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This is a continuation of how to be so profitable that you exploit Zimbabwe business opportunities to make money all the time no matter what. I explained the meaning of linear income in the first part of this article. Today we move a step further to explain how to earn residual income in Zimbabwe.
Is I promised, I want to talk about how you can make money every single month of your business life, no matter what. I want you to learn how to put your business on auto pilot that even when you feel you don’t want to make money, your company would look at you and say, “With all due respect, I will make money anyway” Although the main focus in this article will be on Zimbabwe mainly because that’s where I live, the principles are the same.
Fixed costs analogue – by Mark Victor Hansen
I remember my High School accounting teacher explaining to me that fixed costs are those costs you keep on incurring month in month out even if you close down a department. They are the costs that remain constant whether activity increases or falls within the timescale you are looking at. A good example of a fixed cost is rent. Whether you spend the whole of October tiger fishing in Kariba, you still pay your home rental bills. Mark Victor Hansen says, “If costs can be fixed, so can sales”
How to make residual Income in Zimbabwe
A fixed sale is a sale that you do not have to put any work into to generate. It comes in like clockwork whether you do anything or not. When your business is generating fixed sales, it is said to be generating residual income. You only work once and earn for a lifetime as long as you live of for a certain time period.
This concept can work in Zimbabwe. I have even applied it myself in my life and have seen the rewards. Before I go deeper, I need you to know that neither this side nor this article is a get rich quick scheme. If that is what you are looking for, I apologise for not warning you in the first paragraph but you may stop reading now. Iam going to share my own story giving examples of how I residualised my own income streams.
Your contacts or mailing list are worth how much? Take calculator. As you go over your phone book punch the financial benefit that each contact will give you. If there is potential to benefit say business worth $100.00 add the figure. Financial worth may be in terms of non-financial benefits from the said individual like social, spiritual and business advice or guidance. Try to quantify it. If the contact is the one always benefiting from you or is always calling you to borrow money from you, subtract his financial liability on the cumulative. The figure you get is approximately translated to mean the value of your mailing list.
So your first income stream will come from that mailing list so much that every phone call or text message will be a threat to make you just a dollar richer. Write this figure down in your note book. If the figure is low or negative, you know what to do. This is not a motivational article but rather an action article.
The next phase is to write down the special qualities you possess, either by formal training or education or gifts of nature. For example, I studied Insurance & Risk Management. That can be added on this list. I believe Iam a natural writer and comedian. Add hobbies too. Anything you do for the love of it and not to get paid. My hobbies include watching football, playing football manager, blogging, photography traveling amongst others.
Residualise your list into residual income in Zimbabwe
Last year, I married my experience in short term insurance underwriting to my mailing list. I called and emailed all my friends with vehicles and offered them insurance advice. I explained to them the benefits of Insuring comprehensively against third party cover. I then did a small Insurance report of their Insurance needs, approximated costs. I then offered them to Insure through me as I have an agency with a reputable Insurance company. Many of the people on my phone book took up the policy through me. Every time they make a payment for their Insurance, I make money even though I no longer have to prepare that report every month or every year.
The next phase is I married my love for photography into a wedding photography business. However, I realized that wedding photography was linear income so I diverted. I joined shutterstock.com and began taking stock photographs. I would take photos of nature, people, buildings etc. Anyone who likes the photo was able to download it for a fee from the shutterstock website. I had to take the photo and upload it once and then start earning. That is a good example of residual income
My next phase was to residualise my blogging hobby. I started blogging on blogger.com. It was only for fun. I started looking up ways on how to make money blogging. I then married my wedding photography business during that time with blogging by launching the blog wedding-kiss.blogspot.com. It was a platform where I would market my wedding photography business. Realising that it was just a way of enhancing my linear or variable income, I monetized the blog directly.
I joined google adsense and kontera content advertising networks. You will see that all my blogs now have adverts either by google or other advertising companies. So what it now means is those banner ads you see below the blog title, in the side bars and in any other parts of the blog, have potential to make me money. All I have to do is write more content. So I managed to join my blogging hobby and writing talent into one residual income stream. I write an article once and make money every time someone makes an impression on any ad showing on my blog. Iam also working on a book as an addition to my residual income stream line.
For the greater part of last week, I was in hospital. I have attached various photos as testimony. The doctor said it was food infection but Ial now well. Why am I telling you about my health? Yes I was down sick. I could add new posts but people didn’t stop searching on google and bing. They kept coming to my blog even when I was sick and they clicked on the ads. They send me emails in my my mail box requesting training and consultancy services. I put all emails on auto forward to my partner and he assigned consultants. The bottom line is, even when I was in hospital, I kept making money. This is a good example of residual income stream.
This is a small story of how one can residualise his income using what he already has. I have a lot of full proof residual income business ideas that will work in Zimbabwe. All you have to do is download our consultancy profiling form and email back to me and I assign someone to help you fight the 8 to 4 race and start earning additional income in Zimbabwe whilst you sleep or whilst you are at work. As always, have a cashious day.
To your continued success