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Leveraged income is probably one of the best incomes you can have.
You essential create something once and get paid for it multiple times!
Guys, this is how you can end up generating what Dan Lok calls F.U. money.
This type of passive income is what’s going to set you free.
Here are 5 ways you can earn leveraged income.
Welcome to Franknez.com – the blog where you can digest content on personal finance, side hustle ideas, entrepreneurship, and trending investing topics.
Lets get started!
There are 3 Types of Income
But before I get into them, let’s quickly discuss the different types of income.
There are three main types of income, all of which require different resources in order to move them.
Linear Income – The first is linear income, which is the type of income most people have. It’s where the resource you trade for money is your time. This is your typical 9-5 job, freelance, etc.
Passive Income – Passive income is money generated through investments. This can be income from a high interest CD or savings account. It can also be in the form of dividends paid out from shares of stocks. Passive income may also be generated from rental income if you own property. The resource required for this type of income is capital.
Leveraged Income – And finally, there’s leveraged income. Enough leveraged income and you no longer have to rely on linear income to pay your bills. Leveraged income is earned by creating something once and getting paid continuously for it. You’ll need an audience in order to make the most out of this type of income.
If your goal is to become wealthy, you need to get rid of your linear income.
This income is holding you back more than you know.
Why work 8 hours for someone else when you can use 8 hours of your day to work on growing your own business.
How can I escape my 9-5 job?
Escaping your 9-5 is going to require a lot of work on your part but it is certainly possible.
You’ll need to pick up a side hustle while you’re employed.
You can also choose to start your own business or follow an art project, with financial support from a licensed moneylender.
Once you’ve chosen what you’d like to pursue, work on this idea every day after work.
When I learned that Elon Musk and Steve Jobs all had the same hours in a day as I do, I really started using my time wisely.
Figure out how to earn money outside of your job so you’re not 100% dependent on your linear income.
Start setting yourself up for passive income
One way I started was by setting myself up for passive income.
I then downloaded the app Mint by Intuit to track my net worth. It gradually went from $6K to $10K and so on.
It has since reached +$100k.
I began putting money in stocks and in a high yield savings account where my money would do something.
Rather than have it collect dust I figured I’d put it to use.
When I saw returns I let go of fear that was holding me stuck to the 9-5.
There are many factors that drive the companies success.
You will discover that sales is what will keep you business thriving.
Here are some amazing steps to building a clientele from scratch.
#1 – Set Your Target Market
It is very important to identify who will be your target market.
Are you selling directly to a middleman or are you selling directly to the consumer?
Are you selling your services or products to corporations or directly to the consumer market?
Learn to identify your target as this is the foundation to a successful clientele.
#2 – Make Contact
Now that you’ve established who your target market is, you’ll need to begin making contact.
This may be through social media, direct emails, or cold calls. Reach out to the target and let them know what your business is about.
Note: DO NOT get discouraged when someone says no.
They’ve done you a favor by not wasting your time. Turn the page and move on.
You will get no’s and maybes for an answer.
Here’s what to do when someone is interested!
#3 – Make Them Aware of Your Problem-Solving Skills
It is important not to drag the conversation solely about you or the business.
Let them know just enough about who you are and what your business is about without it being all about you.
The prospect should know how your services or products will benefit them!
Ask them a little bit more about their business, make them feel comfortable and get them engaged.
How will your business be of convenience to them? Remember, convenience sells so if you offer more than one product or service, make sure you’re vocal about these ‘solutions’.
Encourage them to see the value of your business by making them aware of your problem-solving skills.
Get a feel of the conversation, did you sell it?
If you didn’t, no worries.
This takes time and take this as experience! If they ask you to follow up with them and provide them with more information this is perfect.
Put them in your data base, let’s get one step closer towards closing the sale.
#4 – Follow Up
The sale is in the follow up. It is vital that you are consistently following up with your prospects.
Your first follow up should address the initial contact.
Thank them for their time and remind them why your service/product is an amazing fit for them or their business.
Don’t be discouraged if they do not respond immediately.
Often times, it will take a few follow ups before the prospect requests a quote or buys from you.
Change your strategy each time you follow up, make them remember you.
#5 – Keep Feeding The Pipeline
Continue to make contact with new consumers/businesses in your target market.
It’s better to keep your pipeline full rather than realizing you have no business because you were so locked on a few prospects that seemed interested that now you have no one to follow up with.
Avoid this mistake by consistently updating your client database and keeping track of who’s interested, who you’re in the talks with already, and who you’ve closed with.
Continuously strive for making new clients, don’t settle.
#6 – Client Retention
Client retention is the ability to retain clients over a period of time. In order to create a successful clientele you must be able to maintain your clients from using your competitors products or services. This is the part where actions speak louder than words. You managed to sell yourself and your business, now it’s time to prove why your business is the best of the best. Client retention is fundamental to a long-term partnership with your clients and customers.
Here are 7 amazing tips that are sure to keep your customers coming back.
Exceed their expectations by overdelivering.
Present a positive attitude at all times.
Show initiative to want to help.
Be a team player!
Appreciate them for their business.
Build a solid relationship.
Take care of their needs so they take care of yours.