In my work with entrepreneurs and small online businesses, I’m consistently talking with individuals about the processes they’ve gone through to start their companies and lay the foundations for success.
One of the common themes I hear over and over again is the belief that generating a sustainable recurring revenue stream is a difficult process that seems impossible when they’re first starting out.
Today I want to talk about why I believe that achieving recurring income freedom is easier than you might think, as well as a few common pitfalls you can avoid to achieve success.
Common Pitfalls with Recurring Income
Firstly, let’s look at some of the common mistakes made by new entrepreneurs. Each of these mistakes is easily avoidable, if only you know what to look for in your own process.
- Lack of Commitment. Believing that passive income doesn’t require any work is a huge misconception about what it takes to generate recurring revenue. For some reason, many people confuse passive, recurring income with the idea of free money. Nothing could be further from the truth. Read this article on what is residual income? to learn more.
- Giving up too soon. Another reason many people believe recurring income freedom is impossible is because they give up to soon. If they don’t see results in the first 3-6 months of a new online business, they abandon their efforts and never see success. This is why I refer to as the online sandbox. Read more about getting out of the sandbox here, or learn about traffic growth in the first year of an affiliate site.
- Lack of focus. The final common mistake people make is not being focused on their business. This comes either in the form of not committing themselves to building the business for the long term, or else not clarifying a specific niche for the business to focus on.
Achieving Recurring Income Freedom
Once you understand the 3 common mistakes outlined above, you can start to see that avoiding those mistakes is possible for any business. That means that achieving recurring income freedom is a realistic aim for anyone who is serious about building an online business.
All you have to do is commit to developing an asset over time. If you commit for the long haul, you will see results.
If you’re serious about developing an asset that can provide a recurring income stream, your best bet is to invest in a training course. There is an excellent, free training course by Wealthy Affiliate that I highly recommend.