Once you make sure that you're taking advantage of all possible deductions and advantages available to you in your primary line of business (see below), it's time to look afield and see what opportunities you might find to generate passive income in other lines of business.

You don't have to look very far given the plethora of opportunities that are now available on the internet. Once you know how to avoid the omnipresent scams (of which there are all too many,

If you're in a service business, as I am, next there is that worry about being paid--even agencies and direct clients that that have reputations for good payment practices can have their own cash flow crunches from time to time. Finally, there is the need to continue marketing, and managing the flow of work so that we don't endanger our health working too many hours, but do not risk losing future jobs by being unavailable when a favorite client calls for our services.

In addition to the challenge of balancing all these demands, there is the problem that many entrepreneurs face--"dry" periods during holidays or, if you are specialized in a sector that experiences seasonal surges, such as landscaping, times when there is simply less work to be done.

During these times, especially when we are awaiting payment from slow payers, it is amply evident that we need to find a way to not to be 100% dependent on income from our current efforts.

You see, the problem with being an entrepreneur, especially in the service sector, is that we are in the "time for money" economy. We may be entrepreneurs, but basically, we work once and get paid once. That is in contrast to being in the "money for results" economy of people who are in what Robert "Rich Dad" Kiyosaki calls the B(business) or I(investment) part of the cash flow quadrant. If you have what he calls a real business--one that operates, like the local McDonalds, whether you are physically there working or not--or are an investor, the money keeps flowing because you get certain results. You don't have to be there working the business.

This is an important distinction. Do you want to work for your money, or do you want to have your money working for you? You're in a much better position to do the latter if you have the work model that my friend multi-millionaire mentor Tom Antion recommends: work once and get paid . . again. . . and again . . . and again!

This is what generating passive and residual income is all about, and you are especially well positioned to start doing that once you have got up your business entities set up properly.

How can you begin to do this in your business? Here are a couple of ideas to get you started:

1. Think about how you can create passive streams of income out of what you are already doing in your business. As a translator, for example, I've noticed a lot of discussion on various translator discussion lists about the issue of copyright: Do you as the translator have any copyright to the translations you produce? The consensus is generally "no". However, if you work with CAT (computer aided translation) programs, as I do, you do indeed produce something in the course of your work that qualifies as intellectual property: your translation memories (TMs). Here are some ideas as to how this might work for you if you are in translation or in other service industries such as consulting, photography, or even manufacturing, in which you no doubt produce intellectual property.
   
   
   1. Assert your rights by inserting a copyright notice, getting trade or service marks, or obtaining patents to protect the product of your work. You must protect the fruits of your labors by making it difficult for others to sell it or use it for their own profit
   2. Charge a separate fee for your protected materials. Annoyingly enough, some agencies are starting to demand that you offer a discount for "fuzzy matches" and still more, that you submit your TM with the translation. This is something you should avoid doing if you possibly can. One agency for which I work regularly has started to claim the right to deduct 10 or 15% off your fee if you fail to submit your TM with the job, if they requested the TM at the time they offered you the job.
      
      

      I believe that all translators should treat TMs as the valuable intellectual property that it is and charge such a fee in addition to the cost of the translation job itself. 100% or 200% of the job would be reasonable if you stand to lose even just 2 or 3 future jobs, but if you're afraid of losing clients, perhaps you could start with simply applying a licensing fee of 15 or 20 or even 30% of the job.
      
      The same goes for other types of intellectual property. If you are a landscape architect and you design a magnificent sophisticated design for a property in a particular climate zone, that took you time, and you invested talent and imagination, as well as all that have learned from past experience in order to produce it. If you produce such a plan, you should be sure to charge a fee for using it (a licensing fee of a royalty if it is possible for such uses to be tracked) so that it will pay for the many times your same one-time effort is reused for profit by others.
      

   3. Charge your company royalties on the use of your copyrighted material to generate sales. This brings me to my next point, on which will elaborate below: Once you have a TM and terminology database to which you keep adding, or a basic template that you use to generate an architectural or business plan, then each time you use it to produce another product or servicefor your business, you can charge your business a fee for the use of your intellectual property. If you charge your company 15% of the total job per use of your TM. This royalty or licensing income is taxed as ordinary income, but as passive income, it can be used to offset passive losses generated by other sideline activities such as real estate investing. Unless you are a "real estate professional" (spend at least 50% of your time doing real-estate related business), your passive losses in real estate can be used to offset salary/wage income only up to $25,000 (if you have earnings of $100,000 or less per year). Check with your tax accountant to verify exactly how and where you will report this royalty income on your return.
   4. Write specialized articles for your field and charge your company a licensing fee or royalties for publishing them on the internet or in trade publications. Have the company pay you royalties on sales of your articles or ebooks.
   5. Spread the wealth. If you have a large volume of work that you cannot handle yourself, start generating some passive income by subcontracting to other professionals. The margin you make is compensation for your marketing, administration, and quality control efforts, and you increase the total volume of work you can handle.
   6. Add an additional line of business.

