Image Source: Petoskey Clock Tower
Just found out this old post I did a long long time ago. Clock is ticking – Are you working hard or working smart! I have one confession to make.
What a loser I am.
Yup! I don’t have to hear that from you. I admit that I haven’t really changed that much other than the fact that I did move forward. I am not moving fast enough.
Here was the goal I set a long time ago and I posted on my Facebook wall.
Duh! Crap! What am I doing here?
If I want to make $1M a year, I have to make $2 every minutes none stop and no sleep. If I work 8 hours a day. That means I have to make 3 times of that per minute. So I have to make $6 a minute at $360 per hour rate with no vacation, no weekend and no sick day for 365 days.
I really don’t want to work. So everything I do must generate passive income.
Passive income. I can’t count how many times I remind myself about creating the passive income.
So here I am.
My passive income from Google AdSense and affiliate marketing is growing. However, it’s not the true passive income that I am looking for. Why? I have no control. If Google decides to stop sending me the check every month, I am over. I need have a product that I have 100% control. So I can set my own price and rules.
My true passive income is now subscription based recurring income. I am building the system to help local business getting exposures on the Internet, Social Media. Now I am in the stage to build my own network, platform or a fancier one – The Promotion Engine.
Once the customer is registered and listed in the system, they will pay me either monthly or annually. That’s ideal way to generate the passive income while making me feel good helping more local businesses.
Even better, since I hold the most valuable asset, I have control. Now, I have much larger company asking for my content.
There are two issues.
- I have spent too much time and making far less than what I have made on my previous job. If I need to make $1M revenue by the end of 2011. I need to scale up!
- There are too many competitions out there that is currently larger than I am and grow faster than I am. I need to build something even better.
Solutions
- One of my customers actually hit me on my head. The easiest way to scale up is to scale the profit margin. If I can increase the profit margin 10x, I can reach my goal 10x faster.
- I actually like competition. It gives me the motivation to do better job. So instead of distributing my content to other companies, I am going to build my own content distribution channel.
That’s on my business side. On the personal side.
I have stayed at my ideal weight 150lb for 2 months now. I also start my golf practice. My wife and I are also planning our annual oversea vacation. Life is good other than the fact that I have not reach my goal.
So now you are thinking of membership as well? It is the right way to do it as you will get customers paying you month after month which is great, however there will be churn that you have to worry about.
Also this whole membership thing is getting old already, seems like everyone is trying to do it, mostly for info products though…
Now as far as scaling, have you ever thought about joining forces with someone else?
I can’t wait to see how this pans out for you as I too am working feverishly to get something other there that will make consistent income so I can work from home…
Twitter: TerenceChang
says:
@Phil:
You probably already know what website I have developed. It’s already a subscription based model and it already have many paid customers paying me monthly. The hard part is to ensure the system works smoothly as it should, so the customer will keep paying for it.
Yes. Most membership sites are selling information product. So do I. The big difference is the information. It’s not generated by me. The information is provided by the paid customers. Not like most information product sites, they have to keep up with the new content, write something fake or simply copy and paste from other websites.
Most of my competitors are pulling other website’s content as distributors. I am doing the labor works now to collect my own authenticated content. That’s why big company come to me ask me for the content. It’s also why search engine likes it. That’s the asset I am holding. The more valuable asset I have, the more control I will have.
Yes. I have tried working with other partners and join forces. I got screwed up! Some of them just want big compensation at front. I don’t have investor, I use all my saving to run this business. It’s like garage start-up.
My goal is to build my own distribution channel and work with distributors, so my content can spread out faster while building the brand. At mean time, the channels will help me to get more signup. I am also consider offering affiliate program or franchise out.
Personally, I don’t want to work from home. I don’t even want to work. I want the money working for me no matter where I go and whenever I want.
Lots to learn, but it’s an interesting journey so far!
well thats a spirit right there !
I see what are you saying, if you had such a big goals you’ll be disappointed with what is going on right now !!
but you ve got some nice ideas, and i see your blog is pretty good, you definitely have some great potential !
I wish you all the best and Good Luck.
Twitter: TerenceChang
says:
@GioChiWinx:
I am not disappointed by what I do. It’s the progress that will hold me back. Thank you for stopping by. Wish you good luck too.