3 Ways Every Business Can Benefit From Passive Income
Have you heard the statistic that millionaires have at least seven income streams? That’s seven different ways that they’re making money / passive income each month. Now take a look at your business; how many streams of income / passive 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 more income streams.
Passive income is something of a misnomer. Work is still involved in creating products or setting up different forms of income. Still, the difference is these streams of income can work for you almost on autopilot for years to come, long after the initial work is complete. So please think of the creative process as work-heavy in the beginning while you can still earn money from them well into the future.
Benefits of Passive Income
- Increase your bottom line profits. Bottom-line profits are the most apparent benefit but certainly worth mentioning because who doesn’t want to earn more profits? If you created a for-profit business, different ways to earn income are always welcomed. Limiting your practice to 1:1 coaching can limit your income potential. Making passive income streams even more critical when your coaching calendar is filled.
- 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, robust marketing plan, you can easily earn money on these passive income streams without much effort, even while you sleep! Which means you can take off a little earlier or take an entire day off for fun because your passive income is still earning money.
- 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 tiny, which represents you with your inner circle of coaching 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, webinars, or courses. You’re leveraging your knowledge and showcase 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 an excellent thing!
Maybe you are bored? Possibly you are holding back because you have lost interest in that business you once loved? Unfortunately, this is pretty common among solopreneurs. That's why we see so many of entrepreneurs jumping from business to business, never spending enough time in any one endeavour to see it through to success. Having an entrepreneurial mindset can also cause this problem; the excitement of the idea and creating it is incredible! Although staying power is the hard part, which is why there is a phenomenon that most founders don't become the CEO or end owner of the business.
Staying excited about your business starts with having a dream that keeps you going even when faced with the day-to-day struggle that every entrepreneur encounters. Not everything is fun when you're running a business, but if you keep your "why" in mind, it can help you get past the dull spots.
Want to know how to fix all these issues (and more) quickly? It's a simple strategy that the world's most successful entrepreneurs have been using for decades: vision boards. These fun and colourful tools are indeed just what you need to clarify your dreams, work out your next steps, and stay excited about your business.
Creating a Vision board can be as simple as a few images clipped from a magazine and pinned to a corkboard, or as complex as a framed poster with hand-lettered quotes and personal inspiration. The decision is yours. It's entirely personal, super fun, and best of all, it works.
When you join my email newsletter community, I will personally send my vision board starter kit! In my Facebook group, we are about to start a vision board challenge.
We are going to discuss what exactly is a vision board, the power of a vision board, how to make them work in every area of your life; we will also discuss the tools and materials you can use, and I will be giving away the workbook to help you succeed. I hope to see you inside my Facebook group and sharing this experience with me.
I'm on pins and needles about the upcoming webinar if you are keen to join me, register below and remember to share this post with someone you know would love it too.
If you have any questions or would like to chat, please leave me a comment in this post!
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All I can say is that if you haven't signed up to coaching or one of Amy's courses, What are you waiting for? These strategies changed the game for me. I'm now using my social media as my full-time income as a result of following Amy's advice and doing her influencer course!
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