   Once you make sure that you're taking advantage of all possible deductions and advantages available to you in your primary line of business (see below), it's time to look afield and see what opportunities you might find to generate passive income in other lines of business.
   
   You don't have to look very far given the plethora of opportunities that are now available on the internet. Once you know how to avoid the omnipresent scams (of which there are all too many,

   What Picture Are You Looking At?
   Let me tell you a story that might encourage you to understand that your paradigm determines what you see, irrespective of what you look at. People who live from the 'outside in' tend to believe that what's 'out there' determines them. Those who live from the 'inside out' believe they have control of the things 'out there'.Two (separate) American shoe manufacturing companies send their top marketing specialists to investigate the market for shoes in Africa. After two weeks of intensive research both of them reported back to their head offices.The one’s reply read: “Don’t bother to exploit this market, no one in Africa wears shoes.” The other one’s reply read: “You won’t believe what I have found. The most unexplored market in the world. No one here wears shoes yet". Strange how two people can look at exactly the same context, but see totally opposite things.A wise man once said, “Your context gives you the picture to look at. Your paradigm determines what you see.”
   for results" economy of people who are in what Robert "Rich Dad" Kiyosaki calls the B(business) or I(investment) part of the cash flow quadrant. If you have what he calls a real business--one that operates, like the local McDonalds, whether you are physically there working or not--or are an investor, the money keeps flowing because you get certain results. You don't have to be there working the business.
   
   

   This is an important distinction. Do you want to work for your money, or do you want to have your money working for you? You're in a much better position to do the latter if you have the work model that my friend multi-millionaire mentor Tom Antion recommends: work once and get paid . . again. . . and again . . . and again!
   
   

   This is what generating passive and residual income is all about, and you are especially well positioned to start doing that once you have got up your business entities set up properly.
   
   

   How can you begin to do this in your business? Here are a couple of ideas to get you started:
   
   

   1. Think about how you can create passive streams of income out of what you are already doing in your business. As a translator, for example, I've noticed a lot of discussion on various translator discussion lists about the issue of copyright: Do you as the translator have any copyright to the translations you produce? The consensus is generally "no". However, if you work with CAT (computer aided translation) programs, as I do, you do indeed produce something in the course of your work that qualifies as intellectual property: your translation memories (TMs). Here are some ideas as to how this might work for you if you are in translation or in other service industries such as consulting, photography, or even manufacturing, in which you no doubt produce intellectual property.
      
      
      1. Assert your rights by inserting a copyright notice, getting trade or service marks, or obtaining patents to protect the product of your work. You must protect the fruits of your labors by making it difficult for others to sell it or use it for their own profit
      2. Charge a separate fee for your protected materials. Annoyingly enough, some agencies are starting to demand that you offer a discount for "fuzzy matches" and still more, that you submit your TM with the translation. This is something you should avoid doing if you possibly can. One agency for which I work regularly has started to claim the right to deduct 10 or 15% off your fee if you fail to submit your TM with the job, if they requested the TM at the time they offered you the job.
         
         

         I believe that all translators should treat TMs as the valuable intellectual property that it is and charge such a fee in addition to the cost of the translation job itself. 100% or 200% of the job would be reasonable if you stand to lose even just 2 or 3 future jobs, but if you're afraid of losing clients, perhaps you could start with simply applying a licensing fee of 15 or 20 or even 30% of the job.
         
         The same goes for other types of intellectual property. If you are a landscape architect and you design a magnificent sophisticated design for a property in a particular climate zone, that took you time, and you invested talent and imagination, as well as all that have learned from past experience in order to produce it. If you produce such a plan, you should be sure to charge a fee for using it (a licensing fee of a royalty if it is possible for such uses to be tracked) so that it will pay for the many times your same one-time effort is reused for profit by others.
         

      3. Charge your company royalties on the use of your copyrighted material to generate sales. This brings me to my next point, on which will elaborate below: Once you have a TM and terminology database to which you keep adding, or a basic template that you use to generate an architectural or business plan, then each time you use it to produce another product or servicefor your business, you can charge your business a fee for the use of your intellectual property. If you charge your company 15% of the total job per use of your TM. This royalty or licensing income is taxed as ordinary income, but as passive income, it can be used to offset passive losses generated by other sideline activities such as real estate investing. Unless you are a "real estate professional" (spend at least 50% of your time doing real-estate related business), your passive losses in real estate can be used to offset salary/wage income only up to $25,000 (if you have earnings of $100,000 or less per year). Check with your tax accountant to verify exactly how and where you will report this royalty income on your return.
      4. Write specialized articles for your field and charge your company a licensing fee or royalties for publishing them on the internet or in trade publications. Have the company pay you royalties on sales of your articles or ebooks.
      5. Spread the wealth. If you have a large volume of work that you cannot handle yourself, start generating some passive income by subcontracting to other professionals. The margin you make is compensation for your marketing, administration, and quality control efforts, and you increase the total volume of work you can handle.
      6. Add an additional line of business.

