This is the beauty of residual income. If you have a good monetary stream coming in, you won’t need to worry about closures and bankruptcies. And with multiple sources of income, you are well diversified and thus protected against a recession.

In the middle of all this recession and bankruptcy frenzy I think it’s important to mention GM and learn from their mistakes.  I’ve attached this article below and hope you find it relevant.

There are a few things I’ve taken away from GM that they mention in the article:

• If someone can make something for cheaper and sell it for cheaper, then you better start reevaluating your business model. Either differentiate or lower your costs.
• Think of your market, your clients, not always about yourself. In GM’s case, the United Auto Workers union, which owns almost 20% of GM, may have a hard time bringing GM out of their slump if they only think of themselves.
• Sell only the best products. In order for GM to emerge from the bankruptcy, they may have to get rid of their worst-selling cars and focus only on their best products.

Keep those points above in mind. Even though you’re not a multinational corporation, you can apply them to your own business.

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“Meet the new, government-owned GM

NEW YORK (Fortune) — With General Motors having filed for bankruptcy, the question arises: What will the bankrupt company look like and how will it be different?

The answer to the second part is “a lot.” The answer to the first is nobody knows for sure, but it may not be pretty.

At the outset, let’s establish one fact: Assuming an entity called “General Motors” does emerge from bankruptcy, it will be a different company than the one that went in. Only the good bits will come out: Chevy, Cadillac, Buick, and GMC and the plants needed to make the parts and assemble the cars and trucks.

The bad bits — Pontiac, Saturn, Hummer, Saab, Opel and other legacy operations — will be left behind in another company. New GM could emerge from bankruptcy in 60 days to 90 days; old GM could be stuck there for several years.

New GM could just as well be called “Government Motors,” because the U.S. is going to own 60% of it, with the Canadian government owning another 12%. That may not be a good thing. Remember East Germany’s Trabant and other vehicles built by the government-owned companies in the old Soviet Union?

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In these turbulent times it’s not enough to depend on your “steady” income at a job you don’t enjoy. So think outside the box, take a note from Trump, and create your own job description and company.  You’ll finally have time for all the things you’ve been wanting to do.

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Be your future…

Do you love your job, your boss, and all of your co-workers? If not, you are probably not among the ranks of the self-employed.

Self-employed individuals are passionate about their business and work tirelessly to make it a success. When you work for yourself you are not concerned with the time clock and could care less about how many hours per week you are at the office. You do this because you are expending time to grow YOUR business. Make no mistake, you WILL be working more, not less, than you were before. When you aren’t working “in” the business, you will find yourself working “on” the business. It will likely keep you up at night and occupy your free time so you can figure out ways to grow and compete in your industry.

How nice would it be to not have to tip-toe around a boss who doesn’t appreciate your efforts, take credit for your successes and pass blame for his/her mistakes? I will tell you…it’s completely liberating! Every morning you will wake up with only one to please…your customer! Your only focus will need to be on how to attract more and make the ones you have happy enough to come back to you. It sounds easy enough except for the fact that everyone else in your industry has the same game plan. That’s the beautiful challenge in it. You must use every ounce of your creative being to make your company prosper with only you to take credit for the wins or blame yourself for the losses. I would bet you don’t get to do that on your day job now.

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Check out this article that runs over the basics of what makes a good network marketing opportunity and how you can start one now.

“Top 10 Ways to Choose a Great Network Marketing Opportunity

There are a few network marketing opportunities that are just scams. There are far more that may be well-intentioned, but have a poor track record, for any number of reasons. So how do you separate the wheat from the chaff? Here are ten tips to help you pick the right network marketing opportunity for you.

1. Has the company been around for at least 5 years?

If you want the efforts you put in today to pay off for many years in the future, choose a company that has proven that it will be around for the long term. 90% of all network marketing companies FAIL within their first 2 years. You don’t want to invest your precious time and resources (not to mention your future) in something that may not be in business next month, do you?

2. Is the company well capitalized?

In other words, does it have the cash that it will need to grow, to maintain a solid infrastructure, to attract talented management, to keep pace with technology — and, of course, to pay your commissions! (I prefer publicly traded companies because they’re required to disclose their financial condition in DETAIL every 90 days to the SEC and other governmental agencies. You may not be able to obtain this information on a private company, so you’ll be taking a risk on its financial condition.)

