I've been really thinking about my business model lately, especially after my good friend Craig Ballantyne interviewed me for his OSP Newletter recently.
Craig asked me why I've chosen to work on several genre of products rather than just staying with one in particular like he's done with his Turbulence Training up til recently.
In the interview I replied that I enjoy working on many, many things and that I tend to follow my passions when I create products.
This is 100% true, of course, but, well, there's a bit more I didn't mention (Hey Craig, I wasn't holding out, I just kind of forgot buddy!)
One of the reasons I work in numerous genre is that my mentors Bob Proctor and Joe Vitale (You'll know them both from The Secret) told me that the truly wealthy never kept all their eggs in one basket. They operate what Bob calls MSI strategies or Multiple Sources Of Income.
Bob once told me that he owned between 5 and 10% of over 1000 companies meaning that if one company goes bust or a competitor steals all their business, he's never going to be in a position where he's badly effected by the loss. After all, in his case this will be .1%, right?
So last night I got to thinking about this again and I did a little math on what I've got going on right now and, seriously, I was shocked!
I've over 30 sources of income.
No, they're not all bringing me in thousands of dollars a week or even a month.
Many are only bringing in $50 a month.
Hardly seems worth it right?
Well, you could think that way and blow it off as 'just $50' or you could look at it another way.
I do NOTHING for that $50.
I send out no emails, don't send traffic to it, don't pay for google adwords but nonetheless, every month I get $50 or more in my bank account.
And I'm getting $50 or more from 12 sources. All 100% passive.
That's $600 a month.
$7200 a year.
I know, it'll hardly buy me the mansion, the yacht and the helicopter I have my eye on but nonetheless, it's $7200 a year sitting on the table and up for grabs, so I might as well grab it right?
But if I can grab 12 sources for free couldn't I grab 120? Or 1200? Or More?
Sure I can.
In fact, that's just what I'm going to do! By the end of 2008 I'm going to have 100 or more $50 plus sources of passive income netting me $60,000 a year for nothing (once I set them up).
100 sources of income sounds like a lot of work doesn't it? But did you know that many of the things you ALREADY DO online could be making you money while you sleep?
As in, you don't have to do anything EXTRA to monetize the work that you're doing for free right now.
Take http://www.metacafe.com/ for example.
Did you know that if you were to load your youtube videos here and place it into their Producer Rewards program that you could be earning cash from them instead of just putting them out for free?
Granted, it's not a lot of money (they pay $100 for 20,000 views and $1000 for 200,000) but that's not the point. The point is that there's money on the table if you look for it. And it doesn't require any more work on your behalf.
Right now, the leading producer has earned over $108,000 this year from people viewing his stuff.
Not bad huh?
And you can monetize the same video over and over again with other pay per view video sites like http://www.break.com/who'll pay you cash if your video gets played enough.
And here's a bonus to doing this even if you don't make as much money as you'd like...
Instead of your video living solely on youtube, you've now got it in 3, 4, 5 or more sites which means more traffic, more backlinks and more potential revenue off your main sales items.
This is a HUGE area and one which I've recently spent a lot of time exploring.
I'm by no means the master in this ... yet, but I'm going to share a stack of this with you over the coming weeks so stay tuned.
Dax Moy
http://www.personaltrainersuccessacademy.com/
P.S - You can get paid for articles, videos, audios and stacks more that I'll be telling you about. You'll be stunned!
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