When you duplicate yourself, you increase the number of people you serve. When you increase the number of people you serve, you increase your income. – Bo Sanchez
When I first encountered this term the first thing that came into my mind is the Gremlin Movie because in this movie, the Gremlins duplicate (or multiply?) themselves every time they get wet. 🙂
But seriously, Bo Sanchez is not referring to Gremlins or to any other mystical creature because when he said Duplicate yourself, he is referring to passive income.
To fully understand passive income we must first understand the 2 kinds of income that we normally do.
Active income – According to investopedia.com it is an income for which services have been performed. This includes wages, tips, salaries, commissions and income from businesses in which there is material participation. In other words, you will not earn if you will not work.
On the other hand
Passive income – is the earnings an individual derives from a rental property, limited partnership or other enterprise in which he or she is not actively involved.
Now the question, how did I duplicate myself?
I did it in a very simple way.
1. In my Buy and sell Raket / sideline what I did is to get people to sell goods for me.
Because most of my customers came from my former office, I asked one of my trusted former office mates to re-sell the goods for me and in return gave her a percentage of the sale. She will be the one to sell and collect the payment and after payday all I have to do is go to her, collect the payment for the sold items and then get the unsold merchandise. It is a win-win situation for the both of us.
Another option that I did to have a passive income and reach more customers is to get my cousins to sell my product in the province. But this time it is a different procedure because I just give them specific price for my goods (with special discount of course) and they will be the one to add their price to the goods. All I do is sent the goods to the bus station and after the specified time, they will send the money to my bank account.
I this process, I Duplicate myself because I did not physically go to the province to sell my stuff, I widen my reach because of other people (which is my former office mates and cousin ) and earn extra money at a little time spent.
2. I joined in my favorite sister’s trucking business (I always call her my favorite sister because she is the only sister I have 🙂 ). I just gave her the money for the additional capital and every month she will just give me my share of profit.
In any Raket or Business, if we wanted to reach more people and expand our territories duplication is a must.
Aside from passive income another classic example of duplication is a regular business.
At first when the business is just small, the owner is the one doing everything. As time passes by the business is growing and in order for it to continue its growth without hindering the capacity to serve customers, they have to hire people to do the job so that the owner can focus on the more important matter.
Other kinds of Passive Income
- Franchising – You are buying the business model or the system and using their brand value to sell the product. You do not actively work as a business manager because the system is the one doing that for you.
- Property Rental – All you have to do is invest in building the property, have it rented and every month all you have to do is to collect the rent.
- Coffee Vending Machines – It is becoming popular now because I can see several of these machines in our street. What makes this attractive to customers is the product affordability. You just need five pesos (Php 5) to buy a hot coffee or hot chocolate.
- Stock Market – You can invest your money in a big company by buying stocks. Some broker have an EIP (Easy Investment Plan) in which you have a scheduled time to buy the specific stock from your chosen company and you do it regularly regardless if the stock went up or down. (You can also hire a fund manager if you want somebody to manage the stock for you. All you have to do is check your online portfolio and watch your money grow).
- Banks – Aside from savings and time deposit, banks also offers ways to invest you money like Unit Investment trust funds, buy and sell escrow, Stock market EIP and many more. All you have to do is to go to your bank and ask the manager about their investment package.
- Putting your knowledge in the internet – If you have an eBook, you can put it in Amazon or to any site that sell eBooks and you get money every time someone buys. If you are into blogging, you can put adds on your blog to have an extra income.
Warning: In every Business, Raket or Investment it is best that you always do your research. Make a careful study so that you can be sure of the safety of your hard earned money.
From around the web
- Do you have a passive income? Tell me all about it.
- In what way you are duplicating yourself and gain additional income in the process?