Let’s talk residual income and how to get it.
What is residual income, and is it really possible?
Residual income almost sounds too good to be true:
- Make money while you sleep
- Work once and get paid forever
- Become FINANCIALLY FREE
This may be why you’ve disregarded claims about passive income.
Is that possible?
How could I do that?
Where would I start?
It is possible. And every person who builds wealth does it.
We are all taught the “path to success” from an early age:
- Go to school
- Learn things
- Get a job
- Work your way up the corporate ladder
- Retire
How many people do you know who have followed this path?
Most people.
And how many of those people are financially free?
Many are struggling.
Some are comfortable.
But none are wealthy.
That’s because it’s not possible to become wealthy while building someone else’s dreams.
Wealthy people (in every sense of the word)* work for themselves.
They are entrepreneurs.
Take a moment and look it up: the wealthiest, most successful people in the country, in your state, in your city: what do they do?
I’m willing to bet they are almost ALL entrepreneurs of some kind.
In order to create real income and true wealth, it is imperative to create passive, residual income. Without it, you’ll never do more than just “get by,” and you’ll never be paid what you are worth.
Once you understand what residual income is and how it works, you will want it. Surprisingly, it’s not incredibly difficult to accomplish, but it does take work!
Maybe you have tried your own business…
Lately I’ve been talking to a lot of new entrepreneurs.
These people want to work from home, but are frustrated with their “new businesses”
Many have joined network marketing or direct sales companies.
“I haven’t gotten any sales!” Stephanie complained.
“I’ve talked to people, but no one is interested,” lamented Melanie.
“I’m just not very good at selling,” Olivia sighed.
What’s the problem?!
The frustration is real, but if you consider a few simple factors, you will see that true, substantial residual income is not only possible, it’s attainable by anyone: even you and me!
You just may need to reconsider your approach.
5 Things to Consider When Choosing YOUR Side Hustle
1. The Products
People often tell me they chose their side hustle because “the products are amazing,” or “they changed my life.”
That’s great!
But is it a good enough reason to make that your side hustle?
Of course, it’s important to be passionate about the products you represent. It’s guaranteed that if you don’t think your products are life-changing, nobody you talk to will get excited about them either.
Your products ABSOLUTELY must be life-changing, and you must believe in them 100%!
So if you are representing a product you love, you will definitely be successful, right?
Not so fast. There are four other very important considerations, and it is crucial that they all apply to your business if you are going to be successful.
Questions? Text “Residual” to (802) 227-7051
2. The Competition
Ask yourself objectively: How many other companies carry products that are similar to yours?
- You have 100% organic bath and body products? Great! So do 100 other direct-selling companies. Even more importantly, organic soap and lotion are quite easily bought on almost anywhere with no commitment or interaction.
You have the cleanest make-up around? That’s amazing! How many other companies offer organic make-up and skin care? (Also, not everyone wears make-up. Your audience is limited to women, and then only some of them use make-up often if at all).- Your weight loss shakes transformed your health and you lost 60 pounds? Perfect! But if every other company you see sells weight loss shakes and supplements, it may be difficult to compete. Do they all have amazing testimonies that look just like yours? (And even if people buy weight loss products, how long will they continue to purchase? Generally, they either don’t work and they stop buying it, or they work great… and they stop buying it).
COMPETITION MATTERS. It can make or break your sales.
What sets you apart?
You should offer something people can’t get anywhere else.
“But these shakes are truly revolutionary! They do things no other shake does!”
Your shake could be amazing, but that testimony isn’t very convincing to your average consumer, who has 5,326 other options for shakes that (to them) look identical to yours. And that’s if they are even in the market for a shake: only a fraction of the population is interested in shakes at all!
Ideally, your product has NO competition.
And you should be well-versed on what sets your product apart.
EXAMPLE:
I work with a Mental Wellness Company.
Have you ever heard of a mental wellness company?
Probably not (because there is only one).
Is mental health a big deal these days?
I’d say it’s at crisis levels.
Are people desperate to heal from this issue?
And get off their meds, that have disastrous side effects.
Are there clear, easy, readily available (natural) solutions to this issue already in the marketplace?
You tell me.
So let me ask you this: if you struggled with anxiety, depression, brain fog, focus issues, energy, sleep, weight, hormones, thyroid, digestion, food allergies, behavioral issues…
…and I could offer a solution that promises to address ALL of them… simply and easily, with natural ingredients, that is literally guaranteed to help you…
Would you want to try it?
Chances are you would. Why?
Because no one else is promising these things, except pharma manufacturers… and we all know drugs don’t heal; they just mask symptoms and have side effects that are difficult to live with.
If you could get to the root of ALL of your issues naturally and effectively, GUARANTEED….
Why wouldn’t you try it?
That’s what exclusivity in the marketplace looks like.
…Something people know they need, but they have no idea where to get it.
They are just waiting, watching for the answer.
And you have the answer.
Personally, I can tell you I’ve earned more income faster than I have with ANY company working with the Mental Wellness Company.
And did I mention how inspiring and fulfilling it is to help people finally, truly heal?
