Invest Your Time Building Passive Income
By: BRENT RIGGS

Recently, I received a question about the wisdom of pursuing a service-related business as opposed to building a product-based business. I'll give you my generic response to this question. Your situation will certainly be different, but the principles would still apply.

Here was the question: Should I invest my time in my service-related business or focus on building my product-based business even though I might need to work a part-time job to provide for cash flow?

My answer is: I would advise setting aside the service business - a phone installation and service company - if it is at all possible. That is labor intensive and the market is shrinking because of the wireless and computer industry. You would have to be available every time a customer's phone beeps, and as in most IT businesses, your prices would quickly be undercut by low-ball providers, and you would be badgered by customers every time they were in need.

I would take the part-time job you spoke of only if it does NOT impede the growing of your own PRODUCT based business, and only if you need the income. PASSIVE residual income is the most important need as you get older.

You won't be able to work part-time service jobs or install telephones for the rest of your life. Additionally, in the technology business, age is considered a liability, not an asset, because people believe that technology experts or providers must be young. Older experts are surely "out of touch." Believe me, I know this first hand.

Also, as with any technology, if you are not diligently staying on the cutting edge with regards to technology and pricing, you will quickly find yourself being undercut by aggressive young guys who tend to over-promise and under-deliver, and they will take your customers away.

So, the best plan is to forgo the service business and take the part-time job to meet your cash flow needs and to have fun. (The part-time job is being a tour guide in the mountains.) You might meet some prospective customers as well. Now, it is time to concentrate on your product business.

If you do not have your product-based business on the internet yet, you're lagging behind. It is time to get that up and running NOW. It takes several months to get that ball rolling, so don't delay. If you need help in that area, I have a great tool that will provide the assistance you need. Feel free to check it out at: http://www.onlinebusinesscreate.com.

I have one caution for you. Be careful to limit your part-time work to an amount that DOES NOT adversely affect your product-based business's growth. Your products will sell 24/7 on the internet until you are old and gray. Therefore, in my opinion, it is FAR more important to invest your time in this part of your business.

Whenever possible, the choice to build passive residual income far outweighs other service job opportunities, where the income ends when your work stops. G. Brent Riggs, author of "Life Without Debt", "Desperation Station" and SeriousFaith.com has over 20 years experience as an business owner, teacher, personal growth coach and mentor. You can contact him from his main website: http://www.gbrentriggs.com

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