The Ambition Show Podcast

Being a freelancer or contractor can be unpredictable. The same goes for being a full-time employee. You can live from paycheck to paycheck just as quickly as from gig to gig. There isn’t a fundamental difference between the two. Today, we will go through a few of the opportunities you have to leverage technology to generate residual income and get the most from your time. Right here on the Ambition Show.
 
What is Passive and Residual Income exactly
Why is it easier to generate passive income as a full-time employee than as a business owner
Methods to create passive income and residual income as an Entrepreneur 
 
What is Passive and Residual Income exactly
Passive Income defined by the IRS
Passive income is obtained with little or no work and is frequently produced by individuals and businesses, such as through investments or peer-to-peer (P2P) lending. It is distinguished from earned income by the Internal Revenue Service (IRS) as money generated from an entity with which you have no direct involvement.
Residual Income Defined
Residual income refers to the money you have after you've taken care of ongoing expenses like your mortgage, credit card bills, utilities, groceries, and car payments. This extra money can go toward investments, debt payoffs, savings, or a vacation fund.
Examples of each form of income
Passive Income:
Income earned from affiliate marketing on websites that you own
Create a course that requires people to purchase it after you produce it and post it for sale
Residual income:
For example, assume that a worker earns a salary of $5,000 but faces monthly rent payments and car payments that add up to $1000  and $500, respectively. Their Residual Income is $3,500 ($5,000 – ($1000 + $500)). They did nothing additional to earn this income; it is only what is left over after their expenses have been paid.
This is why most people confuse residual income with passive income. They are not the same at all.
Passive income is really what most people work for, which is more challenging for business owners (entrepreneurs, freelancers, and small business owners alike) because they spend more money to start making money.
 
Why is it easier to create Passive Income when you’re an employee:
Easier to prove income
Easier to use residual income to fund passive income sources
Passive income examples
Dividends from stocks
Real Estate investments (easier to acquire funding due to more accessibility to show proof of income)
 
Methods to Create Passive Income as an Entrepreneur
Create a course or tutorials
Create a blog with affiliate marketing, advertising, and sponsors
Income from e-commerce is a form of residual income, NOT passive
Cost for materials
Cost to create, manufacture, and/or produce products (Cost of Goods Sold)
Dropshipping or Print-on-demand is more aligned with Passive Income
 
WHAT TO READ “Entrepreneurs Playbook to Passive Income” by Ehren Muhammad
About the author
I have been an entrepreneur my entire life. And since I was young, my focus has always been earning from my passion and creativity.
How it relates to our topic
I created these processes to help generate income for my team and me between gigs, pay bills, and bring in more revenue to reinvest into the business. These plays are designed for the ambitious working in any industry. 
Three (3) key takeaways from the book and how it helps the listeners
How to create passive income processes
Understanding all the tools available to you no matter how much money you have
Leverage your current skills and knowledge to profit from
 
TAKE-A-WAYS = FREE OFFER(S)
Best websites to learn about the basics of stocks and investing
Bankrate - https://www.bankrate.com/
Investopedia - https://www.investopedia.com/
Stash - https://www.stash.com/
 
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You see what others don’t. You see the possibilities and what could be. This is what separates the entrepreneurs' mindset and outlook from others. This episode will examine how to make that vision a reality and how some of the best did it.
Henry Ford did not invent the wheel, but what stayed true to his vision was that more cars could be on the road. Henry Ford made mass production possible by introducing the automobile assembly line. With the creation of the assembly line, his successful business practices, and a vision that inspired thousands, Henry Ford cemented himself as a legend in the business.
Your vision should guide your decisions in how you network your education and see the possibilities that others do not.
 
Background and personal commentary on the topic
Be observant of the opportunities that surround you
Opportunities are problems, challenges, and issues that people face
The more often that a large 
“There are various ways in which entrepreneurs can identify or discover entrepreneurial opportunities. These ways include solving a problem, observing trends, and identifying gaps in the market.”
The resources you will need are research, test audiences, 
The tools you will need are Canva or Miro 
 
