Are you familiar with the statistic that millionaires have at least seven sources of income? There are seven different ways they make money every month..For example, look at the stars or Shark Tank. They all have more businesses and are investing more and more! Now take a look at your company; how many income streams do you currently have? If it’s just one, it’s time to open up that creativity in you and create more streams of income.
Passive income is somewhat inappropriate. There is still a LOT of work involved in creating products or setting up different forms of income, but the difference is that these income streams can work for you almost on autopilot for years, long after the initial work is completed. So consider the creative process to be labor-intensive in the beginning, while you can still make money with it far into the future.
Here are some of the benefits of passive income
Increase your operating profit.
This is the most obvious benefit, but it’s definitely worth mentioning, because who doesn’t want to make more profit? If you created a for-profit business, additional ways of earning income are always welcomed. As you well know, limiting your practice to 1:1 coaching can limit your earning potential, making passive income streams even greater when your schedule is filled to capacity.
Save time in your day.
Hold on … I know I just said that creating products and other income streams takes time, but go ahead and think about the background of the process, when your product or revenue stream is fully set up and the upfront work is done. With a consistent, strong marketing plan, you can easily make money off these passive streams of income without much effort, even while you sleep, meaning you can leave a little earlier or take a whole day to enjoy yourself because your passive income is still money to earn.
Increase your credibility by helping more people.
Look at passive income as a way to share your experience with an ever-expanding audience. A snowball on top of a mountain is very little, which represents you with your close circle of customers. But as the snowball comes down the hill, it accumulates more and more snow until it reaches a gigantic size. The same goes for you when you reach more and more people, network online and offline, and provide guidance through your books, webinars or courses. You will use your knowledge and showing your experience to an infinite number of people, which will lead to more sales and an army of people who are enthusiastic about your work. In this case, the snowball effect is a great thing!
Planning Your Passive Income
Now that I’ve given you the benefits of having passive income streams, it’s time to start planning what those streams should be for your business. Basically, passive income often depicts affiliate marketing, advertising, writing a book, or creating courses to suit your specialty and talents. And true enough, use your creativity to come up with an idea different from what other entrepreneurs are producing that will appeal to your ideal target market will also like. Make a brainstorming list of ideas that will help you to grow.
When you want to increase your company’s profits, it’s time to leverage your knowledge and skills by creating courses. Since you can’t add more minutes to a day, you need to reach multiple people at once, and classes are the way to do that. Make the course once and then sell it for years.