STARTING A BUSINESS ONLINE
2. They are decisive. Millionaire-types have a vision. They take quick, decisive action aligned with that vision. They’re action oriented, always pushing forward toward their goals.
3. They trust their intuition. If something seems like it’s not quite right, they trust that instinct. If an opportunity excites them and sounds like a great idea, they go for it.
4. They are singly focused on their CORE business. Successful entrepreneurs may be inspired by ideas, but they always remain true to their vision. They focus on opportunities that are aligned with their business’s purpose. If you sell retail products on eBay, don’t try real estate investing the next day. They don’t lose focus. They may sell their products on eBay, write articles, focus on joint ventures, and go to marketing seminars, but all of their efforts, and FOCUS, help them move toward their main goals.
5. They are marketing focused. Millionaires, including such giants as Bill Gates, understand the importance of building on their core business. They hire people with specialties in marketing. They work hard at building their email lists, gaining exposure, and are constantly looking for ways to reaching a wider audience. If you want to build a decent income, you sell products and services. If you want to be insanely rich, then you create and control markets. The key to your business, and creating phenomenal success, is marketing.
6. They understand the importance of continuing education. Successful businesspeople are always learning and drawing from other people’s experiences. They listen to how other people have achieved their success, especially if these people have expertise in another industry. They are constantly learning about new approaches and strategies, and thinking about how they can apply it to their own business.
7. They are not afraid of making mistakes. Any big company online will tell you that they’ve had their share of downfalls, even such giants as eBay or Craig’s List. Mistakes are building blocks for success – by making mistakes, you learn what works, and what doesn’t. You don’t have to get it right, you just have to get it going. We all make mistakes, and one of the most powerful things you can do is glean feedback from them. Feedback is a great way to learn from your customers and colleagues. You need to look at feedback and take it with a grain of salt – it helps you learn and grow. See your mistakes as learning lessons
8. They model their business for success. Internet millionaires model other people, strategies, and systems. They constantly look for models of success in everyday life and think about how to incorporate these lessons into their own strategy. They even look at their competition for answers. Whatever niche you’re in, subscribe to some industry newsletters, buy their products, and learn HOW they create success.
9. They build a team to rely on. No matter what stage you are in with your business, you’ve got to realize that you simply cannot do it all. You can’t be an expert in everything. You want to create a great team of people. How can you find them? Go to seminars and workshops. Hone your networking skills. You’ll often find that like minded people that are out there constantly learning and attending, seminars and workshops. Getting rich is a team sport. You have to have people that are cheering you on, encouraging your success.
These are some inherent characteristics of business millionaires. Can you apply them to your business and your life, too? Of course you can. If you can keep these principles in mind, you’ve got the millionaire mindset. No, you aren’t going to get there overnight. Making a million dollars takes some time. You can’t make a million dollars if you haven’t made your first hundred. So focus on the first hundred, first thousand, and first hundred thousand. Thinking this way goes a long way toward your goals – finding success, gaining riches, and living the kind of life you want to live.