Are you a Business Owner with an online business? Are you a Coach or Consultant?
How many streams of income do you currently have in your business? I’ll explain shortly why I’m asking the question and why it is an important question for you to think about.
I walked away from Corporate America in 2006, founded and dissolved a corporation in just over two years, then transitioned online in the fall of 2008. This means that I’m now 12 years older than when I started online. I love what I do and have to remind myself to take breaks and leave my office by a certain time each day.
There are days when I’d rather be relaxing on my back patio or driving to one of the beautiful lakes in my area and just sit, read, and enjoy the beauty and peace of my surroundings.
Have you ever felt that way? Are you excited and mentally stimulated by what you do and enjoy helping others succeed? At the same time, are there days that you really feel like being spontaneous and doing something different by yourself or with a loved one? But then your Calendar reminds you that you have not one, but three business appointments for the afternoon.
The Not-So-Graceful Part of Aging
Then there is that morning when you have an early appointment with a client and the injury you had from the car accident 30 years ago, which you forgot but your body did not, makes you lift off the covers gingerly as you slowly rise while favoring your injured shoulder. You know for sure that in order to deliver the best results to your client you have to get that power routine done so that you bring high energy to the client call.
The Call from an Aging Parent
So far, it’s been about you. Let’s look at another scenario. You’re doing very well physically and get your daily workout at the gym. You have your day all planned out…until the phone rings. It’s your parent who calls about a non-life-threatening matter, but one that needs a doctor’s attention as soon as possible. Your routine and schedule are disrupted as you start making phone calls. This includes getting someone to fill in for you because you have to take your aging parent to the doctor who “squeezed” him in.
All of the above are strong possibilities in the lives of business owners, large and small, and can affect your income significantly. What can you add that could keep your income more consistent? It’s called Passive Income.
Passive income is really not passive at the outset because whatever format or method of delivery, it’s going to take work in the beginning to create it or set up the system for delivery. The good news is that once that initial work has been completed, it can be a set it and forget it system, or one that does not require a lot of repetitive work.
3 Benefits of Passive Income
- Regain more time: You can experience this when your systems are in place, you have a consistent and effective marketing plan, and you’ve created a product or service that addresses a pain point or a problem that your ideal clients and customers have.
- Increase your profit: Adding passive income streams can supplement any income you may lose from any of the life events mentioned earlier. In addition, when you know that you’re not dependent on any single source of income to pay your mortgage, it allows you to have greater peace of mind and experience less stress.
- Help more people: When you create passive income, you can share your expertise with more people. You will be leveraging your knowledge and showcasing your expertise to a lot more people, and this can lead to more people benefitting from your expertise and becoming your raving fans. As your products and offerings are shared and you receive more and more testimonials, your sales will increase. And isn’t that what we want?
You may have been toying with the idea of adding passive income streams for some time, or it may be a new thought. To get you started, if you’re in the digital space, some ideas could include book marketing, online course creation, PLR products that you create once and sell to as many people as you wish, or limit it to 50 or 100 people, and affiliate marketing, especially for services or memberships that people use month after month.
Product creation is one of the topics that I teach in my unique Membership/Group Coaching. Are you interested in learning in a group environment where you receive personal attention? Learn more about the International Profit Circle.