Monetize, Monetize, Monetize!
My partner, Nick Batik and I recently attended the T. Harv Eker Millionaire Mind Intensive three day seminar. It was a life changing experience. We were so enthusiastic about the experience and the other business owners we met during that weekend, we developed the website, The Millionaire Mind Support Network™ The site is a cyber community of like-minded friends offering an online venue in which to nurture the skills and new thought process that began with our Peak Potentials Training, Millionaire Mind Intensive experiences. This website is designed to be a self-help resource for action-focused information we all need to master the inner and outer game of businesses and personal development. This article was originally posted to the My Millionaire Mind Blog and I thought that our Pleiades Clients might find the information helpful in their business’ strategic planning…
Like everyone else who participated in the Millionaire Mind Intensive, I left that training session with the words, MONETIZATION! RESIDUAL INCOME! and PASSIVE INCOME! etched in capital letters on my frontal lobe.
Those of us with service businesses had that dazed look normally reserved for small animals in the direct path of an oncoming vehicle.
Yuppers, I felt like I had an armadillo expiration date, stamped right across my forehead.
My partner and I own two businesses — a Graphic Design firm, Pleiades Publishing Services and a Market Research group, Serendal Research Institute. Although both these business have supported us for over 20-years, the Millionaire Mind Intensive brought home a sobering fact. We had not built sustainable businesses. No, we had simply provided ourselves with high-paying jobs.
After all these years, we came to the realization that we were not business owners — we were self-employed.
What is the difference?
We do not make income unless we were producing either words or pictures.
Just like a dentist is not making money unless he has his hands in your mouth or a massage therapist isn’t earning income unless she is providing healing touch to a client. A business enterprise works while you are sleeping, or at a three-day, life changing seminar.
Based on the hall conversations, I’d estimate that over 50% of the folks who attended the Millionaire Mind Intensive left with the knowledge that their existing economic model was seriously flawed. The good news was that the trainer did give us with some suggestions for monetizing those models to build both passive and residual income.
Some folks with service business planned to add complementary product lines to their ventures. During informal networking, some participants shared MLM (Multi-Level Marketing) opportunities that could offer both residual and passive income. If you look through the My Millionaire Mind Support Network™ Directory you will see a number of Network Marketing and other MLM opportunities.
For the more introverted members of our group, those of us not fond of IRL (In Real Life) meetings, finding ways to expand our business though the Internet seemed a more natural fit.
Of course at the very minute I write this I can hear T. Harv’s voice in my head, “You don’t like face to face sales? You’re afraid to make a sales call — YOU’RE BROKE!”
However, he is also a big proponent of “Baby-Steps” as long as you are moving forward, pursuing your goal with integrity.
For a certain percentage of us, an Internet based business may be the best monetization solution for building a passive income stream. Some retail business are expanding their business on the net though venues like eBay or setting up their own e-commerce sites. Some of us, who are sometimes classified as “knowledge workers”, are examining the development of information products, such as eBooks and training courses.
As I started my internet-based businesses research, I found myself humming (if one can hum hip-hop) Will Smith’s “Wild, Wild, West”.
A common business truism states, “When a person with money meets a person with experience, the person with experience ends up with the money and the person with money ends up with an experience!”
One way to avoid such an unsatisfactory exchange is education — the ability to learn from the experience of others.
In the movie the Secret, the teachers often said that abundance liked speed. To make insure the Universe’s fast response is headed in the right direction, Millionaire Minds are very fond of EDUCATION.
Since I’m a professional research analyst who has been working on the internet since it was DARPA Net (Defense Advanced Research Projects Agency), I thought to document my own internet marketing education and share my findings with you.
I’ll report on my internet marketing research in future “Wild, Wild Net” posts. If some of you are already enjoying success using the internet to build or expand your business model, please share your insights with us. We want to celebrate each other’s successes with the same enthusiasm we had during the Millionaire Mind Intensive.
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