Invest Your Time Building Passive Income

By Author: Brent Riggs
Total Articles: 22
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I recently received a question from the group regarding whether to pursue a service-related business or build a product business. This is my generic response to this question. The details for your situation may be different, but the following principles would still hold true.

The question was in essence: "Should I spend my time on my service oriented business or arrange my time around building my product business, even if it means financing it with a part time job?" My answer:

Here is my answer: I would set aside the service business (a small telephone installation/service company) if it is possible. That industry is not only labor intensive, but the market is shrinking due to competition with wireless phones and computers. You would be "on call" every time a customer's phone bleeps, and like in most IT based businesses, your prices would quickly be undercut by competitors, and you would be hounded by your customers every time that they had a need, whether real or not.

I would take the part-time job you spoke of only if it does NOT impede the growing of your own PRODUCT based business, and only if you need ...
... the income. PASSIVE residual income is the most important need as you get older.

You won't be able to work part-time service jobs or install telephones for the rest of your life. Additionally, in the technology business, age is considered a liability, not an asset, because people believe that technology experts or providers must be young. Older experts are surely "out of touch." Believe me, I know this first hand.

Additionally, with any technology related business, you must be diligent to stay on top the technology and pricing side of things, or you will soon be undercut by some aggressive young guy who tends to over-promise and under-deliver. They will steal your customers right from under your nose.

So, the best plan is to forgo the service business and take the part-time job to meet your cash flow needs and to have fun. (The part-time job is being a tour guide in the mountains.) You might meet some prospective customers as well. Now, it is time to concentrate on your product business.

If you do not have your product-based business on the internet yet, you're lagging behind. It is time to get that up and running NOW. It takes several months to get that ball rolling, so don't delay. If you need help in that area, I have a great tool that will provide the assistance you need. Feel free to check it out at: http://www.onlinebusinesscreate.com.

I have one caution for you. Be careful to limit your part-time work to an amount that DOES NOT adversely affect your product-based business's growth. Your products will sell 24/7 on the internet until you are old and gray. Therefore, in my opinion, it is FAR more important to invest your time in this part of your business.

When at all possible, building passive residual income is by far the better choice than simply seeking another service job where the income ENDS when your work ends.