      Once you make sure that you're taking advantage of all possible deductions and advantages available to you in your primary line of business (see below), it's time to look afield and see what opportunities you might find to generate passive income in other lines of business.
      
      You don't have to look very far given the plethora of opportunities that are now available on the internet. Once you know how to avoid the omnipresent scams (of which there are all too many,

      21 Most Rapid Ways to Maximise Business Growth
      I’m going to start very quickly by asking you all a question: most of you are business owners, why did you get into business? What was the core reason that you went into business?Delegates give reasonsForced situations, to gain some improved lifestyle, to gain more financial independence those sorts of Reasons? To gain more control over your destiny and your time. Better quality of life, the link into lifestyle again. In my experience the key reasons, apart from forced situations, the key drivers are wanting financial independence, wanting control and also wanting some fulfilment that is not being achieved already through what you are already doing.Also in my experience, order to achieve those passions and visions of what you want to achieve for the future – that better lifestyle, that more control – then you and your business need to be working for you rather than you working for it. What I want to do in this session is focus on understanding all the dimensi
      ided translation) programs, as I do, you do indeed produce something in the course of your work that qualifies as intellectual property: your translation memories (TMs). Here are some ideas as to how this might work for you if you are in translation or in other service industries such as consulting, photography, or even manufacturing, in which you no doubt produce intellectual property.
      
      
      1. Assert your rights by inserting a copyright notice, getting trade or service marks, or obtaining patents to protect the product of your work. You must protect the fruits of your labors by making it difficult for others to sell it or use it for their own profit
      2. Charge a separate fee for your protected materials. Annoyingly enough, some agencies are starting to demand that you offer a discount for "fuzzy matches" and still more, that you submit your TM with the translation. This is something you should avoid doing if you possibly can. One agency for which I work regularly has started to claim the right to deduct 10 or 15% off your fee if you fail to submit your TM with the job, if they requested the TM at the time they offered you the job.
         
         

         I believe that all translators should treat TMs as the valuable intellectual property that it is and charge such a fee in addition to the cost of the translation job itself. 100% or 200% of the job would be reasonable if you stand to lose even just 2 or 3 future jobs, but if you're afraid of losing clients, perhaps you could start with simply applying a licensing fee of 15 or 20 or even 30% of the job.
         
         The same goes for other types of intellectual property. If you are a landscape architect and you design a magnificent sophisticated design for a property in a particular climate zone, that took you time, and you invested talent and imagination, as well as all that have learned from past experience in order to produce it. If you produce such a plan, you should be sure to charge a fee for using it (a licensing fee of a royalty if it is possible for such uses to be tracked) so that it will pay for the many times your same one-time effort is reused for profit by others.
         

      3. Charge your company royalties on the use of your copyrighted material to generate sales. This brings me to my next point, on which will elaborate below: Once you have a TM and terminology database to which you keep adding, or a basic template that you use to generate an architectural or business plan, then each time you use it to produce another product or servicefor your business, you can charge your business a fee for the use of your intellectual property. If you charge your company 15% of the total job per use of your TM. This royalty or licensing income is taxed as ordinary income, but as passive income, it can be used to offset passive losses generated by other sideline activities such as real estate investing. Unless you are a "real estate professional" (spend at least 50% of your time doing real-estate related business), your passive losses in real estate can be used to offset salary/wage income only up to $25,000 (if you have earnings of $100,000 or less per year). Check with your tax accountant to verify exactly how and where you will report this royalty income on your return.
      4. Write specialized articles for your field and charge your company a licensing fee or royalties for publishing them on the internet or in trade publications. Have the company pay you royalties on sales of your articles or ebooks.
      5. Spread the wealth. If you have a large volume of work that you cannot handle yourself, start generating some passive income by subcontracting to other professionals. The margin you make is compensation for your marketing, administration, and quality control efforts, and you increase the total volume of work you can handle.
      6. Add an additional line of business.

      Once you make sure that you're taking advantage of all possible deductions and advantages available to you in your primary line of business (see below), it's time to look afield and see what opportunities you might find to generate passive income in other lines of business.
      
