Create a knowledge product and get rich!
I have over 700 connections on Linkedin, and in 2008, they'll all become affiliates who can make a lot of money by offering my instructional materials to their connections. In some cases, they'll buy my eBooks which give them also the resale rights (meaning they can charge any price they want, as they keep 100% of the profits); in other cases, they'll become associates and sell my various consulting and coaching services.
It will be fun to watch the passive income flow into my bank account!
This is why I've always recommended to people to use Linkedin and build their network of contacts.
After you have a few hundred connections, you can start "deal-egating" (not "delegating") tasks so that it's win-win.
The key is to CREATE a knowledge product that enough people want to buy. The book The E-Code by Joe Vitale shows several ways to create a unique knowledge product that you can sell over and over and over via the Web.
The formula for wealth seems pretty simple: net worth X network.
Think of "net worth" as the answer to the important question: "What is it that you know that is of use to someone else?"
The problem people have is that their knowledge is not specialized enough or concentrated enough. Most people's knowledge is "common sense" and extensive, rather than "strategic sense" and intensive.
But don't worry, it is never too late to become an expert. Just choose a topic and learn everything you can on that topic. And then package all your knowledge into an eBook that you can sell on the Web.
The point I want to make is that unless you have a product that you own, it is almost impossible to become wealthy and financially independent.
When you have a product, the product works FOR YOU. If you don't have a product, then you are forced to work for somebody else.
There's nothing wrong with working for somebody else, as long as you're learning from them HOW to create new products or services. (Note: It's more difficult to build wealth through a service since, unlike a product, it cannot be easily standardized or replicated as it involves the co-creative participation of the client).
So once you have a product, it works for you in two ways: it offers value to your customers WITHOUT you having to be there (as with a job). For instance, customers can enjoy reading your eBook while you are sleeping.
Secondly, your product can convince other people to become resellers and affiliates (an affiliate only generates leads whereas a reseller generates leads AND closes the sale). In other words, assuming your product is good, it will sell itself so that you can easily recruit distributors and e-retailers and social marketers.
It will be fun to watch the passive income flow into my bank account!
This is why I've always recommended to people to use Linkedin and build their network of contacts.
After you have a few hundred connections, you can start "deal-egating" (not "delegating") tasks so that it's win-win.
The key is to CREATE a knowledge product that enough people want to buy. The book The E-Code by Joe Vitale shows several ways to create a unique knowledge product that you can sell over and over and over via the Web.
The formula for wealth seems pretty simple: net worth X network.
Think of "net worth" as the answer to the important question: "What is it that you know that is of use to someone else?"
The problem people have is that their knowledge is not specialized enough or concentrated enough. Most people's knowledge is "common sense" and extensive, rather than "strategic sense" and intensive.
But don't worry, it is never too late to become an expert. Just choose a topic and learn everything you can on that topic. And then package all your knowledge into an eBook that you can sell on the Web.
The point I want to make is that unless you have a product that you own, it is almost impossible to become wealthy and financially independent.
When you have a product, the product works FOR YOU. If you don't have a product, then you are forced to work for somebody else.
There's nothing wrong with working for somebody else, as long as you're learning from them HOW to create new products or services. (Note: It's more difficult to build wealth through a service since, unlike a product, it cannot be easily standardized or replicated as it involves the co-creative participation of the client).
So once you have a product, it works for you in two ways: it offers value to your customers WITHOUT you having to be there (as with a job). For instance, customers can enjoy reading your eBook while you are sleeping.
Secondly, your product can convince other people to become resellers and affiliates (an affiliate only generates leads whereas a reseller generates leads AND closes the sale). In other words, assuming your product is good, it will sell itself so that you can easily recruit distributors and e-retailers and social marketers.
posted by Super Peter at 11:10 AM
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