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Why The Most Successful Passive Income Businesses Don’t Reinvent the Wheel?

By The 1-Hour Workweek 3 years ago4 Comments

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Take a look at any of the most successful passive income businesses and you'll start to notice some very interesting characteristics. For starters, most are on some sort of affiliate network, partnership or program like the Empower Network. You'll also start to notice that many have the same passive income streams and ideas coming in, making it seem like there are only a few passive income businesses that are really viable.

Well, in essence, that might be true. Because smart passive income means making enough money to sustain your lifestyle and pay your bills without having to actively work. In that regard, there are only a handful of passive income businesses that are actually generating smart passive income.

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Moreover, there is the practical business advice that you don't have to change something if it is working. With many successful passive income businesses, the strategies and implementations are still extremely effective, allowing people to generate hundreds of thousands of dollars each year, simply from following in the footsteps of the Internet giants who came before them.

This strategy is extremely effective for a number of reasons, including:

  • Skip the failures, replicate the successes.       One of the hardest parts about starting up an online business—passive or not—is that if you are blazing the trail, you are going to fail. This simply means that you will have to go through some trial and error periods to implement your vision on the industry. If you're smart, you'll have slightly more successes than failures. If you're smart and lucky, you'll be successful. If you are unlucky, prepare to tally up your losses and have your mettle tested.But when you are following an established game plan set out and tested by passive income businesses and models that work, you're one step ahead of the game. That's because the people who already blazed the trails before you have marked the pitfalls. All you have to do is mimic the successful parts and skip the unsuccessful parts and you'll be on your way to generating smart passive income.
  • Put your own twists on passive income businesses. Another great reason you should look into some of the most successful passive income businesses that are out there is that even if you want to do your own thing, it's always helpful to have a model in mind that you can follow. For example, let's say that you want to start generating passive income streams around your eBay account that buys dog bowls at wholesale, customizes them and then resells them for a huge profit.Now, even though you probably won't find a program out there that teaches you the best ways to measure eBay dog bowl metrics, you'll likely find a passive income program or strategy that is applicable. Simply take the structure of the passive income businesses that are in your sector and then apply the “coating” of your own business idea and in no time at all, you'll have a masterpiece of your own.
  • You can go your own way. Of course, one of the best things about passive income businesses is that they are virtually limitless in scope—you just have to find the right idea and make it work for you. And even if you're completely going in your own direction, there is still a ton to be taken away from successful passive income businesses and models. You'll be amazed at how much things stay the same across the boards, even if they are different in nature.For example, knowing how PayPal and Google Wallet work for passive income streams might mean the difference between a hundred dollars in taxes and a thousand. The point is, there are numerous aspects of passive income businesses in general that are the same—understanding them before starting your own, unique passive income streams will help alleviate a lot of the pitfalls that first-timers experience.

Looking Over the Shoulder of Passive Income Businesses

One of the best ways to glean information and tactics from the successful passive income businesses out there is to “look over the shoulder” of a passive income guru. This term simply means that you are getting an insider's look at the portfolio and account of a person who is using a system. In reality you aren't looking over their shoulder per se, but rather looking at their computer screen as they walk you through their process.

This is important and helpful for a number of reasons, including:

  • You get to see exactly what they are doing. From setting up PPC ads to clicking away at the top passive income blogs, tracking metrics and programs, you get an in-depth look at exactly what the top passive income earners do to make their living. This means you get access to the sites they are using, to the programs they are relying on and see just what it takes to run some of the most successful passive income businesses out there.
  • You know that the presenter isn't lying. Secondly, you'll also get to do some fact checking. Since everything is in real time and the numbers aren't fudged (otherwise they won't add up, something extremely simple to check), you can be certain that the passive income streams are going to open themselves up to you in the same manner.
  • You can replicate the exact moves and strategies to replicate the success. Finally, all you have to do is the same exact thing that the “teacher” is doing and you will be able to generate the same type and amounts of passive income as they are. Of course, you're free to do things differently if you'd like, but why—why change up what's already working?

The fact of the matter is that these passive income businesses make it super-simple for you to get in on the action. If there wasn't enough to go around, they wouldn't be inviting people in to look over their shoulder and replicate their process and success. So why isn't everyone doing it yet? Well, some people refuse to believe it's really that easy.

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About

 The 1-Hour Workweek

  (60 articles)

I’m Tarence Wade, M.D. Even though I’m trained as a medical doctor, I’m also known as “the wealth doctor”. I teach network and online marketers how to save time, save energy, build health & happiness and create multiple streams of residual income…with my 3 step success formula. I have taken over 50 internet marketing courses. I have read and listen to many books and audiobooks…and I have attended at least a dozen seminars in the internet marketing space. I have spent the last 8 years, over 6,000 hours and more than 1.6 million dollars of my personal income as an online marketer figuring out a success formula that generates me multiple streams of passive income that works for me and that will work for you as well. And I’m here to show you how.

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