kdchurchill.com

Building Passive Income is what every business owner, investor, and network marketer gets wet just hearing about (sorry I know that’s a little graphic) But in all seriousness passive income is what everybody wants master once they see how exhausting trading time for dollars can be in a job or yes even in a big business.

The purpose of building passive income is to do the work ONCE using technology as leverage and let it pay you over and over and over again – sounds great eh?

One thing I would like to point out to all of you who think that you have “the best product or service” studies show that people are NOT loyal to products, they are loyal to PEOPLE or to be even more specific they are loyal to the feeling that you give them. So the name of the game is building solid trustworthy relationships = building passive income.

The way to do that is by adding value to peoples lives. You can do this in two ways:

1. by providing relief from some sort of pain in a person’s life
2. by providing more pleasure in a person’s life

Passive income also entails that if you are to get paid again and again then people must be buying from you again and again – in the business world we call this reoccurring revenue or a continuity program. This is most commonly used in a monthly format but can also be used bi-annually or annually. It’s important that your product or service is something that your customer CAN’T live without – therefore reducing the refund rate.

Some examples of reoccurring revenue are:

- monthly magazine subscription (ie: cosmo)
- monthly cell phone bill
- annual membership fees (ie: whale foundation)
- monthly software service (ie: keyword tool)
- monthly business services (ie: merchant account)
- monthly gaming (ie: World of Warcraft)
- monthly service (ie: dating profiles)

It’s important to do research in your chosen niche and to listen and take note of what your customers are unhappy with – an easy way to do this is to go to a public forum where your customer can bitch with other customers and see what continuing complaints come up. Want an even easier way check this out, look at a potential competitors ripoffreport.com responses or the better business bureau files.

Once you settle on a niche that you feel has a need that you can fill, the next step is to get your message and product or service out there for as many eyes balls to see aka your marketing strategy. The best and most cost effective way (due to your ability to track your results – VERY important) to do this in my opinion is to use the internet via Google pay per click or even better once you have an offer that is converting ramp up your traffic with paid media I’d recommend buying a course on this topic before you dare tip-toe into that ball game. I personally liked http://www.NewEconomyTraffic.com you can manage your way through it less than 3 hours.

Lastly and my personal favorite model is the high ticket direct sales model. it’s the easiest and quickest way to building passive income you just do the marketing part. This is a hybrid model to the old school network marketing model where you need to recruit a team the size of a small army in order to make enough money to live off of. Your passive income is anywhere from $1,000 to $10,000 depending on which company you choose to work with. The best marketing tool that I have found out of the literally hundreds I’ve looked at can be found here http://www.NewEconomyLifestyle.com