Learning from experience; what will the listener take away from this episode
Successful entrepreneurs have been doing this for years, and this can be done across any industry.
Sara Blakely: Create a solution
Forced to wear pantyhose in the hot Floridian climate for her sales role, Blakely disliked the appearance of the seamed foot while wearing open-toed shoes but liked how the control-top model eliminated panty lines and made her body appear firmer. For her attendance at a private party, she experimented by cutting off the feet of her pantyhose while wearing them under a new pair of slacks. She found that the pantyhose continuously rolled up her legs, but she also achieved the desired result. At age 27, Blakely relocated to Atlanta, Georgia, and while still working at Danka, spent the next two years and US$5,000 in savings (equivalent to $9,000 in 2022) researching and developing her hosiery idea, which would become nearly half a million-dollar brand, Spanx
Nick Woodman: Focus
GoPro CEO Nick Woodman's idea was born from a personal problem: not being able to take great pictures and videos while surfing. After months of intense focus, a prototype was born. Woodman is now focused on building a bigger platform to allow GoPro users to share videos easily. Founded 12 years ago, GoPro has made Woodman worth $1.3 billion. The company name is almost synonymous with the product category like Xerox once was with copying.
Shantanu Narayen: Adaptability
Businesses that become stagnant usually die. Adobe Systems CEO Shantanu Narayen looked down the road and didn't see a future that included distributing software on physical discs. He decided to change the widely-used Adobe Creative Suite to a subscription-based model. He wasn't the first, as Netflix had added streaming to its DVD rental services. But Adobe's graphic design empire was built on its box sets and annual releases of new versions. Narayen boldly changed his company's distribution model, and the growth in subscription members has proven its success.
WHAT TO READ “Outliers: The Story of Success” by Malcolm Gladwell
About the author
Malcolm Gladwell is the author of five New York Times bestsellers—The Tipping Point, Blink, Outliers, What the Dog Saw, and David and Goliath. He is also the co-founder of Pushkin Industries. This audio content company produces the podcasts Revisionist History, which reconsiders overlooked and misunderstood things, and Broken Record, where Rick Rubin and Bruce Headlam interview musicians across various genres. Gladwell has been included in the TIME 100 Most Influential People list and touted as one of Foreign Policy's Top Global Thinkers.
How it relates to our topic
Three (3) key takeaways from the book and how it helps the listeners
In this stunning new book, Malcolm Gladwell takes us on an intellectual journey through the world of "outliers"--the best and the brightest, the most famous and the most successful. He asks the question: what makes high-achievers different?
He answers that we pay too much attention to what successful people are like and too little attention to where they are from: that is, their culture, their family, their generation, and the idiosyncratic experiences of their upbringing. Along the way, he explains the secrets of software billionaires, what it takes to be a great soccer player, why Asians are good at math, and what made the Beatles the greatest rock band.
Brilliant and entertaining, Outliers is a landmark work that will simultaneously delight and illuminate.
How to purchase the book
Amazon: https://amzn.to/3IbAPWL
 
TAKE-A-WAYS = FREE OFFER(S)
Link to Canva Whiteboard for Brainstorming 
 
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The business standards nowadays are a website and social media presence; without these two business essentials, you will find it challenging to find new customers, more importantly, it will be challenging for people to find your business. Let’s remove those challenges in this episode of the Ambition Show
If your customers cannot find YOU online, they will find someone else who satisfies their needs. Yes, business sounds like dating when I put it like that, and dang, it is. 
Business is all about relationships, and the best relationships have good communication. Listen to your customers; they know what to expect and find value in your products and services. 
Your website and social media pages are tools for this to make your life easier. So, use the technology to make your business run smoothly.
We will cover all the basics your website should have and how they will work with your social media pages 
 
Host,  Domain, Website
Website basics to get more customers
Domain name
Shorter the better
If not .com then brand it
Industry or product specific suffix
SEO
Know your keywords based on search
Regularly check your website’s performance
Local SEO
Claim business listings
Confirm all your information is accurate
 
Social Media basics to get more customers
Accuracy
Consistency
Damage from local SEO errors
Brand name
Missed sells
Bad reviews
 
WHAT TO READ
Three (3) key takeaways from the book and how it helps the listeners
https://www.wpbeginner.com/
https://neilpatel.com/
https://blog.hubspot.com/
 
Should I write this book? Let me know in the comments if you want me to write the book of web design basics that anyone can follow and use. No experience is needed. 
 
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Your best customer could be right around the corner, down the block, or across the street. You need to know where to find your ideal customer so your ideal customer can see you, too. You must know your customer. The easier this is to define, and the better you understand who wants your products/services, the more straightforward the road to success will be. In today’s episode, we will learn how to master the smaller scale and grow from there.
LOCAL MARKETING
What is local marketing
How to master it and use it
USE LOCAL MARKETING TO GROW
How to find the right markets (audiences and customers)
What is local marketing?
Local marketing refers to the marketing activities a business uses to get its products or services in front of people in its local area and engage new and potential customers within a specified radius to turn them into diehard fans. Typically, the local area will not be greater than the city where the business is located. 
ARTICLE: The Ultimate Guide to Local Marketing
Going outside your city or metropolitan area requires more investments, and typically, the wants and needs of customers outside your city will be very different. This is why local marketing is the best place to start to understand what the wants and needs of your products and services satisfy.
WHAT TO READ
“The Local Marketing Handbook: Five Fundamentals to Increase Business and Impact Community
” by Roberto Torres
How to purchase the book:
https://www.amazon.com/gp/product/B091J8LKG6/ref=dbs_a_def_rwt_hsch_vapi_tkin_p1_i0
 
TAKE-A-WAYS = FREE OFFER(S)
List of the most important local business directories
Link: https://www.emproltd.com/post/the-ultimate-listings-57-online-local-business-directories
Discount on List Local, the Local SEO tool from Ionos
Link: http://aklam.io/sj9yFO
 
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Fact - Most ideas of “Passive Income” are not passive at all. The concept and pursuit of passive income is making a lot of people stress out and even GO BROKE. We dive into what passive income truly is and methods to obtain it as an entrepreneur right now - let’s get it!

