If you're new here, you may want to subscribe to my RSS feed so you never miss a thing! Thanks for visiting!
I had a great conversation with a future work at home mom today and she asked me a few very pointed questions that I promised to answer on my blog:
“You said on your radio show that you are only going to work four hours a day from now on. How is that even possible and still earn enough money to stay home?”
It is a big change for me. I’ve been used to working whenever I wanted to and silly me, I always seemed to want to! This means that it was nothing at all for me to work 18 hours.
Not working HARD all that time mind you… but working nonetheless.
It is a big change, but it wasn’t an overnight change. I’ve been working towards this and planning for it since I moved downstate last spring – well, even before that.
I’ve incorporated residual income into my business for years, building it up from a few hundred dollars a year until it represented about 25% of my income in early 2007 and now in early 2008 it accounts for about 60% of my income.
For me, Residual income comes in two forms: Passive and Active.
Passive Residual income is income that I have worked for last year or the year before or maybe even the year before that – and it keeps earning for me month after month with no effort on my part. This passive income is provided by residual affiliate programs.
Active Residual income is income that I continue to earn on a regular basis because of an ongoing activity on my part (or on the part of someone on my team.) This income comes in from a variety of sources such as advertising sales, product sales, virtual services and membership site fees.
So, to answer the question: I can choose to work far less today because I worked hard (and smart!) yesterday.
Her next question is:
“You say that you’re committed to starting nothing new this year. Does that mean that you are happy with the size of your business and you don’t care if it grows anymore?”
Great question!
Yes, I am very happy with the size of my business right now – it is the perfect size for a single mom who want to work less and devote herself to friends and family for awhile.
I wouldn’t say that I don’t care if it grows though. I care very much! I have a great vision for my business and plan to enjoy an increased income every year. I just plan to get there through tweaking and improving rather than expanding.
There will certainly come a time when I decide to add something new to my business again, just not this year ;)
Last question:
“How can I start building that residual income for myself?”
(When you read this answer remember that I called this gal a ‘future’ work at home mom. She is currently working full time outside of the home and plans to have her first child in 2009. She doesn’t have any idea yet what sort of business she would like to start.)
She can start a personal ‘business journey’ blog and begin to write about her efforts to learn about working at home and explore her entrepreneurial talents. Using the blog as a home-base she can get out on the net meeting people on other blogs, on forums and on social networking sites, creating profiles and putting her blog URL in her signature line wherever she goes.
When she (or you) finds something interesting that offers an affiliate program, she can join the program and blog about it.
As she does this, she’ll be making great contacts and learning a lot about what she likes and doesn’t like. She probably will not be making a lot of money from her efforts in the beginning – but that isn’t really the point anyways. The point is to be ‘started’.
Why do I think this is a good idea?
It’s hard to ‘get internet marketing’ until you experience internet marketing.
The sooner you see what it is like to sign up for and use affiliate programs, the sooner you’ll learn how they can be used to create or compliment a great business. Even if you have no idea what you want to do, you benefit from taking action.
And the sooner you take action, the better.
- (2007) Before I earned $20,000 from Residual Income, I earned $10,000 from residual income.
- (2006) Before I earned $10,000 I earned $5,000.
- (2005) Before I earned $5000 I earned $2000.
- (2004) Before I earned $2000 I earned $200.
- (2003) Before I earned $200 I earned nothing.
My residual income growth experience may not be yours. You may grow your residual income way faster or way slower – but the only way to grow it at all is to Start!
Thanks for the great questions Kim :)
January 21st, 2008 at 2:48 pm
Excellent post Kelly! This “Kelly” quote is a keeper: “I can choose to work far less today because I worked hard and smart yesterday!”
January 21st, 2008 at 2:52 pm
Great advice – as always – Kelly!
January 21st, 2008 at 2:52 pm
Awesome post. And Awesome that Kim contacted you.
January 21st, 2008 at 2:56 pm
What an awesome post and very inspirational too!! I tell ya lady – you are such a blessing to moms all over and to your family as well
HUGS
January 21st, 2008 at 4:14 pm
Yes great advice. I too am committed to improving and tweaking in 08 and NO NEW PROJECTS.
The thing is, I KNOW that I know that I know that this will grow my income… so of course I’m committed to growth, just by improving what I’ve got. Two days in, I’m already seeing more affiliate sales from the first site I decided to improve. I love it!
And here’s another mom saying to his new wahm – YES it is possible to work less and earn more than you earned outside the home. So many of us are proof of this.
January 21st, 2008 at 4:39 pm
oh Kelly great advice….I especially loved the last paragraph where you have written the stages in which your income grew…Very inspiring..
Sandy
January 21st, 2008 at 7:57 pm
Awesome advice!
January 21st, 2008 at 10:51 pm
All I can say is “boom-chica-BOOM!” :)
Awesome post Kelly and the best part about it, is you do exactly what you say ~ that’s the focus baby! ;-)
January 22nd, 2008 at 1:48 am
Like Nike says ’ just do it ’ :) I think we often stew over ideas and making it perfect until we launch a business. Not that you should slap crap up and call it a day, but taking forever is a mistake too.
January 23rd, 2008 at 10:02 am
Well said, as always Kelly! You ROCK~
January 25th, 2008 at 12:38 pm
Kelly you’re doing so well, that’s why I always look to you for advice. :-) I’m also getting my groove of focus . Great post!
January 27th, 2008 at 1:03 am
Wonderful advise Kelly – your decision to work a 4-hr work day is what I call working SMART! Your post is very inspirational.
February 8th, 2008 at 5:33 am
Reading this blogspot made me stop procrastinating and start already. Thanks for the inspiration.