Create Profit Centers With Side-Hustle Income Part 1
First of all let us get a good understanding of what these terms mean.
What is a side-hustle? A side hustle is what my generation called anything done for a second income or discretionary income. If you have more than one income then your side-hustle is the one that you would ditch if a better opportunity came along. More and more these days people are working several side-hustles as opposed to having one career. Why? I would say it has to do with having more control over your time, and the only ceiling on your ability to earn is directly related to how well you manage your time and business. But I digress. For the purposes of this article a side-hustle is anything you do for income beyond your primary career or job. It is, by default, your second income.
So then, what is a profit center? A profit center is something you build over time to create a steady flow and stream of income. It is like a royalty check you receive for work you did in the past. Days, weeks, months, or years in the past. The best way to describe it is like this; say you write a how-to book about your favorite pasttime. You are able to get it published and your book is now available for sale. People begin to purchase your book. Your publisher starts sending you checks in the mail for your book sales. These checks are called royalties, and you will recieve them everytime someone buys a copy of your book or checks it out at the library, or reads it on a Kindle. These checks could come for the rest of your life. Not a bad deal, huh?! The same thing happens in the music industry, television, and the movie industry.
Imagine doing work ONCE and then getting paid for that work continually for the rest of your life. This, my friend, is a profit center, and you can build something similar to what I just described. You need no special artistic talents whatsoever. I hope to detail for you how this can be done.
It Won't Be Effortless, But You Don't Need High Skills
Okay okay, I know I said you didn't need to possess any artistic talents, but that does not mean you won't have to learn a little something along the way. I mean, if you already knew how to create a profit center that could fund your annual vacation you probably would have already done so, right?! Don't be afraid of learning something new. I promise, it won't hurt, and once you see how simple it can be you will get so excited about the possibilities. For this article I'm going to keep it simple. I won't be telling you how to make enough to buy a Lambo or a yacht...maybe how to pay for a nice vacation or a cruise every year. Once you see the potential I'll let you fill in your dream board with what turns you on.
You Don't Need To Sell Anything To Anyone
Just to be clear, this is not going to be about you getting anyone to sign up under you and start selling some super-mega-weightloss-magic-pill so that you can sit on a beach somewhere. I'm not going to make profit centers out of your friends. I personally think that kind of business model gives you the absolute incorrect view of what your friends are for and also sucks whatever money you have right out of your bank account.
I can say these things because I have participated in these network marketing "businesses" many times in the past and have learned through experience what they can, and more importantly, cannot do. Yes, I do realize that about 1% of the people in these organizations do excel and become wealthy. I also realize that we all firmly believe that we are amoung that very same 1%. Let me just be very real with you for a second. There is a 99% chance that no matter how good you feel about your abilities you are not amoung the 1% that will make it in network marketing. The business is tougher than it appears and it will deplete you of your time and money. I have a better plan for you that you will be successful with if you will put forth 1/10th of the effort you will put forth in network marketing. Just keep reading.
Not Financial Advice
Before I show you how to build your profit centers let me be real clear about a couple of things. First, I am not a financial advisor by any stretch of the imagination. I am a tow truck operator, business owner, and blogger. I do not give or sell financial advice. I am sharing my opinions on finance, as well as sharing experiences I've had and a few things I have learned along the way. I present it here for your entertainment. If you do any of the things that I present here, you do so on your own accord.
How to Create a Profit Center
One of the things that I heard over and over again in my network marketing years was the use of the term "profit center". It was always a reference to the people you sign-up in whatever business you were involved with. Basically, you sign up a person and then they go around signing up other people, then everytime they do so you will reveive a check. That is a profit center within network marketing. The problem in this business model is that you profit based on the work of others. If they don't work you will only profit based on your work, and there is a limit to what you alone can do. Therefore, people become your product.
What if you could duplicate yourself in a more longterm way without having to worry about whether or not your profit center was going to go out and do as much or more work than you? What if it only required you learning a few new skills that can quite literally can be learned in just a few hours online with both free and paid lessons? Would you want to learn how this simple method that you are already somewhat familiar with can be started today?
Yes...It Is a Legit Business
In case you are wondering, yes, it is a legit business. Many people already use this business model to fund many aspects of their day to day lives. From vacations and travel, to tuition fees, medical expenses, and some even live entirely on the income they acquire from their profit centers. You can use the profits however you feel is neccesary. It is fully yours. Well, the part that Uncle Sam doesn't take is fully yours haha.
In Part 2 of this series I will show you step by step how you can start building your first profit center and start building a business that will give you a second income for life! Be sure to check back soon!
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