It’s like nothing else.
Questions? Text “Residual” to (802) 227-7051
So what do you do to determine if your product is unique in the marketplace?
Come up with a list of things that sets your products apart.
Make sure your list is compelling, and that you have it committed to memory.
It should be abundantly clear to anyone who has never tried your products before that yours are different from anything else on the marketplace.
(Be honest with yourself here.)
If you can’t come up with a good list of reasons why your product is ABSOLUTELY UNIQUE, you may have found the reason it isn’t selling well.
If your product has too much competition in the marketplace, the dollars will be spread over every option, giving each one a smaller share.
The problem may not be you. It may be your products.
Questions? Text “Residual” to (802) 227-7051
3. The Company
The products can be amazing and there can be no competition, but if the company lacks integrity, you have a problem.
Research the company you are looking at.
- Is it owned by a family or a mother corporation?
- How long has it been in business?
(If a very long time, like Avon, Amway or Mary Kay, the market may already be saturated).
- How does the company treat their associates?
Do they value the people that work with them or have they ripped people off, leaving distributors unhappy?
Do they offer valuable incentives, trips, and a generous compensation plan with bonuses that encourage success?
- What is the structure of the business model?
Is it direct-sales, network marketing, traditional marketing, commission-based?
Do they provide resources and quality marketing materials to give their associates the best possible chance at success? Do they provide training videos?
- Is the company in debt or financially free of ties?
My brother worked with a company that provided storable food solutions for Emergency preppers: because when the end of the world is upon you, it’s a good idea to have food handy.
His business did well and he was making up to $15,000 per month… until they sold the company and changed the business model away from network marketing.
He lost the income he’d built overnight.
Trusting the company you work with and doing your research on the financial shape of the company is imperative to avoid this kind of disaster.
Learn about the company: who owns it, what their philosophy is, if they are in debt or if the company is sustaining itself with revenue, and meet the CEO if you can to understand the true mission and values of the company.
Questions? Text “Residual” to (802) 227-7051
4. The Compensation
You can have amazing, unique products that have no competition and a wonderful, family-run company that treats their distributors like gold, but if they don’t have a great compensation plan that allows you to build significant residual income long-term, how can it be the right vehicle?
The first thing to look at is the nature of the products. Do they allow for residual income by being used up, so people keep coming back for more?
- The product should be consumable.
Consumable means they run out: they must be repurchased regularly.
While selling something like hair clips or jewelry is fun, every time you want to sell more, you have to find more customers, and sell more.
That’s not passive income—that’s active income. It can be one type of income stream, but it will NOT create residual income—because people aren’t re-ordering on a regular basis. After all, how many pieces of jewelry does a person need?
Conversely, if one of your selling points is that your customers only ever need to buy one thing every few years (like with one cleaning company I’ve worked with that sells high-quality cleaning cloths), what does that mean for you? It means you have to hustle a lot more to make a decent income, and it won’t be very residual.
To build truly residual income, your products MUST BE consumable.
Questions? Text “Residual” to (802) 227-7051
- Study the compensation plan.
Any time you are considering a company, you need to evaluate the compensation plan and really understand it.
There may be videos that go in depth, or maybe the person who told you about the company can explain it in more detail so you know how they get paid and what you can expect.
It’s great to find a company that not only pays commissions on personal sales, but also incentivizes building a team. This way you can earn commissions on all of the people on your team, not just your customers.- Look at the top earners in the company. How much are they making and how long did it take them to get there? How many people are making really great incomes?
- Also many companies have bonus incentives the first 1-3 months after joining: so you start making good money right away and get your business on the right track from the beginning—which is good for everyone!
Bonuses built into the comp plan, especially at the beginning, allow for active income (now) and passive income (residually…forever)!
The details of the comp plan matter. A lot.
5. The Team
Lastly, examine the team you would be working with if you joined your potential business.
Do you like these people?- Are they successful?
- Do you like their strategies?
- Can you relate to them?
- Would you like to work with them and learn from them?
- Are they people that could be (or already are) your friends? Would you be happy to travel with them and do events together?
One of the biggest benefits of having your own business is the ability to work with people we like. We can choose who our teammates will be! And when they succeed, we succeed–we are literally invested in each other’s success.
Questions? Text “Residual” to (802) 227-7051
Over the past year, I’ve met some of my best friends doing this business.
Some of them live near me, and some live across the country. I’ve traveled to the Bahamas with some of them (a free vacation on one of my companies!) and look forward to many more trips with these new life-long friends.
- Does your potential team work together well to achieve goals?
- Do they help each other?
- Do they like each other, or is there a lot of drama and fighting?
- Can you get on board with the team’s strategies? Are they open to your ideas?
- Can you see yourself contributing and being successful with them?
These are all questions you must ask yourself when considering a serious side hustle.
Network marketing is a team effort–your choice of team is important.
Questions? Text “Residual” to (802) 227-7051
Now that we’ve gone through the top 5 things to look for when choosing the side hustle that is perfect for YOU… let’s talk about some questions or objections you may have.
But isn’t Network Marketing a Scam?
