Below is a 10-step guide to building residual income the way I did it. I realize you may run your own sales and distributorship differently than I do. Given that, take what you want from this list, and apply whatever tools you currently use.
Step by Step Process for Building Residual Income:
Step #1: Free Up Your Schedule - Do what you need to do to get the non-revenue tasks and administration off your plate. Outsource it (which I do), or hire an assistant (not a fan but it’s an option). This will allow you to focus your time exclusively on selling, recruiting, and coaching. Be diligent and focused on the time spent on these money-making tasks and you will generate revenues for yourself and your business.
Step #2: Document Your Daily Selling Routine - If you know how to sell and build long-term client relationships, you need to document your process in order to effectively teach it to your recruits. The more detailed your training documents and onboarding processes are, the quicker you can onboard a sales rep (or in my case a Swag Coach™ MVP), and start helping them sell.
Step #3: Set Up a Training Program - Take your documented processes from Step #2 and roll out your own training program. Don’t worry. You don’t have to have everything figured out on at the beginning. Document what you learned getting started in the business. You can add additional information as you train recruits. Organize it in a way that flows easily and can then be used again and again as you take on more recruits.
Step #4: Set Up a Sales, Order, Lead, and Commission Tracking System - You HAVE to set up a central location through which you can track business activity - records of past and current orders, activity for sales and pipeline activity that your reps are working on. Set up a way to be able to track client relationships you hand off, as well as clients your recruits bring to the table. This is a way to “keep your finger on the pulse” of your business.
Step #5: Take Your Business Online - Buyers are getting younger and most have grown up with the internet. Buyers EXPECT to be able to search AND buy swag online. You have to have an online presence so buyers can find you. Ideally, a platform where they can place their orders as well. We developed and now use a patent-pending process technology platform that allows us to place orders for our clients online in less than 3 minutes. It is also eCommerce capable so our clients can order online themselves.
Step #6: Start Recruiting - Make a profile of the type of person you think would be a good fit. Think about how you can market to this person. When I started out, I went for people with business experience and a network they could leverage. I can teach them the business if they bring the network and work ethic.
Step #7: Help Them Launch Their Business - Once your recruit is trained, let the business community know they are open for business. Leverage social media to announce their new business or role, depending on how you set them up. Introduce your recruit to your clients you plan on handing off to them, and get them building lead flow.
Step #8: Coach Them Every Week - I am a big fan of sharing best practices. Good salespeople are always learning and improving their skills. Helping your recruits with ideas for opening doors and closing deals will help them grow their sales. You will earn money from their sales as well. I set up a weekly coaching call for my recruits for the same day and time, scheduled out for at least 3 months. I provide an agenda to make the call productive, and help them stay organized.
Step #9: Feed Them Leads - Newbies to the industry are not going to sell huge volumes overnight. Regardless of their networks, it takes time. Keep them motivated by handing off accounts they can work, make money from, learn from, and help grow. It may feel like you are giving money away, but the return on your “investment” will be well worth it. Especially if you find an A player to work and grow your client accounts, along with their own.
Step #10: Check Your Bank Account - There is nothing more fun than watching your bank account grow! I have a system where I can see every time an order comes through from one of my Swag Coach™ licensees. Sometimes I need to actually turn it off because it distracts me from the other things I need to do. Once you have the system set up and working, you will know the feeling I am talking about!
Good luck! If you would like to schedule a call to discuss this approach with me in more detail, I am always available at josh@swagcoach.com