The 3 Core Principles of a Passive Income Business
Let’s talk about the basic building blocks that make up a passive income business. If you do any online searches for passive income businesses, you’ll be drowning in links that tell you dozens of different approaches to what passive income is, and how to do it.
In this article, I’m not going to take you down that same path of confusion. Instead, let’s talk about the most basic building blocks that are necessary to have a passive income business.
In order to have a business, you need something to sell. The best way to do that is to have a product that you can sell. That’s the first key ingredient to your passive income business.
A Great Product
It doesn’t matter if the product is yours or an affiliate product. The product needs to be of high quality, and it really needs to solve a problem for your target market. If you don’t already have a great product, concentrate on this element first. A great product that your market really wants and needs will be the single greatest asset in your passive income business.
Systems and Processes
Now that you’ve got a great product to sell, you need to setup the systems to sell it. In order to make this a passive activity, you need to set it up so you don’t have to be present for the sales process to run. It needs to run completely on autopilot.
This is accomplished with a great foundation of sales and marketing systems. These systems should be comprehensive enough to operate independently of you. These systems can then generate detailed processes to become your passive income sales machine. The core processes you need initially is prospect attraction, sales, and product delivery. In other words, generating traffic, a sales funnel, and a product delivery system. These are also the main elements of your product website.
These systems and processes turn your product website (or affiliate website) into a lean mean selling machine.
Technology and Mobility
The final part of the puzzle is the technology necessary to make your systems and processes work. The good news is there are many very easy to use software packages that can make this a breeze. In fact, they take care of your systems and processes for you, without you even having to worry about the what and how of setting them up.
The last piece is the mobility and freedom this passive income business provides. Technology like smart phones and tablets allow you to keep an eye on these sales systems from anywhere. As long as you can get an Internet connection, you can run your business. Some of the more popular tables can even get you online from anywhere there is a cell phone signal.
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