“To be, or not to be.” I’m pretty positive that Shakespeare wasn’t talking about being an online entrepreneur , but what about you? To be honest, I was “too busy” being a offline business guy to even think about an online career, until I started to really dig deep into the depth and power of the internet.
What would you say to having access to so much money and so many opportunities that you couldn’t possibly handle it all yourself. What if you could do business 24/7 with people all over the world and you could do that while sitting at an office right there in your very own home? What about on a beach overlooking the Pacific or a mountain top in the Rockies?
On the internet, you can do business naked if that’s what you wanted to do! I highly suggest staying away from video marketing if “naked” is your preference.
I own a couple offline businesses. One is a retail store that is open “normal” business hours and the other is a service business that has two of the Las Vegas strip’s most famous hotels as clients. Both are bound by specific operating hours, in which work “must” be performed in order to make money.
Our service business requires we start at 03:00 and we operate the retail store during “normal” business hours.
At the store we stay late to straighten up the shelves and fold clothing. The service business requires extra time to pick up supplies or do equipment maintenance.
Then there are administrative duties that are required to maintain accurate accounting. The hours we put in are a lot more than when either business is open.
Our retail store also has an online store. The online store has both products that we have in stock and products that are “drop shipped” from our vendors.
Products that we stock are still a little bit of work because we have to physically box them up, label them and get them shipped to our customer, but there is really no customer interaction other than a few automatic emails.
Products that are drop shipped are the golden ticket!
Why? Your customer goes to your website, picks a product and checks out. An email is automatically sent to your vendor, the vendor boxes, labels and ships the product with your name on it, to your customer, and you never touched a thing!
Your online store is “OPEN” 24 hours a day, 365 days a week!
Now everyone in your niche, who has access to a computer, is your customer and that could be hundreds of thousands of people from around the world!
Add in an informational product, that has a 100% profit potential, and now we’re talking real money!
Once you’ve decided on which products to sell and your products are uploaded, your online store clicks away even while you’re sleeping!
How much time can you actually work in a week without completely burning yourself out?
Let’s say a normal work week is 40 hours, but you decide to be an overachiever and work 60 hours, in a 5 day work week. The weekend comes and your family wants you to play, but you’re too tired. Your hard work has backfired!
Your online store will produce 168 hours of income in that same 7 day period and that, my friends, is what being an online entrepreneur is all about! That is also what is known as “residual” or “passive” income.
Add other streams of income and the money will continue rolling in from all directions. We’ll get into the tax advantages of residual and passive income in another post.
A great blog about passive income that I enjoy reading very much is Pat Flynn’s “smartpassiveincome.com.” This is one of his blog posts on 8 Principles for Effective Affiliate Marketing on a Blog
Are you ready to fire your tyrant boss? Are you ready to take back YOUR time? Don’t you love the idea of making money while you sleep? Wouldn’t you like to make money while playing with your kids, watching a movie with your wife or playing golf with your friends?
Sounds awesome doesn’t it?
When you have the freedom of your time back it makes you healthier physically because you don’t feel the “time crunch” stress. You’ll be healthier financially because your money will come in even while you are sleeping. Most importantly you’ll have a healthier relationship with your spouse, friends and family because you have the TIME to dedicate to those relationships.