Episode 336 – How to Build a Profitable Sustainable Business Online

This is a very exciting time to be an entrepreneur and there are tons of online opportunities to pursue. The question I always ask is, “which one will be around a year, 2 years, or decade?” Maybe it’s my own laziness or whatever, but I tend to want to put my time and energy into something that has staying power.

After 10 years of doing TW3 and over 25 years as an entrepreneur I can tell you there are 3 elements you have to have to build a business that will last.

  1. Residual Income. Most people hear this and they think immediately MLM or network marketing. However you don’t have to get involved in one of these types of businesses to have a residual income component to your income.
  2. Passive Income. Let’s face it! After awhile you can be the most motivated person in the world but you’ll want to take a break. And how are you supposed to scale a business if it is completely contingent upon what you produce? Again you can build a business with passive income without having to join an MLM or network marketing business.
  3. Product not subject to fads. If your product or service is tied to a fad then it will not last. Think about the guy trying to sell encyclopedias in todays world. How’d you like to be that guy?

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