If you are like most people, then you have what is called working income. This type of income is where you trade in your time for money. As you may know, we are all limited in the amount of time that we have. In order to become financially independent, you will need to build residual income. This type of income can literally change your life in ways you have never thought possible. Imagine being able to do what you want, when you want, without having to worry about bills or other financial obligations. This may seem like a pipe dream but it’s not. Here are some tips on building residual income.
One thing you need to focus on is income streams that can run without you being there. There are actually tons of ways you can do this. One way is to start an internet business. The advantage of doing this is that you business will be “open” 24/7 and can operate internationally depending on your business model. If you set everything up correctly, you will be able to make money even while you sleep.
If a conventional brick and mortar business makes more sense to you then what you will need to do is to run the business in a way where you can hire other people to efficiently run everything for you. The trap that many business owners fall into is buying a job rather than a business. They spend hours and hours on their business without being able to enjoy the time freedom that they were searching for to begin with. This happens when you build a business that cannot run without you.
Residual income isn’t something that is taught a lot in school so if you need to, do research on other ways to build this type of income. It will change your life forever.
Summer time is here and while some may go on vacations, it’s a time where others such as teachers, students and others have free time. During this free time many of us look for ways to make extra money. It’s the time of year when we can turn our spare time into real cash. Sure, some may lay around the pool, but for those of us who don’t make a whole lot of money to begin with, it’s just another opportunity to make extra money.
Here’s a few ways I use to make money every Summer. They’re not glamorous, but they will put cash into your pocket.
The first thing I do is hit the garage sales and estate auctions. I have a few areas where I know what I’m looking for. Things such as antiques, collectible toys and rare figurines are all things I’m looking for. Once I find some good items, I’ll then post them on eBay or craigslist. You can really turn a casual trip to a neighbors yard sale into some serious cash. My mother-in-law loves romance novels. Apparently there are a few authors that are really worth some money. She finds the rare novels and buys them for a buck or less and turns around and lists them on Half.com or other auctions sites and routinely makes 10 to 15 bucks of some of these books! Find something that you know about, see if there’s a market for it and then look to buy those items for well below the asking price. You better know she knows how to make that money for bingo!
Another method that has worked real well for me is putting a service ad on our local Craigslist page. I know several programs extremely well such as Word, Excel, Power Point and Photoshop. People will then contact me to teach them how to use these programs or pay me to do a project for them. Between these two methods, I earn nearly as much in the 3 to 4 months of Summer as I do the whole year as a teacher. Try it, you just might find yourself learning a new way to make extra money this Summer!
Are you a dentist who just recently opened up your own private practice? If this is so, then congratulations — you have taken a wonderful leap into a very exciting journey that will reap you with rewards that you will never achieve working for somebody else. But before you get to the time that you’re making a bundle coming to work several days a week, you have to first go through the dreaded startup period that every dentist deals with. During this stage, you have just a single challenge facing you: strategies of marketing for dentists in order to be able to bring in new patients on a steady basis. Each patient is worth tens of thousands of dollars during their lifetime, because once they’re a patient of yours, the majority of them will keep returning for any dental assistance they would need.
Most dentists who just opened up their own clinic will do the traditional advertising for their practice: buy a large advertisement in the Yellow Pages as well as buy large space ads in the local newspaper. While these advertising methods play a part, there is no doubt that their effectiveness is slowly declining as time goes on. Less and less people are using the phone directory as a means of looking for local services, and the newspaper industry is desperately struggling to keep going as they continue to lose their readership to online sources. Undoubtedly these methods will still bring in a trickle of new patients; however, it would be foolish to solely rely on them as your one and only source of marketing.
So what can you do? I highly urge that you consider developing an online campaign. The people who stopped using the phone directory have shifted their searches online. For example, a resident of North Vancouver will go to a search engine such as Google, Yahoo! or Bing and search “North Vancouver dentist” in order to find a dentist to go to. If you build a website that talks about your practice and discusses your services (whether it’s teeth whitening, porcelain veneers, cosmetic dentistry, and everything else), you can optimize this site for those local keywords allowing yourself to be found when these people search the Internet. There are hundreds (if not thousands) of dental-related searches in your local area, so be sure not to miss out on the amount of new patients the Internet can bring you.
If you are not among those hard-core businessmen who typically only send out advertisements to current and potential customers, and if you want to provide your customers with more than just touch and go, then perhaps you should look into creating an email marketing campaign to help promote your business.
Just as the name suggests, email newsletters are like your ordinary newsletter; only, this is sent through the electronic mail and only to customers who have agreed to receive them. This is done either on a daily, weekly, monthly, or annual schedule, and is managed using an email campaign software package. What differentiates this from direct email marketing of sending advertisement messages is that the whole of your promotion message is packaged in an electronic newsletter which aside from containing advertisements about your business includes more information to meet the readers’ day to day needs. This not only gives solutions to customers’ problems through your products and services but entertains them as well.
This is a form of retention email and keeps your customers abreast with the newest promotions in a, shall we say, discrete way. This eliminates the wary feeling people get from being constantly bombarded by advertisements from different businesses’ email marketing campaigns. Think about this: if you add features to your newsletter that appeal to the human soul such as including jokes, stories, or practical guides to living that are in a way related to your business, people look forward to receiving the next issue of your electronic newsletter. This more than anything ensures that they will stay your part of your mailing list. Plus increase the possibility of them reading your advertisements. More than that, this solidifies your relationship with a current or potential customer. Customers will appreciate your effort of keeping them informed.
Electronic newsletter opens many possibilities for your business to expand its customer base through networks of satisfied and service-happy customers.