One of the greatest lies that is consistently told and retold online is the myth of making money online in your sleep without any effort whatsoever. Who truly believes that you can build a business in 10 minutes and then walk away and have the money roll in? In addition to the foregoing, who believes that a person who claims to hold the secret to becoming an online millionaire in 60 days or less will be selling it for $19.95 on a poorly designed website that lifts its graphics from one of the free photo archives found online?
No, the truth of the matter dictates that all residual income streams require hard work from start to finish. Begin by carefully choosing the income opportunity that is right for you. Meticulously research what is out there and then pick one that is close to your heart because it is of interest to you and also because it may offer a product or service you believe in.
As you start out, think of your fledgling business as a seed that you lovingly plant in some rich soil. Daily watering, care, and sheltering from the elements will make the seed grow into a huge oak tree – over time of course – while in the business world the daily attention paid to the needs of the business, the care that goes into growing the business to its full potential, and the protection against market upheavals and dips by staying ahead of trends and adjusting the business accordingly will result in your eventually having a residual income stream that may be more a raging river than a trickling brook.
For example, if you choose a certain type of residual income generating business, make sure that you only sign up for one or maybe two opportunities at a time and then take good care to nurture them and make them grow. Sure, once they are pretty much running by themselves, you may choose to sign up for more such opportunities and thus maximize your income opportunities, but doing too much too soon will force you to pay only cursory attention to all, rather than doing what you do well, one business opportunity at a time.
Some online entrepreneurs have learned that maintaining several healthy residual income streams relies on portfolio diversification, and you may find a business professional who is involved in the nutritional supplement industry as well as in the travel and insurance businesses. Hedging their bets and diversifying their business interests is a wise move and if you can do justice to each and every business, you will be wise to follow this example to more or less market proof your income!
Diversification will also permit you to learn how to streamline your efforts and you may be surprised to learn that when you are developing a methodology for recruiting others to join you in the business – for a cut of their overall profits – you may benefit from having a diverse background and thus you might be able to cover more ground than others in a similar situation.
Yet no matter which business model you embrace, remember that all residual income streams require hard work!
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