In the first post in this series, I said that passion is your fuel.
Here is a common saying: Do what you love and the money will follow. There could be NOTHING further from the truth.
Should you do what you love? YES! I’m for it! In fact, I’m absolutely against doing something that you don’t love. I’ve done that. I HATED it!
Passion alone doesn’t make money. Systems are what will make you money. Systems are your vehicles. And in order to make money, your passion must be plugged into a system.
So, in this post I am going to cover systems as the second component of creating financial freedom.
Systems will set you free – free from doing the work yourself, free from being the sole point of decision and free to move to the next project whether it be a new business, extended world travel or anything else you want time for.
The system is the difference between mom and pop convenience stores and Wal-Mart.
I’ve been watching a lot of interviews (and even in my own interviews) with 6 and 7 figure internet marketers and I’ve noticed a trend. The people that earn millions of dollars in online businesses are extremely passionate about their businesses. They had a message that they wanted to bring to the world – A product or service that enhanced the lives and businesses of their target markets.
But it wasn’t passion that earned them their millions. It was their systems. The one thing that sets them apart from all of the other internet marketers out there is that they followed a system.
The system is like this…
Money goes in one side and value comes out of the other. All of the components inside revolve around marketing, operations and administration to create the value. It is the process.
So, why are systems so important?
The human element is what causes businesses to stagnate. The reason is because of emotion and inconsistency.
Systems are important because the human element in business is too unpredictable. Y
Systems, on the other hand, are exactly predictable. You know that for action X you will get result Y.
One of the systems that I use is a marketing calendar. I have every single marketing activity plugged into my calendar. I have 4 weeks of 5 days. Each day I have specific marketing tasks I must complete. I never have to think about what I’m going to do because it’s all laid out.
I have another system for blog posts and another for each component of my marketing. I have templates that my outsourcers must follow in order to create anything for me. They follow the template, I check their work and with maybe a few minor edits, it’s good to go.
It takes all of the thinking out of it and takes all of my emotions out. Instead of thinking about my business on a day-to-day basis, I schedule weekly thinking time to ensure that I know where I am and where I need to go (this is another system).
When it comes to creating financial freedom, I am talking about creating passive income businesses and almost any business can be made to be a passive income business.
These are a few of the passive income businesses (or systems) that I am referring to…
- Licensing your idea to manufacturers or companies for royalties.
- Passive income real estate investing.
- Internet marketing businesses (My membership website is an example).
- Vending machine routes such as ATMs and snack machines.
- Service based businesses where you hire employees to do the work for you. This one requires tight standards to minimize the human element.
- Mineral and mining rights.
- Dividend paying stocks.
- Owning mortgages, debt and debt buying companies.
- And many more.
Each one of these is its own business, but without knowing the systems OR not implementing the systems, you can never walk away from the business to pursue the other passions that you desire.
I will leave you with this…
It’s too late to think when you’re in the middle of the game. You need to have already thought, planned and practiced.
In the next post I will discuss the third component of creating financial freedom which is personal growth – your journey.