      You don't have to look very far given the plethora of opportunities that are now available on the internet. Once you know how to avoid the omnipresent scams (of which there are all too many,

      Asset Maintenance Guide
      Assets are not ends but means to some useful ends. Prudently managed assets can result in incredible gains. Assets can be tangible as well as intangible. A skilful management of assets leads to their complete exploitation and saving of organization funds. Inefficiency in management of assets can lead to loss of funds in the company and so its poor performance.Any business is constitutive of numerous big and small issues such as cost management, capital budgeting, expense accounting, financial planning and reporting and so forth. But along with controlling or managing tangible goods, raw materials, finished products, vehicles buildings and other such items, businesses at present also need to take care of their intellectual assets. Asset management comprises of a commendable percentage of managing concerns in an organizationDue to its enticing results the lure as well as the role of asset management is increasing day by day. Asset management is turning out to be a global tr
      afraid of losing clients, perhaps you could start with simply applying a licensing fee of 15 or 20 or even 30% of the job.
      
      The same goes for other types of intellectual property. If you are a landscape architect and you design a magnificent sophisticated design for a property in a particular climate zone, that took you time, and you invested talent and imagination, as well as all that have learned from past experience in order to produce it. If you produce such a plan, you should be sure to charge a fee for using it (a licensing fee of a royalty if it is possible for such uses to be tracked) so that it will pay for the many times your same one-time effort is reused for profit by others.
      
   2. Charge your company royalties on the use of your copyrighted material to generate sales. This brings me to my next point, on which will elaborate below: Once you have a TM and terminology database to which you keep adding, or a basic template that you use to generate an architectural or business plan, then each time you use it to produce another product or servicefor your business, you can charge your business a fee for the use of your intellectual property. If you charge your company 15% of the total job per use of your TM. This royalty or licensing income is taxed as ordinary income, but as passive income, it can be used to offset passive losses generated by other sideline activities such as real estate investing. Unless you are a "real estate professional" (spend at least 50% of your time doing real-estate related business), your passive losses in real estate can be used to offset salary/wage income only up to $25,000 (if you have earnings of $100,000 or less per year). Check with your tax accountant to verify exactly how and where you will report this royalty income on your return.
   3. Write specialized articles for your field and charge your company a licensing fee or royalties for publishing them on the internet or in trade publications. Have the company pay you royalties on sales of your articles or ebooks.
   4. Spread the wealth. If you have a large volume of work that you cannot handle yourself, start generating some passive income by subcontracting to other professionals. The margin you make is compensation for your marketing, administration, and quality control efforts, and you increase the total volume of work you can handle.
   5. Add an additional line of business.

   Once you make sure that you're taking advantage of all possible deductions and advantages available to you in your primary line of business (see below), it's time to look afield and see what opportunities you might find to generate passive income in other lines of business.
   
   You don't have to look very far given the plethora of opportunities that are now available on the internet. Once you know how to avoid the omnipresent scams (of which there are all too many,

   Find How to Brake into the Hyper Profitable Energy Drink Industry
   If you haven't already seen the latest beverages on your local store shelves, you've been missing out on a profitable opportunity. Once limited to health food stores and fitness supplement retailers, energy drinks are becoming the latest way to quickly and easily make a profit as an Energy Drink Brand, distributor or wholesaler.The industry has grown 700% in the last 5 years and still growing at up to 72% every single year.The energy drink industry is booming because of the current attention to new brands, non-coffee drinkers, health and fitness and the help of Red Bull, Monster Energy Drink and Rock star Energy Drink. As people have become more interested in making their bodies feel healthier, more aware and happier, the beverage industry has looked for a way to bottle these intentions and create a portable way for people to be more energetic and profits have been bigger than ever.It used to be that energy drinks were limited to those with caffeine – coffee, tea
   l estate professional" (spend at least 50% of your time doing real-estate related business), your passive losses in real estate can be used to offset salary/wage income only up to $25,000 (if you have earnings of $100,000 or less per year). Check with your tax accountant to verify exactly how and where you will report this royalty income on your return.
2. Write specialized articles for your field and charge your company a licensing fee or royalties for publishing them on the internet or in trade publications. Have the company pay you royalties on sales of your articles or ebooks.
3. Spread the wealth. If you have a large volume of work that you cannot handle yourself, start generating some passive income by subcontracting to other professionals. The margin you make is compensation for your marketing, administration, and quality control efforts, and you increase the total volume of work you can handle.
4. Add an additional line of business.

Once you make sure that you're taking advantage of all possible deductions and advantages available to you in your primary line of business (see below), it's time to look afield and see what opportunities you might find to generate passive income in other lines of business.

You don't have to look very far given the plethora of opportunities that are now available on the internet. Once you know how to avoid the omnipresent scams (of which there are all too many, unfortunately), you can use your existing corporation or limited liability company--or start another one--to generate significant part time income that has a built-in passive and residual component to it.

An excellent place to start is to join an affiliate program related to your main area of expertise: You post links on your website and are paid commissions off the sales that are generated by your own site. For some recommendations and cautions as to what to avoid check the this and previous issues of this ezine for recommended products and our resources page on our website.

Copyright 2006 Azur Pacific Associates