Reinvent the wheel or use existing solutions?
I am writing this post on a Monday, the most dreaded day of the week for most people…
Racking up over 20 years in the corporate world, I know what Mondays can feel like. Now that I work from home… or anywhere I like, I don't even check the calendar unless I have an appointment or a flight to catch.
Most of all, I love waking up when I feel like it and working around my life schedule, not the other way around.
During the month of April I was out of town traveling in Europe and Eastern Canada. Then in May and June I had to leave home again and be with a family member who was recovering from health issues. My schedule got really messed up and I had to leave at short notice.
Despite being away for over three months and focusing on my family rather than work, I was still making an income.
This was all based on my business model.
Understanding Business Models
When I set to start my business in 2013, my key criteria were:
- I want to work from anywhere
- I want to set my own hours
- I want a lean operation with minimal costs, staff and complications
That's why I opted for an online business and learned quickly that I needed “multiple sources of income”.
One source of income is not enough, especially if you are running a services business like I do.
But I started out with services to make sure I had an income in place. Once I had secured a few clients, I moved on to add affiliate marketing and licensing.
The full story is in my book, “Pajama Paydays”. Make sure to check it out if you have not read it yet. It will save you a lot of time and money!
What about you?
If you are offering services, which really is selling your time, then you are limited by the number of hours in the day and if something happens and you can't work for a while, your income will stop.
An option to increase your income is to tap into product sales, either having your own products which is a more complex business operation, or offering someone else's products and services.
One of the fastest and easiest way to do that is with affiliate marketing.
Affiliate marketing is when you promote other people's products and services and get a commission on the sale.
I love this business model because I love to travel and don't want to be stuck in one physical location worrying about a store, or turning my home into a storage facility like many home business owners do.
Or worst yet, having home parties trying to push products on my friends and family. That's the fastest way to lose your friends.
There are billions of people on the planet and they all need solutions. Find an area you are passionate about, a solution you believe in and match people in need with the right solution.
But here's the kicker. No matter what products or companies you decide to promote, there's one skill you need to master.
That's why I am passionate about Internet Marketing and promoting solutions that deal with internet marketing. Because once you master that skill, you will be successful with any business you choose to operate.
If you are just starting out, put everything aside and learn to ask the right questions.
- What business model is right for me and will afford me the lifestyle I want for myself?
- How can I create multiple sources of income while working from anywhere I want?
- How can I learn to how to find leads online and match them with the right solutions?
- How can I become an internet marketing pro so I can excel in any business I chose to operate?
Unless you ask the right questions, you won't get the right answers.
Once you know what you are doing and start generating an income, you can go crazy and experiment with other business ideas.
Until them, focus on skills that matter!