How Successful Entrepreneurs Creative Passive Income Simply Understanding The Value They Provide!
You’re definitely working extremely hard, to generate , (both your current) front and back end income steams, correct? I hear you. Me too BTW. But seriously. Has it ever occurred to you, how some of the most successful entrepreneurs, you can think of.
Both on or offline. Consistently create different types of passive income. Primarily because they totally get, the basic fundamentals of marketing, promoting and traditional advertising.
And they understand the current and future value they continuously bring to the table. And as a direct result. Their knowledge and bankable skills, allow them to get both direct and indirect access, to resources, assets and highly influential individuals simply can’t.
This is definitely not a coincidence. Would you not agree? Great answer. Let’s have a much closer look, to see if this proven, money making approach, should be or quickly become, a part of your long term marketing mix.
So Other Than The Obvious What Other Skills Or Resources Are Successful Entrepreneurs Consistently Bringing To The Table? (That Others Aren’t!)
Excellent question. And so glad you finally asked it. First of all. Let’s go through a couple of, (potentially eye opening), and potentially bank account filling examples.
And the reason is multi pronged. First it’s to:
1.) First: It’s to potentially open your marketing eyes,(wide) to the types of passive or pro-active income streams, or previously untapped, mutually beneficial JV (Joint Venture) opportunities, which are waiting to be constructed and formed.
2.) Second: It’s to show you the potential, previously untapped bankable value, you, (yes you!), could potentially sitting on and not even realize it or fully appreciate it.
And how you might be able to leverage these kinds of situations, into even bigger and far more lucrative, previously untapped marketing or promotional opportunities.
3.) Third: Sadly, it’s also to point out “how”, no matter how potentially lucrative, any previously untapped opportunities are. A staggering 98% of the current and future eyeballs reading this blog post. And hopefully listening to audio clip embedded in the post.
Or any other potential entrepreneurial based content they get exposed to. Both now and in the future. The vast majority, will do little more than read it. Yawn and go with the same ole, same ole.
Which in reality, is the good news. Huh? Meaning, your real competition, especially long term, is incredibly low. In other words, the entrepreneurial field is wide open. And steadily getting wider.
So What Type Of Previously Untapped Opportunities Are Still Constantly Being Missed Altogether Or Constantly Ignored!
Great question. So in order, (to hopefully!) open your marketing eyes incredibly wide. Again, the following, (hypothetical!) marketing and or promotional examples. Are strictly for illustrative purposes only. And it’s only dedicated to the two percent of doers, who get exposed to it.
So we’re all on the same page, correct? Now then. For a moment, imagine you, or you and, (you fill in the blanks.) Own a successful mom & pop, single location, corner store & deli.
There’s bound to be a few of those in your current or old neighborhood, correct? And while you’re obviously earning a decent living.You realize, you won’t be opening multiple locations. Nor will you be selling franchises and collecting annual franchise fees off of doing so. Correct?
Even so, and believe it or not. There is more than enough daily, weekly, monthly and yearly foot traffic, for you to monetize your customers.
And create some bankable, passive income. Say what? Nod your heads cadets. Because it’s true.
Your Basic Understanding Of Targeted Lead Generation And It’s Cost To Other Directly Non Directly Competing Businesses Is An Extremely Valuable Form Of Knowledge!
Case in point, typically every day your corner deli is open.Anywhere from 75 -125 people come in and spend on average, anywhere from $1.25 to $10.50 each.(And sometimes a little more each, during the hectic holiday season.)
And your typical, gross front end profit margins, are anywhere from 5 -25%. And to date, sadly, you and practically 99.90% of of your major competitors, with similar corner deli-s.
They too currently have zero back end income producing processes or systems already in place, correct? And the really sad part is,a staggering 99.90% of them, literally have no idea whatsoever, they can and definitely should. Say what?
So consider the following. One day, (say on a Monday) morning, at least one of your regular customers, comes in, and spends $8.75 with you. And then not even two hours later, they spent $3,500 dollars on a really cool, state of the art, deluxe home entertainment system.
Remember Not To Confuse Generating Front End Sales With Boosting Front End Profit Margins!
Of which the local retail appliance center, in spite of the fact, it took them about $800 dollars, in outrageously expensive, traditional advertising cost.
Still grossed a respectable $1,000 dollars, on the initial front end.Say what? (And that gross front end profit, doesn’t take into account, any salaries or sales commissions, their staff may have earned because of the sale.)
Seeing how the home entertainment system cost them $1,700 dollars or so, right? Plus add in the $800 or X amount of dollars in expensive, traditional advertising cost. This still leaves $1,000 dollars, in gross front end profit. ($3,500- $800 = $2,650- $1,700 – = $1,000 dollars in initial front end gross profit.)
And You Also Calculate In The Typical Total Lifetime Customer Value Metrics! (This Is How And Where Things Can Get Pretty Exciting!)
And this initial figure, doesn’t include, the potential repeat sales, their typical repeat customers spend, over the next five to seven year period.And the X number of personal referrals, they’ll send, either your way, or to your local major competitors.
And the X number of referrals, a percentage of those first generation referrals will also send your way. And the long term, repeat sales both generation of referrals will send your way.
Typically over the next five to seven year period. Not to mention all of the written, audio or video testimonials, they’ll constantly generate. And all of the free social media exposure, they’ll all provide, over the same time period.
Believe it or not, it all definitely adds up nicely. Don’t you agree?
This Is Why You Definitely Have To At Least Understand The Basics Of Total Lifetime Customer Or Client Value Metrics!
Which in this particular case. The retail appliance center, after running and re-running their ideal customers numbers. They’ve discovered, their ideal customers, has a total lifetime customer value, of somewhere between $400 – $10,000 dollars. Give or take over the next five to seven year period.
And now, the fun stuff officially starts. Coming up very shortly in part two. For now, can you better appreciate, “how” successful entrepreneurs, of literally all shapes and sizes.
Can and definitely should put themselves, in the position, to create some form of passive income streams? Say yes! Great answer. You’ll discover how, coming up shortly in part two.
There’s Literally A Ton Of Previously Untapped Opportunities Waiting To Be Discovered By You Or Your Major Competitors!
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