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Earn Passive Income with an Online Business

Monday, December 20, 2010   (0 Comments)
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By Laurie Taylor

Be careful what you wish for! That’s the thought that crossed my mind when I learned that I had been accepted as a speaker for this year’s ConFab, the annual conference of IMC USA. I had submitted three topics: two were in my areas of expertise but the third wasn’t. Of course, it was the third topic that was selected.

Months earlier, when thinking about what I would submit, I had just embarked on an initiative to take a portion of my offline business and turn it into an online business. As I submitted my application for ConFab, I thought perhaps this journey that I’m on – learning all about list building, affiliate programs, shopping carts, tele-seminars, webinars, etc. – would be of interest to other consultants. Perhaps my desire to expand my reach and create a passive income stream would appeal to other consultants just like me.

I have been speaking to business owners for two years about the importance of understanding the financial aspects of their business. The topic isn’t sexy, but it is the lynchpin in building a sustainable business. Too many business owners ignore profit planning, cash flow management and the importance of measuring key indicators. In October of 2009, it occurred to me that I could create an online program and reach out to hundreds or thousands of business owners with my message.

So this is the journey that I shared with the audience at Confab. The promise of raking in thousands of dollars a month while relaxing on a beach somewhere is feasible – and happening to people with far fewer experiences to share than we have.

My driving force isn’t just the money – it’s the ability to reach a far greater audience than just one person can reach. I believe very strongly in my message and the tools and techniques that I teach to business owners about managing their finances. Finding a vehicle that allows me to do this without getting on a plane every week is just too good to ignore.

And I want to share my lessons, my on-going experiences and my successes and failures with other consultants. To date, I’ve increased my mailing list by 68%; I have created my online program called Destination, Greatness with 30 participants to date; and I have plans to create 15 products from this initial program.

The bottom line? Creating an online business is all about:

1) Building a list – finding people who want to hear your message

2) Creating a relationship with the people on that list

3) Gaining the trust of your contacts

Sound familiar? It should. Online business building isn’t that much different than offline business building. The main difference is the reach and a future view of your business that has the cash register ringing while you are sipping Pina Coladas on your favorite beach!

Laurie Taylor is the President of FlashPoint! LLC, dedicated to helping business owners stay ahead of their growth curve by focusing on the right things at the right time, responding to the needs of their company, and predicting how growth will impact them.