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Here’s a great article that focuses on the 10 requirements of affiliate marketing that will bring you you’re residual income stream.

“Top 10 Commandments of Affiliate Marketing

Ten best practice tips for a profitable affiliate marketing business

Affiliate programs can be a big source of revenue. The key to maximizing your earnings is engaging your readers. Unlike traditional ads where you are paid for impressions or clicks, affiliates are only paid when/if a specific action is performed. The action might be a purchase or signing up for a newsletter, but regardless, you are not paid until you’ve compelled your readers to act.

With that in mind, here are the Top 10 Commandments for affiliate marketing success.

1. Know Your Audience

The most successful way to use affiliate programs is to anticipate and meet the needs of your readers. Consider why they are coming to your site. What are you providing that they are looking for? Make sure the affiliate products you are promoting provide a solution to your audience’s problems.

If you are writing about sports, don’t put up affiliate ads for printer toner just because everyone has a printer and those programs have a high payout. The people who are coming to read commentary or get stats for their favorite teams aren’t thinking about those things when they’re on your site.

The more relevant the ads are to your readers, the more likely they will use them.

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Here are his 10 tips on getting rich that you can apply to your residual income streams.  Who knows, you could be the next Warren Buffett.

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“10 Ways To Get Rich

Warren Buffett’s Secrets That Can Work For You

With an estimated fortune of $62 billion, Warren Buffett is the richest man in the entire world. In 1962, when he began buying stock in Berkshire Hathaway, a share cost $7.50. Today, Warren Buffett, 78, is Berkshire’s chairman and CEO, and one share of the company’s class A stock worth close to $119,000. He credits his astonishing success to several key strategies, which he has shared with writer Alice Schroeder. She spend hundreds of hours interviewing the Sage of Omaha for the new authorized biography The Snowball. Here are some of Warren Buffett’s money-making secrets — and how they could work for you.

1. Reinvest Your Profits: When you first make money, you may be tempted to spend it. Don’t. Instead, reinvest the profits. Warren Buffett learned this early on. In high school, he and a pal bought a pinball machine to pun in a barbershop. With the money they earned, they bought more machines until they had eight in different shops. When the friends sold the venture, Warren Buffett used the proceeds to buy stocks and to start another small business. By age 26, he’d amassed $174,000 — or $1.4 million in today’s money. Even a small sum can turn into great wealth.

2. Be Willing To Be Different: Don’t base your decisions upon what everyone is saying or doing. When Warren Buffett began managing money in 1956 with $100,000 cobbled together from a handful of investors, he was dubbed an oddball. He worked in Omaha, not Wall Street, and he refused to tell his parents where he was putting their money. People predicted that he’d fail, but when he closed his partnership 14 years later, it was worth more than $100 million. Instead of following the crowd, he looked for undervalued investments and ended up vastly beating the market average every single year. To Warren Buffett, the average is just that — what everybody else is doing. to be above average, you need to measure yourself by what he calls the Inner Scorecard, judging yourself by your own standards and not the world’s.

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Two words:  repeat business

I found this article that runs over the basics of repeat business and it’s a must-have for residual income.

“Repeat Business Equals A Residual Income Stream For An Internet Home Based Business

Residual income comes from other people reacting to a single action by the owner of an Internet home based business. What better way to secure residual income then through repeat business? At its very heart residual income and repeat business go hand in hand. The most successful internet home based businesses know this and that is why they are successful. All it takes is impressing someone once to earn their business and money again and again. So repeat business will always equal a residual income stream.

The large corporations know and believe in repeat business. It is much easier to get repeat business than to get new business. It is also easy to build upon repeat business and use it to create new business. Every business owner will say that repeat business is essential to business success.

Repeat business is basically when a customer returns to a business to buy again. They have already been there once, liked what they got and came back. Chances are they also told some friends or family about their experience, too. Referrals are a big business builder too. People are more likely to shop somewhere if they were referred by a trusted friend or family member than simply through a response to advertising. Repeat business is more than it seems. It shows the owner of an Internet home based business they are doing something right and that they have great products. The internet home based business owner who gets a lot of repeat business is going to be successful because he is building up a customer base of loyal people who believe and trust in the business. When customers become loyal they are usually customers for life.

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