How To Fail At Any Passive Income Venture
If establishing passive income streams is so easy, why doesn’t everyone do it? Why isn’t everyone lazing on a beach somewhere why money pours automatically into their bank accounts?
It’s because establishing profitable passive income streams is hard. There’s a lot of work involved in getting a passive income stream to the “effortless” stage. For those of you who think that developing passive streams of income is your path to wealth, here are 7 surefire ways to fail at any passive income venture.
Way #1: Believe All The Hype You Read On The Web
Believe all those sites that talk about how they made $19,745.34 in 5 days. After all, what reason do they have to lie? It’s not like they’re trying to sell you something, right? Can it happen? Sure it can! I bet everyone that pays $79.99 and reads all those free reports wakes up on the fifth day to find almost twenty grand in their bank accounts.
The problem with believing all the marketing fluff out there is that it sets you up to fail. You’ll sign up thinking that all you have to do is wait for the money to pour in. Pretty soon you’ll realize that: no effort = no money, and you’ll quit.
Way #2: Don’t Do Any Research
Just jump into the first opportunity that gets you all pumped up. Don’t bother doing any research on the company or its officers. After all, the company’s CEO Tony the Snake seems like a nice enough guy. Don’t worry about researching the competition either. Who cares about supply and demand anyway?
You need to know what the demand is for any product or service you’re trying to set up. You also need to be aware of your potential competitors. High competition and low demand is a recipe for disaster. In addition, make sure you’re aligned with a reputable company and support team.
Way #3: Don’t Make A Business Plan
Oh, I’ve got a business plan. I plan to make a lot of money while doing as little as possible! I don’t need to write down all the details. I’ll just work out the little things as they come along.
If you want to start a business, treat it like one. Would you open a store without a business plan? Then don’t start a vending route or affiliate marketing campaign without making a comprehensive business plan. What are your goals? What is your niche? What is your marketing plan? You have to know these things before you get started or you’ll waste a lot of money figuring it out.
Way #4: Spend No Money Whatsoever
You’re in this venture to make money not spend it, right? Why would you want to waste your money on things like equipment, advertising, websites, or product? Besides, according to the website I joined, all I have to do is pay my $79.99 and then collect $19,745.34 in 5 days.
It’s trite but true: It takes money to make money. Passive income ventures tend to be black holes that eat up all of your free time and money for the first 6 month to a year of their existence. If you’re not prepared to make that kind of commitment, it’s best not to start.
Way #5: Don’t Put Any Time Or Effort Into Your Business
It’s called passive income because it doesn’t require any effort. If I wanted to work, I’d be happy with my day job. Besides, that guy who sold me the program said he spends all his time on the beach and still makes over $400,000 a year!
Passive income streams require little effort once they get started. They require a MASSIVE amount of effort to get started. Think of it as priming the pump. You need to put time and money in if you want to get time and money out.
Way #6: Get Into Something You’re Not Passionate About
I think that the problem with society is that people are prone to impulse buying and are far too overweight. The smell of candy repulses me too… Hey! Look at this business opportunity! It looks like I can make tons of money with bulk candy vending machines!
If you don’t believe in what you’re doing, you won’t be doing it for long. Make sure you passive income business jives with your belief system.
Way #7: Quit
You want a surefire way to fail at a passive income venture? Quit. I’d be willing to bet that most people don’t fail at affiliate marketing, real estate investing, bulk candy vending, or mlms. I bet they quit.
There’re a lot of people out there spewing out a lot of hype. Many people try to set up passive income streams with unreasonable expectations. These people think that it should be easy to set up profitable and automatic streams of income. It’s not.
It’s hard setting up streams of passive income because you have to be able to handle months of putting your heart and soul (not to mention money) into your business without seeing any results. Not many people can handle that. But for those who can, there’s definitely money to be made in developing passive streams of income.
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So much for me blogging about this in the near future. Good points all of them and some I have been preaching to peopel for a while on…
i recently bought into a vending opportuntiy for umbrella vending machines with Umbrolly, and can tell you that it was hard work getting the machines out there, but now i am making great money, and only get one or two calls a week to service them.
ok when i decide to put some more machines out i will have to roll my sleeves up, but i know the deal and you have to sweat to make a buck these days. i take the pointthat it takes money to make money, but i invested just under $20,000 and am making almost $800 a week.
passive no, but nearly !
i was astate trooper before i picked this up, and the difference is amazing.
sorry i forgot to give you their website http://www.umbrollys.com