Network marketing (MLM) has a bad reputation.
Some people call it a “pyramid scheme” (which isn’t accurate—look it up! Pyramid Schemes are illegal and don’t involve any products!).
Let’s look at what Network Marketing is, exactly.
Network Marketing is a business model that involves marketing primarily based in Word-of-Mouth marketing.
Why?
Because studies (and common knowledge) show that the most effective way to get a new customer is if someone they know and trust recommends it to them.
Plain and simple.
People buy what their friends and family recommend.
But what kind of marketing do most companies do?
Billboard ads, TV commercials, radio spots, Internet banner ads, etc.
That advertising is far less effective than word-of-mouth. But for huge corporations, it is a lot easier to spend money to advertise than to enlist an army of faithful customers to dedicate their time and efforts to spreading the word about their products.
Questions? Text “Residual” to (802) 227-7051
And that’s what Network Marketing companies do. They harness word-of-mouth marketing over traditional mass-marketing methods.
And in the process, they partner with individuals like you and me. They allow us to be their spokespeople, which is way better than hiring celebrities and purchasing TV spots or internet banner ads.
Better for them, and better for us.
It’s better them, because they pay out their advertising costs on commissions.
Instead of spending millions of dollars on an advertising campaign, they will pay out millions of dollars in commissions to regular people like you and me.
That advertising money is spent either way. But when it’s spent on commissions rather than advertising, everyone wins.
The company gets more effective advertising, dollar for dollar. And we have the opportunity to build residual, passive income and become financially independent.
Once you understand what Network Marketing is, and what it is capable of giving you, I think you will believe (like I do) that it is the best business model there is.
I work with a couple of companies, and of course I’ve applied all of the above criteria to each of them. That being said, if I come across products I really want to try and I can get a wholesale discount by signing up as a distributor, I usually do it: because that makes that purchase tax deductible, and if I recommend it and someone buys I can make a little bit of money as well.
Here are the companies I have found to meet all of the above criteria and offer (with work) the best chance of success:
Questions? Text “Residual” to (802) 227-7051
Amare: Heal Your Brain by Healing Your Gut.
The latest research in mental health (and overall health) is all pointing to the same source: GUT HEALTH.
Did you know the gut produces 95% of the body’s (brain’s) serotonin? This brain chemical, once thought to be exclusively centered on the brain, is produced in a healthy gut. This tells us a lot about how gut health can influence mental wellness.
Did you know that over 80% of pharmaceutical medicines sold are for digestive complaints? GUT HEALTH.
And what about all of the children on pharmaceutical meds for ADHD, autism, focus, attention issues, hyperactivity, aggressive behavior… GUT HEALTH.
This company is changing what we think about mental wellness. Now you can heal your gut (which everyone needs to do anyway) and target mental wellness, naturally. And this company is new, so it’s a great business opportunity. If you want to discuss this mental wellness revolution opportunity, email or message me and let’s chat!
Take a Mental Wellness Quiz here to see how healthy your mental state is, and find out what you can do to improve it (hint: everyone can improve it).
MONAT haircare. I was never a “hair person” before, but guys: this stuff is life-changing. I always thought I had bad hair, but it has been literally transformed in the year since I’ve been using it. (And it’s helping people GROW BACK THEIR HAIR from thinning, balding, Alopecia, chemo, and other hair loss. This stuff is flying off the shelves!) It’s just a great business model, comp plan, company, team, and consumable product.
- Click “join now” to get the best hair products you’ve ever tried at wholesale prices, write off all of your hair related expenses on your taxes, and make great money! Always a 30 day money (empty bottle) money back guarantee on every purchase–so there’s no risk! Take a hair quiz to see which products will fit your needs best.
And of course if you ever have any questions or would like to discuss anything, please don’t hesitate to reach out. My google voice number is (802) 227-7051. Feel free to call or text me any time, or PM me on Facebook messenger.
Questions? Text “Residual” to (802) 227-7051
*Wealth: What is “true wealth” (in every sense of the word). It is a lot more than money. It is freedom.
- Time Freedom: Make your own hours, do what you love on your own schedule. Pay attention to your kids when they need you. Take a vacation on your clock.
- Location Freedom: Work wherever you are: from your phone, laptop or in person. At home, on the beach, in a ski cabin, across the world.
- Freedom Freedom: Be your own boss. Call your own shots. Choose the people you work with.
- Financial Freedom: To accomplish all of the above, you have to make enough money to finance it. Don’t be a slave to your job, your bills, your taxes, your mortgage. Live in freedom.
Resources:
Is Network Marketing a SCAM?? The Truth About MLMs
What is a Side Hustle? (And Why Would I Need One?)
How to Get the Best, Healthiest Hair Naturally
Mental Wellness: Heal Your Brain By Healing Your Gut
Questions? Text “Residual” to (802) 227-7051
New to Freedom & Coffee? Start here.
Disclosures:
Many of the product links in this post are affiliate links, which means I will receive a small commission from any purchase. I only recommend products that I love and this is at no extra cost to you. Thank you for supporting our mission with your clicks!