Have you heard the statement that millionaires have at least seven income streams? That’s seven different ways that they’re making money each month. Some of these will be items like rental income and dividends from stocks and shares but others will be items like different revenue streams. Now take a look at your business; how many streams of income do you currently have? If it’s only one, then it’s time to open up that creative part of your brain and create some passive income.
Benefits of Passive Income
There are many reasons to create a passive income, here I list the top three.
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Increase your bottom line profits.
This is the most obvious benefit but certainly worth mentioning because who doesn’t want to earn more profits? If you created a ‘for profit’ business, extra ways to earn income are always welcomed.
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Regain time in your day.
Hold up…I know I just said that creating products and other streams of income takes time but jump ahead and think about the back end of the process, when your product or income stream is completely set up and the upfront work is done. With a consistent, strong marketing plan, you can easily earn money on these passive income streams without much effort, even while you sleep, which means you can stop work a little earlier each day or take an entire day off for fun because your passive income is still earning money.
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Increase your credibility by helping more people.
Think of passive income as a way to share your expertise with an ever-expanding audience. A snowball at the top of a mountain is very small, which represents you with your inner circle of clients. But as the snowball travels down the hill, it gathers more and more snow until it reaches mammoth size. The same is true of you as you reach out to more and more people, networking online and off, and providing guidance through your books, masterclasses, or courses. You’re leveraging your knowledge and showcasing your expertise to infinitely more people, which will lead to increased sales and an army of people who rave about your work. In this case, the snowball effect is a very good thing!
Planning Your Passive Income
Now that I’ve sold you on the benefits of having passive income streams, it’s time to plan out what those streams should be for your business. Traditionally, passive income often means writing a book, creating courses based on your specialty or affiliate marketing. Of course, use your creativity to think of an idea that’s different from what others in your industry produce that will also appeal to your ideal target market.
Create a brainstorming list of ideas and then decide where you’re going to start. Here’s some additional reading that will help you with the next steps.
I’ve made a lot of mistakes while creating courses as a passive income and I’d like to help you avoid those same mistakes.
Selling out your online course has nothing to do with how good the content is.
If you’d like to discuss your plans with me then book a call and let’s chat over a cuppa.
Suzanne