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Up Escalator Income
Vs
Down Escalator Income
Vs
Down Escalator Income
Robert Allen talks about the concept of up escalator income vs down escalator income.
Down Escalator
Imagine you are trying to climb up a down escalator. When you stop, the escalator takes you back down to the bottom again. All of your efforts are wasted. In order to just maintain your position, you have to keep climbing.
If you have a job, or a service business, your income is dependant on your time. When you stop working, your income stops (but the bills don't). This is called down escalator income.
Up Escalator
Now imagaine you are on the up escalator. You don't have to climb at all, the escalator does all the work and eventually takes you up to the top. Up escalator income is a source of residual income that does not depend on your efforts. For example, any investments, royalties on a book or music, any residual income based business.
After you finish thinking, << go back.
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Product Based Business
So you know what product or products that you will sell. Describe the product in detail. Explain the specifications, features and the benefits. Be prepared to give a 30 second explanation on your company and its products, or a 1 hour in-depth presentation.
Do you manufacture the products yourself or do you just buy and sell them?
Who buys your product? Is it an end user, or another business? What do you know about your target market?
Why would they want your products, instead of the competition's products?
Who are your competition? What do you know about them? What makes them special? What do you know about their products? How do they compare to yours?
How will you get to your target market, to sell your products?
Will you have a retail store, or an office, or a home-based business? Will you need to have a warehouse to stock inventory?
Will you rely on advertising or publicity? How about networking?
After you finish thinking, << go back.
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Serviced Based Business
So you know what is your service that you offer. Describe it in detail. Explain the features and the benefits. Be prepared to give a 30 second explanation, or a 1 hour in-depth presentation.
Who needs your service? What do you know about your target market?
Why would they want your service, instead of the competition?
Who are your competition? What do you know about them? What makes them special?
How will you get to your target market, to sell them your services?
Will you have a retail store, or an office, or a home-based business?
Will you rely on advertising or publicity? How about networking?
Important
For any service business, your income depends on your efforts. When you don't work, the income stops. Please click here for more info.
After you finish thinking, << go back.
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A Retail Outlet
You have in mind a retail outlet. The top three issues here are
Location
Location, and
Location
You know what you will sell, and who are your target market. Be sure to research similar businesses in other areas to get a good understanding.
What is the best location to get the most visitors to your store? If you were to get just a few extra visitors each day, that could result in thousands of extra income in a year.
You'll have to reaseach what is available. Find out who are the landlords and what the lease would cost. If you have in mind a location that is currently occupied, it might be worth letting the landlord know you are interested.
After you finish thinking, << go back.
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What to do first
Good, you are keen to get started. Too many people never get past the planning stage.
Get clear in your mind, what business you intend to do
- Research the opportunity thoroughly before you give up a job or commit any large amount of money.
If possible, you want to start small, maybe part-time. Keep your day job. Perhaps the easiest option is to start a small home-based business or a network marketing business.
After you finish thinking, << go back.