How do you get your audience to trust your business pretty much from the first time they have ever heard of it? This is what Influencer marketing does and today you'll learn how to use it to grow your business.
 
What is influencer marketing
The difference between influencers, brand ambassadors, and sponsorship endorsements
What makes influencers effective and successful
 
PRIMARY CTA SALES / LEAD GENERATION TOOL TITLE
The Influencer Code: How to Unlock the Power of Influencer Marketing by Amanda Russell
Amanda Russell is an international fitness icon, speaker, brand strategist and educator. She has been at the forefront of digital marketing and social media revolution from its infancy. As a pioneer in Influencer Marketing, she has developed an extensive following online. Amanda teaches the only fully accredited Influencer Marketing course in the world at UCLA and University of Texas.
One of the few books about Influencer Marketing by one of the most successful influencers that made their living as an influencer and helping brands work with other influencers.
Three (3) key takeaways from the book and how it helps the listenersMakes it easy to develop a plan and add influencer marketing into your marketing strategy
Helps you simplify the process to find the right influencer
How to purchase the bookhttps://www.amazon.com/Influencer-Code-Insiders-Becoming-Success/dp/1578268249/ref=sr_1_1?dchild=1&keywords=amanda+russell&qid=1623761890&sr=8-1
 
TAKE-A-WAYS
FREE influencer marketing ebook
25% off Branding Kit (Offer on Fiverr)Logo
Color pallette
Social media kit
Use this link and get the exclusive offer and coupon code. It is that easy! https://bit.ly/3oT0zRS
Send me a message for the discount code
I will send you a custom offer with a 25% discount
Anita Lee article: Do's And Don'ts Of Developing An Influencer Marketing Campaign
https://bit.ly/3pfjsyu
 
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The original and natural dynamic duo that can also become the worst of enemies. Your brain is the biggest and smallest place all in one. Either use it effectively or never reach your full potential.
 
Finding balance between the two sides
The Business of Creativity
Define what success means to you and why it matters
Dale L. Roberts - Self-Publishing YouTube influencer. Watch and Learn!
https://www.youtube.com/@DaleLRoberts
 
TAKE-A-WAYS = FREE OFFER(S)
Vision Board 
Business Model Canvas
Link to Premium Canva Accounthttps://partner.canva.com/c/2416110/1486377/10068
 
WHAT TO READ
T-Shirts and Suits: A Guide to the Business of Creativity by David Parrish
Link to read: https://www.google.com/books/edition/T_Shirts_and_Suits_A_Guide_to_the_Busine/NIvqUskSgeoC?hl=en&gbpv=0&kptab=overview
 
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THE MONEY IS IN DISTRIBUTION, PLAIN AND SIMPLE!
If the customer cannot get your product; being in business is pointless. Learn how to leverage the middleman or remove him entirely.
Defining what distribution is exactly
Different forms of distribution
If you sell products on Amazon or eBay, are those Direct Sales or Direct-to-Consumer forms of distribution?
How distribution impacts different industries
How to own and make money from distribution in different industries
Control your distribution with your own website
Shopify Plus: https://bit.ly/43kfVgB
WHAT TO READ
Title: Distribution Companies: what do they do exactly?
About the author: Alex Barraquer
How it relates to our topic: Understanding of the basics and importance of distribution companies.
Where to read the article: https://bit.ly/3IBKXZE
 
Title: Distribution Channels
About the author: J. P. Cueva
How it relates to our topic: Understanding how valuable distribution is in all industries
Where to read the article: https://bit.ly/3ojvu9J
 
Title: Marketing Distribution Channels
About the author: Fristy Tania
How it relates to our topic: How distribution in marketing works and provides value to a business
Where to read the article: https://bit.ly/3q7ELSu
 
Title: The Mechanics of Music Distribution: How it Works, Types of Music Distribution Companies + 35 Top Distributors
About the author: The Soundcharts Editorial team
How it relates to our topic: How music distribution works, the biggest players in the field, and how to use this information to you advantage as a music entrepreneur
Where to read the article: https://bit.ly/3IBErlA
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