Gene Hammet is discussing how to diversify income streams. While this presentation is primarily for web developers, the concepts can be applied to any business.

The ideas here go back to passive and active income. Passive income are things that bring in money afterwards no matter what you do. Active are things that you only get paid for when you do work.

The goal here is to get more passive income. Why?

1. More money, and more residual money

2. Self-fulfilment- helps you realize more of your goals

3. Money works for you when you are busy.

The way to do this is by being a trusted adviser.  The shift is the power position.

6 Practical Steps To Do This:

  1. You have to know who you serve?
  2. You have to know what problem you solve?
  3. Can you proof that you can actually do it for others
  4. How will you package this for others? What tools are best?
  5. Marketing
  6. Build your brand as an expert

The reason that holds people back is that people do not realize that 10% is products and 90% marketing!

It will go wrong if you…

  1. Don’t follow the sequence
  2. Try to be all things to all people
  3. Let your day job get in the way (if you have one)
  4. Do not let life get in the way
  5. Do not let your fear/inner voice get to you

Start with the beginning, and figure out who you are serving in your market.  Make sure that your target market is black & white.

Then when you have evaluate who you are going to work, figure out how you will help them. The good thing is that this is as simple as having a quick conversation.

Principles that successful people understand:

  • Laser focus better than a shotgun
  • Speed of implementation is rewarded
  • Invest in yourself continuously
  • They need to be accountable

Continuously build value to what you do, and increase your ability to help your clients deliver more value.